Fri, Feb 21, 9:03 PM (65 days ago)
**Summary of FormFactor, Inc. (FORM) 10-K for Fiscal Year Ended December 28, 2024** FormFactor, Inc. reported total revenues of $763.6 million for FY 2024, up 15.2% from $663.1 million in FY 2023. The Probe Cards segment generated $626.0 million, while the Systems segment contributed $137.6 million, reflecting a decline due to the absence of metrology system sales after the FRT business divestiture. Net income decreased to $69.6 million from $82.4 million, primarily due to lower gains from business sales. Operating expenses were $263.7 million, with R&D expenses at $121.9 million (16% of revenues). EPS was $0.89, down from $1.05. The company completed the sale of its China operations for $21.4 million and recognized a pre-tax gain of $20.3 million. It also acquired a 20% stake in FICT Limited for $59.6 million. FormFactor maintains a strong liquidity position with $360.0 million in cash and cash equivalents. Key risks include reliance on a limited customer base, cyclical semiconductor demand, and geopolitical tensions affecting supply chains. The company is positioned to benefit from growth in high-bandwidth memory (HBM) markets, particularly for AI applications. Overall, FormFactor's strategic focus on innovation and expansion, alongside proactive risk management, supports its market positioning amidst industry fluctuations.