FormFactor (FORM) Earnings Date & Reports

Reported Results

FormFactor delivered standout Q1 fiscal 2026 performance. Revenue reached a record $226.1 million, surpassing company guidance of $220–230 million and consensus around $225 million. This marked 32% year-over-year growth from $171.4 million and 5.1% sequential increase, fueled by record DRAM probe card sales and rising Foundry & Logic demand for networking chips.

Profitability shone with non-GAAP gross margin at 49.0% (GAAP 38.4%) and non-GAAP diluted EPS of $0.56, beating estimates of $0.45 by $0.11. GAAP net income was $20.4 million ($0.26 per share), with non-GAAP net income at $44.5 million. Non-GAAP EPS excludes stock-based compensation and other adjustments common in the tech sector.

Guidance for Q2 fiscal 2026 was upbeat: revenue of $235–245 million (midpoint $240 million), non-GAAP gross margin of 49.5% ±1.5%, and non-GAAP diluted EPS of $0.61 ±$0.04—implying acceleration.

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Market Reaction and Investor Sentiment

FormFactor's shares jumped over 14% in after-hours trading on April 29, reflecting enthusiasm for the earnings beat, margin expansion, and raised guidance. Pre-earnings positioning had already lifted the stock, but the record results and AI/DRAM exposure solidified positive sentiment. Analysts noted the outperformance in probe cards as a key driver, with upward revisions to price targets likely ahead.

Forward Outlook and Key Factors to Monitor

FormFactor's elevated Q2 guidance signals confidence in ongoing demand momentum. The $240 million revenue midpoint implies 40%+ year-over-year growth, supported by HBM ramp-ups and broader DRAM testing needs tied to AI accelerators.

Investors should track progress in Foundry & Logic, where probe card orders for networking chips are accelerating. Margin trends remain pivotal, with non-GAAP gross margins expected near 50%, benefiting from product mix shifts toward higher-value probes.

Upcoming catalysts include customer ramps in advanced nodes and potential share repurchases, as hinted in prior updates. Broader semiconductor dynamics, such as supply chain stability and AI infrastructure spending, will influence execution. Monitor quarterly updates for HBM adoption rates and geographic demand, particularly Asia.

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