Q2 2025 revenue reached $195.8M, up 14.3% sequentially but down 0.8% year-over-year, driven by strong probe card growth, especially HBM, and Foundry & Logic shipments to all major HBM manufacturers.
Gross margin and profitability missed expectations due to unfavorable product mix and ramp-up costs for a second HBM DRAM customer.
Major investments included a $55M Texas manufacturing facility acquisition and a minority equity stake in FICT Limited to expand capacity and secure supply.
Entered a $150M revolving credit facility post-quarter, enhancing liquidity and financial flexibility.
Net income for H1 2025 was $15.5M, down from $41.2M in H1 2024, mainly due to a prior-year gain from the China operations sale not recurring.
Q2 2025 revenue was $195.8M; non-GAAP gross margin was 38.5%, GAAP gross margin 37.3%; non-GAAP EPS was $0.27, GAAP EPS $0.12.
Q2 2025 net income was $9.1M, down from $19.4M in Q2 2024; six-month net income was $15.5M, down from $41.2M year-over-year.
Free cash flow for Q2 2025 was negative $47.1M, mainly due to facility purchase; cash and investments at quarter end were $253M.
Probe card segment Q2 2025 revenue was $162.1M; Systems segment revenue was $33.7M.
Q2 2025 GAAP operating income was $12.3M; non-GAAP operating income was $22.8M.
Q3 2025 revenue expected at $200M ± $5M, with growth in systems and DRAM (including HBM), but a decrease in Foundry & Logic.
Q3 non-GAAP gross margin expected at 40% ± 1.5%, GAAP gross margin at 38.5% ± 1.5%; Q3 non-GAAP EPS expected at $0.25 ± $0.04.
Q3 operating expenses expected at $55M ± $2M, mainly due to headcount and new facility costs.
Effective tax rate for Q3 will be ~31% due to a one-time catch-up; Q4 expected in the 19–23% range.
The impact of the OBBB Act, signed July 2025, is under evaluation and may increase the effective tax rate and affect deferred tax assets.
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