Filing Flows › Formfactor (FORM) › Q1 2025
Formfactor (FORM) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Formfactor (FORM) reported revenue of $171M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -10% from the quarter before. Operating margin was 1.9%, net earnings $6.4M (3.7% of revenue).
Formfactor, Q1 2025: revenue $171M (+2% year over year), operating margin 1.9%, net earnings $6.4M, operating cash flow $23.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $171M | -10% | +2% |
| Gross profit | $64.5M | -12% | +3% |
| Operating profit | $3.3M | -58% | -85% |
| Net earnings | $6.4M | -34% | -71% |
| Operating cash flow | $23.5M | -34% | -29% |
| Free cash flow | $6.3M | — | -68% |
What changed
Revenue was $171.4M in Q1 2025, up 2% year over year and down 10% from the previous quarter. Foundry & Logic was the largest line at 50% of revenue. DRAM added $3.0M year over year (up 6%), 113% of the total change. Flash declined 41%.
Gross margin was 37.7%, up 0.5 points from a year earlier. Operating profit was $3.3M, a 1.9% margin (down 10.7 points year over year). Operating profit fell $18.0M even though revenue rose $2.6M versus a year earlier, so costs grew faster than sales. Operating expenses grew 48% against revenue growth of 2%. Net earnings were $6.4M, down 71% year over year. The effective tax rate was 14.4%. Non-operating items added $4.2M, 56% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $23.5M (down 29% year over year), 368% of net earnings. Non-cash charges added back $8.8M of depreciation and amortization and $9.8M of share-based compensation. Working capital and other items used $1.5M. After capital expenditures, net ($17.3M), free cash flow as the company reports it was $6.3M.
Questions
What was Formfactor's revenue in the first quarter 2025?
Formfactor (FORM) reported revenue of $171M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -10% from the quarter before.
Was Formfactor profitable in the first quarter 2025?
Operating profit was $3.3M (1.9% of revenue) and net earnings $6.4M.
Source: Formfactor 10-Q on SEC EDGAR.