FormFactor (FORM) is trading higher as investors react to fiscal Q1 2026 results released April 29, 2026 and, more importantly, an upbeat Q2 outlook. The company’s Q2 guidance called for revenue of $235 million to $245 million and non-GAAP EPS of $0.57 to $0.65, above typical Street expectations heading into the print, supporting a bid in the shares today.

For fiscal Q1 2026, FormFactor reported revenue of about $226.1 million and non-GAAP EPS of $0.56. The Q2 outlook implies continued growth off a record-revenue run-rate and suggests incremental demand visibility into the next quarter, which is often the primary driver for near-term re-rating in semiconductor-capital and test-adjacent names.

Guidance is the center of gravity for this move: the raised Q2 range signals that customer programs and production activity remain firm enough to support higher earnings power even after a strong prior run in the stock. Next catalysts are follow-through on Q2 execution (including gross margin realization versus the guided range) and any commentary on leading-edge packaging and memory/compute test demand that could extend the record-revenue cadence.