FormFactor Inc (FORM) 2025 Q4 法說會逐字稿

Thank you, and welcome, everyone, to FormFactor's fourth quarter 2025 earnings conference call. On today's call are Chief Executive Officer, Mike Slessor; and Chief Financial Officer, Aric McKinnis. Before we begin, Stan Finkelstein, the company's VP of Investor Relations, will remind you of some important information.

謝謝大家，歡迎參加 FormFactor 2025 年第四季財報電話會議。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。在開始之前，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, the company will be discussing GAAP panel 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，公司將討論 GAAP 小組的業績結果以及一些重要的非 GAAP 業績結果，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 those with respect to the projections of financial and business performance, future macroeconomic and geopolitical conditions, the benefits of acquisitions and investments. Anticipated industry trends, potential disruptions in our supply chain, the impacts of regulatory changes, including tariffs and changes in export controls, the anticipated volatility demand of our 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包括對財務和業務表現、未來宏觀經濟和地緣政治狀況、收購和投資的益處的預測。預期的產業趨勢、供應鏈可能出現的中斷、監管變化（包括關稅和出口管制變化）的影響、預期的產品需求波動、我們開發、生產和銷售產品的能力，以及這些聲明所依據的假設。

These statements are subject to known and unknown risk 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 physical year ended December 28, 2024, and in our other SEC filings which are available on the SEC's website at www.sec.gov. Forward-looking statements are made as of today, February 4, 2026, and we assume no obligation to update them.

這些聲明存在已知和未知的風險和不確定性。這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資訊載於我們最近向美國證券交易委員會 (SEC) 提交的截至 2024 年 12 月 28 日的年度的 10-K 表格文件中，以及我們向 SEC 提交的其他文件，這些文件可在 SEC 網站 www.sec.gov 上查閱。前瞻性陳述截至今日（2026 年 2 月 4 日）有效，我們不承擔更新這些陳述的義務。

With that, we will now turn the call over to FormFactor CEO, Mike Slesser.

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

Thanks, everyone, for joining us today. FormFactors fourth quarter revenue, gross margin and earnings per share all exceeded both third quarter results and the high end of our outlook range, and we posted record revenue on both a quarterly and annual basis.

感謝各位今天蒞臨。FormFactors 第四季營收、毛利率和每股盈餘都超過了第三季業績和我們預期範圍的上限，並且季度和年度營收均創歷史新高。

Building on that momentum, we expect to again deliver sequentially higher revenue and non-GAAP gross margin in the current first quarter. As you've consistently heard from us, we're focused on and committed to improving our gross margins on a path to achieving our target model. We're making progress faster than expected by executing a program of rapid and immediate gross margin improvement actions that produced a 290 basis point sequential increase in the fourth quarter that are forecasted to add another 100-plus basis point improvement in the first quarter.

憑藉這一勢頭，我們預計本季營收和非GAAP毛利率將再次環比成長。正如我們一直以來向您傳達的訊息，我們專注於提高毛利率，並致力於實現我們的目標模式。我們透過執行一項快速、立即的毛利率改善計劃，取得了比預期更快的進展，第四季度毛利率環比增長了 290 個基點，預計第一季毛利率將再提高 100 多個基點。

Within our existing footprint, we expect to deliver both output increases and gross margin expansion throughout 2026 and albeit at a more moderate pace than in the past few quarters. Later this year, we expect our Farmers Branch site to come online, providing increased capacity with structurally lower cost. -- creating the foundation for further revenue growth and gross margin expansion. Eric will discuss details of both our current operational performance and our future plans later in the call.

在現有規模範圍內，我們預計在 2026 年全年將實現產量成長和毛利率擴張，儘管成長速度會比過去幾季更為溫和。今年晚些時候，我們預計位於Farmers Branch的工廠將投入運營，屆時產能將大幅提升，成本也將顯著降低——這將為進一步的收入成長和毛利率的提升奠定基礎。稍後，Eric 將在電話會議中詳細討論我們目前的營運狀況和未來計劃。

Moving back up the income statement -- rapid innovation and accelerating investment by our customers, principally at the intersection of advanced packaging and high-performance compute is driving increased test intensity and test complexity, creating strong demand in our served markets.

回到損益表的上半部分——客戶的快速創新和加速投資，尤其是在先進封裝和高效能運算的交叉領域，正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強勁的需求。

In some of these areas, like HBM and DRAM and network switches and Foundry and Logic, we today have leading market positions. In others, like GPUs and custom ASICs, 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、晶圓代工和邏輯晶片，我們目前都處於市場領先地位。在其他領域，例如 GPU 和客製化 ASIC，我們在認證方面取得了穩步進展，從而獲得了市場份額和收入成長。

Driven by this revenue growth in our existing and building market positions with gross margin expansion from operational improvements and earnings leverage from disciplined operating expense control, we're closing in on our target financial model. We expect these trends to continue and will host an Analyst Day on May 11, where our executive team will share FormFactor's next target financial model and discuss the market opportunities, strategic priorities and operational focus areas underlying that new target model.

憑藉現有和正在建立的市場地位帶來的收入成長，以及營運改善帶來的毛利率擴張和嚴格的營運費用控制所帶來的獲利槓桿效應，我們正在逐步接近我們的目標財務模型。我們預計這些趨勢將持續下去，並將於 5 月 11 日舉辦分析師日活動，屆時我們的執行團隊將分享 FormFactor 的下一個目標財務模型，並討論該新目標模型背後的市場機會、策略重點和營運重點領域。

Turning now to segment and market level details. In DRAM probe cards, we delivered the expected sequential growth in the fourth quarter to a new record with the increase coming from non-HBM-DRAM applications like DDR4 and DDR5, when we provided our outlook a quarter ago, we accurately forecasted DRAM growth would be driven by non-HBM strength which is now understandable given the widely publicized end market demand and pricing for non HBM DRAM.

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，我們在第四季度實現了預期的環比增長，並創下新紀錄。成長主要來自 DDR4 和 DDR5 等非 HBM-DRAM 應用。一個季度前，我們在發布展望時準確預測，DRAM 的成長將由非 HBM 的強勁表​​現驅動。鑑於非 HBM DRAM 的終端市場需求和定價已廣為人知，現在看來這項預測是可以理解的。

In the first quarter, we again expect to post an all-time DRAM record this time on HBM strength -- with contributions from both sustained demand in HBM 3E and the early stages of the HBM4 ramp. As I've discussed previously, the ramp-up of HBM4 offers some exciting opportunities for FormFactor in 2026. The first quarter offers an early glimpse into these opportunities.

第一季度，我們預期DRAM銷售將再次創下歷史新高，這次主要得益於HBM的強勁表現——這既得益於HBM 3E的持續需求，也得益於HBM4產能爬坡的早期階段。正如我之前討論過的，HBM4 的量產為 FormFactor 在 2026 年帶來了一些令人興奮的機會。第一季讓我們得以初步了解這些機會。

First, the test intensity for each HBM stack further increases with the transition to HBM 416 eye stacks of Cordi chiplets, up from the 8 and 12 high stacks of HBM3 and 3E. This layer count increases a powerful driver of increased test intensity, resulting in higher probe card spending by our customers for HBM applications. As we've also seen in Founder and Logic in recent years, this dynamic is not unique to HBM, all advanced packaging architectures recelerate test intensity as each of the component die chiplets must be comprehensively tested to ensure that a single effective chiplet does not cause a failure of the entire stack.

首先，隨著Cordi晶片組從HBM3和3E的8層和12層堆疊過渡到HBM 416眼堆疊，每個HBM堆疊的測試強度進一步增加。層數的增加有力地推動了測試強度的提高，從而導致我們的客戶在 HBM 應用中增加了探針卡的支出。正如我們近年來在 Founder 和 Logic 中看到的那樣，這種動態並非 HBM 獨有，所有先進的封裝架構都會加快測試強度，因為每個組件晶片都必須進行全面測試，以確保單個有效晶片不會導致整個堆疊失效。

In addition, both the P&I O speeds and overall stack bandwidth for HBM continue to increase at a relentless pace as the industry moves from HBM3 to HBM4 and then on to HBM. The overall stack bandwidth of HBM4 more than doubles over HBM3 to an astounding 2-plus terabits per second, and HBM5 bandwidth is projected to double again over HBM4. These speed increases drive greater test complexity, which produces competitive advantage for FormFactor as our Smart Matrix architecture is the industry's only production-proven probe card architecture that combines high parallelism productivity with high-speed test capability.

此外，隨著業界從 HBM3 過渡到 HBM4，再過渡到 HBM，HBM 的 P&I O 速度和整體堆疊頻寬都在以持續不斷的速度成長。HBM4 的整體堆疊頻寬比 HBM3 提高了一倍多，達到了驚人的每秒 2 太比特以上，而 HBM5 的頻寬預計將比 HBM4 提高一倍。速度的提升帶來了測試的複雜性，這為 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探針卡架構，它將高平行生產力與高速測試能力結合。

This enables our customers to test hundreds of die simultaneously at the 10 gigabit plus I/O data rate of HBM4. And to ensure we're ready for the future, our global R&D and engineering teams are partnering closely with customers to advance the Smart Matrix architecture to meet the challenging specifications for HBM5 and beyond further extending our differentiation in HBM applications.

這使得我們的客戶能夠以 HBM4 的 10 千兆位元以上的 I/O 資料速率同時測試數百個晶片。為了確保我們為未來做好準備，我們的全球研發和工程團隊正與客戶緊密合作，推動智慧矩陣架構的發展，以滿足 HBM5 及更高版本具有挑戰性的規範，進一步擴大我們在 HBM 應用領域的差異化優勢。

This combination of high parallelism productivity and high-speed performance, which is critical for several important test insertions in our customers' HBM process flow is producing market share gains at all three major HBM manufacturers. We expect this trend to continue 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. That said, our first quarter HBM revenue continues to be skewed towards our largest customer, consistent with the current market share split between our customers.

這種高並行生產力和高速性能的結合，對於我們客戶 HBM 製程流程中的幾個重要測試插入至關重要，正在為所有三家主要的 HBM 製造商帶來市場份額的成長。我們預計這一趨勢將持續下去，因為我們將執行長期策略，成為業內所有領先客戶的關鍵供應商。從而擴大和多元化我們的HBM需求結構。也就是說，我們第一季的 HBM 收入仍然主要來自我們最大的客戶，這與我們客戶目前的市佔率分配一致。

Shifting to the foundry and logic probe card market. As expected, fourth quarter demand in this market was comparable to the third quarter. In the current first quarter, we expect increased foundry and logic demand levels. Notably, this growth is not anticipated to come from our historical drivers of client PC and mobile, but instead from a significant shift towards rapidly growing data center applications like network switches.

轉向代工廠和邏輯探針卡市場。正如預期，該市場第四季的需求與第三季基本持平。我們預計在第一季度，晶圓代工和邏輯裝置的需求水準將會提高。值得注意的是，這種成長預計不會來自我們以往的客戶端 PC 和行動設備，而是來自向快速成長的資料中心應用（如網路交換器）的重大轉變。

Our evolving customer makeup offers important evidence of this diversification. As our top customer historically, a large microprocessor IDM was not a 10% customer in either the fourth quarter or for 2025 overall, even as we posted all-time record revenues in both of those periods. We continue to partner closely with these customers. supporting turnaround initiatives in their core business as well as their effort to become a leading foundry.

不斷變化的客戶群為這種多元化提供了重要的佐證。作為我們歷史上最大的客戶，大型微處理器IDM在第四季度和2025年全年都沒有達到10%的客戶比例，儘管我們在這兩個時期都創下了歷史新高的營收紀錄。我們繼續與這些客戶緊密合作，支持他們核心業務的轉型計劃，以及他們成為領先代工廠的努力。

Given our long-standing partnership and corresponding market share, FormFactor is well positioned to grow with this customer as they make progress in these areas. At the same time, like in HBM we're successfully executing our strategy to be a top supplier to all the leading customers in the industry and continue to build the foundation for market share gains at a large fabless CPU manufacturer. We're also accelerating the pivot to fast-growing high-performance compute applications with our ongoing production qualification in leading-edge GPU applications. We continue to expect to be in a position to compete for volume orders for GPU probe cards later this year.

鑑於我們長期的合作夥伴關係和相應的市場份額，FormFactor 已做好充分準備，隨著該客戶在這些領域取得進展而與他們共同成長。同時，就像在 HBM 領域一樣，我們正在成功執行我們的策略，成為業內所有領先客戶的頂級供應商，並繼續為大型無晶圓廠 CPU 製造商的市佔率成長奠定基礎。我們正在加速向快速成長的高效能運算應用轉型，並透過在領先的 GPU 應用中進行持續的生產認證來實現這一目標。我們仍預計今年稍後將有能力參與GPU探測卡的大量訂單競爭。

Finally, as an additional longer-term component of high-performance compute exposure -- we're also growing our custom ASIC XPU business on the back of a multimillion dollar mid-2025 design win and are expanding the future opportunity set in this space, by deepening our engagements with the hyperscalers and their ASIC design partners.

最後，作為高效能運算領域長期發展的另一個組成部分——我們還在2025年中期贏得數百萬美元的設計項目，從而發展我們的客製化ASIC XPU業務，並透過深化與超大規模資料中心及其ASIC設計合作夥伴的合作，擴大該領域未來的發展機會。

Turning to our Systems segment. We delivered the expected sequential revenue increase in the fourth quarter driven by customer investment in co-packaged optics in quantum computing. In the first quarter, we're expecting the typical seasonal reduction in demand for systems. optics, where CPO continues to be a primary area of focus for us as it represents an exciting growth opportunity where we have a strong leadership position.

接下來我們來看系統部分。第四季度，由於客戶對量子計算共封裝光學元件的投資，我們實現了預期的環比收入成長。第一季度，我們預計系統光學產品的需求將出現典型的季節性下降，而CPO（首席光學產品長）仍然是我們重點關注的領域，因為它代表著令人興奮的成長機會，而我們在該領域擁有強大的領導地位。

To strengthen FormFactor's leadership in the CPO test, we recently made an important strategic addition to our optical test capabilities with the December acquisition of Keystone Photonics. Keystone's innovative and differentiated optical probe technology enables high-efficiency optical coupling to our customers' photonic devices. In much the same way, our advanced MEMS probes provide best-in-class electrical connectivity to our customers' chips. These optical and electrical probe technologies enable the highest fidelity test and therefore, yield, whether the device runs on photons, electrons, or in some cases, like CPO, both photons and electrons.

為了加強 FormFactor 在 CPO 測試領域的領先地位，我們最近透過 12 月收購 Keystone Photonics，對我們的光學測試能力進行了重要的策略補充。Keystone 的創新和差異化光學探針技術能夠有效地將光學耦合到客戶的光子裝置。同樣，我們先進的 MEMS 探針為客戶的晶片提供一流的電氣連接。這些光學和電學探測技術能夠實現最高保真度的測試，從而提高良率，無論設備是在光子、電子上運行，還是在某些情況下（如 CPO）同時在光子和電子上運行。

Together with our market-leading CM300 Xi and Triton test platforms, Keystone's optical probe technology expands FormFactor's leadership position as we help enable the adoption of energy-efficient optical data transmission in tomorrow's data centers.

結合我們市場領先的 CM300 Xi 和 Triton 測試平台，Keystone 的光探針技術進一步鞏固了 FormFactor 的領先地位，協助未來資料中心採用節能的光資料傳輸技術。

Before I turn the call over to Aric, I want to reiterate our continued commitment to achieving our target model. As expected, we reached run rate target model revenue levels before reaching target model gross margin levels, but have made excellent progress in closing the gross margin gap. We plan to continue that progress with output increases and gross margin expansion across our existing manufacturing footprint followed by further improvement as we bring our farmers branch expansion online at a structurally lower cost.

在將電話交給 Aric 之前，我想重申我們對實現目標模式的持續承諾。正如預期的那樣，我們在達到目標模型毛利率水平之前就達到了運行率目標模型收入水平，但在縮小毛利率差距方面取得了顯著進展。我們計劃繼續推進這一進程，在現有生產基地提高產量和擴大毛利率，然後隨著我們以結構性更低的成本上線農民分支機構，進一步改善。

We look forward to demonstrating continued progress in the first quarter of 2026 and are excited to share FormFactor's next Targa financial model in May at our Analyst Day as we meet the challenges and opportunities of increased test intensity and higher test complexity at the intersection of advanced packaging, and high-performance compute. Aric? You're.

我們期待在 2026 年第一季繼續取得進展，並很高興在 5 月的分析師日上分享 FormFactor 的下一個 Targa 財務模型，屆時我們將迎接先進封裝和高性能計算交叉領域中測試強度增加和測試複雜性提高帶來的挑戰和機遇。埃里克？你是。

Thank you, Mike, and good afternoon. Before we dive into the details of our fourth quarter financial results, I want to remind you of our strategic emphasis on improving gross margins. Over the past two quarters, we have made gross margins and our commitment to achieve our target model, one of our top priorities as a company. We are pleased to have reached our revenue target and believe we are on track to demonstrate the target model gross margins, adjusting for the impact of tariffs within 2026.

謝謝你，麥克，下午好。在我們深入探討第四季財務表現的細節之前，我想提醒大家，我們一直強調提高毛利率的策略重點。在過去的兩個季度裡，我們實現了毛利率目標，並且我們致力於實現目標模式，這是我們公司的首要任務之一。我們很高興實現了營收目標，並相信我們能夠按計劃在 2026 年內實現目標模型毛利率（已根據關稅影響進行調整）。

As we expand gross margins, we are committed to achieving these improvements in a sustainable way by driving operational effectiveness and better financial discipline across the company. Over the past two quarters, we have taken several actions, including: first, reducing and reallocating our workforce and more effectively deploying those resources even as we execute on record level demand. Second, driving improvement in manufacturing yields in key process areas; third, innovating to reduce manufacturing spending and finally, reducing cycle times in our key manufacturing operations.

隨著毛利率的提高，我們致力於透過提高公司營運效率和加強財務紀律，以可持續的方式實現這些改進。在過去的兩個季度裡，我們採取了多項措施，包括：首先，減少和重新分配我們的員工隊伍，並在滿足創紀錄的需求的同時，更有效地部署這些資源。其次，推動關鍵製程領域的生產良率提升；第三，透過創新降低生產成本；最後，縮短關鍵生產營運的周期時間。

We are seeing the benefits of these actions in the unit cost of our products. And we have made even better progress in Q4 against our multi-quarter gross margin improvement road map than we expected. Looking back just two quarters, Q2 gross margins were 38.5%. Through Q4 '25, we have generated a cumulative improvement of 540 basis points in gross margins. And at the midpoint of our guidance, we expect to generate an additional 110 basis points of expansion in Q1 26.

我們已經從這些措施帶來的產品單位成本中看到了成效。第四季度，我們在實現多季度毛利率提升目標方面取得了比預期更好的進展。僅回顧前兩個季度，第二季度的毛利率為 38.5%。截至 2025 年第四季度，我們的毛利率累計提高了 540 個基點。根據我們的預期，第一季（2026 年）將實現額外 110 個基點的成長。

Operational effectiveness improvements like reduced cycle types and higher yields are structural in nature and will drive durable gross margin expansion. These fundamental improvements in underlying cost drivers have a system-wide benefit that will help us weather and partially offset the impact of inevitable shifts in product mix and volumes. Over the coming quarters, we will continue to drive our relentless focus on attacking these key cost drivers within our existing footprint.

營運效率的提升，例如減少生產週期類型和提高產量，本質上是結構性的，並將推動毛利率的持續成長。這些對根本成本驅動因素的根本性改善具有系統性的好處，這將有助於我們應對並部分抵消產品組合和銷售不可避免的變化的影響。在接下來的幾個季度裡，我們將繼續全力以赴，在現有業務範圍內解決這些關鍵成本驅動因素。

In addition to the improved operational effectiveness, we also believe that driving good financial discipline is critical to our long-term success. Accordingly, we continue to examine our overall portfolio of products, markets and businesses, evaluating those elements of our operations through the wins of how each best supports our target model and our key strategic priorities. The reduction in force and site consolidation announced early in January is a recent example of how we are executing on this front.

除了提高營運效率外，我們還認為，維持良好的財務紀律對我們的長期成功至關重要。因此，我們將繼續審視我們的整體產品、市場和業務組合，透過評估每項業務的成功如何最好地支持我們的目標模式和關鍵策略重點，來評估我們營運的各個要素。1月初宣布的裁員和場地整合就是我們在這方面執行的最新例證。

While the trajectory of gross margin improvement and the path to the target model is now evident, our journey is not over. We will continue to drive incremental improvements throughout 2026. But at a more moderate pace given the speed at which we have worked through our road map to date. Even as we drive the unit cost of our products down, we are simultaneously enabling higher output from our current infrastructure. Our exposure to fast-growing markets that Mike described is generating demand that requires more output.

雖然毛利率改善的軌跡和實現目標模式的路徑現在已經很明顯，但我們的旅程還沒有結束。我們將繼續在2026年持續推進漸進式改善。但鑑於我們迄今為止推進路線圖的速度，我們將以更適中的速度推進。即使我們降低了產品的單位成本，我們也同時提高了現有基礎設施的產量。正如麥克所描述的那樣，我們接觸到的快速成長的市場正在產生需求，這需要更多的產量。

As reflected in our record Q4 '25 revenues and our outlook for Q1 26, we are demonstrating the ability to produce at a higher level and in a more efficient footprint. Improvements in cycle times, yields and how we deploy our workforce in addition to reducing unit costs, have the secondary benefit of increasing the available output from the same resources in our existing manufacturing footprint. These improvements enable us to get more out of each tool, process and sight by ensuring more good product out and better fungibility of our workforce.

從我們創紀錄的 2025 年第四季營收和我們對 2026 年第一季的展望可以看出，我們有能力以更高的水平和更有效率的規模進行生產。除了降低單位成本外，提高生產週期、產量和勞動力部署方式的改進，還帶來了額外的好處，即在現有生產佈局下，利用相同的資源可以提高產量。這些改進使我們能夠從每個工具、流程和視野中獲得更多收益，從而確保生產更多優質產品，並提高員工的可替代性。

As Mike mentioned, we expect our Farmers branch site to begin to come online later this year and to ramp over the course of 2027. This expansion is a good example of how we are taking advantage of our strong balance sheet to increase available capacity quickly at a structurally lower cost and create the foundation for further gross margin expansion and growth beyond the current target model, something we are excited to describe in further detail at our Analyst Day in May.

正如麥克所提到的，我們預計我們的 Farmers 分行網站將於今年稍後開始上線，並在 2027 年逐步擴大規模。此次擴張很好地體現了我們如何利用強勁的資產負債表，以結構性較低的成本快速增加可用產能，並為進一步擴大毛利率和實現超越當前目標模式的成長奠定基礎。我們非常期待在五月的分析師日上對此進行更詳細的介紹。

As you saw in our press release, our Q4 '25 results were favorable to our outlook on revenues, gross margins and EPS on both a GAAP and non-GAAP basis. Q4 revenues of $215.2 million came in at the high end of the Q4 outlook range of $205 million to $215 million. GAAP gross margins for the fourth quarter were 42.2%, up 240 basis points from 39.8% in Q3. Cost of revenues included $3.6 million of GAAP to non-GAAP reconciling items, which we outlined in our press release issued earlier today and in the reconciliation table available in the Investor Relations section of our website.

正如您在我們新聞稿中看到的，我們 2025 年第四季度的業績符合我們對收入、毛利率和每股收益的預期，無論按 GAAP 還是非 GAAP 計算都是如此。第四季營收為2.152億美元，處於先前預期區間（2.05億美元至2.15億美元）的高端。 （GAAP準則）第四季毛利率為 42.2%，比第三季的 39.8% 提高了 240 個基點。收入成本包括 360 萬美元的 GAAP 與非 GAAP 調整項目，我們在今天早些時候發布的新聞稿以及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。

On a non-GAAP basis, gross margins for the fourth quarter were 43.9%, 290 basis points higher than the 41% in Q3 and above the high end of our range. This increase in non-GAAP gross margins was driven by improvement in gross margins for the probe card segment, which were up 364 basis points to 44.5%, partially offset by a decrease in Systems segment, which declined 50 basis points.

以非GAAP準則計算，第四季毛利率為43.9%，比第三季的41%高出290個基點，高於我們預期範圍的上限。非GAAP毛利率的成長主要得益於探針卡業務毛利率的提高，該業務毛利率上升了364個基點，達到44.5%，但部分被系統業務毛利率的下降所抵消，系統業務毛利率下降了50個基點。

Our GAAP operating expenses were $67.3 million for the fourth quarter and down 340 basis points from the same period in the prior year as a percent of revenue, demonstrating additional leverage and continued spending discipline across the P&L, even as we continue to invest in R&D to drive innovation and fund projects like Farmers Branch for future growth.

根據美國通用會計準則 (GAAP)，我們第四季度的營運費用為 6730 萬美元，佔收入的百分比比上年同期下降了 340 個基點，這表明我們在損益表方面進一步提高了槓桿率並繼續保持支出紀律，同時我們也繼續投資研發以推動創新，並為像 Farmers Branch 這樣的項目提供資金以實現未來的增長。

GAAP net income for the fourth quarter was $23.2 million or $0.29 per fully diluted share, up from GAAP net income of $15.7 million or $0.20 per fully diluted share in the previous quarter. Fourth quarter non-GAAP net income was $36.6 million or $0.46 per fully diluted share, up from $25.7 million or $0.33 per fully diluted share in Q3. The GAAP effective tax rate for the fourth quarter was 13.6% and the non-GAAP effective tax rate for the fourth quarter was 15.7%.

第四季 GAAP 淨利為 2,320 萬美元，即每股完全攤薄收益 0.29 美元，高於上一季的 GAAP 淨利潤 1,570 萬美元，即每股完全攤薄收益 0.20 美元。第四季非GAAP淨利為3,660萬美元，即每股完全攤薄收益0.46美元，高於第三季的2,570萬美元，即每股完全攤薄收益0.33美元。第四季的 GAAP 實際稅率為 13.6%，非 GAAP 實際稅率為 15.7%。

Moving to the balance sheet and cash flows. We had free cash flows in the fourth quarter of $34.7 million compared to $19.7 million in Q3. The $15 million increase in free cash flows demonstrates the cash generating power of the company, improved margin levels and the value of good financial discipline in working capital and operating expenses.

接下來來看資產負債表和現金流量表。第四季我們的自由現金流為 3,470 萬美元，而第三季為 1,970 萬美元。自由現金流增加 1500 萬美元，顯示了公司的現金創造能力、利潤率水準的提高以及在營運資本和營運費用方面良好財務紀律的價值。

Operating cash flows were $46 million in the fourth quarter, $19 million higher than the $27 million in Q3 '25, primarily driven by improved net income on the higher revenues and gross margins and efficient use of working capital.

第四季經營現金流為 4,600 萬美元，比 2025 年第三季的 2,700 萬美元高出 1,900 萬美元，主要得益於營收和毛利率提高帶來的淨利成長以及營運資本的有效利用。

As Mike described, we used about $20 million in cash to acquire Keystone Photonics, a key element of our co-packaged optics product road map. And at quarter end, Total cash and investments were up $9.1 million to $275 million. Since purchasing the Farmers Branch facility, we have made excellent progress in executing our planning and pre-startup activities. We continue to expect that the cash expenditures related to Farmers Branch Capital will be between $140 million and $170 million over 2026.

正如麥克所描述的那樣，我們用大約 2000 萬美元現金收購了 Keystone Photonics，這是我們共封裝光學產品路線圖的關鍵組成部分。截至季末，現金和投資總額增加了 910 萬美元，達到 2.75 億美元。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。我們仍然預計，2026 年與 Farmers Branch Capital 相關的現金支出將在 1.4 億美元至 1.7 億美元之間。

In addition to the capital spending, we expect to incur roughly $6 million in preproduction operating expenses in Q1 2016, up from $1.7 million in Q4 '25 and in line with our project road map. Over the course of 2026, we expect preproduction operating expenses related to the ramp of Farmers Branch to be between $20 million and $25 million. Once production began at the end of 2026, the majority of these costs will be recorded as cost of goods sold. And upon completion of the ramp, we expect Farmers Branch to be accretive to gross margins.

除了資本支出外，我們預計 2016 年第一季將產生約 600 萬美元的預生產營運費用，高於 2025 年第四季的 170 萬美元，這與我們的專案路線圖一致。預計到 2026 年，與 Farmers Branch 計畫啟動相關的生產前營運費用將在 2,000 萬美元至 2,500 萬美元之間。一旦在 2026 年底開始生產，這些成本的大部分將計入銷售成本。我們預計，一旦坡道完工，Farmers Branch 將會提高毛利率。

During the fourth quarter, we did not repurchase any shares. At quarter end, authorization of $70.9 million remains available for future repurchases under the $75 million two-year buyback program. that was approved and announced in April 2025. We remain committed to our share repurchase program as a tool to offset dilution from the stock-based compensation program over the two-year period of the program. However, in the short term, we are prioritizing our deployment of cash to accelerate the ramp of our new manufacturing site in Farmers Branch.

第四季度，我們沒有回購任何股票。截至季末，根據2025年4月批准並宣布的7,500萬美元兩年期股票回購計劃，仍有7,090萬美元的授權可用於未來的股票回購。我們將繼續致力於股票回購計劃，將其作為抵消股票選擇權激勵計劃在兩年計劃期內造成的股權稀釋的工具。然而，短期內，我們將優先投入資金，加快我們在 Farmers Branch 的新製造基地的投產。

Turning to the first quarter non-GAAP outlook. We expect Q1 revenues of $225 million, plus or minus $5 million. This increase in revenues and the impact of continued gross margin improvement initiatives described earlier, are expected to result in a higher non-GAAP gross margins of 45%, plus or minus 150 basis points. As a reminder, we continue to see about a 200 basis point impact to gross margins from tariffs. We are continuing to take actions to mitigate the impact of these tariffs, but those efforts are ongoing.

接下來是第一季非GAAP展望。我們預計第一季營收為 2.25 億美元，上下浮動 500 萬美元。預計收入的成長以及前面所述的持續毛利率改善措施的影響，將使非GAAP毛利率提高至45%，上下浮動150個基點。再次提醒大家，關稅仍會對毛利率造成約 200 個基點的影響。我們正在繼續採取措施減輕這些關稅的影響，但這些努力仍在進行中。

At the midpoint of these outlook ranges, we expect Q1 non-GAAP operating expenses to be $62 million, plus or minus $2 million, approximately $4.5 million higher than Q4. We mainly due to expenses related to the start-up costs for Farmers Branch.

根據這些預測範圍的中點，我們預計第一季非GAAP營運費用為6,200萬美元，上下浮動200萬美元，比第四季高出約450萬美元。主要原因是與 Farmers Branch 的啟動成本相關的費用。

Our Q1 non-GAAP effective tax rate is expected to be within the range of 15% to 19%, with a similar range expected for the fiscal year. Non-GAAP earnings per fully diluted share for Q1 is expected to be $0.45, plus or minus $0.04. A reconciliation of our GAAP to non-GAAP Q1 outlook is available on the Investor Relations section of our website and in our press release issued today.

我們預計第一季非GAAP有效稅率將在15%至19%之間，預計本財年也將在類似範圍內。預計第一季非GAAP每股收益（完全稀釋後）為0.45美元，上下浮動0.04美元。我們GAAP與非GAAP第一季業績展望的調節表可在我們網站的投資者關係欄位以及今天發布的新聞稿中查閱。

As demonstrated by our Q4 results and our Q1 outlook, we're making encouraging progress to our target model. We also believe that we have more room to run, underpinned by both our initiatives to improve structural costs and our expanding leadership position in the fast-growing markets that Mike described. We look forward to sharing our new target financial model and the key elements of our strategy at our planned Analyst Day in May.

從我們第四季的業績和第一季的展望來看，我們在實現目標模式方面取得了令人鼓舞的進展。我們也相信我們還有很大的發展空間，這得益於我們改善結構性成本的舉措，以及我們在麥克所描述的快速成長的市場中不斷擴大的領導地位。我們期待在五月的分析師日上分享我們新的目標財務模型和策略的關鍵要素。

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）

Matthew Prisco, Canter.

馬修·普里斯科，坎特。

Hey guys, thanks for taking the question. I mean to kick things off, obviously, a very strong performance on the gross margin side, on track to hit that mid-40% level, three quarters ahead of plan. So what's the big change statement here over the past 90 days? And how should we think about the primary drivers and the magnitude of the continued expansion here ahead of the Farmers ramp?

各位，謝謝你們回答這個問題。首先，很顯然，毛利率方面表現非常強勁，預計將達到 40% 左右的水平，比計劃提前了三個季度。那麼，過去90天裡最大的改變是什麼？那麼，在 Farmers 坡道建成之前，我們應該如何看待這裡持續擴張的主要驅動因素和規模？

Yeah. Hi, thanks for your question. Yes. We're very pleased with the results that we have seen to date. And the Q4 25 gross margins of 43.9% -- definitely represent a faster-than-expected improvement on our road map to improve gross margins. And we are a little surprised ourselves, but we're happy about that.

是的。您好，感謝您的提問。是的。我們對目前所取得的成果非常滿意。2025 年第四季毛利率為 43.9%——無疑代表著我們在提高毛利率路線圖上取得的進展速度快於預期。我們自己也感到有些意外，但我們為此感到高興。

We took actions. As a reminder, we took some actions to reduce our workforce early in Q4. We're starting to see the full benefit of those actions, and we continue to see improvements in our output in terms of cycle times and yields in our processes.

我們採取了行動。再次提醒大家，我們在第四季初採取了一些措施來減少員工人數。我們開始看到這些措施的全部益處，並且在流程的周期時間和產量方面，我們的產出不斷得到改善。

And those are the primary drivers of the improvements that we're seeing in our gross margin performance. Now we do expect that as we look forward into 2026 that we may not make progress at the same speed and perhaps some smaller increments than what we've seen to date but we believe that we are still on track to hit our target model gross margins at the target model revenue levels within 2026.

這些是我們毛利率表現改善的主要驅動因素。展望 2026 年，我們預計進展速度可能不會像現在這樣快，增量也可能比目前看到的要小，但我們相信我們仍然有信心在 2026 年內實現目標模型毛利率和目標模型收入水平。

Great, thanks. And then -- moving to the memory side. As we think about Forms revenue growth through the year within the backdrop of the HBM4 transition, accelerating supplier build plans, robust pricing tailwind test to market growth coming in ahead of expectations. Can you maybe color on how you're thinking about these moving parts for form? And how should we be linking these industry dynamics to forms growth potential through the year for DRAM?

太好了，謝謝。然後——轉向記憶體方面。在 HBM4 過渡、供應商加速建設計劃、強勁的價格順風考驗市場成長超出預期的背景下，我們思考 Forms 全年的營收成長。您能否用顏色來描繪一下您是如何思考這些構成形式的活動部件的？那麼，我們該如何將這些產業動態與DRAM全年的成長潛力連結起來呢？

Yes, Matt. It's Mike. I'll take that one. Certainly, they are all tailwinds and some very powerful tailwinds. It's one of the reasons why we're investing aggressively in both making sure that we're getting as much as we can out of the existing footprint and then ramping farmers branches as fast as we can.

是的，馬特。是麥克。我選那個。當然，這些都是順風，而且是一些非常強烈的順風。這也是我們大力投資的原因之一，一方面確保我們能夠最大限度地利用現有資源，另一方面盡可能快速地擴大農民分支機構的規模。

We believe the overall demand environment is going to continue to be robust based on conversations with customers, data points like both major ATE manufacturers having very robust forecast and views of 2026 and looking at the overall industry and where we're at.

我們相信，根據與客戶的對話、主要 ATE 製造商對 2026 年的非常強勁的預測和展望等數據點，以及對整個行業和我們所處位置的觀察，整體需求環境將繼續保持強勁。

So, we definitely expect memory DRAM, in particular, to continue to grow, and it's an area where we're very focused on expanding our -- both competitive advantage but also our capacity so that we can capture as much market share as we can.

因此，我們非常期待記憶體DRAM，特別是DRAM，能夠繼續成長，這也是我們非常關注的領域，我們將努力擴大我們的競爭優勢和產能，以便盡可能佔領市場份額。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

Hi, good afternoon. Nice results. Maybe the first question, your Q1 guidance implies basically $900 million annual run rate already, and we knew that in the past, you said your existing capacity, excluding Farmers Branch, was around -- maybe it can be slightly above $850 million. So any chance for you to go higher run rate between now and when the Farmers branch comes online? That's the first question. Thank you.

您好，下午好。結果不錯。或許第一個問題是，您第一季的業績指引基本上意味著年運行率已經達到 9 億美元，而我們之前也知道，您曾說過，您現有的產能（不包括 Farmers Branch）大約是——或許可以略高於 8.5 億美元。那麼，從現在到 Farmers 分行上線這段時間，你們有沒有可能提高運作率？這是第一個問題。謝謝。

Yes. Thanks for your question, Charles. As you can see from our Q4 results and our outlook for Q1, we believe we now have the ability to execute at a run rate of $225 million a quarter. We believe that the expansion that we've been able to create there in our output is closely related to the improvement actions that we have been focused on over the past couple of quarters.

是的。謝謝你的提問，查爾斯。從我們第四季業績和第一季展望中可以看出，我們相信我們現在有能力以每季 2.25 億美元的運行速度執行。我們相信，我們在產量方面取得的成長與我們在過去幾季一直關注的改進措施密切相關。

As we focus on cycle times and yields, those improvements ultimately allow us to get more out of our existing footprint and get more good product out for every input that we put in. So we're effectively increasing the leverage on our existing infrastructure. And as I noted in the prepared remarks, we continue -- we're going to be continuing our focus throughout 2026 on making further incremental improvements. And so, we do expect to continue to squeeze capacity out of our existing footprint over the course of the year.

當我們專注於週期時間和產量時，這些改進最終使我們能夠在現有基礎上獲得更多收益，並使我們投入的每一分每一秒都能產出更多優質產品。因此，我們實際上是在提高現有基礎設施的利用率。正如我在準備好的演講稿中所提到的，我們將繼續——我們將在2026年繼續專注於進一步的漸進式改進。因此，我們預計今年內將繼續從現有產能中榨取更多空間。

Any thought -- maybe a quick follow-up, and then I do have a second question. So maybe where -- how much more do you think you can squeeze out of the existing ones like above that $225 million level?

有什麼想法嗎？或許可以快速補充一下，然後我還有第二個問題。那麼，你認為在2.25億美元以上，還能從現有計畫中榨取多少利潤呢？

Yes. It remains to be seen. As we've noted, we've made substantial progress to date. We expect that our improvements going forward may not be of the same magnitude. We're happy with what we're seeing so far. But again, very closely linked to our -- the same initiatives that are driving our gross margin improvement or how we're going to get additional output out of our facilities.

是的。此事尚待觀察。正如我們所指出的，迄今為止我們已經取得了實質進展。我們預計未來取得的進步可能不會達到相同的幅度。我們對目前的情況感到滿意。但同樣地，這與我們正在推進毛利率提升或我們將如何從工廠獲得額外產量的舉措密切相關。

Got it. Okay. Maybe another question for Mike. Mike, you talked about HBM, you are deeply engaged with our customers already working on HBM 5, R&D. So mind if you tell us a little bit what are the key inflections that HBM5 as you can see right now from -- from the test or probe card perspective and any thought whether and how any of those inflections could further benefit the form factor? Thank you.

知道了。好的。或許可以再問麥克一個問題。Mike，你談到了 HBM，你已經與我們的客戶深入合作，參與 HBM 5 的研發工作。那麼，您能否簡要地告訴我們，從測試或偵測卡的角度來看，HBM5 目前有哪些關鍵的變化？您認為這些變化是否以及如何能夠進一步改善晶片的外形尺寸？謝謝。

Yes, I think there are several, Charles. And it's one of the reasons why this early engagement with our customers is required. I mean, HBM5 is a couple of years away from volume reduction but you need to be ready with some complex R&D and capacity to deliver that complex R&D in volume to meet these ramps.

是的，我想應該有好幾個，查爾斯。這也是為什麼我們需要儘早與客戶溝通的原因之一。我的意思是，HBM5 距離減產還有幾年時間，但你需要做好準備，進行一些複雜的研發，並具備將這些複雜的研發成果批量交付的能力，以滿足這些產能爬坡的需求。

I think same kind of dimensions that we've seen in the transition from HBM3 to 3 to 4 driving the inflections, increased layer heights, which are driving increased test intensity, one of them. HBM4 gets to 16 high. We'll see whether HBM5 continues to climb. But sort of -- and you're well aware of this, I think, the coupling with new packaging and stacking techniques like hybrid bonding are certainly a potential for HBM5 and that's an interesting one for FormFactor because we have tremendous know-how on probing on copper.

我認為，我們在從 HBM3 到 3 再到 4 的過渡中看到的那種維度，驅動著拐點，增加的層高，從而導致測試強度增加，這是其中之一。HBM4 最高可達 16。我們將拭目以待HBM5的價格是否會持續攀升。但某種程度上——我想您也很清楚這一點——與混合鍵合等新型封裝和堆疊技術的結合，對於 HBM5 來說無疑是一個潛在的發展方向，這對 FormFactor 來說是一個有趣的方向，因為我們在銅探測方面擁有豐富的專業知識。

And without getting into all the details, copper is an important part of a hybrid bonding flow. I think the other thing is a dynamic, again, we've seen through the March of the HBM road map, and that's increased speeds, both the individual IO speeds, where the end customers are continuing to push for individual pin rates to go up, most recently this 11 gigabits per second spec for HBM4, but also the overall stack throughput.

無需贅述所有細節，銅是混合鍵結流程中的重要組成部分。我認為另一點是動態變化，正如我們在 HBM 路線圖三月所看到的，那就是速度的提升，包括單個 I/O 速度（最終客戶不斷推動單個引腳速率的提高，最近 HBM4 的規格是每秒 11 吉比特），以及整體堆疊吞吐量。

And when you think about testing at these high speeds, with good productivity, and that means high parallelism while dealing with all of the challenges associated with power and thermal. These are all -- I'm not sure I'd call them inflections, but continued places where collaboration with customers is absolutely required to solve some very significant technical challenges.

當你考慮到以如此高的速度進行測試，同時也要確保良好的生產率，這意味著要進行高度並行處理，同時還要應對與功率和散熱相關的所有挑戰。這些——我不確定是否應該稱之為轉捩點，但都是需要與客戶合作才能解決一些非常重要的技術挑戰的持續性領域。

Thanks, Mike.

謝謝你，麥克。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the question, guys, and congratulations on very strong execution, both with revenues and the underlying drivers to much better gross margin. Mike, I want to start with you, and I'll stick with the broader theme that Charles was on with DRAM. But I wanted to follow up on specifically in your comments, you had indicated, I believe, that the company is gaining share at each of the top 3 DRAM OEMs.

是的，謝謝各位回答這個問題，也祝賀你們在營收和推動毛利率大幅提升的根本因素方面都取得了非常出色的執行力。麥克，我想先從你開始，我會繼續探討查爾斯在DRAM上提出的更廣泛的主題。但我想具體跟進一下您在評論中提到的一點，我相信您曾表示，該公司正在三大DRAM OEM廠商中不斷擴大市場份額。

And so my question is, can you help us with how that's playing out in terms of the magnitude of gains that are possible across customers, the timing with which that will occur and any of the other things that might help us as we think about what the financial impact of that could do over the coming quarters.

所以我的問題是，您能否幫助我們了解一下，就客戶群而言，這可能帶來的收益規模、收益實現的時間以及其他任何可能有助於我們思考未來幾個季度財務影響的因素而言，這方面的情況如何？

Thank you.

謝謝。

Sure. Well, I think as most people know, we have a very strong share position as our number 1 customer. So right now, the HBM market is kind of a sweet spot for us. That's why it's been such an initiative to work closely with the other two HBM manufacturers, customers for us to make sure we're taking the competitive advantages of the Smart Matrix technology, high parallels and the high speed and really starting to use that as a beachhead, if you will, to increase market share of both of those customers.

當然。我想大多數人都知道，我們身為第一大客戶，擁有非常強大的市場佔有率。所以目前，HBM市場對我們來說是一個絕佳的切入點。正因如此，我們才積極與另外兩家 HBM 製造商（也是我們的客戶）密切合作，以確保我們能夠利用智慧矩陣技術、高並行度和高速的競爭優勢，並真正開始以此為跳板，提高這兩家客戶的市場份額。

Now I don't -- as I said, I think it's a sweet spot. We're never -- maybe not never. -- it's unlikely that we have grow to share positions like we have at our number 1 customer. But there's really only two suppliers that can do anything close to this. And so I think there's the element of to really gain share at those two based on the technical differentiation that we have for HBM. Tough to put a magnitude on it at this point. But given the growth of the HBM market and some relatively low incumbent share positions at those other two customers, it's a significant opportunity.

現在我不這麼認為了——正如我所說，我認為這是一個很好的平衡點。我們不太可能——或許並非絕對不可能——像我們與頭號客戶一樣，發展到與他人共享市場份額的程度。但實際上只有兩家供應商能做到接近這種效果。所以我認為，我們要想在這兩大市場真正獲得市場份額，就必須依靠我們在 HBM 方面的技術差異化優勢。目前很難評估其嚴重程度。但考慮到 HBM 市場的成長以及另外兩個客戶中現有企業的市佔率相對較低，這是一個重要的機會。

Interesting, thank you. The second question really relates to how well the business is executing, Abbott's current manufacturing facility and and your proximity to what would have been previously considered an output ceiling.

很有意思，謝謝。第二個問題其實與企業的營運狀況、雅培目前的生產設施以及你與之前被認為是產量上限的距離有關。

Can you just talk about your confidence in being able to meet customer demand in the near term, grows above $225 million a quarter before you can get Farmers Branch up. And related to that, assuming that customer demand remains on a very strong trajectory. How quickly can you bring up Farmers Branch? And how material can it be in the next 12 to 24 months to production and revenue. Thank you.

您能否談談您對近期滿足客戶需求的信心，在 Farmers Branch 專案啟動之前，季度營收能否成長到 2.25 億美元以上？與此相關的是，假設客戶需求維持強勁成長動能。你最快能把 Farmers Branch 開發出來嗎？未來 12 至 24 個月內，它對生產和收入的影響有多大？謝謝。

Yeah, thanks for your question. As you've seen, we've continued to increase the output of our current footprint, and we're going to continue to make the improvements maybe at a slower pace through 2026 to drive additional yields and drive additional improvements in cycle times that will also increase our output capacity, if you will.

謝謝你的提問。正如你所看到的，我們一直在不斷提高現有產能，並且我們將繼續改進，也許到 2026 年速度會放慢，以提高產量並進一步縮短週期時間，從而提高我們的產能。

However, Farmers Branch come online, on schedule at the end of the year, there's been no changes to that time line. That obviously provides us additional capacity beyond this year. We'll continue to do the best we can to enhance our throughput for this year. And we'll talk about the longer term in our Analyst Day in May. And that's where we'll really be able to see kind of the longer term.

然而，Farmers Branch 將按計劃於年底投入使用，時間表沒有任何改變。這顯然為我們提供了今年以外的額外產能。我們將繼續盡最大努力提高今年的產量。我們將在五月的分析師日上討論更長遠的問題。而這正是我們能夠真正看到更長遠發展前景的地方。

Our business continues to remain relatively short-term visibility, right? We continue to operate an insurance business with visibility within a quarter. We're doing what we can to react within the timelines that we have. And I think we've done a pretty good job so far doing that.

我們的業務仍主要以短期效益為主，對嗎？我們繼續進行保險業務，季度內即可看到業務進展。我們正在盡我們所能，在既定的時間範圍內做出反應。我認為到目前為止，我們在這方面做得相當不錯。

And on that note, Aric, if I could just ask a follow-up to it. Clearly, your team executed just incredibly well in the fourth quarter given the big search in gross margin. Was there anything that you would consider to be a one-off in that execution -- or are the levers that you're pulling things that you can continue to pull if the demand remains very strong.

說到這裡，Aric，我可以再問一個後續問題嗎？顯然，考慮到毛利率大幅下降，你們團隊在第四季的表現非常出色。在執行過程中，有沒有哪些你認為是特例的因素？或者說，如果需求持續強勁，你採取的這些措施是否可以繼續實施？

Yes. Good question. I think that if I were to look at the increase from Q2 '25 through the end of the year and the 540 basis points improvement that we generate over that period of time. We estimate that about two-third of that improvement is related to the initiatives that we've been driving on the cost side, things like increasing our cycle time -- or decreasing our cycle time and increasing our yields. And the remainder is things like volume.

是的。問得好。我認為，如果我看一下 2025 年第二季到年底的成長情況，以及我們在此期間取得的 540 個基點的改善。我們估計，大約三分之二的改進與我們在成本方面推行的措施有關，例如增加我們的週期時間，或減少週期時間並提高產量。剩下的就是音量之類的東西了。

And in Q4, we did benefit from volume, right? So we still have some additional work that we're wanting to do there. But as we've said in our last call and again in this call, we're really focused on changing the underlying cost drivers of the business so that at all operating levels and mix scenarios that we see we are improving our performance and our leverage on our capacity on our sites and on our cost structure.

第四季度，我們的銷量確實有所成長，對吧？所以我們還想在那裡做一些額外的工作。但正如我們在上次電話會議中以及本次電話會議中所說，我們真正關注的是改變業務的根本成本驅動因素，以便在所有運營水平和組合方案中，我們都能提高業績，並提高我們工廠產能和成本結構的利用率。

Very good. Thanks, Mike. Thanks, Aric.

非常好。謝謝你，麥克。謝謝你，阿里克。

Brian Chin, Stifel.

Brian Chin，Stifel。

Hi there, good afternoon. Thanks for letting us ask a few questions. Maybe first, just to square the Q1 revenue guide, I did notice that system in Flash probe card revenue were both pretty strong sequentially in Q4, but systems can be seasonally softer in Q1. So when I look at the $10 million revenue growth Q1 versus Q4 at the midpoint. Is probe card revenue maybe up more than the $10 million sequential? And how much of that sequential revenue increases DRAM versus foundry logic?

您好，下午好。謝謝你們允許我們提問。首先，為了平衡第一季的營收預期，我注意到 Flash 探測卡系統的營收在第四季環比表現相當強勁，但係統在第一季可能會出現季節性疲軟。所以，當我查看第一季與第四季中點的 1000 萬美元營收成長時。探針卡收入環比增長超過 1000 萬美元嗎？DRAM 相對於代工邏輯晶片，其營收成長幅度有多大？

Yes, Brian, you're right. And I parse it a little bit in the prepared remarks. We do expect systems to be down in the first quarter as it often seasonally is. We're also undergoing a bit of a transition as we start to ramp up CPO and focusing resources on that because it's an exciting opportunity.

是的，布萊恩，你說得對。我在準備好的發言稿中對此做了一些分析。我們預計第一季系統會出現故障，這通常是季節性的。我們也正在經歷一些轉型，因為我們開始加大對首席產品長 (CPO) 的投入，並將資源集中於此，因為這是一個令人興奮的機會。

But obviously, the implication there, given the midpoint of the guide sequentially up $10 million, is the probe card business is going to grow by more than $10 million. It's roughly equal parts of foundry and logic and DRAM. And as I said in the prepared remarks, -- we're seeing some real strength in foundry and logic in areas that have not typically driven the business historically for FormFactor, not DC and not mobile, but instead, things like data center network switches.

但顯然，鑑於該指南的中點環比增長 1000 萬美元，這意味著探針卡業務將增長超過 1000 萬美元。它大致由等量的晶圓製造、邏輯電路和DRAM組成。正如我在準備好的演講稿中所說，我們看到在代工和邏輯領域出現了一些真正的強勁勢頭，這些領域通常不是 FormFactor 的業務驅動力，不是數據中心或移動設備，而是像數據中心網絡交換機之類的東西。

In DRAM, the step up to a new record that we anticipate in the first quarter is due to HBM growth. So I hope that gives you enough detail for some of the moving pieces. But yes, we expect probe cards to outgrow systems, right, and be responsible for the majority of the step up, in fact, more than the step-up in Q1 given the sequential decrease in systems.

在DRAM領域，我們預計第一季將創下新紀錄，這主要歸功於HBM的成長。所以，我希望這些資訊足以讓你了解一些關鍵環節。但是，我們預計探測卡將比系統發展得更快，對吧？而且，考慮到系統數量的連續下降，探測卡實際上將成為成長的主要動力，甚至超過第一季的成長動力。

Okay, great. Maybe two follow-up questions. One, on sort of the constraint in the next few quarters that you referenced, what is your sense of how come strain some of your advanced probe card peers are either in DRAM or foundry logic and do you expect per capacity to come online in a similar time frame?

好的，太好了。或許還有兩個後續問題。第一，關於您提到的未來幾季可能存在的限制，您認為您的一些高級探測卡同行在 DRAM 或代工邏輯方面面臨的壓力有多大？您預計每個容量會在類似的時間範圍內上線嗎？

Yes. I think if you follow our major competitors closely, I mean 70% of probe card market share is owned by three of us. We have a primary competitor in foundry and logic and a primary competitor in DRAM. And They, like us, have all been transparent about the need and the initiatives to add capacity. You can imagine that we've got our head down here and they're trying to add our capacity as fast as we can.

是的。我認為，如果你密切關注我們的主要競爭對手，你會發現探針卡市場70%的份額都被我們三家公司佔據了。我們在晶圓代工和邏輯電路領域有一個主要競爭對手，在DRAM領域也有一個主要競爭對手。他們和我們一樣，都對增加產能的必要性和相關措施保持了透明的態度。你可以想像我們現在正埋頭苦幹，他們正努力以最快的速度增加我們的產能。

This is an area, sure. We like to keep our competitive antenna up -- but this is one where what our competitors do doesn't really make a difference to what we're going to do. Aric talked about the faster-than-expected pace on both output and gross margin. we're applying the same urgency with getting Farmers branch up and running. And so we're going to run as fast as we can and try and capture some incremental market share if we can, just with the ability to deliver.

這的確是一個區域。我們喜歡保持警惕，專注於競爭動態——但在這個領域，競爭對手的所作所為並不會真正影響我們的行動。Aric談到產量和毛利率的成長速度都超出了預期。我們正以同樣的緊迫感推動Farmers分店的籌備和營運。因此，我們將全力以赴，盡我們所能，憑藉交付能力，努力爭取更多的市場份額。

Great, that's helpful. Maybe just last question. Can you size the AI GPU plus XPU ASIC plus, I guess, data center networking probe card TAM in 2025, kind of where your share shook out last year? And then when you think about the growth of the TAM in 2026, should it be similar to kind of that growth rate and year-over-year growth rate in AI accelerators. I think TSMC talked about a multiyear TAM, but it was sort of in the 50% plus range.

太好了，這很有幫助。也許這是最後一個問題了。您能否估算一下 2025 年 AI GPU + XPU ASIC 以及（我猜）資料中心網路探測卡的市場規模，大概相當於您去年的市佔率？那麼，當你考慮到 2026 年 TAM 的成長時，它是否應該與 AI 加速器的成長率和年增長率類似呢？我認為台積電談到了多年的市場規模目標，但大概在 50% 以上。

Yes. I think -- if you look at -- and I'm going to broad brush kind of the AI opportunity. If you look at the growth rate associated with things like GPU, custom ASIC networking in the server rack, both scale up and scale out, these are areas of the industry that are growing much faster than the overall industry growth rate, which is growing pretty fast by itself. I don't know that, that sign up for 50% growth, but it's clearly growing quicker than the rest of the industry.

是的。我認為──如果你仔細觀察──我來大致談談人工智慧的機會。如果你觀察一下GPU、伺服器機架中的客製化ASIC網路、向上擴展和向外擴展等相關領域的成長率，你會發現這些領域的成長速度遠遠超過了整個產業的成長率，而整個產業的成長率本身就已經相當快了。我不知道那份承諾的 50% 成長率是多少，但它顯然比業內其他公司成長得更快。

And as we've talked about, we have some share gain opportunities inside that as well both with the merchant GPU and the custom ASIC business. We've got strong positions in the networking piece, but are working to build out these other pieces. And it's an area where there's tremendous focus internally and with our customers on making sure that we're driving significant market share positions with those. I had to estimate it, we're talking about hundreds of millions of dollars of SAM for all of those different things in 2025, and we expect them to grow in 2026 and beyond.

正如我們之前討論過的，我們在商用 GPU 和客製化 ASIC 業務方面也有一些市場份額提升的機會。我們在人脈網絡方面擁有強大的實力，但正在努力拓展其他方面。在這個領域，我們公司內部以及與客戶都非常重視，以確保我們能夠取得顯著的市場份額。我必須估算一下，到 2025 年，所有這些不同項目的 SAM 總額將達到數億美元，我們預計 2026 年及以後還會成長。

Great, thanks Mike.

太好了，謝謝你，麥克。

Robert Mertens, TD Cowen.

Robert Mertens，TD Cowen。

Hi, this is Robert Mertens on for Chris Sankar. I know you guys have spoken to great length about what you're seeing in the DRAM market and across the traction across all the high-bandwidth memory manufacturers. Could you provide a dollar amount for high band with memory probe card sales this quarter?

大家好，我是羅伯特‧默滕斯，代克里斯‧桑卡爾為您報道。我知道你們已經詳細討論過 DRAM 市場的現狀以及所有高頻寬記憶體製造商的發展勢頭。能否提供本季高頻段儲存探針卡的銷售額（以美元計）？

And just any color you could give us on this calendar year, the shakeout maybe between what you're expecting between traditional DRTDR5 designs and those from hot-band with memory? Thank you.

你能為我們展示一下今年日曆上的任何顏色嗎？或許可以比較一下傳統 DRTDR5 設計與帶有記憶體的熱帶設計之間的差異？謝謝。

Yes. So it's an interesting question, Robert. Let me start with our HBM revenue in the first quarter. Again, connecting the dots on the guide that we provided. We expect DRAM to step up to another record in the first quarter, with that growth being driven by HBM. And -- and so if -- in Q4, it was kind of mid-40s, think of it as a low 50s kind of number for Q1 based on where we currently sit.

是的。羅伯特，這真是一個有趣的問題。讓我先從我們第一季的HBM收入說起。再次強調，就是把我們提供的指南中的要點串連起來。我們預計 DRAM 將在第一季再創佳績，而 HBM 將推動這一成長。所以——因此，如果——第四季是 40 多，那麼根據我們目前的情況，第一季的數字可以看作是 50 出頭。

Now remember, this is a terms business and lead times still are well within a quarter. But our visibility for certainly the more complex DRAM cards is now extending out to the end of the quarter. If we then kind of think about commodity DRAM and the mix between HBM and DDR. This is a very dynamic and active situation. Not surprisingly, right?

請記住，這是按期付款的業務，交貨週期仍然在一個季度以內。但對於更複雜的DRAM卡，我們的預期時間已延長至本季末。如果我們再考慮一下通用DRAM以及HBM和DDR的組合。這是一個瞬息萬變、充滿活力的局面。不出所料，對吧？

Our customers are wafer start constrained. And they're making choices every day of whether they start HBM wafers, HBM Cordi wafers or a DDR5 or a DDR4 part. And so for me to speculate beyond kind of our six-, seven-, eight-week visibility. I don't have a view. And I'm not sure our customers have a view of how they're going to respond to the relative profitability they can generate the relative share gains they can generate given how dynamic the DRAM, both HBM and DDR4, DDR5 markets are right now.

我們的客戶受到晶圓啟動時間的限制。他們每天都在做選擇，決定是採用 HBM 晶圓、HBM Cordi 晶圓，還是 DDR5 或 DDR4 晶片。因此，對我來說，要推測超出我們六週、七週、八週的可見範圍之外的事情是不可能了。我沒有觀點。我不確定我們的客戶是否清楚，鑑於目前 DRAM（包括 HBM 和 DDR4、DDR5）市場的動態變化，他們將如何看待他們能夠獲得的相對盈利能力和相對市場份額增長。

What I will say is we're positioned to serve both, and we'll continue to stay in close contact with our customers to make sure we are serving both effectively.

我想說的是，我們有能力同時服務這兩類客戶，我們將繼續與客戶保持密切聯繫，以確保我們能夠有效地服務這兩類客戶。

Great, thank you that's helpful.

太好了，謝謝，這很有幫助。

Elizabeth Sun, Citi.

伊麗莎白·孫，花旗銀行。

Hi, thanks for taking my question. I guess the first question is -- how should we think about the functional market this year? So I still there's a lot of moving pieces. There's upside from networking potential GPU qualification, but there is also some softness on your traditional like bigger end market smartphones and PCs. So it's kind of early, but I want to get your thoughts on how should we think about oncologic growth this year?

您好，感謝您回答我的問題。我想第一個問題是──今年我們該如何看待功能性產品市場？所以我覺得還有很多變數。網路化帶來的GPU認證潛力巨大，但傳統上，例如大型終端市場智慧型手機和PC，也存在一些疲軟的市場。現在說這個可能有點早，但我很想聽聽你們對今年腫瘤學發展的看法？

Yes. Well, we do expect it to grow for us and as a market overall. And one of our key initiatives is to gain share. And so if the market is growing, and we're gaining share, clearly, we're going to have a growth year. Now there's a lot of work to do in that, right? We've talked about the GPU qual we're on track for and some of these other share gain initiatives, let's call it.

是的。我們預計它對我們以及整個市場來說都會成長。我們的一項關鍵措施是爭取市場佔有率。因此，如果市場正在成長，而我們的市佔率也在成長，那麼很顯然，我們將迎來成長的一年。現在這方面還有很多工作要做，對吧？我們已經討論過我們正在努力實現的 GPU 認證以及其他一些提升市場份額的舉措，就暫且這麼稱呼吧。

One of the, I think, important pieces I do want to highlight is the shift we've driven to make sure that we're participating in the sort of spectacular growth associated with high-performance compute. You see that in some of the first quarter results, again, primarily networking switches and some other pieces.

我認為我想重點強調的一點是，我們推動的轉變，是為了確保我們能夠參與與高效能運算相關的驚人成長。在第一季的部分業績報告中，可以看到這種情況再次出現，主要涉及網路交換器和其他一些產品。

But the other point I made on the call, the fact that we delivered a fourth quarter and full year revenue record without our large microprocessor IBM being a 10% customer. I think, is a testament to the shift we've driven and the exposure we've now generated in the high-performance compute sector. So overall, lots of different pieces, but we expect it to grow and we expect to gain share in 2026.

但我在電話會議上提出的另一點是，我們實現了第四季和全年營收創紀錄，而我們的大型微處理器客戶 IBM 的份額甚至不到 10%。我認為這證明了我們所推動的轉變以及我們在高效能運算領域所取得的成就。總的來說，雖然涉及許多不同的方面，但我們預計它會成長，並預計在 2026 年獲得市場份額。

Great. Thanks, Mike. And then, Aric, on gross margin, I think you talked about you are still on track to achieve the target model gross margin. I think that's 47%. Is that including the 200 bps tariff impact? And also for that 200 bps, what's the mitigation method you are implementing? And how should we think about some upside from the mitigation?

偉大的。謝謝你，麥克。然後，Aric，關於毛利率，我想你之前說過你仍然有望實現目標模型的毛利率。我認為是47%。這是否包括200個基點的關稅影響？另外，對於這 200 bps 的延遲，你們採取了什麼緩解措施？那麼，我們該如何看待緩解措施帶來的一些好處呢？

Yes. target model is 47% gross margins at $850 million a year run rate for revenue. And that did not include tariffs as a potential impact. And so what we've said is that we expect to hit the target model gross margins adjusted for our tariff headwind, which is 200 basis points. So 45% what we're targeting as long as we have a 200 basis point tariff headwind.

是的。目標模型為年營收8.5億美元，毛利率為47%。而且這還不包括關稅這一潛在影響。因此，我們表示，我們預計能夠達到目標模型毛利率，該毛利率已根據關稅不利因素進行了調整，為 200 個基點。所以，只要關稅逆風達到 200 個基點，我們的目標就是 45%。

Now that said, we really want to stop spending money on tariffs. So we're doing everything we can to mitigate what's going on there. And the primary path that we're pursuing right now is something called drawbacks, where we work with the customs department to reclaim tariffs that we have paid for items that we have reexported. That's a very detailed, time-intensive process.

話雖如此，我們真的想停止在關稅上浪費錢。所以我們正在盡一切努力來減輕那裡正在發生的事情。而我們目前正在採取的主要途徑是所謂的退稅，即與海關部門合作，追回我們為再出口商品支付的關稅。這是一個非常細緻、耗時的過程。

We're working through it. We would love for that to go faster, if at all possible, but it could be several quarters before we see any benefit in our P&L from recoveries there.

我們正在努力解決這個問題。我們當然希望這個過程能更快一些，但如果可能的話，可能需要幾個季度才能從這些回收款項中看到任何損益。

Thanks, Eric.

謝謝你，埃里克。

(Operator Instructions) Vedvati Shrotre, Evercore ISI.

（操作員說明）Vedvati Shrotre、Evercore ISI。

Hi, thanks for taking my question. So the first one I had is, if you could quickly give us an update on where you are in the qualification process for GPUs and then for the custom ASICs. And it sounds like you kind of have it down and you're expecting revenues in the second half of those opportunities. Is that great?

您好，感謝您回答我的問題。所以我的第一個問題是，您能否快速向我們介紹一下您在 GPU 認證流程以及自訂 ASIC 認證流程方面的進度。聽起來你已經掌握了要領，並且預計在這些機會的後半段會產生收益。那是不是很棒？

Yes. Well, let me start with custom ASICs because as we updated you in mid-2025, we actually already have some design wins that have generated multimillions in revenue in the custom ASIC space and are now seeing the second leg of that for some recently announced custom ASIC. We've got a long way to go in that space to make sure we've got the broad customer coverage that in broad customer engagement to make sure that we're a key supplier on all the large custom ASIC projects in the industry.

是的。好吧，讓我先從定制ASIC說起，因為正如我們在2025年中期向您匯報的那樣，我們實際上已經在定制ASIC領域獲得了一些設計訂單，這些訂單已經創造了數百萬美元的收入，而現在我們看到一些最近發布的定制ASIC正在迎來第二波增長。我們在這個領域還有很長的路要走，要確保我們擁有廣泛的客戶覆蓋率，並與客戶進行廣泛的互動，以確保我們成為業內所有大型客製化ASIC專案的關鍵供應商。

But we're clearly relevant. We're generating multimillion dollars of revenue, and we see it as a growth area. On the GPU qual, continue to make excellent progress. We're in a reliability test part of the qualification where our cards are being run with hundreds of wafers, multiple touchdowns just making sure we've got the quality and reliability required to operate in a very, very demanding test application, and we continue to expect to generate revenue from this merchant GPU fall in the second half of the year?

但我們顯然是重要的。我們正在創造數百萬美元的收入，並且我們認為這是一個成長領域。GPU 資格賽方面，持續取得優異成績。我們目前正處於認證可靠性測試階段，我們的顯示卡正在數百片晶圓上進行測試，多次觸地測試，以確保我們擁有在非常非常苛刻的測試應用中運行所需的品質和可靠性，我們仍然期望在今年下半年從這款商用GPU產品中獲得收入？

Understood. And have you quantified how much of that opportunity could be?

明白了。你是否量化過這種機會究竟有多大？

We've kind of waved our hands at it. If you look -- and this is probably the merchant GPU opportunity. it's probably was a $50-ish million spend primarily with our competitor in Foundry and Logic in 2025. That may be conservative.

我們對此基本上是置之不理了。如果你仔細觀察──這很可能就是商用GPU的商機──你會發現，到2025年，我們主要在晶圓代工和邏輯電路領域與競爭對手的支出可能高達5,000萬美元左右。這或許是保守估計。

So as test intensity continues to climb, as spend continues to climb, there's a significant opportunity there, obviously, as we're running something like $225 million a quarter. The custom ASIC one is a little harder to size, but we see significant growth there and the continued investment in these programs and projects make it a place worth really focusing our resources and making sure we've got strong market share and good coverage there.

因此，隨著測試強度和支出的持續增加，顯然存在著巨大的機會，因為我們每季的支出約為 2.25 億美元。定制 ASIC 晶片的規模比較難預測，但我們看到了該領域顯著的增長，並且對這些項目和計劃的持續投資使其成為值得我們集中資源並確保我們在該領域擁有強大的市場份額和良好覆蓋率的領域。

Understood. And then the second question I had was on the gross margin side, you talked about cost strategies that bring up the gross margin, manufacturing footprint. Like does pricing play -- at some point, does pricing become a piece where you could drive gross margin expansion just given how much the test complexity is increasing in foundry logic and in HBM DRAM?

明白了。然後我的第二個問題是關於毛利率方面的，您談到了提高毛利率的成本策略和生產規模。定價是否會影響毛利率？鑑於代工邏輯和 HBM DRAM 的測試複雜性不斷增加，定價是否會在某種程度上成為推動毛利率擴張的因素？

Yes. Let me take that. I know it was a margin question, but pricing is certainly an area of customer and product focus. So I'll take that one. Look, any time in this industry where you deliver incremental value you often are able to share, if you've done your job and share in that value you're providing for a customer.

是的。讓我來拿吧。我知道這是一個利潤率問題，但定價當然是客戶和產品關注的重點領域。那我就選這個了。你看，在這個行業裡，任何時候只要你提供了增量價值，你通常都可以分享，如果你完成了你的工作，就能分享你為客戶提供的價值。

Often for FormFactor and for many other peers in the test and even WFE space, that comes from providing some sort of product attribute, higher throughput, better yield, a higher performance, a better spec. But there's an interesting situation right now where if there's a specific program that's super important for a customer and valuable for their time to market, we're able to share in that value as well, share in that conversation. Now it's not across the board, but it is an interesting time in the industry where the elements to share in the increased value the industry is creating are more than they have been in the past.

對於 FormFactor 以及測試領域甚至 WFE 領域的許多其他同行來說，這通常來自於提供某種產品屬性，例如更高的吞吐量、更好的良率、更高的效能、更好的規格。但現在出現了一個有趣的情況，如果某個特定的項目對客戶來說非常重要，並且對他們的產品上市時間很有價值，那麼我們也可以分享這種價值，並參與相關的討論。現在雖然還不是普遍現象，但對於這個產業來說，這是一個有趣的時期，因為分享產業創造的價值成長的要素比以往任何時候都多。

Maybe I'll just add to that really quick, that our main path for gross margin improvement is not pricing, but rather than more long-term controllable items on the cost front. That's why you hear us emphasize that so much. Of course, if there's opportunities on the pricing front where we can deliver value.

我再補充一點，我們提高毛利率的主要途徑不是定價，而是成本方面更可控的長期項目。所以你才會常常聽到我們強調這一點。當然，如果在定價方面有機會創造價值的話。

As Mike said, we love to see that. But that's not what we're relying on in order to drive long-term gross margin improvement.

正如麥克所說，我們很樂意看到這一點。但我們並不指望以此來推動毛利率的長期成長。

Understood. Thank you.

明白了。謝謝。

David Duley, Steelhead Securities.

David Duley，Steelhead Securities。

Thanks for taking my questions and congratulations on the awesome execution on the gross margins. My question is kind of a two-part question on HBM. You talked about the increased intensity as we go from HBM3 to HPM to HBM5. I was just wondering if you could take a guess as to what the increased intensity was or probe intensity is between HBM3 and HBM4. And -- would it be a similar type of increase in intensity as we move to HPM5?

感謝您解答我的問題，並祝賀您在毛利率方面取得如此出色的成績。我的問題其實是關於 HBM 的兩部分問題。您提到了從 HBM3 到 HPM 再到 HBM5 強度逐漸增加的情況。我只是想問您能否猜測一下 HBM3 和 HBM4 之間增加的強度或探針強度是多少。那麼，當我們過渡到 HPM5 時，強度是否也會有類似的增加呢？

Yes. So one of the real drivers of test and density is the stack high Right. If I'm going to put -- if our customers are going to put core of the stack instead of 8 core die in the stack, best for HBM3, that's going to increase the test intensity.

是的。所以，測試和密度的真正驅動因素之一是堆疊高度，對吧。如果我們的客戶要將堆疊的核心晶片而不是堆疊中的 8 個核心晶片（對於 HBM3 來說最好），這將增加測試強度。

Now there's other puts and takes in this, their yields are going up. They're figuring out how to get rid of different defect modes. But I think a good rule of thumb is one that we've articulated in the past that maybe 20%, 25% on a like-for-like same stack out basis is not a bad way to think about the test intensity as we go from HBM generation HBM generation.

現在還有其他的買賣機會，它們的收益率正在上升。他們正在研究如何消除不同的缺陷模式。但我認為一個好的經驗法則是我們過去闡述過的，即在同等堆疊的基礎上，20%、25% 的測試強度或許是一個不錯的思考方式，尤其是在我們從 HBM 代到 HBM 代的過程中。

Okay. And then as far as -- I think we understand you have very high market share at the market leader in HBM. I was just kind of curious so I can understand what the potential opportunity is? What do you guess your market share is on a combined basis with the other two HBM players?

好的。至於——我認為我們了解到您在 HBM 市場領導者中擁有非常高的市場份額。我只是有點好奇，想了解潛在的機會是什麼？您估計貴公司與其他兩家HBM廠商合計的市佔率是多少？

I don't -- we haven't quantified that for people because it's tough to parse through all the different HBM applications at each customer. What I'll say is -- and I think I already said that is we have low enough incumbent share that there's a real opportunity there as we deliver into places where we have differentiation, like the high parallelism high-speed test insertion I talk, where we're driving very strong share at all three manufacturers in that particular application.

我沒有——我們還沒有對人們的情況進行量化，因為很難分析每個客戶的所有不同 HBM 應用。我想說的是——而且我想我已經說過了——我們目前的市場份額很低，所以當我們進入我們具有差異化的領域時，存在著真正的機會，比如我提到的高並行高速測試插入，我們在這個特定應用領域對所有三家製造商都取得了非常強勁的市場份額。

Well, maybe another way to ask it is, so you're the number 2 source at the other two guys essentially.

或許換個方式問，你基本上是另外兩個人的第二號消息來源。

Correct. From an overall DRAM standpoint.

正確的。從DRAM整體角度來看。

All right. Thank you.

好的。謝謝。

Thank you. I would now like to turn the call back over to Mike Slessor for any closing remarks.

謝謝。現在我想把電話轉回給麥克·斯萊瑟，請他作總結發言。

Thanks, everybody, for joining us. As I said, as I close my prepared remarks, we're looking forward to continuing to demonstrate progress in growing revenue and expanding gross margin and profitability in our existing footprint. -- and then updating you on our May Analyst Day on the longer-term prospects for FormFactor, and we bring the Farmers branch site online as well and drive more growth, more gross margin expansion. Thanks again for joining us and take care.

謝謝大家的參與。正如我剛才所說，在我結束演講之前，我們期待繼續在現有業務範圍內實現營收成長、毛利率和獲利能力的提升。 ——之後，我們將在五月的分析師日上向大家介紹FormFactor的長期前景，同時我們也將Farmers分店網站上線，並推動業務進一步增長，毛利率進一步提升。再次感謝您的參與，祝福您一切順利。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。