FormFactor shares climbed 5.1% during the prior session, powered by trading volume that reached roughly 160% of its 30-day average. This surge marked the stock’s largest one-day gain in over six weeks and suggests renewed investor confidence in the company’s near-term prospects.

Over the past month, four major Wall Street analysts have raised 2025 earnings per share forecasts for FormFactor, lifting the consensus estimate by 7 cents to $1.12. At the same time, revenue estimates for Q4 have been nudged up by $15 million to $190 million, reflecting optimism around ongoing demand for high-performance probe cards in memory applications.

FormFactor is set to report Q4 results on February 4, with sales expected to exceed guidance of $180–185 million. Memory probe card shipments have accelerated 25% sequentially as chipmakers grapple with a shortage of DDR5 and HBM2 devices. Management has indicated that AI and data center buildouts could drive another 20% increase in probe card orders in Q1 2026.

Investors should monitor capacity utilization at FormFactor’s Farmers Branch facility, which recently expanded by 10% to support higher probe card output. Additionally, the company expects capital expenditures to normalize after 2025, tapering from an estimated $210 million this year down toward a run-rate of $150 million by 2027, which could free up cash for potential dividend initiatives or share repurchases.