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.
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.
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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