FormFactor Q1 revenue slightly beats estimates, raises Q2 outlook

FormFactor

29/04/2026 21:16

Overview

Semiconductor test equipment maker's fiscal Q1 revenue rose 32% yr/yr, slightly beating analyst expectations

Adjusted net income for fiscal Q1 beat analyst expectations

Company cites record DRAM revenue and strong demand for probe cards in networking

Outlook

FormFactor sees Q2 revenue of $240 mln +/- $5 mln

Company expects Q2 non-GAAP gross margin of 49.5% +/- 1.5%

FormFactor forecasts Q2 non-GAAP EPS of $0.61 +/- $0.04

Result Drivers

DRAM DEMAND - Co reported record DRAM revenue, citing increased demand in HBM applications and sustained demand in non-HBM applications

NETWORKING APPLICATIONS - Significant increase in Foundry & Logic demand driven by growth in probe cards for networking applications

RECORD REVENUE - All-time record revenue attributed to strong demand in key end markets, per CEO Mike Slessor

Company press release: ID:nGNX8c1QbB

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Beat*
$226.10 mln
$225.20 mln (9 Analysts)
Q1 Adjusted Net Income
Beat
$44.50 mln
$35.60 mln (8 Analysts)
Q1 Net Income
$20.40 mln
Q1 Gross Margin
38.40%
Q1 Adjusted Gross Margin
49.00%
Q1 Free Cash Flow
$30.70 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the semiconductor equipment & testing peer group is "buy."

Wall Street's median 12-month price target for FormFactor Inc is $90.00, about 32.9% below its April 28 closing price of $134.18

The stock recently traded at 66 times the next 12-month earnings vs. a P/E of 36 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)