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Sep 27, 2025
Formfactor Q3 2025 Earnings Report
FormFactor's Q3 2025 revenue, gross margin, and earnings per share exceeded the midpoint of their outlook range, with sequential growth in DRAM probe cards and the Systems Segment.
Key Takeaways
FormFactor, Inc. reported a strong third quarter for fiscal 2025, with revenues of $202.7 million, exceeding expectations. The company achieved significant improvements in both GAAP and non-GAAP gross margins and net income, driven by profitability improvement actions. Diluted EPS stood at $0.20, with non-GAAP diluted EPS at $0.33.
Third quarter revenues reached $202.7 million, an increase of 3.5% sequentially.
GAAP gross margin improved to 39.8% and non-GAAP gross margin to 41.0%, reflecting successful profitability improvement actions.
DRAM probe cards achieved double-digit sequential growth, setting a new record, primarily due to growth in HBM.
The Systems Segment delivered an anticipated revenue increase, with further growth expected in Q4 from co-packaged optics.
Forward Guidance
FormFactor expects continued sequential growth in revenue, earnings, and gross margin for the fourth quarter ending December 27, 2025, driven by ongoing profitability improvement initiatives.
Positive Outlook
- Anticipated revenue of $210 million +/- $5 million for Q4 2025.
- Expected GAAP gross margin of 40.0% +/- 1.5% for Q4 2025.
- Expected non-GAAP gross margin of 42.0% +/- 1.5% for Q4 2025.
- Projected GAAP net income per diluted share of $0.19 +/- $0.04 for Q4 2025.
- Projected non-GAAP net income per diluted share of $0.35 +/- $0.04 for Q4 2025.
Challenges Ahead
- Outlook assumes consistent foreign currency rates, which could fluctuate.
- Reconciling items for non-GAAP measures include stock-based compensation, amortization of intangibles, and restructuring charges.
- The outlook is subject to various risks and uncertainties, including changes in demand, export controls, and macroeconomic conditions.
Historical Earnings Impact
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