FormFactor Q1 revenue $168.7M near top of outlook; sees significant demand step-up in Q2

FORMFACTOR INC

2024-Q1 EPS reported $0.28 revenue$168,725,000

Q1 GAAP net income $21.8M ($0.28 EPS), down from $75.8M in Q4'23 due to prior quarter gain; non-GAAP EPS $0.18, revenue flat YoY.
Non-GAAP gross margin 38.7% below outlook range due to weaker product mix and higher warranty costs.
DRAM probe card demand robust, reaching peak levels last seen in 2021, driven by High-Bandwidth-Memory and DDR5 activity.
Q2 guidance: revenue $195M±$5M, non-GAAP gross margin ~45%, non-GAAP EPS $0.31±$0.04 – significant sequential improvement.
Organizational changes: consolidated global operations, recruited two execs for operations/commercial, appointed director with operational experience.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

FORMFACTOR INC reported first quarter of fiscal 2024 ended March 30, 2024 results: revenue $168.7 million, net income $21.8 million, EPS $0.28.

Period: first quarter of fiscal 2024 ended March 30, 2024
Revenue: $168.7 million
Net income: $21.8 million
EPS: $0.28
Result: reported results

Exact text from the filing

Quarterly revenues were $168.7 million, an increase of 0.3% compared to $168.2 million in the fourth quarter of fiscal 2023, and an increase of 0.8% from $167.4 million in the first quarter of fiscal 2023.

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Source: SEC EDGAR

accession 0001039399-24-000013

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