New York, Feb 6, 2026, 09:23 EST — Premarket
- FormFactor shares barely moved in pre-market trading, following a 17% surge in the previous session
- The probe-card maker reported record revenue for both the quarter and full year, raising its near-term guidance.
- Management singled out May 11 for the next major event, with an Analyst Day and fresh financial targets on the agenda
FormFactor Inc shares held steady in premarket trading Friday, last quoted near $83.9. The stock had surged 17.2% in the prior session, closing at $83.87.
The move came after late-Wednesday’s earnings release, which beat the company’s own forecast and signaled what it described as ongoing strength heading into the March quarter. CEO Mike Slessor said fourth-quarter revenue, gross margin, and earnings per share “exceeded… the high end of our outlook range,” attributing the full-year record performance to growth in high-bandwidth memory. GlobeNewswire
That’s crucial now, since investors are heavily focused on areas linked to more rigorous semiconductor testing. Even slight changes in demand quickly impact factory utilization and profit margins. FormFactor makes probe cards and other test equipment used to inspect chips during production—a specialized segment that moves with memory and advanced packaging trends.
FormFactor posted $215.2 million in revenue for the fourth quarter ended Dec. 27, 2025. GAAP net income came in at $23.2 million, translating to $0.29 per share. On a non-GAAP basis, which excludes stock-based compensation and acquisition-related costs, earnings rose to $0.46 per share.
Gross margin on a GAAP basis came in at 42.2% for the quarter. The company flagged an expected uptick in non-GAAP gross margin during the second half of 2025 and anticipates additional gains in the current quarter.
FormFactor projected revenue of $225 million, give or take $5 million, for the first quarter ending March 29. It expects non-GAAP earnings per share around $0.45, with a margin of error of $0.04, and forecast non-GAAP gross margin near 45%, plus or minus 1.5 percentage points.
During the earnings call, CFO Aric McKinnis admitted the pace of margin gains caught them “a little surprised,” pointing to workforce moves and improved yields and cycle times. He noted tariffs continue to shave roughly 200 basis points off gross margins — around two percentage points. McKinnis also revealed FormFactor spent about $20 million in cash acquiring Keystone Photonics. Investing.com
Management stayed focused on capacity. Slessor noted the company is pouring investment into maximizing its current footprint, with a further lift anticipated when the Farmers Branch site goes live near the end of 2026.
The catch: this ramp involves several moving pieces—pre-production expenses, capital outlays, and the risk that demand slips before new capacity pays off. If memory-related test demand dips, or if tariffs and startup costs hit harder than anticipated, the margin trajectory suggested by the outlook might falter.
Traders will be watching closely on Friday to see if Thursday’s rally sticks after the opening bell and if semiconductor stocks maintain their risk-on momentum. The next major event to watch is May 11, when FormFactor hosts an Analyst Day to unveil its strategy and updated financial targets.
