Exceeded Revenue and Gross Margin Expectations
FormFactor's third quarter revenue, gross margin, and earnings per share exceeded both second quarter results and the midpoint of the outlook range.
Sequential Revenue and Margin Growth
The company is expecting to deliver sequentially higher revenue and gross margin in the fourth quarter, with a target to reach a 47% non-GAAP gross margin.
DRAM Probe Cards Record Growth
Delivered double-digit sequential growth in DRAM probe cards in the third quarter, setting a new record primarily from growth in HBM.
Significant Progress in Systems Segment
The Systems segment delivered expected sequential revenue increase in the third quarter and is forecasting additional growth in the fourth quarter.
Gross Margin Improvement Initiatives
Achieved a 250 basis point increase in gross margin from the second quarter and anticipates an additional 100 basis point increase in the fourth quarter.
New Facility and Expansion Plans
Qualifying and ramping the new Farmers Branch, Texas facility to expand capacity with lower operating costs and financial incentives.