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Dec 31, 2024
Formfactor Q4 2024 Earnings Report
FormFactor, Inc. reported a decrease in fourth-quarter revenue and net income compared to the previous quarter, but an increase compared to the same period last year.
Key Takeaways
FormFactor, Inc. announced its financial results for the fourth quarter of fiscal 2024, with revenues of $189.5 million, a decrease of 8.9% sequentially but an increase of 12.7% year-over-year. The company's fiscal year 2024 revenue increased by 15.2% to $764 million, driven by significant growth in High Bandwidth Memory (HBM) revenue.
Fourth quarter 2024 revenue was $189.5 million, a sequential decrease of 8.9% but a year-over-year increase of 12.7%.
Fiscal year 2024 revenue reached $764 million, up 15.2% from fiscal year 2023.
High Bandwidth Memory (HBM) revenue quadrupled in fiscal 2024, driven by Generative AI adoption.
FormFactor announced the acquisition of a minority interest in FICT Limited, a key supplier of advanced probe card components, to strengthen its position in advanced packaging.
Forward Guidance
For the first quarter ending March 29, 2025, FormFactor anticipates revenues of $170 million +/- $5 million, with a GAAP gross margin of 36.5% +/- 1.5% and non-GAAP gross margin of 38% +/- 1.5%. The company expects an overall increase in demand for its products through 2025.
Positive Outlook
- Anticipated overall increase in demand for FormFactor's products through 2025.
- Continued focus on expanding and diversifying market position in advanced packaging.
- New customer qualifications in client PCs, server, and high-performance-compute applications.
- FICT acquisition solidifies access to important advanced probe card technologies and products.
- Stronger collaboration across the test and assembly supply chain for advanced packaging.
Challenges Ahead
- Expected sequentially lower fourth-quarter revenue, gross margin, and non-GAAP earnings per share.
- Forecasted reduction in Foundry & Logic probe-card revenue.
- Continued slow demand in high-unit-volume markets like client PCs and mobile handsets through the first quarter.
Historical Earnings Impact
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