FormFactor, Inc. reported a record annual revenue of $785.0 million for the fiscal year ending December 27, 2025, marking a 2.8% increase from $763.6 million in the previous year. The company generated a net income of $54.4 million, a decrease from $69.6 million in fiscal 2024, primarily due to a significant gain on the sale of its China operations in the prior year that did not recur. Despite the revenue growth, gross margins declined year-over-year, attributed to increased manufacturing costs, including tariffs, although improvements were noted in the latter half of the fiscal year.
The company operates in two segments: Probe Cards and Systems. The Probe Cards segment, which includes sales of analytical probes, accounted for $637.9 million in revenue, a slight increase from $626.0 million in fiscal 2024. The Systems segment generated $147.1 million, up from $137.6 million, driven by increased sales of thermal systems and probe stations. Notably, demand for high-bandwidth memory (HBM) chips, particularly in generative artificial intelligence applications, contributed to the growth in the DRAM product segment.
Strategically, FormFactor made significant moves, including the acquisition of Keystone Photonics in December 2025, enhancing its position in the silicon photonics market. The company also purchased a manufacturing site in Farmers Branch, Texas, expected to ramp production in late fiscal 2026. Additionally, restructuring plans were adopted in January 2026 to align costs and manufacturing capabilities with business needs, consolidating operations from Carlsbad and Baldwin Park, California.
Operationally, FormFactor employed 2,153 full-time employees as of December 27, 2025, with a notable presence in North America, Asia, and Europe. The company reported a significant increase in revenue from South Korea and Taiwan, driven by demand for DRAM and Foundry & Logic probe card products. However, revenue from China decreased due to trade restrictions affecting advanced semiconductor technology exports.
Looking ahead, FormFactor anticipates continued growth driven by demand in AI-related infrastructure and plans to leverage its recent acquisitions and manufacturing expansions. The company remains focused on maintaining its competitive edge through innovation and strategic investments, despite the challenges posed by market fluctuations and geopolitical tensions.
About FORMFACTOR INC
FormFactor, Inc. provides electrical and optical test and measurement solutions for the semiconductor industry, including probe cards, probe stations, thermal, and cryogenic systems. Serving semiconductor manufacturers, research institutions, and fabless companies, it enables device characterization, reliability testing, and high-volume production. The company's core value lies in innovative, customized testing products that improve device performance, yields, and time-to-market across the full semiconductor lifecycle.
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