Business
FormFactor, Inc. Reports 2024 Second Quarter Results
Q2 Revenue and Profitability Exceed the Midpoint of the Outlook Range;Sees Steady Overall Demand in the Third Quarter LIVERMORE, Calif., July 31, 2024 (GLOBE
About this update from Formfactor, Inc.
[{"type":"text","content":"Q2 Revenue and Profitability Exceed the Midpoint of the Outlook Range;Sees Steady Overall Demand in the Third Quarter LIVERMORE, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2024 ended June 29, 2024. Quarterly revenues were $197.5 million, an increase of 17.0% compared to $168.7 million in the first quarter of fiscal 2024, and an increase of 26.7% from $155.9 million in the second quarter of fiscal 2023. Probe Card segment strength, which was expected, drove second-quarter results, with sequential increases in Foundry & Logic, DRAM and Flash markets.DRAM probe card revenue reached an all-time record; revenue from High Bandwidth Memory (“HBM”) doubled for the third consecutive quarter.Revenue growth reflects exposure to expanding areas, like advanced packaging which is increasing test intensity and complexity, enabling FormFactor to grow despite the delayed refresh cycle in important high-unit-volume end-markets like PC and mobile. “FormFactor set an all-time record for DRAM probe-card revenue in the second quarter, driven by sequential doubling of high-bandwidth-memory revenue and steady DDR5 new-design activity,” said Mike Slessor, CEO of FormFactor, Inc. “The demand for HBM probe cards is the direct result of large hyperscalers’ investments in generative-AI infrastructure, and our customers’ corresponding ramps of HBM semiconductor capacity and output.” Second Quarter and Fiscal 2024 Highlights On a GAAP basis, net income for the second quarter of fiscal 2024 was $19.4 million, or $0.25 per fully-diluted share, compared to net income for the first quarter of fiscal 2024 of $21.8 million, or $0.28 per fully-diluted share, and net income for the second quarter of fiscal 2023 of $0.8 million, or $0.01 per fully-diluted share. Gross margin for the second quarter of 2024 was 44.0%, compared with 37.2% in the first quarter of 2024, and 38.7% in the second quarter of 2023. On a non-GAAP basis, net income for the second quarter of fiscal 2024 was $27.3 million, or $0.35 per fully-diluted share, compared to net income for the first quarter of fiscal 2024 of $14.3 million, or $0.18 per fully-diluted share, and net income for the second quarter of fiscal 2023 of $11.2 million, or $0.14 per fully-diluted share. On a non-GAAP basis, gross ma...