FormFactor Posts Record $226.1M Q1, Non-GAAP Margin Jumps to 49%
FormFactor reported record Q1 revenue of $226.1 million, up 32.0% year-over-year and 5.1% sequentially, with non-GAAP gross margin of 49.0%, 250 basis points above its guidance. Non-GAAP EPS of $0.56 topped the high end of projections and Q2 outlook targets revenue near $240 million with EPS around $0.61.
1. Q1 Financial Performance
FormFactor delivered record quarterly revenue of $226.1 million, a 32.0% increase year-over-year and 5.1% sequential gain. GAAP net income was $20.4 million ($0.26 per diluted share) while non-GAAP net income reached $44.5 million ($0.56 per share), with non-GAAP gross margin at 49.0%, up 510 basis points sequentially.
2. Segment Demand Drivers
Record DRAM revenue was driven by stronger high-bandwidth memory (HBM) applications alongside sustained non-HBM demand. Foundry & logic segment grew significantly, fueled by increased orders for probe cards targeting high-speed networking applications.
3. Q2 Outlook and Guidance
For the quarter ending June 27, management projects revenue of $240 million plus or minus $5 million, non-GAAP gross margin near 49.5% ±1.5% and non-GAAP EPS of $0.61 ±$0.04, reflecting continued margin expansion and demand momentum.