Company Overview - FormFactor, Inc. is a leading supplier of test and measurement solutions for the semiconductor sector, focusing on both production and R&D needs [6] - The company generates revenue by designing, manufacturing, and selling advanced testing and measurement solutions used throughout the semiconductor manufacturing and research lifecycle [9] - Primary customers include semiconductor integrated device manufacturers, foundries, fabless semiconductor companies, research institutions, and universities worldwide [9] Financial Performance - For the trailing twelve months (TTM), FormFactor reported revenue of $759.31 million and net income of $40.84 million [4] - In the latest quarter, revenue reached $202.7 million, with gross margin expanding to 39.8% GAAP and 41.0% on a non-GAAP basis, up roughly 250 basis points sequentially [10] - Free cash flow rebounded to $19.7 million after a weak second quarter, with management guiding for further revenue, earnings, and margin improvements in Q4 [10] Recent Developments - Shannon River Fund Management initiated a new position in FormFactor, acquiring 968,161 shares valued at $35.26 million, which represents 5.68% of the fund's reportable U.S. equity holdings [2][3] - The fund's new position in FormFactor indicates a strategic move towards semiconductor infrastructure spending, particularly in response to high-bandwidth memory demand and momentum in co-packaged optics [11] - FormFactor's DRAM probe cards experienced double-digit sequential growth, contributing to the company's profitability improvement rather than just a recovery in the semiconductor cycle [11]