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FormFactor (FORM) investor relations material
FormFactor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Q3 2025 revenue reached $202.7M, gross margin and EPS exceeded both Q2 and guidance, with further sequential improvement expected in Q4. 
- Market leader in semiconductor test and measurement, leveraging DRAM, HBM, and engineering systems for market share gains and benefiting from AI, data center, and advanced packaging trends. 
- Recognized as the #1 global supplier in test subsystems, with multiple industry awards and strong customer relationships driving competitive advantage. 
- Focus remains on returning to a 47% non-GAAP gross margin target, with near-term and structural initiatives underway. 
- DRAM probe cards achieved record sequential growth, mainly from HBM demand. 
Financial highlights
- 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. 
- Free cash flow in Q3 was $19.7M, rebounding from negative $47.1M in Q2. 
- Total cash and investments at quarter end were $266M, up $16.7M sequentially. 
- 2024 revenue reached $764M, with a non-GAAP gross margin of 41.7% and non-GAAP EPS of $1.15. 
Outlook and guidance
- 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. 
- Gross margin improvement initiatives are expected to continue through 2026, with structural cost actions and facility expansion supporting long-term gains. 
- 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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