Formfactor, Inc. · NASDAQ:FORM

Formfactor — Investor Day (May 2026)

66 slides from Formfactor's investor day presentation, May 11, 2026

  1. Slide 1: Investor Day 2026

    INVESTOR DAY 2026 May 11, 2026 © 2026 FORMFACTOR | INVESTOR DAY 1

  2. Slide 2: FORMFACTOR | INVESTOR DAY

    © 2026 FORMFACTOR | INVESTOR DAY 2

  3. Slide 3: Welcome

    May 11, 2026 WELCOME INVESTOR DAY 2026 Stan Finkelstein Vice President Investor Relations © 2026 FORMFACTOR | INVESTOR DAY 3

  4. Slide 4: Agenda

    AGENDA 1 Stan Finkelstein 2 Mike Slessor 3 Sudhakar Raman Vice President President and Chief Senior Vice President and General Investor Relations Executive Officer Manager, Probes Business Unit 4 Jens Klattenhoff 5 Aasutosh Dave 6 Missy Figueroa 7 Aric McKinnis Senior Vice President and General Seni

  5. Slide 5: Forward-Looking Statements; Non-GAAP Financial Measures

    Forward -Looking 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 business Statements; model and strategi

  6. Slide 6: CEO Remarks

    May 11, 2026 CEO Remarks INVESTOR DAY 2026 © 2026 FORMFACTOR | INVESTOR DAY 6

  7. Slide 7: Mike Slessor

    Mike Slessor President and Chief Executive Officer Mike has served as FormFactor's CEO since 2014 and as a Director since 2013. Previously, he was President and CEO of MicroProbe prior to FormFactor's 2012 acquisition and held management and engineering roles at KLA. He holds a Ph.D. in Aeronautics

  8. Slide 8: We are redefining what's possible... $1.6B revenue

    We are redefining what’s possible... $1.6B REVENUE By 2030, we plan to double FormFactor’s revenue and more than double EPS by winning $5 at the intersection of High -Performance EPS Compute and Advanced Packaging CUSTOMER FOCUS SCALE & DIVERSIFICATION RELENTLESS EXECUTION © 2026 FORMFACTOR | INVEST

  9. Slide 9: A Diversified Market Leader in Semiconductor Wafer Test

    CEO REMARKS FormFactor : A Diversified Market Leader in Semiconductor Wafer Test HPC “Chip” SmartMatrix DRAM + HBM Probe Cards LAB to FAB Apollo® Foundry & Logic Triton & CM300 Silicon Photonics Probe Cards & CPO Test Systems © 2026 FORMFACTOR | INVESTOR DAY 9

  10. Slide 10: A History of Growth & Diversification Built on Innovation and Partnerships

    CEO REMARKS A History of Growth & Diversification Built on Innovation and Partnerships with Leading Customers in Foundry & Logic, DRAM, and CPO 10% Customers: ® Leaders in Industry As reported in Q2 2025 As reported in Q1 2024 As reported in Q3 2020 As reported in Q1 2026 As reported in Q2 2025 As r

  11. Slide 11: Advanced Packaging is the Key to HPC, and Test is Crucial

    CEO REMARKS Advanced Packaging is the Key to HPC, and Test is Crucial for Economically -Viable Advanced Packaging As the number of chiplets in a “chip” HBM2/2E: 4 -high increases, the Final Aggregate DRAM stack Yield decreases and the Value 100% of the chip increases Both the probability of scrap 95

  12. Slide 12: Recent Additions of World-Class Semiconductor Talent

    CEO REMARKS Recent Additions of World -Class Semiconductor Talent Teaming Up with a Strong Foundation of Wafer -Test Experience MIKE SLESSOR Chief Executive Officer CUSTOMER UNIQUE ASPECTS 14 yrs at FORM, 11 in role, ENGAGEMENT OF OUR SERVED 28 yrs in industry (KLA) AASUTOSH DAVE JENS KLATTENHOFF MA

  13. Slide 13: Probes Business Unit

    May 11, 2026 Probes Business Unit INVESTOR DAY 2026 © 2026 FORMFACTOR | INVESTOR DAY 13

  14. Slide 14: Sudhakar Raman

    Sudhakar Raman Senior Vice President and General Manager, Probes Business Unit Sudhakar has served as SVP and GM of the Probes Business Unit since 2024. He joined FormFactor in 2021 and brings over 25 years of experience in P&L management, product development, and global marketing at companies inclu

  15. Slide 15: We are redefining what's possible... 2X revenue

    We are redefining what’s possible... 2X REVENUE By 2030, we plan to double the Probe Cards >50% business by addressing thermal and high - of INCREMENTAL SAM speed challenges in High Performance Compute with uniquely differentiated products. NETWORKING COMPUTE HBM/DRAM © 2026 FORMFACTOR | INVESTOR DA

  16. Slide 16: Growth Plan Driven by Technology Inflections

    PROBES Growth Plan to be Driven by Technology Inflections in Compute, Networking, HBM/DRAM 2030 SAM Thermal 224 / 448 Gbps Thermal 10 Gbps Parallelism 110 GHz $4.0B Management Management Silicon Reduced Photonics Parallelism + Pitches share FORM Market Share + share + + share share 2025 SAM $2.8B Co

  17. Slide 17: Probe Cards are the Design-Specific Interface

    FOUNDRY & LOGIC PROBES Probe Cards are the Design - Specific Interface ~600mm 6mm 50µm that Connects DRAM the ATE to the Wafer State -of-the-Art Logic Size & DRAM Probe Cards: Reference Up to x2000 DUT parallelism and ~150k A hair! probes @ ~60µm pitch 10mm 300mm © 2026 FORMFACTOR | INVESTOR DAY 17

  18. Slide 18: Advanced Foundry & Logic: Probe Card Thermal Management and MEMS

    PROBES Advanced Foundry & Logic: Increasing Power and Speed Drives Innovations in Probe Card Thermal Management and Advanced MEMS Development >10kW >4kW 448Gbps 112Gbps >2kW per lane per lane 224Gbps per lane 2025 Optical Apollo® (Electrical) Interconnects Architecture Apollo® (Electro -Optical) Arc

  19. Slide 19: Future-Proof Foundry & Logic

    PROBES Future -Proof Foundry & Logic Apollo® Probe Card Advanced MEMS Technology Each generation of GPU and custom -ASIC driving higher power and speed – need advanced MEMS technology MEMS Probes Ceramic Plates Future Advanced MEMS MLO: Multi-Layer Organic Next Gen HPC / GPU / CPO PCB: Printed Circu

  20. Slide 20: DRAM / HBM Roadmap Driving Need For Higher Speed

    PROBES DRAM / HBM 3.6Gbps 8Gbps 10Gbps 16-32Gbps Roadmap Driving Need For Higher 8/12Hi stack 12/16Hi stack Speed With 4Hi stack 20+Hi stack Greater Test 10W per HBM 25W Complexity stack per HBM stack 75W per HBM stack >100W per HBM stack 2020 HBM2/2E New Logic IP driven by Custom HBM HBM3/3E SmartM

  21. Slide 21: Future-Proof DRAM

    PROBES Future -Proof DRAM Each generation of HBM driving higher speed, 3D MEMS HBM Probes Vertical MEMS Probes increased test complexity and higher parallelism Future Advanced MEMS Next Gen HBM 4E / 5 Competitor C HGM / Std DRAM SmartMatrix Architecture Speed Advanced MEMS 4 3D MEMS Probes 3 DUTLets

  22. Slide 22: Innovation Drives Our Growth

    PROBES Innovation TEST INTENSITY TEST COMPLEXITY Drives Our HPC trend drives increased wafer probe test intensity, expanding the addressable Thermal & High -speed challenges drive differentiated Advanced MEMS probe architectures — Growth market unique to FORM Doubling Revenue by 2030 through Differe

  23. Slide 23: Systems Business Unit

    May 11, 2026 Systems Business Unit INVESTOR DAY 2026 © 2026 FORMFACTOR | INVESTOR DAY 23

  24. Slide 24: Jens Klattenhoff

    Jens Klattenhoff Senior Vice President and General Manager, Systems Business Unit Jens has led the Systems Business Unit as SVP and GM since 2021, having joined FormFactor in 2016. He brings over 20 years of experience in test and measurement technologies, with prior sales and marketing leadership r

  25. Slide 25: We are redefining what's possible... 2X Systems revenue

    We are redefining what’s possible... By 2030 we plan to double Systems revenue. 2X Accelerating Lab to Fab solutions for High REVENUE Performance Compute and Networking. CO -PACKAGED OPTICS (CPO) QUANTUM ENGINEERING SYSTEMS © 2026 FORMFACTOR | INVESTOR DAY 25

  26. Slide 26: CPO Test Market is the Engine To Grow Revenue 2X

    SYSTEMS CPO Test Market is the Engine To Grow Revenue 2X FormFactor Enables Breaks the power and CPO with Advanced bandwidth scaling wall by replacing electrical I/O with Packaging optics at the package level Lab -to-Fab Strategy Wafer-level Test Unlocks massive Leadership system throughput required

  27. Slide 27: From Lab to Fab: FormFactor Enables CPO at Production Scale

    SYSTEMS From Lab to Fab: FormFactor Enables CPO at Production Scale LAB FAB 2017+ 2020 -24 2025 2026 2027+ FOUNDATION R&D LEADERSHIP KEYSTONE PHOTONICS TRITON NEXT GEN World’s first SiPh prober CM300xi -SiPh, SUMMIT200 -SiPh Acquired optical probing Industry’s first HVM -ready Electrical -Optical Te

  28. Slide 28: Insertion 1 is a Cost-Effective and Production-Ready CPO Test Solution

    SYSTEMS Insertion 1 is a Cost -Effective and Production -Ready CPO Test Solution INSERTION 1 INSERTION 2 INSERTION 3 INSERTION 4 Electronic IC Photonic IC Photonic IC Optical Engine ASIC with CPO Wafer Level Single Side Wafer Level Double Side Singulated Die Packaged Module LOWER COST & RISK HIGHER

  29. Slide 29: CPO Test Leadership Driven by Co-Development with Tier-One Customers

    SYSTEMS FormFactor’s CPO Test Leadership Driven by Co -Development with Tier -One Customers and Partners Leading Foundries / IDMs ® CPO Test Solution World Leading High Performance Compute Company © 2026 FORMFACTOR | INVESTOR DAY 29

  30. Slide 30: FORMFACTOR | INVESTOR DAY

    © 2026 FORMFACTOR | INVESTOR DAY 30

  31. Slide 31: Break

    BREAK (5 min) © 2026 FORMFACTOR | INVESTOR DAY 31

  32. Slide 32: Commercial

    May 11, 2026 Commercial INVESTOR DAY 2026 © 2026 FORMFACTOR | INVESTOR DAY 32

  33. Slide 33: Aasutosh Dave

    Aasutosh Dave Senior Vice President and Chief Commercial Officer Aasutosh has served as FormFactor's Chief Commercial Officer since 2024. With more than 20 years in semiconductors, he previously held leadership roles at ASML, most recently as Head of Global Sales and Applications for the eBeam busin

  34. Slide 34: We are redefining what's possible... 36% market share

    We are redefining what’s possible... As the longstanding #1 leader in the probe 36% MARKET SHARE card and test systems, we continue to extend BY 2030 our leadership through a differentiated customer value ecosystem . GLOBAL SUPPORT CUSTOMER INTIMACY MARKET LEADERSHIP © 2026 FORMFACTOR | INVESTOR DAY

  35. Slide 35: Global Scale That Enables Unmatched Customer Support

    COMMERCIAL Global Scale That Enables Unmatched Customer Support ⚫ ⚫ GERMANY FRANCE ⚫ ⚫⚫ ⚫ ⚫ ⚫⚫ ⚫ ⚫ 2,200+ Global Employees OREGON ⚫⚫ ⚫⚫ ⚫ ⚫⚫ ⚫ JAPAN ⚫ ⚫ ⚫ ⚫⚫⚫⚫ ⚫ ⚫ ITALY ⚫ KOREA ⚫⚫⚫⚫ CALIFORNIA ⚫ COLORADO ⚫ ⚫ ⚫ ⚫ ⚫ TAIWAN TEXAS ⚫ ⚫⚫ ⚫ ⚫ ⚫ ⚫ UNMATCHED ⚫ ⚫ ⚫ SINGAPORE GLOBAL FOOTPRINT ⚫ ⚫ ⚫ ⚫ FORMFACT

  36. Slide 36: Customer Intimacy Map

    COMMERCIAL Customer Intimacy Map Inter-Team Collaboration Ecosystem FormFactor is not just a supplier but a co -development partner R&D / Device Engineering Early silicon validation Full Semiconductor Product & Yield Design Verification Lifecycle Final Silicon Probe Engineering Definition & Parametr

  37. Slide 37: A Leader in Semiconductor Test and Measurement from Lab to Fab

    COMMERCIAL A Leader in Semiconductor Test and Measurement from Lab to Fab SELECTED HONORS & AWARDS 10% Customers: Leaders in Industry As reported in Q2 2025 As reported in Q1 2024 As reported in Q3 2020 As reported in Q1 2026 ® As reported in Q2 2025 As reported in Q1 2026 © 2026 FORMFACTOR | INVEST

  38. Slide 38: Strong Customer Engagement

    COMMERCIAL Strong DIFFERENTIATED LIFECYCLE Customer CUSTOMER VALUE Technology aligned to PARTNERSHIP Support from early R&D Engagement advanced packaging and HPC through sustained HVM 36% Market Share by 2030 Where Strategy, Scale & Execution Converge GLOBAL SUPPORT RELIABLE SCALE Support aligned to

  39. Slide 39: Global Operations

    May 11, 2026 Global Operations INVESTOR DAY 2026 © 2026 FORMFACTOR | INVESTOR DAY 39

  40. Slide 40: Missy Figueroa

    Missy Figueroa Senior Vice President of Global Operations Missy has served as SVP of Global Operations since 2024, bringing more than 27 years of semiconductor manufacturing expertise. Prior to FormFactor , she held operational leadership roles at Texas Instruments and Wolfspeed , most recently as S

  41. Slide 41: We are redefining what's possible... 2X capacity

    We are redefining what’s possible... 2X We’ve fused test and measurement CAPACITY BY 2030 innovation with the rigor of semiconductor manufacturing within a unified global operations network. OPERATIONAL EXCELLENCE SCALABLE CAPACITY UNBEATABLE QUALITY © 2026 FORMFACTOR | INVESTOR DAY 41

  42. Slide 42: Leveraging Operational Strengths to Drive Scale

    GLOBAL OPERATIONS Leveraging Operational Strengths to Drive Scale Sustained Yield Gains enabled Driving Cycle Time reduction Efficiency improvements through by Operational Excellence through Disciplined Execution Process Simplification +40 % +35 % -60 % Historical Current Future Historical Current F

  43. Slide 43: Launching Scalable Capacity to Support Revenue Growth to $1.6B

    GLOBAL OPERATIONS Launching Scalable Capacity to Support Revenue Growth to $1.6B Planning & Pilot & Initial Ramp to Initial Sustained Operations & Pre -startup Qualification Production Ramp Target Capacity Continuous Improvement 3Q25 – 2Q26 2Q26 – 1Q27 1Q27 2027 4Q27+ © 2026 FORMFACTOR | INVESTOR DA

  44. Slide 44: Launching Scalable Capacity to Support Revenue Growth to $1.6B

    GLOBAL OPERATIONS Launching Scalable Capacity to Support Revenue Growth to $1.6B Planning & Pilot & Initial Ramp to Initial Sustained Operations & Pre -startup Qualification Production Ramp Target Capacity Continuous Improvement 3Q25 – 2Q26 2Q26 – 1Q27 1Q27 2027 4Q27+ © 2026 FORMFACTOR | INVESTOR DA

  45. Slide 45: Built for Performance and Scale

    GLOBAL OPERATIONS Built for Performance and Scale Flexible, High -Performance A Smart, Digital Operation Capital -Efficient, Phased Capacity Manufacturing that improves designed for scale, powered by that scales with demand efficiency and consistency integrated systems and AI-based defect detection

  46. Slide 46: What Our Operations Make Possible

    PROFITABLE SCALE GLOBAL OPERATIONS What Our Operations RESILIENT Make GROWTH Possible LOOKING FORWARD → Farmers Branch Coming Online TRUSTED EXECUTION © 2026 FORMFACTOR | INVESTOR DAY 46

  47. Slide 47: Target Financial Model

    May 11, 2026 Target Financial Model INVESTOR DAY 2026 © 2026 FORMFACTOR | INVESTOR DAY 47

  48. Slide 48: Aric McKinnis

    Aric McKinnis Senior Vice President and Chief Financial Officer Aric has served as FormFactor's CFO since 2025, having joined the company in 2019 as Corporate Controller. He brings over 15 years of financial leadership experience, with prior roles at MKS Instruments, Electro Scientific Industries, a

  49. Slide 49: We are redefining what's possible... $1.6B revenue

    We are redefining what’s possible... $1.6B REVENUE By 2030, we plan to double FormFactor’s revenue and more than double EPS by winning $5 at the intersection of High -Performance EPS Compute and Advanced Packaging. CUSTOMER FOCUS SCALE & DIVERSIFICATION RELENTLESS EXECUTION © 2026 FORMFACTOR | INVES

  50. Slide 50: FormFactor's Current Target Model

    FINANCIALS FormFactor’s Current Target Model ALL FIGURES 2020 TARGET NON -GAAP SAM* $2.5B Revenue $850M GM % 47% OpEx % 25% EPS $2.00 *Source: Yole, Internal FORM estimates Target model did not contemplate tariffs that were put in place starting 2025. © 2026 FORMFACTOR | INVESTOR DAY 50

  51. Slide 51: FormFactor's Current Target Model: Achieved

    FINANCIALS FormFactor’s Current Target Model Achieved between Q4’25 & Q1’26 ALL FIGURES 2020 TARGET Q2’26 TTM** NON -GAAP SAM* $2.5B $3.1B Revenue $850M $884M GM %** 47% 46% OpEx % 25% 26% EPS $2.00 $1.96 *Source: Yole, Internal FORM estimates **TTM = Q3’25 actuals + Q4’25 actuals + Q1’26 actuals +

  52. Slide 52: FormFactor's Next Target Model

    FINANCIALS FormFactor’s Next Target Model Driving significant growth & earnings power Significant momentum over trailing 3Q & heading ALL FIGURES NON -GAAP 2020 TARGET Q2’26 TTM** 2030 Target into Q2’26, showing the trajectory to our new 2030 Target Model SAM* $2.5B $3.1B $4.5B • The 2030 Target Mod

  53. Slide 53: Core Market Growth Combined With Excellent Exposure

    FINANCIALS Core Market Growth Combined With Excellent Exposure Served Addressable Market (SAM) ($B) 2025 2030 $0.5 • Increasing test • Base revenues in • Expect outsized $0.3 intensity provides diversified core growth from innovative a multiplier effect supports market products drive share growth ra

  54. Slide 54: Market & Share Growth by Application

    FINANCIALS Market & Share Growth by Application Balanced drivers of growth SAM* ($B) ASICs, GPU, CPO, and HBM are targeted growth opportunities • Most are existing products, in process of qualification, or initial ramp • Some markets are nascent and/or still developing and visibility is limited Exis

  55. Slide 55: Strong Market Growth & Targeted Share Gain Generates Leverage on Costs

    FINANCIALS Strong Market Growth & Targeted Share Gain Generates Leverage on Costs Revenue ($B) Gross Margin (%) 2025 2030 55% $1.6 2.0x 70% GM Systems 15% CAGR fall-through Probes 2025 2030 41% Foundry & Logic $0.8 Memory 2025 TTM 2030 2025 TTM 2030 Market Assumptions Company Assumptions Served Mark

  56. Slide 56: Growth Coupled with Operational Excellence, Discipline & Innovation

    FINANCIALS Growth Coupled with Operational Excellence, Discipline & Innovation Enables stronger gross margin performance Gross Margin Execution (%) Operational excellence targets durable gross margin improvement 60% +1400 Basis Points in Targeted Gross Margin Improvement 55% 4% 55% Includes the inve

  57. Slide 57: Strong Growth & Significant Operating Leverage

    FINANCIALS Strong Growth & Significant Operating Leverage Driven by financial & operational discipline Operating Income ($M) EPS ($) $510 R&D Spending $ $5.00 70% Increase in 50 –55% >30% Investment in R&D through 2030 OpInc Fall Average Through Annual EPS Growth $105 $1.27 2020 Target 2030 Target 2

  58. Slide 58: Earnings Power & Capital Allocation Strategy

    FINANCIALS Earnings Power & Capital Allocation Strategy Generating Significant Value for Shareholders Focus is on Farmers Branch ramp through 2027: 1. Capacity expansion to support future growth Diluted Share Count 82 2. Provides a platform on which to build further capacity in the future 80 3. Expe

  59. Slide 59: We are redefining what's possible... 2030 Target

    We are redefining 2030 Target what’s possible... SAM Revenue $4.5B $1.6B GM % 55% By 2030, we plan to double FormFactor’s OpEx % 23% revenue and more than double EPS by winning EPS $5.00 at the intersection of High -Performance Compute and Advanced Packaging . © 2026 FORMFACTOR | INVESTOR DAY 59

  60. Slide 60: Thank You

    Thank You © 2026 FORMFACTOR | INVESTOR DAY 60

  61. Slide 61: Supplemental Materials

    May 11, 2026 Supplemental Materials INVESTOR DAY 2026 © 2026 FORMFACTOR | INVESTOR DAY 61

  62. Slide 62: Q3 2025 GAAP to Non-GAAP Reconciliation

    Q3 2025 GAAP to Non -GAAP Reconciliation GAAP Adjustments Non -GAAP Amortization of Intangibles and Three Months Ended September Stock -based Acquisition Fair Restructuring Three Months Ended September 27, 2025 Compensation Value Adjustments and Other 27, 2025 Revenues $ 202,676 $ - $ - $ - $. 202,6

  63. Slide 63: Q4 2025 GAAP to Non-GAAP Reconciliation

    Q4 2025 GAAP to Non -GAAP Reconciliation GAAP Adjustments Non -GAAP Amortization of Intangibles and Three Months Ended Stock -based Acquisition Fair Acquisition Related Costs and Three Months Ended December 27, 2025 Compensation Value Adjustments Restructuring Other December 27, 2025 Revenues $ 215,

  64. Slide 64: Q1 2026 GAAP to Non-GAAP Reconciliation

    Q1 2026 GAAP to Non -GAAP Reconciliation GAAP Adjustments Non -GAAP Amortization of Intangibles and Three Months Ended March Stock -based Acquisition Fair Acquisition Related Costs and Three Months Ended March 28, 2026 Compensation Value Adjustments Restructuring Other 28, 2026 Revenues $ 226,144 $

  65. Slide 65: Free Cash Flow Reconciliation

    Free Cash Flow Reconciliation FormFactor, Inc. Free Cash Flow Trend (in thousands) 2019 2020 2021 2022 2023 2024 2025 Q1'26 Net cash provided by operating activities $ 121,048 $ 169,256 $ 139,364 $ 131,786 $ 64,602 $ 117,534 $ 115,398 $ 44,961 Add: Cash paid for interest 1,405 867 643 535 422 391 36

  66. Slide 66: Thank You Q&A

    Q&A Thank You © 2026 FORMFACTOR | INVESTOR DAY 66

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