FormFactor, Inc. 報告 2025 年第三季度業績

Q3 Revenue, Gross Margin and Earnings per Share Exceed the Midpoint of the Outlook Range;
Expects to Deliver Higher Results in the Fourth QuarterLIVERMORE, Calif., Oct. 29, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2025 ended September 27, 2025. Quarterly revenues were $202.7 million, an increase of 3.5% compared to $195.8 million in the second quarter of fiscal 2025, and a decrease of 2.5% from $207.9 million in the third quarter of fiscal 2024.Third quarter revenue, gross margin, and earnings per share exceeded both second quarter results and the midpoint of the outlook rangeDRAM probe cards recorded expected double-digit sequential growth, reaching a new record, primarily from growth in HBMSystems Segment delivered anticipated third quarter revenue increase, with additional growth expected in the fourth quarter with increased momentum towards initial volume production of co-packaged optics“As we said last quarter, we are focused on, and committed to, improving our profitability as we return to a path to our target model,” said Mike Slessor, CEO of FormFactor, Inc. “We are executing a program of rapid and immediate gross margin improvement actions that have already produced the 250 basis point increase from the second quarter, and which we anticipate will continue in the fourth quarter and throughout next year. At the same time, we are executing longer-term structural initiatives that we expect will contribute further to our gross margins.”Third Quarter HighlightsOn a GAAP basis, net income for the third quarter of fiscal 2025 was $15.7 million, or $0.20 per fully-diluted share, compared to net income for the second quarter of fiscal 2025 of $9.1 million, or $0.12 per fully-diluted share, and net income for the third quarter of fiscal 2024 of $18.7 million, or $0.24 per fully-diluted share. Gross margin for the third quarter of 2025 was 39.8%, compared with 37.3% in the second quarter of 2025, and 40.7% in the third quarter of 2024.On a non-GAAP basis, net income for the third quarter of fiscal 2025 was $25.7 million, or $0.33 per fully-diluted share, compared to net income for the second quarter of fiscal 2025 of $21.2 million, or $0.27 per fully-diluted share, and net income for the third quarter of fiscal 2024 of $27.2 million, or $0.35 per fully-diluted share. On a non-GAAP basis, gross margin for the third quarter of 2025 was 41.0%, compared with 38.5% in the second quarter of 2025, and 42.2% in the third quarter of 2024.GAAP net cash provided by operating activities for the third quarter of fiscal 2025 was $27.0 million, compared to $18.9 million for the second quarter of fiscal 2025, and $26.7 million for the third quarter of fiscal 2024. Free cash flow for the third quarter of fiscal 2025 was $19.7 million, compared to free cash flow for the second quarter of fiscal 2025 of negative $47.1 million, and free cash flow for the third quarter of 2024 of $20.0 million.A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.OutlookDr. Slessor added, “Our outlook for the current fourth quarter builds on the third quarter, as our initiatives of profitability improvement actions continues, and we expect to again deliver sequentially higher revenue, earnings, and most importantly, gross margin.”For the fourth quarter ending December 27, 2025, FormFactor is providing the following outlook*:GAAP Reconciling Items** Non-GAAPRevenue$210 million +/- $5 million — $210 million +/- $5 millionGross margin40.0% +/- 1.5% $4.5 million 42.0% +/- 1.5%Net income per diluted share$0.19 +/- $0.04 $0.16 $0.35 +/- $0.04*This outlook assumes consistent foreign currency rates.
**Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.Use of Non-GAAP Financial Information:To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and nine months ended September 27, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management's reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.About FormFactor:FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.Forward-looking Statements:This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, and the Company's performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited) Three Months Ended Nine Months Ended September 27,
2025 June 28,
2025 September 28,
2024 September 27,
2025 September 28,
2024Revenues$202,676 $195,798 $207,917 $569,830 $574,116Cost of revenues 122,050 122,860 123,212 351,743 339,773Gross profit 80,626 72,938 84,705 218,087 234,343Operating expenses: Research and development 28,686 28,793 31,243 85,279 91,434Selling, general and administrative 32,971 31,482 35,607 97,907 106,560Factory start-up costs 964 357 — 1,321 —Total operating expenses 62,621 60,632 66,850 184,507 197,994Gain on sale of business — — — — 20,581Operating income 18,005 12,306 17,855 33,580 56,930Interest income, net 1,976 2,642 3,650 7,935 10,221Other income (expense), net 444 (6) (558) 1,328 322Income before income taxes and equity investment 20,425 14,942 20,947 42,843 67,473Provision for income taxes 5,937 2,372 2,211 9,384 7,564Loss (income) from equity investment (1,168) 3,484 — 2,316 —Net income$15,656 $9,086 $18,736 $31,143 $59,909Net income per share: Basic$0.20 $0.12 $0.24 $0.40 $0.77Diluted$0.20 $0.12 $0.24 $0.40 $0.76Weighted-average number of shares used in per share calculations: Basic 77,387 77,107 77,406 77,270 77,364Diluted 77,734 77,527 78,439 77,684 78,495FORMFACTOR, INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited) Three Months Ended Nine Months Ended September 27,
2025 June 28,
2025 September 28,
2024 September 27,
2025 September 28,
2024GAAP Gross Profit$80,626 $72,938 $84,705 $218,087 $234,343 Adjustments: Amortization of intangibles and fixed asset fair value adjustments due to acquisitions 490 528 530 1,560 1,661 Stock-based compensation 1,941 1,690 1,934 5,636 5,794 Restructuring charges 116 183 524 359 607 Non-GAAP Gross Profit$83,173 $75,339 $87,693 $225,642 $242,405 GAAP Gross Margin 39.8% 37.3% 40.7% 38.3% 40.8%Adjustments: Amortization of intangibles and fixed asset fair value adjustments due to acquisitions 0.2% 0.3% 0.3% 0.3% 0.3%Stock-based compensation 0.9% 0.8% 0.9% 0.9% 1.0%Restructuring charges 0.1% 0.1% 0.3% 0.1% 0.1%Non-GAAP Gross Margin 41.0% 38.5% 42.2% 39.6% 42.2% GAAP operating expenses$62,621 $60,632 $66,850 $184,507 $197,994 Adjustments: Amortization of intangibles (191) (191) (191) (573) (573)Stock-based compensation (7,575) (7,701) (7,002) (23,067) (23,756)Restructuring charges (273) (195) (298) (3,291) (396)Costs related to sale and acquisition of businesses — (55) (13) (272) (702)Non-GAAP operating expenses$54,582 $52,490 $59,346 $157,304 $172,567 GAAP operating income$18,005 $12,306 $17,855 $33,580 $56,930 Adjustments: Amortization of intangibles and fixed asset fair value adjustments due to acquisitions 681 719 721 2,133 2,234 Stock-based compensation 9,516 9,391 8,936 28,703 29,550 Restructuring charges 389 378 822 3,650 1,003 Gain on sale of business, net of costs and acquisition related expenses — 55 13 272 (19,879)Non-GAAP operating income$28,591 $22,849 $28,347 $68,338 $69,838FORMFACTOR, INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited) Three Months Ended Nine Months Ended September 27,
2025 June 28,
2025 September 28,
2024 September 27,
2025 September 28,
2024GAAP net income$15,656 $9,086 $18,736 $31,143 $59,909 Adjustments: Amortization of intangibles and fixed asset fair value adjustments due to acquisitions 681 719 721 2,133 2,234 Stock-based compensation 9,516 9,391 8,936 28,703 29,550 Restructuring charges 389 378 822 3,650 1,003 Gain on sale of business and assets, net of costs and acquisition related expenses 91 3,460 13 3,768 (19,879)Income tax effect of non-GAAP adjustments (649) (1,812) (2,002) (4,487) (3,924)Non-GAAP net income$25,684 $21,222 $27,226 $64,910 $68,893 GAAP net income per share: Basic$0.20 $0.12 $0.24 $0.40 $0.77 Diluted$0.20 $0.12 $0.24 $0.40 $0.76 Non-GAAP net income per share: Basic$0.33 $0.28 $0.35 $0.84 $0.89 Diluted$0.33 $0.27 $0.35 $0.84 $0.88 GAAP net cash provided by operating activities$26,991 $18,893 $26,731 $69,423 $81,621 Adjustments: Sale of business and acquisition related payments in working capital 83 168 2,134 1,472 2,811 Cash paid for interest 89 95 97 276 298 Capital expenditures (7,505) (66,256) (8,939) (92,345) (30,773)Free cash flow$19,658 $(47,100) $20,023 $(21,174) $53,957 GAAP net cash provided by (used in) investing activities$6,718 $(78,553) $(16,192) $(156,495) $(26,152)GAAP net cash used in financing activities$(2,382) $(4,214) $(26,830) $(9,560) $(46,256)FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) Nine Months Ended September 27,
2025 September 28,
2024Cash flows from operating activities: Net income$31,143 $59,909 Selected adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 28,161 24,117 Stock-based compensation expense 28,703 29,550 Provision for excess and obsolete inventories 9,922 10,052 Loss from equity investment 2,316 — Gain on sale of business and assets (103) (20,581)Non-cash restructuring charges 2,119 — Other activity impacting operating cash flows (32,838) (21,426)Net cash provided by operating activities 69,423 81,621 Cash flows from investing activities: Acquisition of property, plant and equipment (92,345) (30,773)Proceeds from sale of business and assets 103 21,585 Purchase of equity investment (67,156) — Proceeds from (purchases of) marketable securities, net 2,903 (15,464)Purchase of promissory note receivable — (1,500)Net cash used in investing activities (156,495) (26,152)Cash flows from financing activities: Purchase of common stock through stock repurchase program, including excise tax paid (26,244) (37,211)Proceeds from issuances of common stock 26,119 9,748 Principal repayments on term loans (826) (803)Tax withholdings related to net share settlements of equity awards (8,609) (17,990)Net cash used in financing activities (9,560) (46,256)Effect of exchange rate changes on cash, cash equivalents and restricted cash 537 3 Net increase (decrease) in cash, cash equivalents and restricted cash (96,095) 9,216 Cash, cash equivalents and restricted cash, beginning of period 197,206 181,273 Cash, cash equivalents and restricted cash, end of period$101,111 $190,489FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited) September 27, 2025 June 28,
2025 December 28, 2024ASSETS Current assets: Cash and cash equivalents$97,678 $67,380 $190,728 Marketable securities 168,351 181,949 169,295 Accounts receivable, net of allowance for credit losses 133,316 115,199 104,294 Inventories, net 108,830 110,789 101,676 Restricted cash 1,058 1,061 3,746 Prepaid expenses and other current assets 50,027 48,884 35,389 Total current assets 559,260 525,262 605,128 Restricted cash 2,375 2,464 2,732 Operating lease, right-of-use-assets 17,471 19,475 22,579 Property, plant and equipment, net of accumulated depreciation 257,912 259,288 210,230 Equity investment 66,441 67,264 — Goodwill 200,841 200,858 199,171 Intangibles, net 8,385 9,017 10,355 Deferred tax assets 88,265 94,795 92,012 Other assets 2,042 3,185 4,008 Total assets$1,202,992 $1,181,608 $1,146,215 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$58,389 $59,932 $62,287 Accrued liabilities 41,574 38,545 43,742 Current portion of long-term debt, net of unamortized issuance costs 1,129 1,121 1,106 Deferred revenue 21,623 16,450 15,847 Operating lease liabilities 7,400 7,919 8,363 Total current liabilities 130,115 123,967 131,345 Long-term debt, less current portion, net of unamortized issuance costs 11,359 11,644 12,208 Long-term operating lease liabilities 13,317 15,231 17,550 Deferred grant 18,000 18,000 18,000 Other liabilities 20,586 22,743 19,344 Total liabilities 193,377 191,585 198,447 Stockholders’ equity: Common stock 78 77 77 Additional paid-in capital 857,401 850,064 837,586 Accumulated other comprehensive income (loss) 48 3,450 (10,840)Accumulated income 152,088 136,432 120,945 Total stockholders’ equity 1,009,615 990,023 947,768 Total liabilities and stockholders’ equity$1,202,992 $1,181,608 $1,146,215About our Non-GAAP Financial Measures:We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” included in this press release.Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273
[email protected]: FormFactor, Inc.
FORM-F