LIVERMORE, Calif., Dec. 03, 2024 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced that it will be joining 17 other companies in collectively hosting the 13th Annual NYC Summit investor conference, being held Tuesday, December 17th at Mastro’s Steakhouse New York. The presentation material utilized during the NYC Summit will be made accessible on the events page of the Company’s website at www.formfactor.com. About the 13th Annual NYC Summit The NYC Summit is collectively hosted and funded ...

A month has gone by since the last earnings report for FormFactor (FORM) . Shares have added about 3.5% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is FormFactor due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. FormFactor Q3 Earnings Beat Estimates, Revenue Up Y ...

FormFactor’s (FORM) shares have lost 10.3% in the past month, underperforming the broader Zacks Computer and Technology sector’s decline of 0.2%. It has also underperformed the Zacks Electronics- Semiconductors industry and peers, including Ambarella (AMBA) , Marvell Technology (MRVL) and Impinj (PI) .Over the same time frame, shares of Ambarella and Marvell Technology have gained 22.5% and 9%, respectively. Shares of Impinj and the industry declined 1.3% and 6.4%, respectively.FormFactor's recent negative ...

LIVERMORE, Calif., Nov. 19, 2024 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) is pleased to announce its participation in the following investor conference: UBS Global Technology Conference Location: The Phoenician HotelDate: December 3rd - 4th, 2024Format: 1:1’s Only  About FormFactor: FormFactor, Inc. (NASDAQ:FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and ...

LIVERMORE, Calif., Nov. 18, 2024 (GLOBE NEWSWIRE) -- FormFactor, Inc. (NASDAQ: FORM), a leading supplier of electrical test and measurement solutions for the semiconductor industry, announced today that it has been recognized as an outstanding partner by SK hynix, a global leader in DRAM and Flash memory manufacturing. The award honors FormFactor for its significant contributions to SK hynix’s growth and competitive strength, driven by technological innovations in probe cards for advanced package test. As a ...

FormFactor (FORM) delivered third-quarter 2024 adjusted earnings of 35 cents per share, beating the Zacks Consensus Estimate by 12.90%. The figure jumped 59.1% year over year.FORM’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, met in one, and missed in the remaining one, the average surprise being 5.14%.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.However, shares dropped 13.31% to close at $37.98 on Thursday due to an unimpressive fourth-quarter ...

Financial Data and Key Metrics - Q3 revenue reached $207.9 million, exceeding the outlook range and setting an all-time company record [31] - Non-GAAP gross margin was 42.2%, 0.8 percentage points below the midpoint of the range [31] - Q3 revenue increased 5.3% sequentially and 21.2% year-over-year [32] - Non-GAAP EPS was at the top end of the outlook range [31] - Free cash flow increased to $20 million in Q3 from $14.2 million in Q2 [45][47] Business Line Data and Key Metrics - Probe-card segment revenue was $172.2 million in Q3, up 3.2% sequentially, driven by higher Foundry & Logic and DRAM revenues [33] - Foundry & Logic revenue was $107 million in Q3, up 3.7% sequentially, but decreased to 51.7% of total revenue [34] - DRAM revenue set a record at $60.2 million in Q3, up 3.7% sequentially, but decreased to 28.9% of total revenue [34] - HBM revenue declined to $29 million in Q3 from a record $43 million in Q2 [35] - System segment revenue was $35.7 million in Q3, up $5.1 million sequentially, comprising 17.2% of total revenue [33] Market Data and Key Metrics - DRAM probe-card revenue set a third consecutive quarterly record, driven by DDR5 and HBM [7][13] - HBM revenue declined in Q3 due to customer digestion after record shipments in previous quarters [13] - Foundry & Logic demand is expected to decline in Q4 due to weakness in mobile handsets and client PCs [21] - HBM4 activity is beginning, positioning the company well for future growth in high-performance memory [14] Company Strategy and Industry Competition - The company’s diversification strategy across Foundry & Logic, DRAM, and Flash probe-cards differentiates it from competitors [10] - The company aims to expand its market position in Foundry & Logic through new customer qualifications and products [22] - The system segment is focused on solving complex electro-optical test challenges in areas like quantum computing and silicon photonics [24] - Co-packaged optics using silicon photonics is a key growth opportunity for the company [25][26] Management Commentary on Operating Environment and Future Outlook - The company expects Q4 revenue of $190 million, with a slight increase in DRAM and system segment revenues offset by a decrease in Foundry & Logic [50] - Non-GAAP gross margin for Q4 is expected to be 41%, plus or minus 150 basis points [50] - The company remains committed to achieving its target model of $2 non-GAAP EPS on $850 million revenue with 47% gross margin [43][44] - The company anticipates continued growth in DRAM probe-card revenue, driven by DDR5 and HBM [14] Other Important Information - The company repurchased $16.9 million of shares in Q3 under its $75 million buyback program [49] - Capital expenditures in Q3 were $8.9 million, with full-year 2024 CapEx expected to be near the midpoint of the $35 million to $45 million range [48] - The company had $360 million in cash and investments at the end of Q3 [45] Q&A Session Summary Question: Weakness in Foundry & Logic demand - The company is seeing softness in client PC and mobile handset markets, which is impacting Foundry & Logic demand [54] - The company is working to diversify its Foundry & Logic business by qualifying for AI-driven applications like GPUs [55] Question: HBM revenue growth and digestion - HBM revenue declined in Q3 due to expected customer digestion after record shipments in Q2 [57] - HBM revenue is expected to grow sequentially in Q4, driven by resumption of spending by the leading HBM provider and activity from another DRAM customer [58] Question: HBM transition and probe-card growth - The transition from HBM3 to HBM4 will drive demand for new probe-cards due to increased test intensity and complexity [62][65] - Probe-card growth is decoupled from tester growth, as probe-cards are specific to each customer chip design [63] Question: Revenue from China - Domestic China revenue increased in Q3, but this is not expected to be sustainable due to geopolitical issues [69][70] - The company divested its China operations earlier this year and now operates through a distributor [71] Question: HBM yield dynamics and revenue growth - Low yields in HBM are driving high test intensity, and yields are not expected to improve significantly due to the rapid pace of industry transitions [74][75] - The company expects HBM revenue to grow in 2025, driven by hyperscaler AI spending and transitions to HBM3e and HBM4 [91][93] Question: Gross margin guidance for Q4 - The decrease in Q4 gross margin guidance is primarily due to lower revenue volume, with no major impact from product mix [99][100] Question: Co-packaged optics timeline - Co-packaged optics is expected to reach volume production in late 2025 or early 2026 [120][121] Question: Traditional DRAM market - The company is surprised by the strength in DDR5, which contributed to record DRAM revenue in Q3 [113] Question: System segment cost issues - Unexpected quality-related costs in the system segment impacted Q3 gross margin, but these issues are limited to that quarter [115][116] Question: HBM probe-card premium - HBM probe-cards are differentiated products with higher gross margins within the DRAM segment [119]

Investor Presentation October 2024 Forward-Looking Statements; Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the U.S. Securities Exchange Act of 1934 and the Securities Act of 1933. The forward-looking statements include statements concerning, among other things, our future business model and strategies, our financial model and structure, market and market share growth, industry trends, customer demand and growth opportunities. In some instances, you ...

FormFactor (FORM) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.90%. A quarter ago, it was expected that this integrated circuits diagnostic company would post earnings of $0.31 per share when it actually produced earnings of $0.35, delivering a surprise of 12.90%.Over the last f ...

Revenue and Financial Performance - Record quarterly revenue of $207.9 million, a 5.3% increase from Q2 2024 and a 21.2% increase from Q3 2023[1] - Q4 2024 revenue outlook is $190 million +/- $5 million, with a GAAP gross margin of 40% +/- 1.5% and non-GAAP gross margin of 41% +/- 1.5%[7] - Strong DDR5 demand contributed to a third consecutive record-setting quarter of DRAM probe-card revenue[2] Net Income and Earnings Per Share - GAAP net income for Q3 2024 was $18.7 million, or $0.24 per fully-diluted share, compared to $19.4 million in Q2 2024 and $4.4 million in Q3 2023[3] - Non-GAAP net income for Q3 2024 was $27.2 million, or $0.35 per fully-diluted share, compared to $27.3 million in Q2 2024 and $17.3 million in Q3 2023[4] - Q4 2024 GAAP net income per diluted share is expected to be $0.16 +/- $0.04, with non-GAAP net income per diluted share of $0.29 +/- $0.04[7] - Non-GAAP Net Income for the nine months ended September 28, 2024, was $68.893 million, compared to $41.046 million for the same period in 2023[15] - Non-GAAP Diluted Earnings Per Share for the nine months ended September 28, 2024, was $0.88, up from $0.53 in the same period in 2023[15] Gross Margin - GAAP gross margin for Q3 2024 was 40.7%, compared to 44.0% in Q2 2024 and 40.4% in Q3 2023[3] - Non-GAAP gross margin for Q3 2024 was 42.2%, compared to 45.3% in Q2 2024 and 41.9% in Q3 2023[4] - Non-GAAP Gross Margin for the nine months ended September 28, 2024, was 42.2%, up from 40.3% in the same period in 2023[14] Cash Flow and Liquidity - GAAP net cash provided by operating activities for Q3 2024 was $26.7 million, compared to $21.9 million in Q2 2024 and $20.6 million in Q3 2023[6] - Free cash flow for Q3 2024 was $20.0 million, compared to $14.2 million in Q2 2024 and $16.9 million in Q3 2023[6] - Net Cash Provided by Operating Activities for the nine months ended September 28, 2024, was $81.621 million, compared to $55.352 million for the same period in 2023[16] - Free Cash Flow for the nine months ended September 28, 2024, was $53.957 million, compared to $11.714 million for the same period in 2023[17] - Free cash flow is used as an additional liquidity measure, complementing GAAP results[19] Capital Expenditures and Assets - Capital Expenditures for the nine months ended September 28, 2024, were $30.773 million, down from $46.094 million in the same period in 2023[16] - Total assets increased to $1,153.783 billion as of September 28, 2024, compared to $1,106.794 billion as of December 30, 2023[18] - Cash and cash equivalents decreased to $184.506 billion as of September 28, 2024, from $195.914 billion as of June 29, 2024[18] - Accounts receivable increased to $116.866 billion as of September 28, 2024, from $102.957 billion as of December 30, 2023[18] - Inventories decreased to $105.374 billion as of September 28, 2024, from $114.814 billion as of June 29, 2024[18] - Cash, Cash Equivalents, and Restricted Cash at the end of September 28, 2024, were $190.489 million, up from $113.708 million at the end of September 30, 2023[16] Liabilities and Equity - Total current liabilities decreased to $129.176 billion as of September 28, 2024, from $139.041 billion as of June 29, 2024[18] - Deferred revenue increased to $20.972 billion as of September 28, 2024, from $16.704 billion as of December 30, 2023[18] - Stockholders' equity increased to $955.010 billion as of September 28, 2024, from $908.804 billion as of December 30, 2023[18] Non-GAAP Financial Measures - Non-GAAP financial measures are used by management for planning, forecasting, and evaluating operating performance[19] - Non-GAAP adjustments exclude certain items to facilitate comparability of operating performance from period to period[19] - Non-GAAP Gross Profit for the nine months ended September 28, 2024, was $242.405 million, compared to $199.384 million for the same period in 2023[14] Other Expenses and Charges - Stock-Based Compensation Expense for the nine months ended September 28, 2024, was $29.550 million, compared to $29.333 million for the same period in 2023[16] - Restructuring Charges for the nine months ended September 28, 2024, were $856,000, compared to $1.540 million for the same period in 2023[14]