Slide 1: Investor Presentation
Investor Presentation February 2026
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
Forward-Looking Statements; Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the U.S. Securities Exchange Act of 1934 and the Securities Act of 1933. The forward-looking statements include statements concerning, among other things, our future bu
Slide 3: FormFactor At a Glance
FormFactor At a Glance Advanced Probe Cards Engineering Systems TTM Revenue* for Chip Production $785M 115,000,000+ MEMS PROBES/YEAR 10,000+ INSTALLED PROBERS Global Manufacturing, Design Recognized by and Customer Service Presence ~ 2,200 Industry Leaders ** SK hynix TSMC Micron PEOPLE Intel Samsun
Slide 4: Compelling Investment Thesis
Compelling Investment Thesis Market leader in Benefits from powerful Technology leadership Profitable financial Active execution of large and growing secular trends: enables customers’ model with earnings acquisition strategy semiconductor test and • Exponential growth in most critical roadmap growt
Slide 5: Proven Track Record
Proven Track Record Revenue Non-GAAP Gross Margin Non-GAAP EPS* Free Cash Flow $ IN MILLIONS $ IN MILLIONS 42.3% $1.30 $1.25 $785 41.7% $1.15 $83 $748 $764 $663 $67 $0.73 40.8% 40.7% $11 $14 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Benefits From Scale and Expan
Slide 6: Recognized Industry Leader
Recognized Industry Leader FormFactor Named #1 Global Supplier in Test Subsystems and Focused Chip Making Equipment LIVERMORE, Calif., May 27, 2025 (GLOBE NEWSWIRE) – FormFactor, Inc. (NASDAQ: FORM), a leading semiconductor test and measurement supplier, has been named the #1 global supplier in both
Slide 7: FormFactor Receives SK hynix Best Partner Award
FormFactor Receives SK hynix Best Partner Award FormFactor Receives SK hynix Best Partner Award LIVERMORE, Calif., Nov. 18, 2024 (GLOBE NEWSWIRE) -- FormFactor, Inc. (NASDAQ: FORM), a leading supplier of electrical test and measurement solutions for the semiconductor industry, announced today that i
Slide 8: FormFactor Earns Intel's 2024 EPIC Distinguished Supplier Award
FormFactor Earns Intel’s 2024 EPIC Distinguished Supplier Award FormFactor Earns Intel’s 2024 EPIC Distinguished Supplier Award LIVERMORE, CA – (Globe Newswire – March 28, 2024) – FormFactor is proud to announce that it has earned Intel’s EPIC Distinguished Supplier Award. Through its dedication to
Slide 9: How FormFactor Wins
How FormFactor Wins Early Customer Engagement Technology and Applications Creates Competitive Advantage Leadership Relied Upon and High Barriers to Entry by Customers Deliver Market-Leading Largest R&D Budget in Products with World-Class Served Markets, Enabled Cycle Times and Quality by Industry-Le
Slide 10: FormFactor Occupies a Unique Place in Semiconductor Industry
FormFactor Occupies a Unique Place in Semiconductor Industry Front-End: Back-End: Wafer Fabrication Equipment Wafer Test & Measurement Wafer Assembly and Final Test Industry: $95 Billion Industry: $2.75 Billion Industry: $3.5 Billion Advanced Probe Cards: $2.25B; Engineering Systems: $0.5B • 6% CAGR
Slide 11: Probe Cards are the Design-Specific Interface that Connects the ATE to the Wafer
Probe Cards are the Design-Specific Interface that Connects the ATE to the Wafer F&L DRAM 300mm 10mm A hair (!) 11
Slide 12: Customers Value, FormFactor Benefits From "Lab to Fab" Capabilities
Customers Value, FormFactor Benefits From “Lab to Fab” Capabilities FormFactor Engages Customers Throughout Their Product Life Cycle Customers benefit from FormFactor’s unique visibility accelerated path from concept R&D/Engineering to emerging trends, e.g. to volume production Silicon Photonics, Qu
Slide 13: FormFactor Benefits from Two Industry Dynamics
FormFactor Benefits from Two Industry Dynamics Slowing of Moore’s Law: Secular Growth in the Semiconductor Industry Node shrinks no longer provide cost reduction Exponential Growth in Normalized Cost / yielded mm Semiconductor Use Increased Infrastructure and Enterprise Spending 4X 5G Applications i
Slide 14: Gen AI
Exponential Growth in Silicon Devices Will Be Accelerated by AI Gen AI Key Factors for AI Success • Test complexity • Test intensity • Dependable supplier • Customer intimacy 1981-1995 1996-2006 2007-2019 2020-2022 2023+ Source: Yole Development of Technology for 5G. 14
Slide 15: Infrastructure Spending and 5G Adoption Are Spurring Semiconductor and Probe Card Use
Infrastructure Spending and 5G Adoption Are Spurring Semiconductor and Probe Card Use Data Center Capital Spending Forecast1 5G Will Drive Increased Content in IN BILLIONS Mobility and Automotive Applications $120 10% ͌ 30B Mobility2 Connected Connected devices by 2023 $110 Devices 2018-2023 M2M Sma
Slide 16: Advanced Packaging Addresses Scaling Challenges
Advanced Packaging Addresses Scaling Challenges As Moore’s Law Slows Node shrinks no longer provide cost reduction Normalized Cost / yielded mm 4X Advanced Packaging improves product-level performance, power and density 45nm 7nm Source: Su (AMD), IEDM 2017. Note: Cost per yielded mm2 for a 250 mm2 d
Slide 17: Probe Cards are Critical to Advanced Packaging
Probe Cards are Critical to Advanced Packaging Cost of the Advanced GPU+HBM TEST Packaging Solution INTENSITY Low High Semiconductor Die Yield LOTS! Low Some High Little Some Test intensity, and therefore probe card demand, increases as advanced packaging becomes widespread 17
Slide 18: Probe is Moving Into the Spotlight
Probe is Moving Into the Spotlight Investment in probe has been outpacing overall industry growth in recent years $2,400 0.44% • Over the past 16 years, investment in Semiconductor Probe Card Intensity (%) Semiconductor Probe Card Sales ($M) probe cards (along with many other types of equipment & co
Slide 19: Poised for Above-Market Growth in Engineering Systems
Poised for Above-Market Growth in Engineering Systems 5%+ CAGR** 200 mm Automated FormFactor • Largest Installed Base • Autonomous Measurement Solutions Leader • Broadest Portfolio 300 mm 3% CAGR* Automated Engineering Systems Market Technology Leadership and Worldwide Infrastructure Lead to Custome
Slide 20: FormFactor's Target Model
FormFactor’s Target Model 2012 20% Target Model Revenue $179M $0.9B 100% Served available market 24% Advanced Probe Cards ~29% 2025 Revenue 19% $850M 29% Revenue 76% $785M 81% $3B* $2.75B Served available market Advanced Served available market Advanced Probe Cards & Engineering Systems Probe Cards
Slide 21: Unique Capabilities Position FormFactor for Faster Growth in Advanced Probe Cards
Unique Capabilities Position FormFactor for Faster Growth in Advanced Probe Cards 7%+ CAGR** Memory FormFactor • Proprietary Technologies • Strong Customer Relationships • Productive R&D Spend High Frequency (RF) 5% CAGR* Advanced Probe Card Market Logic $2.6 Billion Advanced Probe Card Market In 20
Slide 22: Growth to $850M Target Model Revenue, Delivers $2.00 Non-GAAP EPS
Growth to $850M Target Model Revenue, Delivers $2.00 Non-GAAP EPS 2025 Actuals Target Model Revenue $785M $850M Non-GAAP Gross Margin 40.8% 47.0% Non-GAAP Operating Margin 13.4% 22.0% Non-GAAP Effective Tax Rate 17.2% 17.0% Non-GAAP Diluted Earnings Per Share $1.30 $2.00 Free Cash Flow $14M $160M Se
Slide 23: Drivers of Shareholder Value Creation
Drivers of Shareholder Value Creation Revenue Growth Operating Leverage Capital Allocation • Underlying growth in • Gross Margin expansion Focused reinvestment semiconductor applications • Disciplined operating structure • R&D • Participation in Advanced • Robust Operating Cash Flow and • Capacity e
Slide 24: Scale Enhances Margins, Finances Differentiating R&D
Scale Enhances Margins, Finances Differentiating R&D Non-GAAP Operating Expense as % of Revenue SG&A R&D 32% 30% 27% 27% 25% 16% 15% 25% 13% 13% 12% 13% 16% 15% 13% 14% 14% 12% 2021 2022 2023 2024 2025 Target TARGET Model MODEL Capitalize on scale to leverage our operating expense infrastructure. Co
Slide 25: Driving Operating Leverage Through Scale
Driving Operating Leverage Through Scale Non-GAAP Operating Margin 22% 20% 15% 13% 12% 9% 2021 2022 2023 2024 2025 Target TARGET Model MODEL Disciplined spending and increasing scale will continue to enhance profitability See Supplemental Information below for reconciliations of non-GAAP financial m
Slide 26: Capital Expenditures to Support Organic Growth
Capital Expenditures to Support Organic Growth Target CapEx 2021 2022 2023 2024 2025** Model* CapEx $67M $65M $56M $38M $104M $30M - $35M Revenue $770M $748M $663M $764M $785M $850M CapEx as % 8.6% 8.7% 8.4% 5.0% 13.2% 3.5%-4.0% of Revenue New Livermore Manufacturing Center Highly Automated Manufact
Slide 27: Acquisition Strategy Adds Scale and Diversification
Proven track record of identifying Acquisition Strategy Adds Scale and integrating accretive acquisitions and Diversification Established process focused on extending long-term Year: 2012 Amount: $117M industry leadership • Acquisition priorities Year: 2016 – Market leader in growing market Amount:
Slide 28: Highly Resilient Business Model
Highly Resilient Business Model Enabled by Flexible Cost Structure • 100% of employees with variable pay component • Flexible staffing model Strong and Healthy Balance Sheet • Supported by strong free cash flows • Added new $150 million dollars revolving credit facility in July '25 • History of succ
Slide 29: Recent Results (non-GAAP)
Recent Results (non-GAAP) Revenue Gross Margin Diluted EPS Free Cash Flow Q3’25 ACTUAL $202.7M 41.0% $0.33 $19.7M Q4’25 ACTUAL $215.2M 43.9% $0.46 $34.7M Q1’26 OUTLOOK $225M +/- $5M 45.0% +/- 1.5% $0.45 +/- $0.04 Q4’25 and Q1’26 Themes: • Q4’25 revenue, gross margin, and earnings per share exceeded
Slide 30: Supplemental Information
Supplemental Information
Slide 31: Q4 2025 GAAP to Non-GAAP Reconciliation
Q4 2025 GAAP to Non-GAAP Reconciliation In thousands, except per share data 31
Slide 32: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 32
Slide 33: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures We believe that the presentation of non-GAAP earnings per fully-diluted share, free cash flow and other non-GAAP measures in this presentation provides supplemental information that is important to understanding financial and business trends and other factors relati