$FORM

FORMFACTOR INC

CIK:0001039399|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Income Statement [Abstract]
Revenues	$ 258,242	$ 195,798	$ 484,386	$ 367,154
Cost of revenues	127,320	122,860	266,670	229,693
Gross profit	130,922	72,938	217,716	137,461
Operating expenses:
Research and development	31,099	28,793	61,879	56,593
Selling, general and administrative	37,165	31,482	69,457	64,936
Factory start-up costs	4,859	357	11,933	357
Total operating expenses	73,123	60,632	143,269	121,886
Operating income	57,799	12,306	74,447	15,575
Interest income, net	2,683	2,642	4,857	5,959
Other income (expense), net	212	(6)	653	884
Income before income taxes and equity investment	60,694	14,942	79,957	22,418
Provision for income taxes	6,729	2,372	7,125	3,447
Income (loss) from equity investment	2,242	(3,484)	3,759	(3,484)
Net income	$ 56,207	$ 9,086	$ 76,591	$ 15,487
Net income per share:
Basic	$ 0.72	$ 0.12	$ 0.98	$ 0.20
Diluted	$ 0.71	$ 0.12	$ 0.96	$ 0.20
Weighted-average number of shares used in per share calculations:
Basic	78,036	77,107	77,930	77,226
Diluted	79,607	77,527	79,546	77,721

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Cash Provided by (Used in) Operating Activity, Continuing Operation [Abstract]
Net income	$ 76,591	$ 15,487
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,143	18,390
Reduction in the carrying amount of right-of-use assets	3,286	3,593
Stock-based compensation expense	16,721	19,187
Deferred income tax benefit	(1,640)	(2,639)
Provision for excess and obsolete inventories	7,938	6,695
Restructuring charges	15,736	2,160
Income (loss) from equity investment	(3,759)	3,484
Other adjustments to reconcile net income to net cash provided by operating activities	(320)	(1,559)
Changes in assets and liabilities:
Accounts receivable	(30,705)	(9,570)
Inventories	(19,617)	(12,367)
Prepaid expenses and other current assets	461	(5,717)
Other assets	(147)	460
Accounts payable	14,510	9,649
Accrued liabilities	5,190	(4,409)
Other liabilities	4,843	2,487
Deferred revenues	3,441	1,133
Operating lease liabilities	(3,908)	(4,032)
Net cash provided by operating activities	106,764	42,432
Cash Provided by (Used in) Investing Activity, Continuing Operation [Abstract]
Acquisition of property, plant and equipment	(24,791)	(84,840)
Proceeds from sale of assets	576	103
Purchase of equity investment	0	(67,156)
Purchases of marketable securities	(128,665)	(73,823)
Proceeds from maturities and sales of marketable securities	64,169	62,503
Net cash used in investing activities	(88,711)	(163,213)
Cash flows from financing activities:
Proceeds from issuances of common stock	5,836	21,576
Purchase of common stock through stock repurchase program	0	(24,586)
Tax withholdings related to net share settlements of equity awards	(15,994)	(3,619)
Payments on term loan	(564)	(549)
Net cash used in financing activities	(10,722)	(7,178)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,231)	1,658
Net increase (decrease) in cash, cash equivalents and restricted cash	6,100	(126,301)
Cash, cash equivalents and restricted cash, beginning of year	107,047	197,206
Cash, cash equivalents and restricted cash, end of period	113,147	70,905
Non-cash investing and financing activities:
Increase (decrease) in accounts payable and accrued liabilities related to property, plant and equipment purchases	15,817	(13,010)
Operating lease, right-of-use assets obtained in exchange for lease obligations	2,685	733
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	3,040	5,443
Cash paid for interest	168	187
Operating cash outflows from operating leases	4,632	4,893
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	109,761	67,380
Restricted cash, current	765	1,061
Restricted cash	2,621	2,464
Total cash, cash equivalents and restricted cash	$ 113,147	$ 70,905

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 27, 2026	Dec. 27, 2025
Total current assets
Cash and cash equivalents	$ 109,761	$ 103,330
235879000	235,879	171,842
Accounts receivable, net of allowance for credit losses of $6 and $29	155,777	125,416
Inventories, net	121,409	110,884
Restricted cash	765	1,063
Prepaid expenses and other current assets	45,918	44,519
Total current assets	669,509	557,054
Restricted cash	2,621	2,654
Operating lease, right-of-use-assets	15,089	17,202
Property, plant and equipment, net of accumulated depreciation	265,402	259,068
Equity investment	65,891	64,096
Goodwill	212,557	216,029
Intangible assets, net	17,961	16,302
Deferred tax assets	90,916	89,524
Other assets	2,534	2,433
Total assets	1,342,480	1,224,362
Current liabilities:
Accounts payable	77,427	47,436
Accrued liabilities	53,292	47,535
Current portion of long-term debt, net of unamortized issuance costs	1,153	1,137
Deferred revenue	23,976	20,091
Operating lease liabilities	8,317	7,662
Total current liabilities	164,165	123,861
Long-term debt, less current portion, net of unamortized issuance costs	10,491	11,071
Deferred tax liabilities	2,382	1,600
Long-term operating lease liabilities	9,951	12,488
Deferred grant	18,000	18,000
Other liabilities	26,131	21,939
Total liabilities	$ 231,120	$ 188,959
Common stock, $0.001 par value:	$ 1.000	$ 1.000
Common stock, shares issued (in shares)	78,120,725	77,647,935
Common stock, shares outstanding (in shares)	78,120,725	77,647,935
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Stockholders’ equity:
Common stock, $0.001 par value:	$ 78	$ 78
Additional paid-in capital	870,028	863,547
Accumulated other comprehensive loss	(10,643)	(3,528)
Accumulated income	251,897	175,306
Total stockholders’ equity	1,111,360	1,035,403
Total liabilities and stockholders’ equity	$ 1,342,480	$ 1,224,362