FormFactor Inc (FORM) 2025 Q3 法說會逐字稿

Thank you, and welcome, everyone, to FormFactor's third-quarter 2025 earnings conference call. On today's call are Chief Executive Officer, Mike Slessor; and Chief Financial Officer, Aric McKinnis.

謝謝大家，歡迎參加 FormFactor 2025 年第三季財報電話會議。今天參加電話會議的有執行長麥克·斯萊索和財務長阿里克·麥金尼斯。

Before we begin, Stan Finkelstein, the company's VP of Investor Relations, we will remind you of some important information.

在正式開始之前，公司投資人關係副總裁史丹芬克爾斯坦將提醒大家一些重要資訊。

Thank you. Today's a company will be discussing GAAP P&L results and some important non-GAAP results intended to supplement your understanding of the company's financials. Reconciliations of GAAP to non-GAAP measures and other financial information are available in the press release issued today by the company and on the Investor Relations section of our website.

謝謝。今天，我們將討論一家公司的 GAAP 損益表結果以及一些重要的非 GAAP 結果，旨在幫助您更好地了解公司的財務狀況。本公司今天發布的新聞稿以及我們網站的投資者關係部分提供了 GAAP 與非 GAAP 指標的調整表和其他財務資訊。

Today's discussion contains forward-looking statements within the meaning of the federal securities laws. Examples of such forward-looking statements include also with respect to the projections of financial and business performance, future macroeconomic and geopolitical conditions; the benefits of acquisitions and investments, including acquisition of manufacturing facility, anticipated industry trends, potential disruptions in our supply chain the impacts of regulatory changes, including tariffs and changes in export controls, the anticipated volatility in demand for products; our ability to develop, produce and sell products and the assumptions upon which such statements are based.

今天的討論包含聯邦證券法意義上的前瞻性陳述。此類前瞻性陳述的例子還包括對財務和業務表現、未來宏觀經濟和地緣政治狀況的預測；收購和投資的益處，包括收購製造工廠；預期的行業趨勢；供應鏈中可能出現的中斷；監管變化的影響，包括關稅和出口管制的變化；產品需求的預期波動；我們開發、生產和銷售產品的能力以及此類陳述所依據的假設。

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed during this call. Information on risk factors and uncertainties is contained in our most recent filing on Form 10-K with the SEC for the fiscal year ended December 28, 2024, and in our other CC filings, which are available on the SEC's website at www.sec.gov and in our press release issued today. Forward-looking statements are made as of today, October 29, 2025, and we assume no obligation to update them.

這些聲明受到已知和未知風險及不確定性的影響，可能導致實際結果與本次電話會議中表達的結果有重大差異。有關風險因素和不確定性的信息，請參閱我們最近向美國證券交易委員會提交的截至 2024 年 12 月 28 日的財政年度的 10-K 表格文件，以及我們的其他 CC 文件，這些文件可在美國證券交易委員會網站 www.sec.gov 和我們今天發布的新聞稿中找到。前瞻性聲明截至今日（2025年10月29日）均已作出，我們不承擔更新這些聲明的義務。

With that, we will now turn the call over to FormFactor's CEO, Mike Slessor.

接下來，我們將把電話交給 FormFactor 的執行長 Mike Slessor。

Thanks for joining us today. FormFactor's third-quarter revenue, gross margin and earnings per share exceeded both second-quarter results and the midpoint of our outlook range. Our outlook for the current fourth-quarter builds on the third-quarter. and we expect to again deliver sequentially higher revenue, earnings and most importantly, gross margin.

感謝您今天收看我們的節目。FormFactor 第三季營收、毛利率和每股盈餘都超過了第二季業績以及我們預期範圍的中點。我們對第四季的展望建立在第三季的基礎上，我們預計將再次實現營收、獲利以及最重要的毛利率的環比成長。

As you heard from us on last quarter's call and in meetings with many of you since then, we're focused on and committed to improving our profitability to get back on a path to the 47% non-GAAP gross margins of our target model.

正如我們在上個季度的電話會議以及此後與你們許多人的會議中所說的那樣，我們專注於並致力於提高盈利能力，以重回正軌，實現我們目標模型中 47% 的非 GAAP 毛利率。

As you can see in our fourth-quarter outlook, we expect to reach the model quarterly revenue run rate earlier than we achieved model gross margins. This disconnect is driving urgency across FormFactor in executing a program of rapid and immediate gross margin improvement actions that have already produced a 250 basis point increase from the second-quarter, and we anticipate will produce an additional 100 basis point increase in the fourth-quarter.

正如您在我們第四季展望中所看到的，我們預計季度營收運行率將比毛利率的預期目標提前實現。這種脫節促使 FormFactor 加快快速、立即的毛利率改善計劃，該計劃已使毛利率較第二季度增長了 250 個基點，我們預計第四季度將再增長 100 個基點。

We expect these short-term improvements will continue throughout next year, steadily closing the gap to the target model gross margin of 47%. At the same time, we're also executing longer-term structural initiatives that will further improve our gross margins, including developing and commercializing differentiated new products to drive increased market share and pricing as well as qualifying and ramping our new Farmers Branch, Texas facility to rapidly and cost effectively expand our capacity in a region with lower operating costs and a variety of financial and regulatory incentives.

我們預計這些短期改善將在明年持續，穩步縮小與 47% 的目標模型毛利率之間的差距。同時，我們也在執行一些長期的結構性舉措，以進一步提高我們的毛利率，包括開發和商業化差異化的新產品，以推動市場份額和價格的增長，以及對我們位於德克薩斯州 Farmers Branch 的新工廠進行資質認證和產能提升，以便在運營成本較低且擁有各種財政和監管激勵措施的地區快速、經濟高效地擴大產能。

Aric McKinnis, who became our CFO on August 12, will provide more details on both the short- and long-term initiatives. While we're intently focused on improving gross margins to generate the profitability warranted by our leadership positions in both probe cards and engineering systems, we're also working to expand those positions, principally at the intersection of advanced packaging and high-performance compute.

8 月 12 日上任的財務長 Aric McKinnis 將提供有關短期和長期計劃的更多細節。雖然我們正全力提高毛利率，以期獲得我們在探針卡和工程系統領域領先地位所應有的盈利能力，但我們也在努力擴大這些地位，主要是在先進封裝和高性能計算的交叉領域。

Innovations in this space like the stacking of DRAM chiplets to produce HBMs, which are then integrated with GPUs in multi reticle CoWos packages, co-packaged optics and even chiplet-based processors deployed at the edge are all driving increased test intensity and test complexity, creating increased demand in our served markets.

該領域的創新，例如將 DRAM 晶片堆疊起來生產 HBM，然後將 HBM 與 GPU 整合到多光罩 CoWos 封裝中，以及共封裝光學元件，甚至在邊緣部署基於晶片的處理器，都在推動測試強度和測試複雜性的增加，從而在我們所服務的市場中創造了更大的需求。

In some of these areas, like HBM and DRAM and network switches and Foundry and Logic, we today have leading market share positions. In others, like GPUs, we're making steady progress on qualifications to produce market share gains and revenue growth.

在某些領域，例如 HBM、DRAM、網路交換器、晶圓代工和邏輯電路，我們目前擁有領先的市場份額。在其他領域，例如 GPU，我們在資格認證方面穩步取得進展，從而獲得市場份額和收入成長。

Turning now to segment and market level details. In DRAM probe cards, we delivered the expected double-digit sequential growth in the third-quarter to a new record, primarily from growth in HBM. In the current fourth-quarter, we expect to post another record primarily from an increase in non-HBM applications like DDR5 and LPDDR4, likely driven by the well-publicized recent increases in commodity DRAM end market demand pricing and customer profitability.

接下來我們將詳細分析細分市場和市場層面的細節。在 DRAM 探針卡方面，我們第三季度實現了預期的兩位數環比增長，創下新紀錄，這主要得益於 HBM 的增長。在目前的第四季度，我們預計將再次創下紀錄，這主要得益於 DDR5 和 LPDDR4 等非 HBM 應用的增長，而這很可能是由於近期廣為人知的商品 DRAM 終端市場需求價格上漲和客戶盈利能力提高所推動的。

In HBM, we've now reached the anticipated HBM3 to HBM4 crossover as HBM 3E ramps down and HBM4 ramps up with the overall net result being total fourth-quarter HBM revenue similar to the third-quarter. We continue to have significant contributions from all three major HBM manufacturers as we execute our long-term strategy to be a key supplier to all the leading customers in the industry, thereby growing and diversifying our HBM demand profile.

在 HBM 領域，我們已經達到了預期的 HBM3 到 HBM4 的過渡階段，HBM 3E 逐漸減少，HBM4 逐漸增加，最終結果是第四季度 HBM 總收入與第三季度相似。我們繼續從三大 HBM 製造商那裡獲得重大貢獻，因為我們正在執行長期策略，成為業內所有領先客戶的關鍵供應商，從而成長和多元化我們的 HBM 需求結構。

Consistent with the current market share split between our customers, however, our HBM revenue continues to be skewed towards our largest customer. The ramp-up of HBM4 offers some exciting opportunities for FormFactor as we look ahead to 2026.

然而，與我們客戶目前的市佔率分配一致，我們的 HBM 收入仍主要來自我們最大的客戶。展望 2026 年，HBM4 的逐步普及為 FormFactor 帶來了一些令人興奮的機會。

First, the test intensity for each HBM stack further increases with the transition to HBM 416 high stacks of core die chiplets from the 8 and 12 high stacks of HBM3 and 3E. As we've detailed in our past discussions of advanced packaging, each of these core died chiplets must be comprehensively tested to ensure that a single effective core eye does not cause a failure of the entire stack.

首先，隨著核心晶片晶片從 HBM3 和 3E 的 8 層和 12 層堆疊過渡到 HBM 416 層堆疊，每個 HBM 堆疊的測試強度進一步增加。正如我們之前在討論先進封裝技術時詳細闡述的那樣，每個核心晶片都必須經過全面測試，以確保單個有效核心故障不會導致整個晶片堆疊失效。

In addition, the I/O speeds of HBM4 increased substantially over HBM3, and our customers are now striving to exceed the JDE specification of 8 gigabits per second. This performance increase in greater test complexity drives competitive advantage for FormFactor as our Smart Matrix architecture is the industry's only production-proven high parallelism probe card architecture that can operate at these 10 gigabit plus frequencies, providing our customers with the unique capability to validate their product performance at these higher and more valuable IO speeds.

此外，HBM4 的 I/O 速度比 HBM3 大幅提高，我們的客戶現在正努力超越 JDE 規範規定的每秒 8 吉比特。在測試複雜性不斷提高的情況下，效能的提升為 FormFactor 帶來了競爭優勢，因為我們的智慧矩陣架構是業界唯一經過生產驗證的高平行探針卡架構，可以在 10 千兆位元以上的頻率下運行，為我們的客戶提供了獨特的能力，以在更高、更有價值的 IO 速度下驗證其產品的性能。

Shifting to the foundry and logic probe card market is expected third-quarter demand in this market was sequentially weaker than the second-quarter, and we expect similar foundry and logic demand levels in the fourth-quarter. Despite broader indications of the beginning of a PC recovery, we're not experiencing significant growth in probe cards for CPU applications. We believe this is because the increased demand is being served by our customers' existing legacy node designs, where they're able to employ their existing probe card fleet.

預計第三季代工和邏輯探針卡市場需求將低於第二季度，我們預期第四季代工和邏輯探針卡市場需求水準將與此類似。儘管有跡象顯示個人電腦市場正在復甦，但我們並沒有看到用於 CPU 應用的偵測卡顯著成長。我們認為這是因為客戶現有的傳統節點設計能夠滿足不斷增長的需求，他們可以利用現有的探針卡陣列。

As a reminder, probe cards are a device-specific consumable. And as this customer ramps volume on their new designs on new leading-edge silicon nodes, we expect to see increased demand for probe cards and CPU applications. This current situation also highlights the need to execute our strategy to be a key supplier to all the leading customers in the industry and we continue to build the foundation for market share gains at a large fabless CPU manufacturer.

再次提醒，探針卡是設備專用的耗材。隨著該客戶在新一代尖端矽節點上加大新設計的產量，我們預期對探針卡和 CPU 應用的需求將會增加。當前情況也凸顯了我們執行策略的必要性，即成為業內所有領先客戶的關鍵供應商，我們將繼續為成為大型無晶圓廠 CPU 製造商而奠定市場份額成長的基礎。

Having achieved qualification in a specific application with this customer earlier this year, we're now building on that penetration and qualifying our market-leading Apollo MEMS probe card technology on a mainstream CPU device that's forecasted to ramp in volume next year. And continuing on the theme of diversification and market share growth in foundry and logic, we've now met all technical requirements for a major GPU application with a new variant of the same Apollo MEMS probe card architecture and are now in the pilot production stage of qualification.

今年早些時候，我們已在該客戶的特定應用中獲得了認證，現在我們正在鞏固這一市場地位，並在預計明年將量產的主流 CPU 設備上驗證我們市場領先的 Apollo MEMS 探針卡技術。繼續推進晶圓代工和邏輯晶片的多元化和市場份額增長，我們現在已經滿足了主要 GPU 應用的所有技術要求，採用了 Apollo MEMS 探針卡架構的新變體，目前正處於試生產階段的認證工作中。

Once we complete this final stage of qualification, we'll be in a position to compete for volume orders for GPU probe cards in the first half of 2026. Turning to our Systems segment, we delivered the expected sequential revenue increase in the third-quarter and are forecasting additional growth in the current fourth quarter.

一旦我們完成資格認證的最後階段，我們將能夠在 2026 年上半年參與 GPU 偵測卡批量訂單的競爭。再來看我們的系統業務部門，我們在第三季度實現了預期的環比收入成長，並預計在目前的第四季將進一步成長。

Some of this strength stems from the typical seasonal cadence of the systems business, but we're also experiencing increased momentum in the progression towards initial production of co-packaged optics or CPO and as well as the significant investments being made to advance quantum computing towards full-scale industrialization.

這種強勁勢頭部分源於系統業務典型的季節性節奏，但我們也感受到共封裝光學元件 (CPO) 的初始生產進程正在加速，同時，為推進量子運算全面產業化而進行的大量投資也帶來了這種勢頭。

In copackage optics, in addition to the multiple CM300 Xi systems running pilot production for our primary CPO customer at their foundry, we've now installed multiple units of our next-generation Triton silicon photonics test system. Developed in collaboration with Advantest and Tokyo Electron, Triton brings together fab level automation and integration of both optical and electrical probe and test capability for our customers.

在共封裝光學元件領域，除了為我們的主要 CPO 客戶在其代工廠運行的多套 CM300 Xi 系統進行試生產外，我們現在還安裝了多套下一代 Triton 矽光子測試系統。Triton 由 Advantest 和東京電子合作開發，為我們的客戶提供晶圓級自動化以及光學和電學探針測試能力的整合。

Triton represents the next step in our silicon photonics product road map as we transition our differentiated electrooptical probing technology from the lab to the fab, helping enable the adoption of energy-efficient optical data transmission in tomorrow's data centers.

Triton 代表了我們矽光子產品路線圖的下一步，我們將差異化的電光探測技術從實驗室過渡到晶圓廠，從而幫助實現未來資料中心採用節能的光資料傳輸。

Before I turn the call over to Aric, I want to reiterate our continued commitment to achieving the 47% gross margin of our target model. As you can see from our fourth-quarter guidance, we expect to reach target model revenue levels before we reach target model gross margin levels, but we've shown meaningful progress towards closing this gap.

在將電話交給 Aric 之前，我想重申我們將繼續致力於實現我們目標模型中 47% 的毛利率。從我們第四季的業績指引中可以看出，我們預計在達到目標車型毛利率水平之前，就能達到目標車型收入水平，但我們在縮小這一差距方面已經取得了顯著進展。

We plan to continue gross margin improvement in a direct factoring footprint by making continued progress this quarter and in 2026, layering on further improvement as we then bring our farmers branch expansion online at a structurally lower cost.

我們計劃透過在本季和 2026 年繼續推進直接保理業務的毛利率提升，並在 2026 年隨著我們以結構性更低的成本上線農民分支機構，進一步提高毛利率。

These multipronged initiatives will improve our competitiveness and add capacity at lower cost enabling us to grow form factor as we meet the challenges of increased test intensity and higher test complexity associated with the adoption of advanced packaging in applications like high-bandwidth memory, co-packaged optics, and quantum computing. Aric, you are up.

這些多管齊下的措施將提高我們的競爭力，並以更低的成本增加產能，使我們能夠在應對高頻寬記憶體、共封裝光學元件和量子運算等應用中採用先進封裝所帶來的測試強度增加和測試複雜性提高的挑戰的同時，擴大產品外形尺寸。埃里克，輪到你了。

Thank you, Mike, and good afternoon. Before we dive into the details of our third-quarter financial results, I want to express my excitement as I move into the role of CFO and begin to leverage my experience across operations and finance to drive operational efficiency and financial discipline. I truly enjoy working across very constituents to find innovative ways while driving value and continuous improvement.

謝謝你，麥克，下午好。在我們深入探討第三季財務業績的細節之前，我想表達一下我擔任財務長一職的興奮之情，我將開始利用我在營運和財務方面的經驗來提高營運效率和財務紀律。我非常享受與各方人士合作，尋找創新方法，同時創造價值並不斷改進。

I also want to spend a couple of moments to summarize how we plan to drive sustainable improvement in profitability, emphasizing the key focus areas that will guide our actions and our priorities in both the short and the longer term. As you heard from Mike, we are focused on improving our profitability to a path to the 47% non-GAAP gross margins of our target model.

我還想花幾分鐘時間總結我們計劃如何推動盈利能力的可持續提升，重點強調將在短期和長期指導我們行動和優先事項的關鍵領域。正如你從麥克那裡聽到的，我們正致力於提高盈利能力，以達到我們目標模型中 47% 的非 GAAP 毛利率。

We are committed to achieving these improvements in a sustainable way and we believe the most critical elements of success for us in the short and midterm are to drive improved operational effectiveness, which means optimizing output from our existing infrastructure, and better financial discipline. We believe focus in these areas will drive meaningful change in our unit costs and our gross margins. This focus starts with some immediate action.

我們致力於以永續的方式實現這些改進，我們認為，對我們而言，短期和中期內取得成功的關鍵要素是提高營運效率，這意味著優化現有基礎設施的產出，以及加強財務紀律。我們相信，在這些領域投入精力將對我們的單位成本和毛利率產生實質影響。這種關注始於一些立即採取的行動。

First, on the labor front, we just completed a reduction in headcount, reducing costs even as we execute on existing demand and prepare for future demand. Furthermore, we implemented changes in how we manage over time in all of our manufacturing sites, immediately reducing our unit labor costs.

首先，在勞動力方面，我們剛完成了裁員，在滿足現有需求並為未來需求做好準備的同時，降低了成本。此外，我們逐步改善了所有生產基地的管理方式，並立即降低了單位人工成本。

Second, with respect to our manufacturing processes, we executed on targeted decreases in manufacturing spending. For example, we have expanded our existing precious metal recovery process to reduce waste in our manufacturing line among implementing other improvements. Beyond these immediate actions, over the coming quarters, we will continue to drive a relentless focus on reducing our manufacturing expenses by attacking the fundamental drivers of cost within our existing footprint.

其次，在我們的製造流程方面，我們有針對性地降低了製造成本。例如，我們擴大了現有的貴金屬回收工藝，以減少生產線上的浪費，並實施了其他改進措施。除了這些直接措施之外，在接下來的幾個季度裡，我們將繼續不懈地專注於降低製造成本，透過解決現有業務範圍內成本的根本驅動因素來實現這一目標。

For example, focusing on improving yields and reducing manufacturing cycle times by smartly deploying automation, implementing more effective defect detection capabilities and implementing new factory management tools and analytics.

例如，透過巧妙部署自動化來提高產量並縮短製造週期時間，實施更有效的缺陷檢測能力，以及實施新的工廠管理工具和分析。

Improvement in areas like cycle times and yields are structural and we believe improvements in these areas drive durable cost benefits that will help us to weather and partially offset the impact of inevitable shifts in product mix and headwinds presented by new challenges, such as what we have seen recently with tariffs.

週期時間和產量等方面的改進是結構性的，我們相信這些方面的改進將帶來持久的成本效益，這將幫助我們應對並部分抵消產品組合不可避免的變化以及新挑戰（例如我們最近看到的關稅）的不利影響。

Even as we drive the unit cost of our products down, we are aiming to simultaneously enable higher output from our current infrastructure, reducing cycle times and improving yields enable this objective while also supporting our continued ability to be a top-performing supplier by increasing the quality and speed with which we address our customers' needs as they address rapidly growing demand in areas like high-performance compute and HBM.

即使我們努力降低產品的單位成本，我們也致力於同時提高現有基礎設施的產量，縮短週期時間，提高良率，從而實現這一目標。同時，我們也透過提高品質和速度來滿足客戶的需求，從而繼續保持我們作為頂級供應商的地位，因為客戶在高效能運算和 HBM 等領域的需求正在快速增長。

In addition to our laser-like focus on improving operational effectiveness, we will also exercise good financial discipline and continue to examine our overall portfolio of products, markets and businesses, evaluating all of our operations through the lens of how each best supports our target model and our key strategic priorities.

除了我們一如既往地專注於提高營運效率外，我們還將秉持良好的財務紀律，繼續審視我們的整體產品、市場和業務組合，從如何最好地支持我們的目標模式和關鍵戰略重點的角度來評估我們所有的營運活動。

We are changing how we communicate our financial results. Instead of residing breakdowns by product and market, we will continue to provide this important data in the supplemental materials on our investor website. Our discussion will focus on the key actions we are taking and the key drivers for our short and midterm road map to achieve our target model.

我們正在改變公佈財務業績的方式。我們將不再按產品和市場列出詳細數據，而是繼續在投資者網站的補充資料中提供這些重要數據。我們的討論將重點放在我們正在採取的關鍵行動以及我們為實現目標模式而製定的短期和中期路線圖的關鍵驅動因素上。

As you saw in our press release, we are favorable to our Q3 outlook on revenues, gross margins and EPS for both GAAP and non-GAAP. Q3 '25 revenues are $202.7 million, non-GAAP gross margins are 41%, up 250 basis points from 38.5% in Q2 '25, and non-GAAP EPS is $0.33, and $0.04 above the high end of the outlook range of $0.21 to $0.29. GAAP gross margins for the third-quarter were 39.8% compared to 37.3% in Q2.

正如您在我們的新聞稿中看到的，我們對第三季GAAP和非GAAP的營收、毛利率和每股盈餘預期都持樂觀態度。2025年第三季營收為2.027億美元，非GAAP毛利率為41%，較2025年第二季的38.5%成長250個基點，非GAAP每股收益為0.33美元，比預期範圍（0.21美元至0.29美元）的上限高出0.04美元。第三季GAAP毛利率為39.8%，第二季為37.3%。

Cost of revenues included $2.5 million of GAAP to non-GAAP reconciling items, which we outlined in our press release issued today and in the reconciliation table available on the Investor Relations section of our website.

收入成本包括 250 萬美元的 GAAP 與非 GAAP 調整項目，我們在今天發布的新聞稿和我們網站投資者關係部分提供的調整表中對此進行了概述。

As I mentioned, on a non-GAAP basis, gross margins for the third-quarter were 41%, 250 basis points higher than the 38.5% non-GAAP gross margins in Q2 and at the higher end of our outlook range. This increase in non-GAAP gross margins is driven by improvement in both segments.

正如我之前提到的，以非GAAP準則計算，第三季的毛利率為41%，比第二季的38.5%非GAAP毛利率高出250個基點，處於我們預期範圍的上限。非GAAP毛利率的成長是由兩個業務部門的改善共同推動的。

The probe card segment was up 254 basis points the systems segment was up 260 basis points to 40.8% and 42%, respectively. The reductions we have made in labor costs and manufacturing spending are starting to have an effect on our financial results. This progress represents the start of a more disciplined path that will yield incremental improvement in gross margins leading us back to our target model gross margins over the course of 2026, as you heard from Mike.

探針卡業務板塊上漲 254 個基點，系統業務板塊上漲 260 個基點，分別達 40.8% 和 42%。我們在勞動成本和製造支出方面所做的削減，已經開始對我們的財務表現產生影響。這一進展標誌著我們走上了一條更嚴謹的道路，這條道路將逐步提高毛利率，最終使我們在 2026 年恢復到目標模型毛利率水平，正如 Mike 所說的那樣。

Our GAAP operating expenses were $62.6 million for the third-quarter, effectively flat as a percent of revenue from the prior quarter and down 130 basis points from the same period in the prior year, demonstrating continued discipline in spending across the P&L, even as we continue to invest in R&D in projects like Farmers Branch to drive innovation and future growth beyond the immediate term and even beyond our current target model.

第三季度，我們的 GAAP 營運支出為 6,260 萬美元，與上一季相比基本上持平，比去年同期下降了 130 個基點，這表明我們在損益表各方面的支出仍然保持著嚴格的紀律，即使我們繼續投資於像 Farmers Branch 這樣的研發項目，以推動短期創新和未來的成長，超越短期創新甚至超越我們當前的目標模式。

GAAP net income for the third-quarter was $15.7 million or $0.20 per fully diluted share compared with a GAAP net income of $9.1 million or $0.12 per fully diluted share in the previous quarter. Third-quarter non-GAAP net income was $25.7 million or $0.33 per fully diluted share, up from $21.2 million or $0.27 per fully diluted share in Q2.

第三季 GAAP 淨利為 1,570 萬美元，即每股完全攤薄收益 0.20 美元，而上一季 GAAP 淨利潤為 910 萬美元，即每股完全攤薄收益 0.12 美元。第三季非GAAP淨收入為2,570萬美元，即每股完全稀釋收益0.33美元，高於第二季的2,120萬美元，即每股完全稀釋收益0.27美元。

The GAAP effective tax rate for the third-quarter was 29.1% and the non-GAAP effective tax rate for the third-quarter was 21.2%. We are continuing to refine our approach to key provisions of the recent tax legislation.

第三季的 GAAP 實際稅率為 29.1%，非 GAAP 實際稅率為 21.2%。我們正在不斷完善對近期稅法關鍵條款的應對方法。

Moving to the balance sheet and cash flows. We had free cash flow in the third-quarter of $19.7 million compared to a negative $47.1 million in Q2. Remember that the reason for the negative cash flow in Q2 was the $55 million investment in the Farmers Branch, Texas manufacturing facility. Operating cash flows were $27 million in Q3, $8.1 million higher than the $18.9 million in Q2 '25, primarily driven by the improved net income on higher revenues and improved gross margins. At quarter end, total cash and investments were up $16.7 million to $266 million.

接下來來看資產負債表和現金流量表。第三季我們的自由現金流為 1,970 萬美元，而第二季為負 4,710 萬美元。請記住，第二季出現負現金流的原因是投資 5,500 萬美元在德州 Farmers Branch 的製造工廠。第三季經營現金流為 2,700 萬美元，比 2025 年第二季的 1,890 萬美元高出 810 萬美元，主要得益於營收增加帶來的淨利成長和毛利率提高。截至季末，現金和投資總額增加 1,670 萬美元，達到 2.66 億美元。

Since purchasing the Farmers Branch facility, we have made excellent progress in executing our planning and pre-startup activities. This project is a good example of how we are taking advantage of our strong balance sheet to enable the next stage of growth and continued improvement in our gross margins over the long term.

自從收購 Farmers Branch 工廠以來，我們在執行規劃和啟動前準備工作方面取得了顯著進展。這個項目很好地體現了我們如何利用強勁的資產負債表來實現下一階段的成長，並在長期內持續提高毛利率。

We expect the cash expenditures related to Farmers Branch will be between $140 million and $170 million over the course of 2026 and believe that this investment will enable further improvement in gross margins beyond our current target model.

我們預計 2026 年與 Farmers Branch 相關的現金支出將在 1.4 億美元至 1.7 億美元之間，並相信這項投資將使我們的毛利率在當前目標模型的基礎上進一步提高。

During the third-quarter, we used $1.7 million to repurchase shares. At quarter end, $70.9 million remained available for future purchases under the $75 million two-year buyback program that was approved and announced in April 2025. As a reminder, our share repurchase program objective is to offset dilution from stock-based compensation.

第三季度，我們動用了 170 萬美元回購股票。截至季末，根據 2025 年 4 月批准並宣布的 7,500 萬美元兩年回購計劃，仍有 7,090 萬美元可用於未來的購買。再次提醒大家，我們的股票回購計畫的目標是抵銷股票選擇權激勵帶來的股權稀釋。

Turning to the fourth-quarter non-GAAP outlook. We expect Q4 revenues of $210 million, plus or minus $5 million. This increase in revenues more favorable product mix and the cost reduction initiatives described earlier are expected to result in a higher non-GAAP gross margin of 42%, plus or minus 150 basis points.

接下來談談第四季非GAAP業績展望。我們預計第四季營收為 2.1 億美元，上下浮動 500 萬美元。預計收入成長、更有利的產品組合以及前面所述的成本削減措施將使非GAAP毛利率提高至42%，上下浮動150個基點。

As a reminder, we continue to see a 150 to 200 basis point impact on gross margins from tariffs. We are taking actions to mitigate the impact of these tariffs, but those efforts are ongoing. At the midpoint of these outlook ranges, we expect Q4 non-GAAP operating expenses to be $58 million, plus or minus $2 million. Approximately $3.5 million higher than Q2, mainly due -- sorry, Q3, mainly due to higher incentive-based compensation, planned spending on R&D and expenses related to the start-up of costs for our new manufacturing facility in Farmers Branch.

再次提醒大家，關稅仍會對毛利率產生 150 至 200 個基點的影響。我們正在採取措施減輕這些關稅的影響，但這些努力仍在進行中。根據這些預測範圍的中點，我們預計第四季非GAAP營運費用為5,800萬美元，上下浮動200萬美元。比第二季度高出約 350 萬美元，主要原因是——抱歉，是第三季度——更高的激勵性薪酬、計劃用於研發的支出以及與我們在 Farmers Branch 的新製造工廠的啟動成本相關的費用。

Our Q4 effective tax rate is expected to be within the range of 17% to 21%. Non-GAAP earnings per fully diluted share for Q4 is expected to be $0.35, plus or minus $0.04. A reconciliation of our GAAP to non-GAAP Q4 outlook is available on the Investor Relations section of our website and in the press release issued today.

我們預計第四季的實際稅率將在 17% 至 21% 之間。預計第四季非GAAP每股收益（完全稀釋後）為0.35美元，上下浮動0.04美元。有關我們GAAP與非GAAP第四季業績展望的調節表，請造訪我們網站的投資者關係頁面以及今天發布的新聞稿。

As demonstrated by our Q3 results and our Q4 outlook, we are making encouraging progress to our target model. As recent initiatives to improve our structural costs take effect, and we are able to better leverage our fixed cost as demand increases.

從我們第三季的業績和第四季的展望來看，我們在實現目標模式方面取得了令人鼓舞的進展。隨著近期改善結構性成本的措施生效，以及需求成長，我們能夠更好地利用固定成本。

With that, let's open the call for questions. Operator?

接下來，我們開始接受提問。操作員？

(Operator Instructions)

（操作說明）

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Nice execution, guys, and Aric, welcome to the call. Mike, I want to just start with you. Thanks for all the insight on the top line and how the business segments are performing. I was hoping if you could go back to some of your DRAM commentary and specifically commentary around HBM4 and the cutoff with the business having reached the cutoff in the recent quarter and flat sequentially. How would you frame up the growth gives and takes as you look out to 2026 for HBM.

執行得不錯​​，各位，還有，歡迎 Aric 參與通話。麥克，我想先從你開始。感謝您提供的關於公司營收和各業務部門業績的深入見解。我希望您能回顧一下您對DRAM的評論，特別是關於HBM4和業務截止點的評論，因為該業務在最近一個季度達到了截止點，並且環比持平。展望 2026 年，您會如何看待 HBM 的成長機會與挑戰？

And if we look at the next transition without getting the cart too far before the horse as HBM for becomes much more customizable, what will that mean for probe card intensity ?

如果我們展望下一個過渡階段，不要操之過急，因為隨著 HBM 的可自訂性大幅提升，這對探針卡強度意味著什麼？？

Yes. Thanks, Craig. So we did experience the crossover are experiencing the crossover in the fourth-quarter as HBM4 takes over as the majority of our HBM revenue. All three customers, as I said, are contributing to this. But we're fairly early in this HBM4 ramp.

是的。謝謝你，克雷格。因此，我們在第四季度經歷了過渡期，HBM4 成為我們 HBM 收入的大部分。正如我所說，這三位顧客都對此負有責任。但我們目前還處於 HBM4 產能爬坡的早期階段。

I think most people understand the timing and how it's linked up to a major high compute -- high-performance compute product launch next year. And so we expect continued growth from here in our HBM4 business and our HBM business overall.

我認為大多數人都明白這個時機以及它與明年即將推出的高效能運算產品之間的連結。因此，我們預計 HBM4 業務和整個 HBM 業務將繼續成長。

If you look at -- as we go through 2026, a couple of elements of test intensity and test complexity are increasing with HBM4, as I mentioned in the prepared remarks. Test speeds are going up, the layer counts are going up. These are all powerful tailwinds for probe card intensity. And as we move to HBM 4E and then 5, those tailwinds continue, right? We expect higher speeds and higher bit counts.

如果你觀察一下——隨著我們進入 2026 年，正如我在準備好的演講稿中提到的，隨著 HBM4 的推出，測試強度和測試複雜性的幾個方面都在增加。測試速度提高了，層數也增加了。這些都是提升探測卡強度的強大助力。隨著我們過渡到 HBM 4E 和 5，這些順風還會繼續，對吧？我們預期速度會更快，比特數會更高。

The other interesting wrinkle is, as you mentioned, this idea of a custom HBM base dye. And I think that's -- although it's further out on the horizon, it's something we're partnered with customers very closely right now. as it combines high-end logic and memory controllers on the base die for HBM, obviously, FormFactor in a place where that can offer some significant differentiation as we're the only supplier of scale in both memory and logic profits.

另一個有趣的細節，如你所提到的，就是客製化 HBM 基礎染料的想法。我認為——雖然這還處於比較遙遠的階段，但我們目前正與客戶密切合作，共同推動這項技術。因為它將高端邏輯和記憶體控制器整合在用於 HBM 的基礎晶片上，而且尺寸也符合預期，這顯然能夠帶來顯著的差異化優勢，因為我們是唯一一家在記憶體和邏輯利潤方面都達到規模化的供應商。

Very helpful, Mike. Aric, the follow-up is for you. So thanks for the granularity on the levers that you're pulling to close to 500 -- 500 basis point gap to target GM. The question is this, as we look at things that, in my words, not yours, maybe more tactical versus those structural things that you talked about, how do those two things contribute in relative size to closing that 500 basis point gap -- and can you talk about the linearity that we should expect from where we are to 500, acknowledging that there's going to be mixed dynamics that move up and down along the way.

非常感謝，麥克。埃里克，後續事宜是給你的。感謝您詳細闡述了您為將目標價與通用汽車的差距縮小到 500 基點而採取的各項措施。問題是這樣的，當我們審視一些事情時——用我的話說，而不是你的——也許更多的是戰術性的事情，而不是你談到的那些結構性的事情——這兩件事在縮小這 500 個基點差距方面，相對貢獻有多大？ ——你能談談我們應該預期從現在的位置到 500 的線性關係嗎？同時我們也應該意識到，在過程中會出現上下波動的複雜動態。

Yes. Thank you for your question. The 41% that we have as results in Q3 represents a meaningful improvement from last quarter. And we're already seeing the benefit of some of the actions that we have taken. We are not done, as you know.

是的。謝謝你的提問。第三季 41% 的業績表明，與上一季相比，這是一個顯著的進步。我們已經開始看到我們採取的一些措施所帶來的好處。如你所知，我們的工作還沒結束。

And so the restructuring actions that I referred to, we believe we'll continue to provide benefit heading into Q4 of about $1 million. And then on an ongoing basis of about $1.5 million thereafter. In addition to that, we have plans in place to continue to drive improvements in, as you noted, kind of fundamental cost structure areas, focusing on things like manufacturing cycle time and yields, and we believe that those will address both the gross margin road map over the course of 2026 as well as bringing more output out of our existing facilities.

因此，我提到的重組措施，我們相信將在第四季度繼續帶來約 100 萬美元的收益。此後，每年持續約150萬美元。除此之外，我們還制定了計劃，繼續推動改進，正如您所指出的，一些基本的成本結構領域，重點關注製造週期​​時間和良率等，我們相信這些措施將實現 2026 年的毛利率路線圖，並提高我們現有設施的產量。

(Operator Instructions) Brian Chin, Stifel. Brian, you might be on mute. Brian Chin, we're not hearing you.

（操作說明）Brian Chin，Stifel。布萊恩，你可能處於靜音狀態。布萊恩·欽，我們聽不到你說話。

Christian Schwab, Craig Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Just my first question regarding the gross margin target of 45%. It sounded like you think you will attain that level in 2026. Is that a statement regarding mix of business improving in foundry logic versus DRAM? Or is that a statement regarding the initiatives that you're doing or a combination of both.

我的第一個問題是關於45%的毛利率目標。聽起來你認為你會在 2026 年達到那個水平。這是指代晶圓代工邏輯晶片與DRAM晶片業務組合改善的情況嗎？或者，這是關於您正在進行的各項舉措的聲明，還是兩者兼而有之？

As I mentioned in our prepared remarks, we are focused on changing the underlying cost structure across all of our products. And those underlying elements such as manufacturing cycle time and yield, those are independent of mix. Of course, there are always going to be elements of mix that impact us as well as volume and we do expect to continue to see those impacts as we move forward.

正如我在事先準備好的演講稿中所提到的，我們正致力於改變所有產品的根本成本結構。而製造週期時間、良率等基本要素，與產品組合無關。當然，除了銷售量之外，產品組合中總會有一些因素對我們產生影響，我們預期隨著業務的發展，這些影響還會持續存在。

But the road map that we have in place we believe will bring us up to target model gross margins over the course of 2026, as you know, with mix independent.

但如您所知，我們制定的路線圖將使我們在 2026 年實現目標模型毛利率，而且與產品組合無關。

Fantastic. And my second question has to lead to -- can you quantify the positive impact on 26 foundry logic from potential ramps of CPU and GPU customers, a broad range, Mike.

極好的。我的第二個問題必然會引出——麥克，你能量化 CPU 和 GPU 客戶（範圍很廣）的潛在成長對 26 個代工廠邏輯的正面影響嗎？

Yes. Christian, we haven't really quantified that. As I noted in the prepared remarks, we're making excellent progress on the qualifications and competing for business. This is a critically important initiative for us to continue to diversify our customer base and grow share in foundry and logic. We would expect a significant impact as we move through 2026. But as the selections and commercial negotiations are ongoing, it's hard to quantify.

是的。克里斯蒂安，我們還沒有真正量化過這一點。正如我在準備好的演講稿中所提到的，我們在資格認證和業務競爭方面取得了優異的進展。對我們而言，這是一項至關重要的舉措，有助於我們繼續拓展客戶群，並在晶圓代工和邏輯電路領域擴大市場份額。我們預計，隨著時間推移，到 2026 年將會產生重大影響。但由於甄選和商務談判仍在進行中，因此很難量化。

I will say the addressable markets associated with those two opportunities are significant. And if you look at one of our competitors who's been the primary vendor for it, you can see the impact of those. It's tens of millions of dollars a quarter from a from a served market perspective. Now we got to go compete and win on the back of these qualifications and bring that revenue and market share in.

我想說，這兩個機會所蘊含的潛在市場非常巨大。如果你看看我們的一個主要供應商——競爭對手，你就能看到這些影響。從服務市場的角度來看，這相當於每季數千萬美元。現在我們必須憑藉這些資質去競爭並贏得勝利，從而帶來收入和市場份額。

Brian Chin, Stifel.

Brian Chin，Stifel。

Maybe first, and I apologize if I cover any ground that's been covered already between calls. But the for Q4, it sounds like the revenue growth, is that -- that's mainly being driven by so to speak, legacy DRAM, if I heard that right, even across the business in coming logic foundry.

或許是第一個，如果我重複了通話中已經討論過的內容，我深感抱歉。但就第四季而言，營收成長似乎主要由傳統 DRAM 驅動，如果我沒聽錯的話，甚至包括即將到來的邏輯代工業務。

And I would think of that being kind of a margin at best case, neutral, we probably a little bit negative, but you are guiding gross margins higher. Can you maybe kind of speak to how you're able to offset or improve that on the gross margin line? That's the first question.

我認為這充其量只能算是一個損益平衡點，中性點，我們可能稍微有點負成長，但你們的預期毛利率會更高。您能否談談您是如何在毛利率方面抵消或提高這一影響的？這是第一個問題。

Thank you for your question, Brian. I think there are some general relationships that we can draw from the market level DRAM versus foundry and logic. And in general, we do see some differentiation in standard margins across those markets. But we also need to remember that even within those markets, there's product level changes in profitability that can drive increases or decreases quarter-over-quarter as that mix changes.

謝謝你的提問，布萊恩。我認為我們可以從市場層面的 DRAM 與代工廠和邏輯電路之間得出一些普遍的關係。總的來說，我們確實看到這些市場之間的標準利潤率存在一些差異。但我們也需要記住，即使在這些市場內部，產品層面的獲利能力也會發生變化，隨著產品組合的變化，這些變化可能會導致季度間的獲利能力上升或下降。

So there is an element of mix in there. But again, one of the main reasons why our gross margins and standard margins are improving quarter-over-quarter is really in great part driven by the cost improvements that we're making, which is, again, mix independent, and we believe will sustain regardless of the mix of foundry and logic versus DRAM.

所以這裡麵包含著混合的元素。但再次強調，我們的毛利率和標準利率逐季改善的主要原因之一，很大程度上是由於我們正在進行的成本改進，而這與產品組合無關，我們相信無論代工和邏輯電路與 DRAM 的組合如何，這種改進都將持續下去。

And I know you've announced an amount of CapEx increase for next year tied to the Farmers Branch facility and capacity expansion. Have you provided -- sorry, earlier in the Q or earlier in the call, details, or some sense in terms of the timing of that deployment and sort of when some of that increased capacity will be available to the company.

我知道您已經宣布明年將增加一筆資本支出，用於 Farmers Branch 工廠和產能擴張。您之前是否在問答環節或電話會議中提供過相關細節或信息，例如部署時間以及公司何時可以使用部分新增產能？

Yes. So we have a detailed project plan that extends over the course of 2026 and 2027. We expect some of the initial capacity to come online late in 2026 with the majority of that capacity coming online into 2027?

是的。因此，我們制定了一個詳細的專案計劃，涵蓋 2026 年和 2027 年。我們預期部分初始產能將於 2026 年底投入使用，大部分產能將於 2027 年投入使用？

Majority in 2027 -- is it -- is it going to be focused mainly on like HBM market? Or have you not stated? Or is there kind of broader fungibility in terms of what you can produce enough initially?

2027 年的大部分市場——是嗎——主要會集中在 HBM 市場嗎？還是你還沒說明？或者說，在初期能夠生產足夠多的產品方面，是否存在更廣泛的替代性？

That's a great question. While we are focused on continuing to drive incremental gross margin improvement, that's one of the things we have our eye on, we are also focused on making sure that as we invest additional capital into our manufacturing footprint that we're creating a manufacturing environment that's flexible and efficient in supporting our future growth and making sure that it can serve the breadth of our product lines and that we are able to move resources back and forth as the market dictates.

這是一個很好的問題。雖然我們專注於繼續推動毛利率的逐步提高（這是我們關注的重點之一），但我們也專注於確保在向製造基地投入更多資金的同時，創造一個靈活高效的製造環境，以支持我們未來的增長，並確保它能夠服務於我們廣泛的產品線，並且我們能夠根據市場需要靈活調配資源。

Okay. Great. I appreciate. Nice talking to Aric appreciate.

好的。偉大的。謝謝。很高興和Aric聊天，謝謝。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

Mike, Aric, by the way, Aric, welcome the board, looking forward to working with you. So the question on HBM, I don't recall you actually start an HBM revenue number for the third-quarter in mind if you provide some color there, is that in target $11 million incremental DRAM revenue like -- and what that means for traditional DRAM was still at the $20 million per quarter, that kind of fullish level. But yes, I get it's going to increase.

Mike，Aric，對了，Aric，歡迎加入董事會，期待與你共事。所以關於 HBM 的問題，我不記得您實際上在第三季度開始考慮 HBM 的收入數字，如果您能提供一些細節的話，那就是在 1100 萬美元的增量 DRAM 目標中——這對傳統 DRAM 來說意味著仍然保持在每季度 2000 萬美元左右，處於相當高的水平。是的，我知道它會增加。

Yes, Charles, for Q3, just to put a few more details around it. Most of the sequential growth in DRAM in the third-quarter going -- second-quarter to third-quarter, was driven by HBM. So it was -- HBM in round numbers was $40 million in the quarter, in the third-quarter. pretty close to the previous high. As you know, we now see in the fourth-quarter some of the non HBM DRAM taking over, but in conversations with our customers, understanding that our lead times are still really well within a quarter, in most cases, we see some pretty strong growth associated with HBM4 as we move through the first part of 2026.

是的，查爾斯，關於第三季度，我再補充一些細節。第三季DRAM的環比成長（從第二季到第三季）主要由HBM推動。事實的確如此——HBM在第三季的營收約為4000萬美元，與之前的最高水準非常接近。如您所知，我們在第四季度看到一些非 HBM DRAM 佔據了市場，但在與客戶的交流中，我們了解到我們的交貨週期仍然在一個季度內，在大多數情況下，我們看到隨著 2026 年上半年的到來，HBM4 將出現相當強勁的增長。

And I think most suppliers who are participating in high-performance compute and the HBM4 and associated GPU and other networking chip ramp see the same strength.

我認為大多數參與高效能運算、HBM4 及相關 GPU 和其他網路晶片量產的供應商都看到了同樣的優勢。

Got it. Allow me -- I mean, forgive me for being a glass half empty this time after do it. But looks like some commentary around your CPU customer, which disappeared from the 10% customer list this time feels like you are basically saying the revenue was kind of, I mean, getting to a pretty depressed level in third-quarter mine, if you could put a little bit more quantitative color where your top CPU customer where the revenue number was in Q3? And what's your projection into Q4 and given all the cost-cutting effort they're going through?

知道了。請容許我——我是說，請原諒我這次做完後有點悲觀。但看起來你對你的 CPU 客戶（這次從 10% 客戶名單中消失了）的一些評論，感覺你基本上是在說，第三季度的收入有點……我的意思是，已經降到了相當低的水平。如果你能更量化地說明一下你最大的 CPU 客戶在第三季的營收狀況，那就太好了？那麼，考慮到他們正在進行的所有成本削減措施，您對第四季的預測是什麼？

Yes. So you're correct in noting that our large CPU customer was not a 10% customer in the third-quarter. But I'll take the glass half full position say that we still delivered revenue above $200 million, close to all-time highs. And if we talk about expectations for Q4, as I said in the prepared remarks, we're not seeing a lot of strength in the PC sector, in the CPU sector, but still working very closely with that customer. They're a key partner for us.

是的。所以您說的沒錯，我們的大型 CPU 客戶在第三季並沒有達到 10% 的市佔率。但我還是會往好的方面想，我們仍然實現了超過 2 億美元的收入，接近歷史最高水準。如果談到第四季度的預期，正如我在準備好的發言稿中所說，我們在個人電腦領域和CPU領域並沒有看到太多的強勁表現，但我們仍然與該客戶保持著非常密切的合作。他們是我們的重要合作夥伴。

And as they go through some of their changes in restructuring and cost cutting, we're very closely partnered with them in making sure that we're a supplier that's continuing to help them through that. It's a long-term partnership.

當他們進行重組和成本削減等變革時，我們與他們緊密合作，確保我們能夠繼續幫助他們度過難關。這是一項長期合作關係。

I'll also shift gears on you and talk about why it's so important that we qualify at both major CPE manufacturers. And as I said in the call, we're making good progress there generate revenue from those projects in 2026.

我還會轉換話題，談談為什麼我們必須在兩大 CPE 製造商那裡獲得資格認證。正如我在電話會議中所說，我們在這些項目上取得了良好進展，目標是在 2026 年從這些項目中產生收入。

Elizabeth Sun, Citi.

伊麗莎白·孫，花旗銀行。

I guess my first question is, Mike, you were talking about is contributed about a couple of million dollars last quarter. So just curious, in Q2, so just curious in September quarter, did you see any contribution in ASIC project? And also just -- could you share us any updates on your engagement in the ASIC projects?

我想問的第一個問題是，麥克，你剛才提到的那家公司上個季度貢獻了大約幾百萬美元。所以我很好奇，在第二季度，也就是九月的季度，你們在ASIC專案上有什麼貢獻嗎？另外，您能否分享一下您參與 ASIC 專案的最新進展？

Yes. I think the custom ASIC space is an interesting growth opportunity for us. We're engaged with all the major hyperscalers, and we highlighted for you last quarter that we'd won a significant project that contributed to second-quarter revenues. There's a little bit of contribution again in the third-quarter, but I think these are long-term engagements with the hyperscalers.

是的。我認為客製化ASIC領域對我們來說是一個有趣的成長機會。我們與所有主要的超大規模資料中心營運商都有合作，上個季度我們曾向您重點介紹過，我們贏得了一個重要的項目，該項目為第二季度的收入做出了貢獻。第三季又有一些貢獻，但我認為這些都是與超大規模資料中心營運商的長期合作。

There is significant business there and to be perfectly transparent with you, we've got a smaller competitor who's doing a pretty good job serving that business with the two major ASIC -- custom ASIC projects in the industry. We believe that as things -- as the ASIC projects start to get closer to the specs required for GPUs, things like power, speed, density that those -- that market is going to consolidate towards the two top foundry and logic suppliers who have advanced MEMS probe technology.

那裡蘊藏著巨大的商機，坦白說，我們有一個規模較小的競爭對手，在為該行業兩大 ASIC（定制 ASIC）項目提供服務方面做得相當不錯。我們認為，隨著ASIC專案逐漸接近GPU所需的規格（例如功耗、速度、密度等），市場將會向擁有先進MEMS探針技術的兩家頂級代工廠和邏輯供應商集中。

But for now, that's a hole in both are and our primary competitors revenue that we're both working to fix. I think the other point to make is when we look at the sort of the fundamental spend associated with high-performance compute in the logic space, GPU versus custom ASIC, it continues to be dominated by GPU. And that's why it's so important that we qualify for the merchant GPU business and start to participate in that.

但就目前而言，這不僅是我們公司的收入缺口，也是我們主要競爭對手的收入缺口，我們雙方都在努力彌補這一缺口。我認為另一點需要指出的是，當我們審視與邏輯領域高效能運算相關的基本支出時，GPU 與客製化 ASIC 之間的比較仍然以 GPU 為主導。所以，我們必須獲得商家GPU業務資格並開始參與其中，這一點至關重要。

That makes sense. And then on the Farmers Branch, I'm curious if you could share as it ramps majority in 2027, what would be the tailwind for the gross margin side?

這很有道理。關於 Farmers Branch，我很好奇，隨著它在 2027 年逐步實現多數股權，毛利率方面會有哪些利多因素？

Yes. So you're correct in that we will be ramping and investing over 2026 and 2027. We have detailed models and the detailed project plan associated with this project. And as we look at that and we look forward, we believe that our investment there will yield incremental gross margin improvement over the long term, as we move forward, and that's kind of beyond our current target model.

是的。所以你說得對，我們將在 2026 年和 2027 年加大投入。我們擁有與本項目相關的詳細模型和詳細項目計劃。展望未來，我們相信，隨著我們不斷前進，我們在那裡的投資將在長期內帶來毛利率的逐步提高，這已經超出了我們目前的目標模型。

Tom Diffely, D.A. Davidson.

湯姆·迪菲利，D.A.戴維森。

A couple of questions. Aric, I hate to do it, but I'm asking another gross margin question. When you look at the move from 38.5% last quarter to 42% this quarter. Could you segregate the impact of mix, overhead absorption and perhaps the cost reduction programs? Are they roughly the same? Or is one greater than the others?

幾個問題。阿里克，我很不想這麼做，但我還是想再問一個關於毛利率的問題。當你觀察上季度的 38.5% 到本季的 42% 的變化。能否分別分析產品組合、間接費用分攤以及成本削減計劃的影響？它們大致相同嗎？或者說，其中一個比其他兩個更強大？

Yes. Good question. And you're correct in the elements there. So mix, volume and cost improvement actions all contributed to the improved gross margins quarter-over-quarter. But as you could see from my prepared remarks, we are very focused on making sure that we are managing the underlying cost drivers that are going to persist period and period out. If I were to characterize the relative contribution, I would say that the volume, for example, is the minority of the change from last quarter.

是的。問得好。你說的要素部分是正確的。因此，產品組合、銷售量和成本方面的改善措施都促成了毛利率的環比提高。但正如你們從我準備好的演講稿中看到的那樣，我們非常注重確保我們能夠控制那些將持續存在的根本成本驅動因素。如果要描述相對貢獻，我會說，例如，銷售量僅佔上一季變化的一小部分。

Okay. That's very helpful. And then Mike, obviously, some nice momentum again in the silicon photonics on the system side. What are the next couple of milestones that we're looking for in that space to see some progress going into the fab itself?

好的。那很有幫助。然後，很明顯，Mike 在系統方面的矽光子學領域又取得了一些不錯的進展。接下來，我們希望在這個領域看到哪些里程碑式的進展，從而推動晶圓廠本身的發展？

Yes. I think the key milestones, Tom, are that are going to be externally available or some planned product launches early next year, mid next year. And I think some of our customers have been pretty transparent about the insertion of CPO co-packaged optics into the road map. And I think if those are -- or when those are commercially successful, that will be the next catalyst for CPO.

是的。湯姆，我認為關鍵的里程碑是，這些產品將在明年年初或年中對外推出，或進行一些計劃中的產品發布。我認為我們的一些客戶對將 CPO 共封裝光學元件納入產品路線圖一事表現得相當透明。我認為，如果這些產品——或者說當這些產品在商業上取得成功時——那將成為CPO的下一個催化劑。

Right now, we're in pilot production, moving towards volume production -- as I noted, we've now installed multiple units of our Triton system, which is positioned for high-volume manufacturing of CPO, so we're ready to go when that begins to ramp. But probably the first externally visible catalyst is going to be some announcement coming in the early part of next year.

目前，我們正處於試生產階段，朝著批量生產邁進——正如我所提到的，我們現在已經安裝了多套 Triton 系統，該系統適用於 CPO 的大規模生產，因此，一旦產量開始提升，我們就做好了準備。但第一個可能在明年年初公佈的外部催化劑將是一些公告。

(Operator Instructions) Krish Sankar, TD Cowen.

（操作說明）Krish Sankar，TD Cowen。

This is Steven Chin on behalf of Krish. Mike, I just had one first for you on the networking opportunity. I don't recall like from previous conversations, but within foundry and logic is networking silicon and specifically data center type solutions, are those a meaningful part of your exported today. And could you also talk about the long-term opportunities potentially with a major PTP customer versus merchant in chip opportunities?

我是 Steven Chin，代表 Krish。麥克，我剛剛給你分享了一個關於人脈拓展機會的第一手資訊。我不記得以前的談話中提到過，但在晶圓製造和邏輯晶片領域，網路晶片，特別是資料中心類型的解決方案，是否是你們目前出口產品的重要組成部分？您能否也談談與大型 PTP 客戶相比，在晶片商家領域可能存在的長期機會？

Yes. I think on the networking silicon side, this is currently, I'd call it an important part of the business, but some of the growth projections that we have are pretty significant. And that's one of the reasons why we highlighted it this quarter. I think you've probably heard pretty recently from some of the AT manufacturers that they see similar drivers in their business.

是的。我認為在網路晶片方面，這目前可以說是業務的重要組成部分，但我們的一些成長預測相當顯著。這也是我們本季重點關注它的原因之一。我想你最近可能已經從一些自動變速箱製造商那裡聽說，他們在業務中也看到了類似的驅動因素。

And so as networking becomes a much more important part of the overall internal data center silicon content, that's an area where we're excited to take a strong incumbent position and continue to build revenue around that share position. I didn't understand the second part of the question. Can you repeat it for me.

因此，隨著網路在整體內部資料中心晶片內容中變得越來越重要，我們很高興能夠在這一領域佔據強大的市場地位，並繼續圍繞這一市場份額創造收入。我沒看懂問題的第二部分。請你再說一次。

Yes. Just in terms of your opportunities for future wins at, for example, a merchant networking companies versus bench opportunities at a major vendor in the market just because the merchant networking companies, they -- as you mentioned earlier, they do use a smaller card vendor for some of the ASIC designs. Just kind of curious if that's also similar for some of these higher performing network to silicon as well?

是的。就你未來在商家網路公司獲得成功的機會而言，例如，與在市場上的主要供應商那裡獲得機會相比，商家網路公司的機會就有所不同，因為正如你之前提到的，他們確實會使用一些規模較小的卡片供應商來製作一些 ASIC 設計。我只是有點好奇，對於一些高效能網路到矽晶片的轉換，情況是否也類似？

Yes. I think it's an interesting question, right? As we've seen the ARC over the last five years of GPU requirements, for example, move into the space that requires an advanced MEMS probe card technology because of power, speed, pin count, pitches, there's really only two suppliers worldwide that can do that. And I think the evolution as GPUs are now firmly in this space. Obviously, we've got work to do as we qualify and start to win business there.

是的。我覺得這個問題很有意思，對吧？例如，在過去五年裡，我們看到 ARC 對 GPU 的需求發生了變化，由於功率、速度、引腳數量和間距等原因，需要採用先進的 MEMS 探針卡技術，而全球範圍內真正能夠做到這一點的供應商只有兩家。我認為GPU的發展已經牢牢紮根於這個領域。顯然，在我們獲得資格並開始在那裡贏得業務之前，我們還有很多工作要做。

But I think elements of these networking chips are also moving towards that space. And so in the whatever 15-odd years I've been in the probe card business, you've seen the steady progression of all kinds of different pieces of silicon migrate towards where requirements absolutely dictate the need for advanced broker technologies. And for those of you familiar with our story, you know that, that's one of the areas of key investments and key differentiation that we have, both in foundry and logic and in DRAM.

但我認為這些網路晶片的某些元素也在朝這個方向發展。因此，在我從事探測卡業務的這 15 年左右的時間裡，你會看到各種不同的矽晶片穩定發展，最終都發展到需要先進的代理技術的地步。熟悉我們故事的人都知道，這是我們在晶圓代工、邏輯電路和DRAM領域重點投資和差異化的關鍵領域之一。

Great. And for my follow-up, a question for Aric on the investments for Farmers Branch. You mentioned the is the target of $140 million to $170 million over the course of, I think, calendar '26. Just. wondering, how does that break out between -- is that all CapEx or is there some component of R&D potentially in there as well?

偉大的。最後，我想問 Aric 一個關於 Farmers Branch 投資的問題。你提到目標是在2026年全年達到1.4億美元至1.7億美元。我只是好奇，這其中是如何細分的──全部都是資本支出，還是也可能包含一些研發費用？

Most of that is capital expenditures. It is a mix of different types of assets building improvements, clean room buildout, and equipment. So various lives on those, but that spend is primarily focused on the build-out of the physical buildout of the site and the manufacturing equipment that goes along with.

其中大部分是資本支出。它包含了不同類型的資產建設改進、無塵室建設和設備。因此，各種生活開支都花在這些地方，但這些支出主要集中在場地的實體建設和相關的製造設備的建設。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Mike Slessor for any further remarks.

今天的問答環節到此結束。我想把發言權交還給麥克·斯萊瑟，讓他再補充一些內容。

Thanks, everyone, for joining us today. And let me add my welcome to Aric in his first earnings call. We're going to be doing a couple of conferences and events as we go through to the end of the year, and we hope to see you there and continue to update you on FormFactor's progress on the evolution to the 47% gross margin of the target model. Take care.

感謝各位今天蒞臨。我也要對 Aric 的首次財報電話會議表示歡迎。在今年年底之前，我們將舉辦幾場會議和活動，希望屆時能見到您，並繼續向您報告 FormFactor 在實現目標模式 47% 毛利率方面取得的進展。小心。

Thank you, ladies, and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。