FormFactor(US:FORM)2025-04-30 20:06Revenue Performance - Q1 2025 revenue was $171.4 million, a decrease of 9.6% from Q4 2024 and an increase of 1.6% from Q1 2024[1]. - The company expects Q2 2025 revenue to be approximately $190 million, with a gross margin of 40%[8]. - The company anticipates double-digit sequential revenue growth across all major markets in the upcoming quarter[8]. Net Income - GAAP net income for Q1 2025 was $6.4 million, or $0.08 per diluted share, down from $9.7 million in Q4 2024 and $21.8 million in Q1 2024[3]. - Non-GAAP net income for Q1 2025 was $18.0 million, or $0.23 per diluted share, compared to $21.3 million in Q4 2024 and $14.3 million in Q1 2024[4]. - GAAP net income for the three months ended March 29, 2025, was $6,401 thousand, a decrease of 34.5% from $21,781 thousand in the same period last year[20]. - Non-GAAP net income for the same period was $18,004 thousand, down 15.5% from $21,323 thousand year-over-year[20]. - The company’s diluted non-GAAP net income per share was $0.23 for the three months ended March 29, 2025, compared to $0.27 in the previous quarter[20]. Cash Flow - Free cash flow for Q1 2025 was $6.3 million, down from $28.8 million in Q4 2024 and $19.7 million in Q1 2024[6]. - Free cash flow for the three months ended March 29, 2025, was $6,268 thousand, significantly lower than $19,723 thousand in the same period last year[23]. - Net cash provided by operating activities was $23,539 thousand, a decline of 28.5% compared to $33,012 thousand in the prior year[22]. Margins - Gross margin for Q1 2025 was 37.7%, compared to 38.8% in Q4 2024 and 37.2% in Q1 2024[3]. Assets and Liabilities - Total assets increased to $1,156,167 thousand as of March 29, 2025, compared to $1,146,215 thousand at the end of December 2024[25]. - Cash and cash equivalents decreased to $129,889 thousand from $190,728 thousand at the end of the previous quarter[25]. - The total current liabilities decreased to $124,015 thousand from $131,345 thousand at the end of the previous quarter[25]. Stock and Acquisitions - FormFactor announced a $75 million stock repurchase authorization, expiring on April 23, 2027[2]. - The company closed the acquisition of a minority interest in FICT Limited, enhancing its supply chain for advanced probe card components[7]. - The company acquired property, plant, and equipment for $18,584 thousand during the three months ended March 29, 2025[22]. Demand Trends - Demand for Foundry & Logic increased low single digits sequentially, while DRAM demand decreased due to export controls[7]. - The company reported a stock-based compensation expense of $9,796 thousand for the three months ended March 29, 2025, slightly down from $10,405 thousand in the same period last year[22].