FormFactor Inc. Q2 FY2026 Earnings Call
With Michael Slessor (CEO) and Aric McKinnis (CFO).
FormFactor is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design debug, to qualification and production test.
More about FormFactor Inc.
Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. FormFactor’s leading-edge probe stations, probes, probe cards, advanced thermal subsystems, cryogenic systems for quantum development and integrated systems deliver precision accuracy and superior performance both in the lab and during production manufacturing of high-speed and high-density semiconductor chips. For more information, visit www.formfactor.com.
1Prepared remarks3 speakers
Thank you. Today, the company will be discussing GAAP P&L results and some important non-GAAP results intended to supplement your understanding of the company's financials. Reconciliations of GAAP to non-GAAP measures and other financial information are available in the press release issued today by the company and on the investor relations section of our website. Today's discussion contains forward-looking statements within the meaning of the federal securities laws.
Examples of such forward-looking statements…
Thanks for joining us today. FormFactor's second quarter revenue, gross profit, and earnings per share set all-time records. We achieved two important milestones on the path to the new target model we introduced in May. First, we surpassed a $1 billion annual revenue run rate. Second, we exceeded 50% gross margin. In the current third quarter, we expect to deliver sequential increases in both revenue and profitability as we extend our run of record results. Over the past four quarters, we've grown revenue by more…
Thanks, Mike, and good afternoon. Q2 was another strong quarter for FormFactor. We delivered our third consecutive quarterly revenue record and drove additional non-GAAP gross margin expansion to 53.3%, demonstrating significant operating leverage and making progress on the priorities we discussed last quarter and at our investor day in May. At our investor day, we introduced our new target model with a goal of doubling revenues to $1.6 billion, achieving 55% non-GAAP gross margin and more than doubling non-GAAP…