secwatch.observer — SEC 8-K summary
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Issuer:     FORMFACTOR INC (FORM)
CIK:        0001039399
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001039399-24-000013
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039399/000103939924000013/0001039399-24-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039399/000103939924000013/form-20240501.htm
  HTML page:      https://secwatch.observer/filing/0001039399-24-000013

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