Q3 2025 revenue was $202.7M, up sequentially but down year-over-year, with gross margin and EPS exceeding Q2 and guidance midpoints; DRAM/HBM and Systems segments led growth, while Foundry & Logic remained weak.
The company is a market leader in semiconductor test and measurement, benefiting from AI, data center, and advanced packaging trends, and holds top global supplier positions with multiple industry awards.
Net income for the first nine months of 2025 was $31.1M, down from $59.9M in 2024, mainly due to a non-recurring gain from the China operations sale.
Focus remains on returning to a 47% non-GAAP gross margin target, with near-term and structural initiatives underway.
Strong customer relationships, early engagement, and leadership in DRAM, HBM, and engineering systems drive competitive advantage and market share gains.
Q3 2025 revenue was $202.7M; non-GAAP gross margin reached 41% (up 250 bps from Q2); non-GAAP EPS was $0.33, $0.04 above the high end of guidance.
GAAP gross margin was 39.8% (vs. 37.3% in Q2); GAAP net income was $15.7M ($0.20 per share), up from $9.1M in Q2 but down from $18.7M in Q3 2024.
Free cash flow in Q3 was $19.7M, rebounding from negative $47.1M in Q2.
Cash, cash equivalents, and marketable securities totaled $266M at quarter-end, down from $360M at year-end 2024.
Trailing twelve-month revenue as of September 27, 2025, was $759M; 2024 revenue was $764M with a 41.7% non-GAAP gross margin and $1.15 EPS.
Q4 2025 revenue expected at $210M ± $5M; non-GAAP gross margin forecasted at 42% ± 1.5%; non-GAAP EPS expected at $0.35 ± $0.04.
Q4 non-GAAP operating expenses projected at $58M ± $2M.
Management expects increased factory start-up costs as the Texas facility ramps up, with production to begin late Q4 2026.
Target model aims for $850M revenue, 47% gross margin, 22% operating margin, and $2.00 non-GAAP EPS.
Free cash flow target is $160M, with continued focus on disciplined spending and operating leverage.
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