FormFactor Inc (FORM) 2026 Q3 法說會逐字稿

Thank you, and welcome, everyone, to FormFactor's third-quarter 2026 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，並歡迎各位參加 FormFactor 2026 年第三季財報電話會議。今天與會者包括執行長 Mike Slessor 與財務長 Aric McKinnis。在開始之前，公司投資人關係副總裁 Stan Finkelstein 將提醒各位一些重要資訊。

Thank you. Today, the 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，公司將討論 GAAP 損益表結果，以及一些重要的非 GAAP 結果，以補充各位對公司財務狀況的理解。GAAP 與非 GAAP 指標之間的調節表及其他財務資訊，已載於公司今日發布的新聞稿，以及我們網站的投資人關係專區。

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, including the ramp-up of manufacturing facilities, 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.

今天的討論包含依據聯邦證券法所定義的前瞻性陳述。此類前瞻性陳述的例子包括：對財務與業務表現的預測、未來總體經濟與地緣政治情勢；併購與投資的效益（包括製造設施的爬坡）、預期的產業趨勢、供應鏈可能的中斷；法規變動的影響（包括關稅與出口管制變更）、產品需求預期的波動、我們開發、生產與銷售產品的能力，以及上述陳述所依據的假設。

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 27, 2025, and in our other SEC 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 28, 2026, and we assume no obligation to update them. With that, we will now turn the call over to FormFactor's CEO, Mike Slessor.

這些陳述受已知與未知的風險與不確定性影響，可能導致實際結果與本次電話會議中所表達者有重大差異。關於風險因素與不確定性的資訊，載於我們向美國證券交易委員會（SEC）提交、截至 2025 年 12 月 27 日止會計年度的最新 Form 10-K，以及我們其他的 SEC 申報文件；上述文件可於 SEC 網站 www.sec.gov 查閱，亦可參考公司今日發布的新聞稿。前瞻性陳述係截至今日（2026 年 10 月 28 日）作出，我們不承擔更新之義務。接下來，我們將把電話會議交給 FormFactor 執行長 Mike Slessor。

Thanks for joining us today. During the third quarter, FormFactor again grew revenue, gross margin and earnings per share, with each metric exceeding the high end of our outlook range. These results continue a theme you've seen from us for the past year, namely broad-based growth in demand from our diversified leadership position at the intersection of high-performance compute and advanced packaging and our ability to serve this demand by producing more output from our existing manufacturing footprint.

感謝各位今天加入我們。在第三季，FormFactor 再次實現營收、毛利率與每股盈餘的成長，且各項指標皆超越我們展望區間的上緣。這些結果延續了各位在過去一年看到的主軸：我們憑藉在高效能運算與先進封裝交會處的多元化領先地位，帶動廣泛的需求成長；同時也透過在既有製造版圖中提升產出能力來滿足需求。

On a year-over-year basis, we grew quarterly revenue close to 40% within essentially the same manufacturing footprint. Our fourth quarter outlook extends this trend. Although we are now reaching the limits of our ability to extract more output from our existing manufacturing footprint, we're also bringing our new Farmers Branch factory online.

以年對年來看，我們在基本相同的製造版圖下，季度營收成長接近 40%。我們對第四季的展望延續此一趨勢。雖然我們目前已接近從既有製造版圖中榨取更多產出的能力上限，但我們也正讓新的 Farmers Branch 工廠上線。

We recently qualified the assembly and test portion of this new facility and, only a few days ago, shipped the first production unit to a leading customer. We celebrated these milestones last week together with almost 200 customers, suppliers, partners, employees and government officials at a ribbon-cutting event that formally launched our nearly 300,000-square-foot facility.

我們近期已完成該新廠組裝與測試部分的認證，且就在幾天前，已向一位領先客戶出貨首台量產單位。上週我們與近 200 位客戶、供應商、合作夥伴、員工及政府官員一同在剪綵活動中慶祝這些里程碑，並正式啟用我們近 30 萬平方英尺的設施。

Over the course of 2027, our top priority is the ramp-up of Farmers Branch. We'll ramp as quickly as we can while ensuring we both sustain the efficiency improvements we've demonstrated in the last year and maintain the market-leading product quality that is one of FormFactor's foundational competitive advantages.

在 2027 年期間，我們的首要任務是推進 Farmers Branch 的產能爬坡。我們將在確保維持過去一年所展現的效率改善、並保持作為 FormFactor 核心競爭優勢之一的市場領先產品品質的前提下，盡可能快速地提升產能。

Aric will provide more details on the status and plans for Farmers Branch later in the call. Earlier this month, we announced the expansion of our long-standing partnership with Teradyne, one of the world's leading automated test equipment or ATE, suppliers. Together with our multiyear partnership with Advantest, this announcement formalizes the collaboration and partnership between FormFactor and both market-leading ATE suppliers.

Aric 稍後將在電話會議中提供更多關於 Farmers Branch 的現況與規劃細節。本月稍早，我們宣布擴大與 Teradyne 的長期合作夥伴關係；Teradyne 是全球領先的自動化測試設備（ATE）供應商之一。加上我們與 Advantest 的多年合作，本次公告正式確立 FormFactor 與兩家市場領先 ATE 供應商之間的協作與夥伴關係。

The goal of these collaborations is to speed up the development, validation and high-volume production of next-generation semiconductor applications, enabling high-performance compute like high-bandwidth memory and co-packaged optics. These partnerships also reinforce and solidify the open ecosystem market structure that provides our mutual customers with full probe card ATE interoperability, enabling customers to select the optimum probe card and ATE combination for their specific chip architectures and designs.

這些合作的目標，是加速下一代半導體應用的開發、驗證與大規模量產，支援如高頻寬記憶體（HBM）與共同封裝光學（co-packaged optics）等高效能運算應用。這些夥伴關係也進一步強化並鞏固開放式生態系的市場結構，為共同客戶提供探針卡與 ATE 的完整互通性，使客戶能針對其特定晶片架構與設計，選擇最佳的探針卡與 ATE 組合。

Turning now to segment and market details. Foundry and Logic was one of the key drivers of our third quarter growth, increasing 10% sequentially on the expected broad-based strength across multiple applications. We expect continued demand growth and breadth in the current fourth quarter.

接下來談各事業部與市場細節。晶圓代工與邏輯（Foundry and Logic）是第三季成長的主要驅動因素之一，在多項應用預期的廣泛強勁需求帶動下，季增 10%。我們預期在目前的第四季，需求成長與廣度將持續。

In this market, we're building on our established positions in PCs, mobile, data center CPUs and networking while adding new growth vectors like GPUs and hyperscaler custom ASICs. Specifically, during the third quarter, we shipped probe cards to the world's leading foundry for one single GPU design in multimillion-dollar volumes.

在此市場中，我們在 PC、行動裝置、資料中心 CPU 與網通等既有領域持續深化既有地位，同時新增如 GPU 與超大規模雲端業者（hyperscaler）客製化 ASIC 等新的成長動能。具體而言，在第三季，我們針對單一 GPU 設計，向全球領先的晶圓代工廠出貨探針卡，出貨量達數百萬美元規模。

Building on this successful qualification and initial ramp, we're well positioned to meaningfully grow share in this important part of the foundry and logic market in 2027, with Farmers Branch providing the required capacity. Looking ahead in foundry and logic, the accelerating trends of higher speed interfaces, greater power density and increasingly complex advanced packaging chiplet architectures for next-generation GPUs and custom ASICs are increasing probe card performance requirements.

在此成功認證與初期爬坡的基礎上，我們已具備良好條件，於 2027 年在晶圓代工與邏輯市場這個重要領域顯著提升市占，而 Farmers Branch 將提供所需產能。展望晶圓代工與邏輯領域，針對下一代 GPU 與客製化 ASIC，加速發展的更高速介面、更高功率密度，以及日益複雜的先進封裝 chiplet 架構，正推升探針卡的效能需求。

These higher performance requirements make FormFactor's advanced MEMS probe technology a requirement for cost-effective production test, and we're building the foundation to achieve share gains in 2027 across a diverse set of GPU and custom ASIC designs.

這些更高的效能要求，使 FormFactor 的先進 MEMS 探針技術成為具成本效益量產測試的必要條件；我們也正建立基礎，以在 2027 年針對多元的 GPU 與客製化 ASIC 設計實現市占提升。

Our exposure to multiple customers and applications provides us with several ways to participate in the growth of high-performance compute and shows the benefits of our diversification strategy, reducing reliance on any single customer, program or architecture to drive our revenue and growth.

我們在多家客戶與多種應用上的布局，讓我們能以多種方式參與高效能運算的成長，也展現我們多元化策略的效益，降低對任何單一客戶、專案或架構作為營收與成長驅動來源的依賴。

Turning to DRAM probe cards. Third quarter revenue was, as expected, essentially unchanged from the record levels of the second quarter, but the mix shifted significantly. This mix shift was also expected with HBM revenue declining and DDR5 revenue increasing as our customers move their wafer start mix to more DDR designs to capture the profit opportunity provided by significant DDR market price increases.

接著談 DRAM 探針卡。如預期，第三季營收與第二季的歷史新高水準相比基本持平，但產品組合出現顯著變化。此一組合變化亦在預期之內：隨著客戶將晶圓開工（wafer start）組合轉向更多 DDR 設計，以掌握 DDR 市場價格大幅上漲所帶來的獲利機會，HBM 營收下降、DDR5 營收上升。

Since probe cards are specific to each customer chip design, our DRAM probe card mix tracks these dynamic customer product shifts, and we expect these quarter-to-quarter shifts between DDR and HBM to continue so long as the current bit-constrained DRAM market conditions persist.

由於探針卡是針對各客戶的晶片設計量身打造，我們的 DRAM 探針卡產品組合會隨著客戶產品的動態轉移而變動；只要目前 DRAM 市場「位元供給受限」（bit-constrained）的狀況持續，我們預期 DDR 與 HBM 之間的季度間變動也將持續。

Another important point related to this mix shift is that at the same time we achieved record DRAM probe card revenues with a DDR5 heavy and HBM light product mix, we delivered record gross margin performance. Compared to the FormFactor of years past, this is evidence of a very different profitability profile, demonstrating the impact of the successful execution of several DRAM probe card manufacturing cost reduction programs.

與此組合變化相關的另一個重點是：在我們以 DDR5 為主、HBM 較少的產品組合下達成 DRAM 探針卡營收新高的同時，我們也交出創紀錄的毛利率表現。相較於過去幾年的 FormFactor，這顯示出截然不同的獲利結構，反映多項 DRAM 探針卡製造成本降低計畫成功執行所帶來的影響。

The net result is improved DRAM probe card gross margins, which in turn lessen the dependence of our company level gross margins on product mix. Turning now to our Systems segment. Systems delivered a record quarter, growing 20% sequentially on accelerating demand for our TRITON system for co-packaged optics or CPO, applications.

最終結果是 DRAM 探針卡毛利率提升，進而降低公司整體毛利率對產品組合的依賴。接下來談我們的系統（Systems）事業部。Systems 交出創紀錄的一季，受我們 TRITON 系統在共同封裝光學（CPO）應用需求加速帶動，季增 20%。

This accelerating demand has been evident in the steady increase in our expectations for this business in 2026. We started the year expecting between $10 million and $20 million of TRITON revenue and now expect upwards of $30 million in 2026. In tandem with this growing CPO business, we're also serving demand for additional photonics applications such as CPO's close cousin near package optics or NPO as well as pluggable devices.

這股加速成長的需求，已清楚反映在我們對該業務於 2026 年的預期持續上調之中。我們在年初預期 TRITON 營收介於 1,000 萬至 2,000 萬美元之間，如今則預期 2026 年可達 3,000 萬美元以上。隨著這項日益成長的 CPO 業務，我們也在滿足其他光子應用的需求，例如與 CPO 關係密切的近封裝光學（near package optics，NPO），以及可插拔式裝置。

This beyond CPO application coverage is the result of our intentional focus on developing the world's leading optical probing technologies applicable across a wide range of photonics applications. In this case, we've prioritized building leadership in Test Insertion One, which ensures known good die or KGD, of the photonic integrated circuit or PIC.

這種超越 CPO 的應用覆蓋，源自我們有意聚焦於開發全球領先的光學探測（optical probing）技術，使其可適用於廣泛的光子應用。在此情況下，我們優先建立在 Test Insertion One 的領導地位，以確保光子積體電路（photonic integrated circuit，PIC）的已知良品晶粒（known good die，KGD）。

Both CPO and NPO architectures require KGD PICs before they are combined with the electronic ICs to form the optical module and scale up and scale out network switches. As a result, FormFactor benefits from broader photonics adoption, whether it be CPO or NPO. Part of our leadership position in photonics probing stems from the acquisition of Keystone Photonics a year ago.

CPO 與 NPO 架構在與電子 IC 結合形成光學模組、並推動網路交換器向上擴充（scale up）與向外擴展（scale out）之前，都需要 KGD 的 PIC。因此，無論是 CPO 或 NPO，FormFactor 都能受惠於更廣泛的光子技術採用。我們在光子探測領域的部分領導地位，來自於一年前收購 Keystone Photonics。

As we've discussed, 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.

如同我們先前討論的，Keystone 具創新且差異化的光學探針技術，能以高效率將光耦合至客戶的光子裝置；其方式與我們先進的 MEMS 探針為客戶晶片提供同級最佳（best-in-class）的電性連接相當類似。

To maximize our competitive advantage from this acquisition, we've made the decision to more tightly integrate the Keystone team and technologies into FormFactor with an exclusive focus on enhancing FormFactor's development and delivery of the world's leading photonics probing solutions.

為了最大化此次收購帶來的競爭優勢，我們決定將 Keystone 團隊與技術更緊密地整合進 FormFactor，並專注於強化 FormFactor 在全球領先光子探測解決方案的開發與交付。

We believe the exciting growth in CPO, NPO and pluggables represents the very early stages of widespread adoption of photonics in the broader semiconductor industry. Traditional copper interconnect is reaching physical limits in speed, heat and energy consumption and photonics provides a fundamentally more efficient way to transmit data within and between data centers using light instead of electricity.

我們相信，CPO、NPO 與可插拔式產品的令人振奮成長，代表光子技術在更廣泛半導體產業中被大規模採用的非常早期階段。傳統銅互連在速度、熱與能耗方面正逼近物理極限，而光子技術以光取代電，提供在資料中心內部及資料中心之間傳輸資料的根本上更高效率的方法。

FormFactor's ideally positioned to help lead test for this new area as our lab-to-fab strategy has produced a decade-long first-mover advantage paired with key customer and partner relationships. Before turning the call over to Aric, I want to once again thank the global FormFactor team for continuing to demonstrate remarkable agility and perseverance in navigating the current challenging supply environment, quickly resolving internal and external constraints to again grow in the third quarter.

FormFactor 具備理想定位，可協助引領此新領域的測試；因為我們的 lab-to-fab 策略帶來長達十年的先行者優勢，並搭配關鍵客戶與合作夥伴關係。在把電話會議交給 Aric 之前，我想再次感謝全球 FormFactor 團隊，在目前充滿挑戰的供應環境中持續展現卓越的敏捷性與韌性，迅速解決內外部限制，使我們在第三季再次實現成長。

With our recent qualifications and Farmers Branch coming online, we're well positioned to accelerate our growth as test intensity and complexity continue to rise at the intersection of high-performance compute and advanced packaging. The midpoint of our fourth quarter outlook puts us on track to exceed $1 billion of revenue in 2026, and we're excited to cross this important milestone for FormFactor on the way to the $1.6 billion revenue level and $5 of non-GAAP earnings per share of our target model. Aric, you're up.

隨著我們近期完成認證（qualifications）以及 Farmers Branch 產能上線，我們已做好準備加速成長，因為在高效能運算與先進封裝交會處，測試強度與複雜度仍在持續上升。以第四季展望的中點來看，我們正朝著在 2026 年營收超過 10 億美元的目標前進；我們也很期待在邁向目標模型的 16 億美元營收水準與每股 5 美元非 GAAP 盈餘的路上，跨越 FormFactor 這個重要里程碑。Aric，交給你了。

Thank you, Mike, and good afternoon. Q3 was another strong quarter for FormFactor. We delivered non-GAAP gross margin of 56.5% and non-GAAP earnings per fully diluted share of $1.04 on our fourth consecutive quarter of record revenues, revenue levels close to 40% higher than the same quarter a year ago.

謝謝你，Mike，大家下午好。第三季對 FormFactor 而言又是一個強勁的季度。我們實現非 GAAP 毛利率 56.5%，以及完全稀釋後每股非 GAAP 盈餘 1.04 美元；這是我們連續第四季創下營收新高，營收水準較去年同期高出接近 40%。

These results continue the operating story we discussed last quarter, addressing broad-based demand by driving higher output from our existing manufacturing footprint through improved cycle times, yields and operating efficiency. Revenue increased 9% sequentially, while non-GAAP operating expenses fell by approximately 250 basis points as a percentage of revenue.

這些結果延續了我們上季討論的營運主軸：透過改善週期時間、良率與營運效率，提高既有製造版圖的產出，以回應廣泛的需求。營收季增 9%，同時非 GAAP 營業費用占營收比重約下降 250 個基點。

Combined with record revenue, these improvements produced strong operating leverage across the P&L. Non-GAAP gross margin increased 320 basis points sequentially to 56.5%. Approximately $10.5 million or about 380 basis points, of benefit resulted primarily from tariff refunds and favorable subcomponent costs in our Quantum business that are not expected to recur.

在創紀錄營收的帶動下，這些改善使損益表（P&L）各項目呈現強勁的營運槓桿。非 GAAP 毛利率季增 320 個基點至 56.5%。其中約 1,050 萬美元（約 380 個基點）的效益，主要來自關稅退稅以及我們 Quantum 業務中有利的次組件成本；這些因素預期不會重複發生。

Excluding these items, non-GAAP gross margins would have been between 52.5% and 53%, about 150 basis points above the baseline described last quarter. This durable improvement in baseline non-GAAP gross margins is the result of continued improvements in labor performance, manufacturing spending, yields and other production costs.

若排除上述項目，非 GAAP 毛利率將介於 52.5% 至 53% 之間，較上季所描述的基準高出約 150 個基點。這項基準非 GAAP 毛利率的持續性改善，來自於勞動績效、製造支出、良率及其他生產成本的持續改善。

We now view around 53% as the gross margin baseline at Q3 volumes. Over the course of the Farmers Branch ramp in 2027, we expect leverage from higher volumes and increased operational efficiency to effectively offset the temporary inefficiencies typically associated with new factory ramps.

我們目前認為，在第三季的出貨量水準下，約 53% 可視為毛利率基準。在 2027 年 Farmers Branch 擴產爬坡（ramp）期間，我們預期更高的出貨量與營運效率提升所帶來的槓桿，將能有效抵銷新工廠爬坡通常伴隨的暫時性低效率。

Accordingly, we expect 2027 gross margins to continue at levels similar to the current baseline. Stepping through our results in a bit more detail. Q3 revenues of $280.5 million came in $10.5 million above the midpoint of our Q3 outlook range of $260 million to $280 million and were up $22.3 million, or 9%, from Q2.

因此，我們預期 2027 年毛利率將可維持在與目前基準相近的水準。接著更詳細說明我們的業績。第三季營收為 2.805 億美元，較我們第三季展望區間 2.6 億至 2.8 億美元的中點高出 1,050 萬美元，並較第二季增加 2,230 萬美元（季增 9%）。

Systems segment revenues grew on higher TRITON Photonics system revenues, reaching a new record of $59.5 million in Q3, up $11 million or 23%, from Q2. GAAP gross margin for the third quarter was 54.7%, up from 50.7% in Q2. Cost of revenues included $5.1 million of GAAP to non-GAAP reconciling items, primarily related to stock-based compensation, amortization of intangibles and restructuring charges.

系統事業部營收因 TRITON Photonics 系統營收增加而成長，第三季達到 5,950 萬美元的新紀錄，較第二季增加 1,100 萬美元（成長 23%）。第三季 GAAP 毛利率為 54.7%，高於第二季的 50.7%。營收成本包含 510 萬美元的 GAAP 與非 GAAP 調節項目，主要與股份基礎給付、無形資產攤銷及重整費用相關。

Details of the GAAP to non-GAAP reconciling items are outlined in our press release issued today and in the reconciliation table available on the Investor Relations section of our website. On a non-GAAP basis, third quarter gross margin was 56.5%, 320 basis points higher than Q2 and 100 basis points above the high end of our outlook range.

GAAP 與非 GAAP 調節項目的細節，已載於我們今日發布的新聞稿，以及本公司網站投資人關係（Investor Relations）專區提供的調節表中。以非 GAAP 基礎計算，第三季毛利率為 56.5%，較第二季高出 320 個基點，且高於我們展望區間上緣 100 個基點。

The favorable impact of tariff refunds on gross margins in the third quarter was about 300 basis points, or $8.6 million. In Q4, we expect to receive back the remaining roughly $2 million of tariffs paid under IEEPA, or around 70 basis points at the midpoint of the outlook range. Once these refunds are received, we do not expect any ongoing benefit to baseline gross margins from tariff refunds.

第三季關稅退稅對毛利率的有利影響約為 300 個基點，或 860 萬美元。在第四季，我們預期將收回在 IEEPA 下已支付關稅中剩餘約 200 萬美元，按展望區間中點約相當於 70 個基點。在收到這些退稅後，我們不預期關稅退稅將對基準毛利率帶來任何持續性的效益。

Probe card gross margin increased by about 90 basis points to 55.3% as higher utilization, improved yields, manufacturing spending discipline and tariff benefits more than offset the less favorable mix in DRAM. System gross margin increased by more than 10 percentage points to 61% about half of the system gross margin improvement from Q2 was driven by record revenue volumes that created significant operating leverage on fixed costs, primarily due to increased sales of our TRITON Photonics systems.

探針卡毛利率提高約 90 個基點至 55.3%，因較高的稼動率、良率改善、製造支出紀律與關稅效益，足以抵銷 DRAM 產品組合較不利的影響。系統毛利率提高超過 10 個百分點至 61%；其中約一半的系統毛利率改善（相較第二季）來自創紀錄的營收量，對固定成本產生顯著的營運槓桿，主要是因為 TRITON Photonics 系統銷售增加。

The remaining improvement came from items we don't expect to recur as described earlier. Our GAAP operating expenses were $71.8 million for the third quarter, down from Q2 and down as a percentage of revenue. On a non-GAAP basis, operating expenses were $64.4 million or 23% of revenue and also down from the second quarter at $65.7 million or 25.4% of revenue.

其餘的改善來自於如前所述我們不預期會重複發生的項目。第三季 GAAP 營業費用為 7,180 萬美元，較第二季下降，且占營收比重亦下降。以非 GAAP 基礎計算，營業費用為 6,440 萬美元，占營收 23%，亦較第二季的 6,570 萬美元（占營收 25.4%）下降。

This approximately 250 basis point sequential improvement in non-GAAP operating expenses demonstrates continued operating leverage despite including increased Farmers Branch ramp costs. Included in Q3 operating expenses were $6.4 million of preproduction ramp costs.

非 GAAP 營業費用約 250 個基點的連續改善，顯示即使納入 Farmers Branch 擴產爬坡成本增加，我們仍持續展現營運槓桿。第三季營業費用中包含 640 萬美元的量產前爬坡成本。

We expect these expenses to transition to the cost of revenues as capacity expansion phases are released to production. GAAP net income for the third quarter was $73.8 million or $0.93 per fully diluted share, up from GAAP net income of $56.2 million or $0.71 per fully diluted share in the previous quarter.

我們預期，隨著產能擴充各階段釋出進入量產，這些費用將轉列至營收成本。第三季 GAAP 淨利為 7,380 萬美元，或完全稀釋後每股 0.93 美元，高於前一季 GAAP 淨利 5,620 萬美元或完全稀釋後每股 0.71 美元。

The increase was driven primarily by higher revenue, higher gross margin and lower restructuring-related costs. Third quarter non-GAAP net income was $82.3 million or $1.04 per fully diluted share, up from $65 million or $0.82 per fully diluted share in Q2. About $0.09 of EPS was attributable to tariff refunds in the third quarter.

成長主要由較高的營收、較高的毛利率以及較低的重組相關成本所帶動。第三季非 GAAP 淨利為 8,230 萬美元，或完全稀釋後每股 1.04 美元，高於第二季的 6,500 萬美元或完全稀釋後每股 0.82 美元。第三季每股盈餘約有 0.09 美元可歸因於關稅退稅。

The GAAP effective tax rate for the third quarter was 15.5% and the non-GAAP effective tax rate for the third quarter was 17.6%. Moving to the balance sheet and cash flows. We delivered free cash flow in the third quarter of $64.8 million compared to $52.6 million in Q2. This increase in free cash flow was driven primarily by higher cash flows from operations, partially offset by higher cash spent on CapEx for Farmers Branch.

第三季 GAAP 有效稅率為 15.5%，第三季非 GAAP 有效稅率為 17.6%。接著看資產負債表與現金流。第三季我們的自由現金流為 6,480 萬美元，相較第二季的 5,260 萬美元。自由現金流增加主要由營運活動現金流增加所帶動，但部分被 Farmers Branch 的資本支出（CapEx）現金支出增加所抵銷。

Cash flows from operations were $104.3 million in Q3, up $42.5 million from Q2, driven primarily by higher net income, partially offset by working capital investments to support the higher operating levels. At quarter end, cash -- total cash and investments were up $50 million to $399 million.

第三季營運活動現金流為 1.043 億美元，較第二季增加 4,250 萬美元，主要由淨利提高所帶動，但部分被為支撐較高營運水準而進行的營運資金投入所抵銷。季末時，現金——現金及投資總額增加 5,000 萬美元至 3.99 億美元。

Our capital allocation framework remains unchanged. Cash will be used to reinvest in the business, pursue targeted acquisitions to expand our served markets and to execute share repurchases with the objective of offsetting dilution from stock-based compensation. During the third quarter, we did not repurchase any shares.

我們的資本配置框架維持不變。現金將用於再投資於業務、進行具針對性的併購以擴大我們所服務的市場，並執行庫藏股回購，目標是抵銷以股票為基礎之薪酬造成的稀釋。第三季我們未回購任何股份。

And at quarter end, $70.9 million remained available under the $75 million repurchase program authorized in April 2025. As Mike mentioned, at the beginning of the current fourth quarter, we announced a collaboration with Teradyne. This included a $300 million investment in FormFactor in order to formalize our partnership and reinforce the open ecosystem for probe card and ATE solutions.

截至季末，2025 年 4 月核准的 7,500 萬美元回購計畫中，仍有 7,090 萬美元可用。如 Mike 所提，在目前第四季初，我們宣布與 Teradyne 展開合作。其中包括對 FormFactor 投資 3 億美元，以正式化我們的合作夥伴關係並強化探針卡與 ATE 解決方案的開放式生態系。

The areas of partnership closely align with the growth areas in our target model and are intended to accelerate development of solutions for our mutual customers. This investment strengthens our balance sheet, but does not change our capital allocation priorities. With respect to investing in the business, the Farmers Branch ramp to initial target capacity remains on track, if not slightly ahead of our original schedule.

合作領域與我們目標模型中的成長領域高度一致，旨在加速為雙方共同客戶開發解決方案。此項投資強化了我們的資產負債表，但不會改變我們的資本配置優先順序。就業務投資而言，Farmers Branch 擴產爬坡至初始目標產能仍按計畫進行，甚至可能略快於我們原先的時程。

Due primarily to optimization of timing of capital spending and favorable payment terms, we now expect 2026 cash capital expenditures for Farmers Branch to be between $100 million and $110 million, below our prior estimate of $140 million to $170 million. Importantly, this simply reflects changes in timing of cash rather than a change in scope or velocity of the ramp as project commitments and total project costs associated with the initial target capacity remained aligned with our original plans.

主要由於資本支出時點的最佳化以及有利的付款條件，我們目前預期 2026 年 Farmers Branch 的現金資本支出將介於 1 億至 1.1 億美元，低於先前估計的 1.4 億至 1.7 億美元。重要的是，這僅反映現金時點的變化，而非擴產爬坡的範疇或速度改變；因為與初始目標產能相關的專案承諾與總專案成本仍與我們原先計畫一致。

We expect the associated cash spending to shift into 2027 as we continue executing the ramp and the expansion of the site. and we expect capital investment in Farmers Branch to remain at similar levels in the next year. Exiting 2027, we expect Farmers Branch will have the capability to produce about $400 million in annual probe card revenue, and we expect that capability to ramp over the course of 2027.

隨著我們持續執行爬坡與廠區擴建，我們預期相關現金支出將轉移至 2027 年。且我們預期明年在 Farmers Branch 的資本投資將維持在相近水準。到 2027 年底，我們預期 Farmers Branch 將具備每年約 4 億美元探針卡營收的產能，並預期該產能將在 2027 年期間逐步爬升。

Preproduction ramp costs are currently recorded as a component of G&A, and we continue to expect $25 million to $30 million of Farmers Branch preproduction expense in 2026. As we begin production, costs will move from operating expenses into cost of revenues. We expect to see this begin in Q4 with about $5 million of start-up costs planned to move from OpEx to cost of revenues in the quarter and another $5 million remaining in OpEx, the latter related to capacity expansion phases not yet released to production. Turning to the fourth quarter non-GAAP outlook.

量產前爬坡成本目前列為一般及管理費用（G&A）的一部分，我們仍預期 2026 年 Farmers Branch 的量產前費用為 2,500 萬至 3,000 萬美元。當我們開始量產後，成本將自營業費用轉入營收成本。我們預期第四季將開始出現此變化：本季約有 500 萬美元的啟動成本計畫自營業費用轉列至營收成本，另有 500 萬美元仍留在營業費用中；後者與尚未釋出進入量產的產能擴充階段相關。接著談第四季非 GAAP 展望。

We expect revenue of approximately $285 million, plus or minus $10 million. At the midpoint, we expect non-GAAP gross margin of 54%, plus or minus 150 basis points. The expected Q4 non-GAAP gross margins are better than the baseline gross margin of 53% described earlier, primarily on tariff refunds, better mix and higher volumes. At the midpoint, we expect Q4 non-GAAP operating expense of approximately $69 million, plus or minus $2 million, including Farmers Branch ramp costs.

我們預期營收約為 2.85 億美元，上下浮動 1,000 萬美元。以中位數計，我們預期非 GAAP 毛利率為 54%，上下浮動 150 個基點。預期第四季非 GAAP 毛利率優於先前所述 53% 的基準毛利率，主要受惠於關稅退稅、更佳的產品組合以及更高的出貨量。以中位數計，我們預期第四季非 GAAP 營業費用約為 6,900 萬美元，上下浮動 200 萬美元，並包含 Farmers Branch 的爬坡成本。

Our Q4 non-GAAP effective tax rate is expected to be within the range of 15% to 19% -- non-GAAP earnings per fully diluted share for Q4 are expected to be $0.95, plus or minus $0.09. A reconciliation of our GAAP to non-GAAP Q4 outlook is available on the Investor Relations section of the website and in our press release issued today.

我們預期第四季非 GAAP 有效稅率將落在 15% 至 19% 的區間——第四季非 GAAP 完全稀釋後每股盈餘預期為 0.95 美元，上下浮動 0.09 美元。我們 GAAP 與非 GAAP 第四季展望的調節表可於公司網站的投資人關係專區以及我們今日發布的新聞稿中查閱。

Q3's results and our Q4 outlook demonstrate the operating leverage available when strong demand is combined with an efficient cost structure and disciplined spending. We are continuing to produce more from our existing footprint through better cycle times, higher yields and improved resource efficiency, even while investing in Farmers Branch to create the capacity and structural economics required for the next phase of growth.

第三季的結果與我們對第四季的展望，展現了當強勁需求結合高效率的成本結構與嚴謹的支出紀律時，可取得的營運槓桿。即使我們正投資 Farmers Branch 以建立下一階段成長所需的產能與結構性經濟效益，我們仍持續透過更佳的週期時間、更高的良率與更高的資源效率，在既有產能版圖上產出更多。

Our position at the intersection of high-performance compute and advanced packaging provides broad exposure across the AI compute architecture from HBM paired with advanced GPUs, CPUs and custom ASICs to emerging co-packaged optics and other photonics applications. As we have demonstrated, the underlying operating model is substantially stronger than it was 1.5 years ago and positions us well to deliver against our target model of $1.6 billion in revenues at 55% gross margins and $5 of EPS. With that, let's open the call for questions. Operator?

我們位於高效能運算與先進封裝的交會點，使我們能廣泛參與 AI 運算架構的各個面向，從與先進 GPU、CPU 與客製化 ASIC 搭配的 HBM，到新興的共封裝光學（co-packaged optics）及其他光子學應用。如我們所示，底層營運模式較 1.5 年前顯著更強，並使我們具備良好條件，朝向目標模型交付：營收 16 億美元、毛利率 55% 與每股盈餘 5 美元。接下來，我們開放提問。接線員？

(Operator Instructions)

(接線員指示)

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, thanks for doing my question. I have two of them, Mike or Aric. First one, I think, Mike, you mentioned that calendar '27 gross margin is similar to the current baseline, which is 53%. I'm just wondering, I understand you have Farmers Branch ramping up. Are there any other headwinds to think about? Or why wouldn't margins get better as volumes ramp next year?

好的，謝謝讓我提問。我有兩個問題，Mike 或 Aric。第一個，我想 Mike 你提到 2027 年曆年毛利率與目前的基準相近，也就是 53%。我只是想了解，我理解 Farmers Branch 正在爬坡。還有其他需要考量的逆風嗎？或者為什麼明年隨著出貨量爬升，毛利率不會更好？

Yes. Thanks for your question, Krish. I'll take this one. This is Aric. So, we stated that we expect at current operating levels that our baseline gross margins are now at 53%, and that's up from the 51% to 51.5% we discussed last quarter.

是的。謝謝你的提問，Krish。這題我來回答。我是 Aric。因此，我們表示在目前的營運水準下，我們的基準毛利率現在為 53%，高於我們上季討論的 51% 到 51.5%。

Of course, with any ramp of a production facility, you're going to have some inefficiencies, and that's associated with headcount additions and other spending that's required to support the ramp as you're ramping up capacity.

當然，任何生產設施的產能爬坡都會出現一些效率不彰，而這與人力編制增加以及為了支援爬坡、在提升產能過程中所需的其他支出有關。

What we expect to be able to do and one of the planned potential successes of our strategy is that we expect to be able to effectively offset that investment with associated increase in volume as well as efficiencies similar to the ones that we've been driving over the last 1.5 years. So, while you would typically see a degradation in gross margins as a result of a ramp, we think we can largely offset those potential inefficiencies that are temporary in nature and sustain the current operating levels.

我們預期能做到的、也是我們策略中規劃的潛在成功之一，是我們預期能以相關的出貨量增加，以及過去 1.5 年來我們持續推動的類似效率提升，來有效抵銷這些投資。因此，雖然一般而言產能爬坡通常會導致毛利率下滑，但我們認為可以在很大程度上抵銷這些本質上屬於暫時性的潛在低效率，並維持目前的營運水準。

Got it. And then a quick follow-up for Mike. Mike, I think you had like pretty good traction in the past on HBM. Just kind of two-part question on it. One is, how do you think about like all the chatter about HBM de-specing?

了解。接著給 Mike 一個簡短追問。Mike，我記得你過去在 HBM 上的進展相當不錯。這裡有個關於它的兩段式問題。第一個是，你怎麼看待市場上關於 HBM 降規（de-spec）的各種討論？

How would that impact you? And the part 2 version of that is if we do more lower the signal requirements or the pin speed requirements for HBM, how would it impact probe card intensity?

這會如何影響你們？第二部分是，如果我們降低 HBM 的訊號要求或腳位速度（pin speed）要求，會如何影響探針卡的使用強度（probe card intensity）？

Yes. So, as you said, Krish, two parts to that, that HBM continues to be a major driver for our business. both here through 2026 and into 2027. On the de-spec, we're really not seeing any significant impact. To orient everybody, we do see third quarter HBM revenue down, but that's primarily a result of customers shifting mix.

是的。如你所說，Krish，這有兩個部分。HBM 仍然是我們業務的主要驅動力，不僅在 2026 年，並且延伸到 2027 年。就降規而言，我們目前並未看到任何顯著影響。為了讓大家有個方向，我們確實看到第三季 HBM 營收下滑，但那主要是因為客戶在產品組合上做了調整。

And with the HBM4E and HBM5 design funnel we have and the forecast we have from customers, we expect continued strong growth in HBM. I'll remind people that one of the places where we're really strongly differentiated is in the final stack test. And of course, this HBM de-spec involves more completed stacks with fewer die in each stack. We're moving from, for example, 12-high to 8-high.

以我們目前的 HBM4E 與 HBM5 設計案源（design funnel）以及客戶提供的預測來看，我們預期 HBM 將持續強勁成長。我也提醒大家，我們差異化非常明顯的一個環節是在最終堆疊測試（final stack test）。而且，這次 HBM 降規涉及的是更多「完成的堆疊」，但每個堆疊中的晶粒（die）數更少。例如，我們正從 12 層（12-high）轉向 8 層（8-high）。

And so this potentially hard to account for all the moving parts, but we don't see any significant headwinds associated with HBM growth associated with the de-spec. On the speed question, if you look at the road map, the move from HBM4 to, as I said, we're working right now on initial designs for 4E and 5. That continues to be an advancing road map with higher speeds.

因此，這裡面有很多變動因素，可能不容易把所有影響都精準量化，但我們並未看到因降規而對 HBM 成長造成任何顯著逆風。至於速度的問題，如果你看路線圖，從 HBM4 往後推進——如我所說，我們目前正在進行 4E 與 5 的初始設計——這仍是一條持續演進、速度更高的路線圖。

And that's also been a place where FormFactor provides strong differentiation for our customers, high-speed test performance, so they're guaranteeing to their customers, they're meeting their test specs with high productivity and high parallelism from our SmartMatrix DRAM architecture.

而這也是 FormFactor 能為客戶提供強力差異化的領域：高速測試效能，讓他們能以高生產力與高並行度（high parallelism），透過我們的 SmartMatrix DRAM 架構，向其客戶保證符合測試規格。

Thank you.

謝謝。

Craig Ellis, B. Riley.

Craig Ellis，B. Riley。

Yeah, thanks for taking the question. Mike, I wanted to follow up on some of the comments around foundry/logic given the strength we saw in the business. First, can you go into a little bit more detail on some of the things that were driving the sequential growth in the quarter? And I think you indicated that you expected the business to grow again in the fourth quarter. Is it similar drivers? Is it new drivers?

是的，謝謝讓我提問。Mike，鑑於我們看到業務表現強勁，我想追問一些你對晶圓代工／邏輯（foundry/logic）的評論。首先，你能否更詳細說明本季帶動營收季增的一些因素？另外我想你也提到，你預期第四季業務會再成長。驅動因素相同嗎？還是有新的驅動因素？

And as you comment, can you help us understand the degree to which traditional x86 server strength is benefiting the business in light of the fact that Micron was out there less than one month ago talking about high teens growth this year and next?

另外在你說明時，能否幫我們理解：在美光不到一個月前提到今年與明年都有高十位數成長的背景下，傳統 x86 伺服器的強勁需求在多大程度上正讓你們的業務受益？

Yes. So, foundry/logic, as you know, up in Q3, right around 10% -- and as I said in my prepared remarks, we expect Foundry and Logic to grow again in Q4. One of the key features of this growth, key drivers of this growth is CPUs for presumably Agentic AI use cases, right? This has been an interesting development in 2026. And it's an example where we have really strong exposure, right, both through historical long-term customer relationship where we have high native share.

好的。晶圓代工／邏輯方面，如你所知，第三季成長約 10%——而且如我在事先準備的講稿中所說，我們預期晶圓代工與邏輯在第四季會再度成長。這波成長的一個關鍵特徵、關鍵驅動因素，是 CPU（推測用於 Agentic AI 的使用情境），對吧？這是 2026 年一個很有意思的發展。這也顯示我們有非常強的曝險（exposure）：一方面透過歷史悠久的長期客戶關係，我們在該客戶上有很高的原生市占（native share）。

That customer almost a 10% customer in Q3 based on this data center CPU strength, and we would expect them probably to appear as a 10% customer in Q4, but also exposure with x86 fabless and ARM CPU features. So, as that business continues to grow, nice exposure, it is one of the key drivers for Foundry and Logic right now.

由於資料中心 CPU 的強勁需求，該客戶在第三季幾乎成為我們約 10% 的客戶；我們預期第四季他們也可能會以 10% 客戶的身分出現。同時，我們也在 x86 無晶圓廠（fabless）與 ARM CPU 領域有所曝險。因此，隨著該業務持續成長，我們的曝險相當不錯，這也是目前晶圓代工與邏輯的主要驅動因素之一。

That's really helpful. And then the follow-up is on the systems business. You've been real clear this year, we should expect strength in TRITON. It seems like it's coming in even stronger than we expected six months ago, maybe even three months ago. As you talk to customers, what are they signaling about the durability of the strength we're seeing today as we look through the fourth quarter of this year and into 2027?

這非常有幫助。接著追問系統業務。你今年一直很清楚地表示，我們應該預期 TRITON 會很強；看起來它的表現甚至比我們六個月前、甚至三個月前的預期還要更強。當你與客戶交流時，他們對於我們目前看到的強勁態勢，在今年第四季以及進入 2027 年的延續性（durability）釋放了什麼訊號？

Yes. TRITON and Photonics has been one of the real highlights for us in 2026. It's been a set of investments we've been making for the better part of a decade. And as you noted, we've accelerated our expectations now to north of $30 million in TRITON revenue for 2026 after starting the year at between $10 million and $20 million Customers continue to be very bullish. It's still really dominated by one ecosystem, at least on the CPO side.

是的。TRITON 與光子（Photonics）一直是我們 2026 年最突出的亮點之一。這是一系列我們投入了將近十年的投資。如你所提到的，我們已把 2026 年 TRITON 營收預期加速上調到超過 3,000 萬美元；而年初我們的預期是 1,000 萬到 2,000 萬美元之間。客戶仍然非常看多。至少在 CPO 這一端，目前仍主要由單一生態系主導。

But as I mentioned in the prepared remarks, one of the other things we're seeing is some diversification where we're seeing adoption in NPO applications and some pluggables applications as well. In pluggables, not necessarily the TRITON system, but a derivative technology.

但如我在事先準備的講稿中提到的，我們也看到一些多元化：我們看到在 NPO 應用以及部分可插拔（pluggables）應用上也開始採用。在可插拔領域，不一定是 TRITON 系統本身，而是其衍生技術。

There's a focus area where we expect continued growth, right? Photonics is such a compelling solution for the power and energy challenges that the industry face. It's really a question of when and not if, and we're seeing the early innings of that when really take place here in '26 into '27.

這是我們預期會持續成長的重點領域。光子技術對於產業所面臨的功耗與能源挑戰而言，是一個極具吸引力的解決方案。這真的只是時間早晚、而不是會不會發生的問題；而我們正看到這個趨勢在 2026 年到 2027 年之間開始進入早期階段並真正展開。

Very helpful. Thank you.

非常有幫助。謝謝。

George Brown, Deutsche Bank.

George Brown，德意志銀行（Deutsche Bank）。

Hi guys, thanks for taking my questions. Just two from my side. So, just firstly, on the GPUs and maybe the ASIC side, I think you said in your statements that you shipped products for the GPU in this quarter. But I think most of the step-up in your sales to TSMC, which is again a sort of over 10% customer.

嗨，各位，謝謝讓我提問。我這邊有兩個問題。首先，關於 GPU、以及可能的 ASIC 端，我想你在發言中提到你們本季有出貨 GPU 相關產品。但我認為你們對台積電（TSMC）的銷售額大幅提升占了多數，而台積電同樣也是一個超過 10% 的客戶。

It sounds like it's mainly from TRITON or the CPU stuff rather than maybe less so the GPU. So, how should we think about the GPU sort of contribution in Q3 and into Q4 and also as we go into 2027 with more capacity coming online?

聽起來主要是來自 TRITON 或 CPU 相關，而不是 GPU 那邊占比較小。所以，我們應該如何看待 GPU 在第三季以及進入第四季的貢獻？另外，隨著更多產能在 2027 年上線，我們又該如何看待 GPU 的貢獻？

And I guess, in a similar vein on the ASIC side, -- sort of are there any updates here in terms of qualifications? I know last quarter, you talked about the Google TPU likely requiring advanced MEMS at some point. So, any update there as well? And then I have a second.

另外我想在 ASIC 方面也問一個類似的問題，-- 在資格認證（qualification）方面有沒有任何更新？我知道上季你提到 Google TPU 可能在某個時間點會需要先進 MEMS。所以這部分也有更新嗎？然後我還有第二個問題。

Okay. Let me see if I could parse -- there was a lot in that question. Let's start with the GPU. We did say in the prepared remarks that we shipped probe cards for one single GPU design to the world-leading foundry in multimillion-dollar quantities. And this is the very early part of us becoming a key part of those projects annually.

好的。我看看能不能把問題拆解一下 -- 這個問題涵蓋很多內容。我們先從 GPU 開始。我們在事先準備的講稿中確實提到，我們已向全球領先的晶圓代工廠，針對單一 GPU 設計出貨探針卡，出貨金額達數百萬美元規模。而這只是我們開始逐年成為這些專案關鍵一環的非常早期階段。

We're well positioned to grow that business and start to take significant share in 2027, and that's a key feature of our growth. Similar for custom ASICs, right, where we've qualified, shipped multiple units, but we're really constrained essentially by our ability to produce in volume.

我們具備良好條件來擴大這項業務，並在 2027 年開始取得顯著市占，這也是我們成長的一個關鍵特徵。客製化 ASIC 也是類似情況，對吧？我們已完成認證、出貨多個單位，但本質上真正受限的是我們量產能力。

And that's why Farmers Branch getting that ramped up, as Aric described, is the number one priority for the company. We ourselves very well positioned, whether it be GPUs, x86 fabless CPUs, custom ASICs, customers need our technology. This advanced MEMS technology is a key enabler for high-performance compute, getting the capacity online to go deliver that top priority for the company, and we're executing really well on that as fast as we can.

這也是為什麼如 Aric 所描述，將 Farmers Branch 的產能爬坡拉起來是公司第一優先事項。不論是 GPU、x86 無晶圓廠（fabless）CPU，或客製化 ASIC，我們都處於非常有利的位置，客戶需要我們的技術。這項先進 MEMS 技術是高效能運算的關鍵推動者；讓產能上線以交付成果是公司最優先事項，我們也正以最快速度、且執行得非常好。

Perfect. And then just following on from what you said in terms of capacity, we're hearing more from your peers about accelerating capacity additions, really sort of doubling down here to ramp as fast as possible. I think Advantest said this morning, they're accelerating their plans to double their capacity on the logic test equipment side and hinted at doubling again over the midterm.

很好。接著延續你剛才提到的產能，我們也從你們同業那邊聽到更多關於加速擴產、基本上是加倍投入以盡快爬坡的說法。我想 Advantest 今天早上表示，他們正在加速把邏輯測試設備的產能倍增，並暗示中期可能再倍增一次。

So, just wondering how much flexibility here you guys have in terms of accelerating the ramp at Farmers Branch into '27, maybe into '28 because I think there's multiple phases you have, I think, Phase 1 to Phase 2. And obviously, the injection from cash from Teradyne. I wonder if that helps, I guess, is my question.

所以我想問的是，你們在把 Farmers Branch 的爬坡加速到 2027 年、甚至可能到 2028 年方面，有多大的彈性？因為我認為你們有多個階段，像是第一期到第二期。而且顯然還有來自 Teradyne 的現金挹注。我想問的是，這是否會有幫助？

Yes. I think -- as Mike shared, this is our number one priority as a company right now is making sure that we bring up the capacity at Farmers Branch as fast as possible, but within the context of making sure we preserve our quality and we do it the right way. I provided an expectation of where we think we'd be able to exit 2027 at about $400 million of capability. That's framed on a variety of potential scenarios, and that's one that we think balances the risks with our execution ability. We feel really good about the team that we have working on this.

是的。我想 -- 如同 Mike 分享的，現在公司第一優先事項就是確保 Farmers Branch 的產能以最快速度拉升，但同時要在確保品質、以正確方式執行的前提下進行。我先前提供的預期是，我們認為到 2027 年底退出（exit）時可達到約 4 億美元的產能能力。這個數字是基於多種可能情境所設定，我們認為它在風險與執行能力之間取得了平衡。我們對目前負責此案的團隊非常有信心。

It's a team that has done this before. They've demonstrated their ability to deliver over the past 1.5 years on the cost improvements that we've been working on. So, we feel really good about where we're at. Maybe the additional point I'll add here is that Farmers Branch is really a platform for us to build on going forward. And so by definition, it is flexible.

這是一支做過類似事情的團隊。在過去 1.5 年裡，他們已在我們推動的成本改善上展現交付能力。所以我們對目前的進展感到非常放心。我想再補充一點：Farmers Branch 對我們而言是未來持續擴建的「平台」。因此按定義來說，它是具備彈性的。

That's one of the basic tenets around that site is we want to make sure that we can add capacity in a modular fashion as we move forward and as the demand environment dictates. In the ramp phase, there's -- we've got plenty to do over the next 12 months. So, I think it's a good balanced view of what we put out there in terms of our potential exiting the year and then moving beyond that into coming years.

該基地的一個基本原則就是：我們希望能隨著未來推進、以及需求環境的變化，以模組化方式增加產能。在爬坡階段，-- 我們在接下來 12 個月有很多事情要做。因此，我認為我們對外提出的「年底退出」能力以及之後年度的展望，是一個相當平衡的看法。

Perfect. Thank you so much, guys.

太好了。非常感謝各位。

Matt Prisco, Cantor.

Matt Prisco，Cantor。

Yeah, thanks for taking the question, guys. I guess to start off, just a follow-up on Farmers Branch there. How should we think about the linearity of that ramp throughout 2027? And do you expect to have the demand to fill that fab completely as it kind of ramps to that $400 million annual run rate capability exiting '27?

是的，謝謝讓我提問，各位。我想先從 Farmers Branch 的追問開始。我們應該如何看待 2027 年整年的爬坡線性程度（linearity）？另外，你們是否預期需求足以在產能爬升、並於 2027 年底達到年化 4 億美元 run rate 產能能力時，把這座廠完全填滿？

Yes. I think -- so I'll just reiterate, we expect to be able to exit the year at this $400 million annual run rate capability. That's a capability exit. not necessarily the revenue. The revenue is going to be dictated by the timing of demand as you state.

是的。我想 -- 我再重申一次，我們預期能在年底退出時達到年化 4 億美元 run rate 的產能能力。那是「產能能力」的退出值。不一定等同於營收。營收將如你所說，取決於需求出現的時間點。

Now the current demand environment is clearly very strong. So, I think our thinking right now is that capacity is the limiting factor, and that is why it's the number one company priority that we're focused on.

目前的需求環境顯然非常強勁。所以我們目前的看法是，產能才是限制因素；也因此這是我們公司聚焦的第一優先事項。

And then that linearity through the year, should we expect that to be even better?

那麼，全年線性程度方面，我們是否可以預期會更好？

Yes, sorry. And then yes, I think linearity is -- it's a fair assumption to assume it roughly linear. Now there could be puts and takes as things kind of shift around in the schedule. But I think as a mental model, that's a fair way to think about it, starting at something close to 0 and ramping up over the course of 2027 to the $400 million worth of annual capacity.

是的，不好意思。另外，是的，我認為線性程度 -- 合理的假設是大致呈線性。當然，隨著排程調整，可能會有一些增減變化。但作為一個心智模型，從接近 0 開始，並在 2027 年期間逐步爬升到年化 4 億美元的產能，這樣理解是合理的。

Got you. And then as my follow-up, just going back to gross margins, can you give a little more color on what's driving that 2-point increase in the baseline? And then maybe the headwind that Farmers Branch that early ramp you expect, can you quantify that headwind at all through '27, so we can start thinking through once we're at that full run rate, what kind of tailwind we can expect from that facility?

了解。接著我的追問回到毛利率：你能否多提供一些細節，說明基準毛利率上調 2 個百分點的驅動因素是什麼？另外，Farmers Branch 在早期爬坡你們預期會帶來的逆風，能否在 2027 年之前做任何量化？這樣我們可以開始推估，當達到完整 run rate 時，該設施可能帶來什麼樣的順風（tailwind）。

Yes. So, the increase in the baseline gross margins is driven really by the same things that we've been seeing over the past 1.5 years. It's cycle times, it's yield, just improving our efficiency in our existing footprint. We're getting more out with the same amount of resources, and that's driving up our gross margins because it's driving down our unit cost. That's really what's driving that once we exclude those nonrecurring items.

可以。基準毛利率的提升，主要是由我們在過去 1.5 年持續看到的同樣因素所驅動。包括週期時間（cycle times）、良率（yield），以及在既有產能版圖中提升效率。我們用相同的資源產出更多，這會推升毛利率，因為它降低了單位成本。在排除那些非經常性項目後，主要就是這些因素在驅動。

As it relates to 2027, we haven't quantified the pluses and minuses over that time frame, mainly because it's a false sense of precision. But we are committed to when we exit the year after we have completed that initial ramp that it will be accretive to the gross margin levels we see today once we're at that initial capacity.

至於 2027 年，我們沒有去量化那段期間的正負影響，主要是因為那會帶來一種虛假的精確感。但我們承諾，在完成初期爬坡並於年底退出時，一旦達到初始產能水準，該廠將會對我們目前看到的毛利率水準具有增益（accretive）。

[Elizabeth Sun, Citi].

[Elizabeth Sun，花旗]。

Thank you. Thanks for taking my question. I guess my first question is also on the Farmers Branch. I understand you are trying to ramp as fast as possible throughout next year. I'm just curious, for the near term, it seems like capacity is becoming more of a constraint on the growth.

謝謝。謝謝讓我提問。我想我的第一個問題也與 Farmers Branch 有關。我理解你們正嘗試在明年全年盡可能快地提升產能。我只是好奇，就短期來看，產能似乎正逐漸成為成長的限制因素。

And it seems like Q4 is kind of constrained on that as well. So, I was just curious, as we go into Q1 next year, how much longer does farmers -- does the capacity continue to be a headwind or constraints? And it's just how fast you can ramp in Q1 so that it doesn't -- for Farmers Branch so that it doesn't become a constraint?

而且看起來第四季也在這方面受到一些限制。所以我想請教，進入明年第一季時，Farmers——也就是 Farmers Branch 的產能還會在多長時間內持續成為逆風或限制？以及你們在第一季能以多快的速度拉升，讓 Farmers Branch 不至於成為限制因素？

Yes. I agree that we're starting to see more and more tightness in our ability to produce. We're operating kind of at the limits of what our current footprint can do. And as you correctly noted, and maybe just we've managed to squeeze out significantly more production over the course of this year from the beginning of this year to the end of this year, and that's driven through these process improvements, these efficiencies that we've driven, really the same footprint.

是的。我同意我們開始看到生產能力越來越吃緊。我們的運作大致已接近目前既有產能版圖所能做到的上限。而如你正確指出的，也許可以這麼說：我們在今年從年初到年底，已經在相同的產能版圖下擠出了顯著更多的產出，這主要是透過流程改善與效率提升所帶動的。

We've squeezed that orange multiple times now, and it's getting harder and harder to get more out of that. You can see that in our outlook for Q4, where our incremental guide up a little bit less than maybe the prior quarter, what we were able to achieve. So, you're correct in your statement that we are starting to see those limits. Farmers Branch is, of course, the relief valve for that. And I'll just go back to kind of what I said previously is that we expect that capacity to come online effectively linearly over the year to that $400 million ending exiting capability.

我們已經把那顆橘子擠了好幾次，現在要再擠出更多變得越來越困難。你可以在我們對第四季的展望中看到這點：我們上修的增量指引，比起前一季我們能達成的幅度要小一些。所以，你的說法是對的：我們開始看到這些上限。Farmers Branch 當然就是用來紓解這個問題的洩壓閥。我再回到我先前提到的：我們預期該產能會在全年以近乎線性的方式逐步上線，年底退出時可達到 4 億美元的產能能力。

Okay. Got it. And then on the gross margin side, I think Aric talked about or Mike talked about like there is structurally increasing gross margin in DRAM side. There is like cost programs you are executing. So, I'm just curious right now how -- is there any pricing element in that gross margin improvement for DRAM overall? And also, how far is DRAM gross margin away from foundry logic right now?

好的，了解。接著在毛利率方面，我想 Aric 或 Mike 提到 DRAM 端的毛利率在結構性提升。你們也在執行一些成本計畫。所以我想請教，目前 DRAM 整體毛利率改善中，是否有任何來自定價的因素？另外，DRAM 毛利率目前與晶圓代工邏輯（foundry logic）相比，差距大概有多遠？

Yes. Elizabeth, it's Mike. I'll take that. What we did note and just to orient everyone, we delivered again record DRAM revenue and at the same time, delivered record or near record company gross margins. That's something you would have not seen from the FormFactor of the past.

是的，Elizabeth，我是 Mike。我來回答。我們確實提到，為了讓大家有個定位：我們再次交出創紀錄的 DRAM 營收，同時也交出公司創紀錄或接近創紀錄的毛利率。這是過去的 FormFactor 你不太會看到的情況。

And it goes to these DRAM cost reductions. If I look at the DRAM gross margins and parse them, there's very little contribution from price increases. As we've shared with people in the past, our business model is really about delivering value to our customers and then getting compensated for that value.

這反映在 DRAM 的成本下降。如果我拆解 DRAM 毛利率的構成，來自漲價的貢獻非常少。如同我們過去與大家分享的，我們的商業模式核心是為客戶交付價值，並因這些價值而獲得相應的報酬。

So, we're not running a commodity business here. There are situations where an expedited delivery or a capacity reservation is valuable for our customers, and they are compensating for that. But it's not the prominent theme associated with DRAM gross margin improvement.

所以我們不是在經營大宗商品型的生意。在某些情況下，加急交付或產能預留對客戶很有價值，而客戶也會為此付費。但這並不是推動 DRAM 毛利率改善的主要主題。

Thanks, Mike. Thanks, Eric.

謝謝你，Mike。謝謝你，Eric。

(Operator Instructions)

（接線員指示）

Charles Shi, Needham.

Charles Shi，Needham。

Good afternoon, Mike and Erica. Maybe I want to push you guys a little bit more on the Farmers Branch gross margin. I understand that during the ramp, there's always offsetting factors. But in a steady state, let's say, once Farmers Branch is fully ramped, you're in a steady state.

下午好，Mike 和 Erica。我想在 Farmers Branch 的毛利率上再多追問一點。我理解在爬坡期間總會有一些相互抵銷的因素。但在穩態情境下，假設 Farmers Branch 已完全爬坡並進入穩態。

There's no ramp cost-related headwinds left. I'm sure you know the cost structure of that new facility. And what would be the steady state gross margin accretion to the overall FormFactor. If you can shed some light into that, that would be great.

那就不再有與爬坡成本相關的逆風。我相信你們很清楚那座新廠的成本結構。那麼在穩態下，它對整體 FormFactor 的毛利率提升（accresion）會是多少？如果你們能提供一些說明就太好了。

Yes. I think over the longer term, what we're seeing in terms of what we've been able to achieve so far this year as an example and as we head into the ramp of Farmers Branch is very close alignment to the target model that we communicated earlier this year in terms of operating leverage and the sort of gains that we're able to drive as volumes increase.

是的。我認為從較長期來看，以今年為例我們目前所達成的成果，以及我們即將進入 Farmers Branch 的爬坡，都與我們今年稍早所溝通的目標模型（target model）非常一致，特別是在營運槓桿以及隨著出貨量增加所能推動的各項改善。

I think that continues to hold as we exit the Farmers Branch ramp. And the target model did include the investments required to build out effectively the capacity to support the $1.6 billion revenue level. So, I think looking at the target model profitability is a good guide for you beyond next year.

我認為在我們完成 Farmers Branch 爬坡、退出爬坡階段後，這一點仍然成立。而目標模型也已包含為了建置產能、以支撐 16 億美元營收水準所需的投資。因此，我認為在明年之後，你可以把目標模型的獲利能力當作一個很好的參考指引。

Okay. Maybe a question for Mike. Mike, the TRITON system revenue, if I understand correctly, from last year to this year, based on what you just said, north of $30 million it's approximately 4x of last year's level. Obviously, this is probably still a small part of the FormFactor business, 3% or 4% of the total.

好的。也許有個問題想問 Mike。Mike，TRITON 系統的營收，如果我理解正確，根據你剛才所說，從去年到今年已超過 3,000 萬美元，大約是去年的 4 倍。顯然這可能仍是 FormFactor 業務中相對小的一部分，大概占總體的 3% 或 4%。

But let's say, you've had franchises in the past that it can grow multiple times in a short amount of time like HBM franchise, right? So, do you have the capacity in place, let's say, that the TRITON system demand can do another 3x or 4x or even higher going into next year? And with all the attention on Farmers Branch, that seems like a probe card facility, anything you're doing on the system side?

但假設你們過去也有一些產品線能在短時間內成長好幾倍，例如 HBM 產品線，對吧？那麼你們是否已具備足夠產能，假設 TRITON 系統需求在明年再成長 3 倍或 4 倍，甚至更高？另外，大家的注意力都放在 Farmers Branch，那看起來是探針卡（probe card）廠；在系統端你們有做什麼安排嗎？

Yes. So, TRITON really has been a great growth story for us in 2026. But as I mentioned earlier, really the result of many, many years of investment and partnership with some of the driver customers. In 2025, it was zero revenue. So, it's gone from 0 to $30-plus million here in 2026.

是的。TRITON 在 2026 年確實是我們很棒的成長故事。但如我先前提到的，這其實是多年投資，以及與一些關鍵驅動型客戶合作的成果。在 2025 年，它的營收是零。所以在 2026 年，已從 0 成長到 3,000 萬美元以上。

And when you look at how we manufacture the TRITON system, it's a little less internally focused and more externally focused on different subcomponents. We're basically integrating and assembling some subcomponents.

而當你看我們如何製造 TRITON 系統時，它相對不是那麼依賴內部製造，而是更依賴外部供應的不同子組件。我們基本上是在做一些子組件的整合與組裝。

And so it's not quite the capacity constraints that we have in what's a pretty vertically integrated business in probe cards. All of our growth forecasts, even at the high end, remember, we talked about this being a $400 million served market in 2030, showing good progress this year to start to move on the way there. We expect the same in 2027, and we do not expect capacity to be a constraint on the growth of that business.

因此，它不像探針卡那種高度垂直整合的業務，會面臨同樣的產能限制。就我們所有的成長預測而言，即使在高端情境下——請記得我們談過這在 2030 年是一個 4 億美元的可服務市場（served market）——今年已展現良好進展，開始朝那個方向前進。我們預期 2027 年也會是同樣的情況，而且我們不預期產能會成為該業務成長的限制因素。

Brian Chin, Stifel.

Brian Chin，Stifel。

Hi there, good afternoon. Thanks for letting us ask a few questions. Hey, Mike, so in the past, when TSMC has bobbed its head over 10%, now that's, I think, two quarters in a row, maybe the business was $100 million below the run rate you're at now, so call it a $190 million or $180 million versus like a $280 million now.

大家好，午安。謝謝讓我們提幾個問題。嗨，Mike，過去當台積電（TSMC）的占比上到 10% 以上時，現在我想這已經連續兩季了，當時那個業務規模大概比你們現在的運行水準（run rate）低 1 億美元左右，所以大概是 1.9 億或 1.8 億美元，相較於現在大約 2.8 億美元。

And historically, it's the composition of that business, there's been certainly a bias towards things like mobile processors, et cetera. Is that kind of historic larger part of the TSMC foundry business, is that kind of a similar size and kind of all the incremental growth from 10% at $180 million versus 10% at $280 million. Is that all coming mainly from like custom ASICs? Or how would you describe how the composition of that TSMC business has evolved?

而從歷史上看，那塊業務的組成確實偏向像是行動處理器等。那麼，台積電晶圓代工業務中那個歷史上占比較大的部分，現在規模是否仍然差不多？而從 10% 對應 1.8 億美元到 10% 對應 2.8 億美元的增量成長，主要都是來自客製化 ASIC 嗎？或者你會如何描述台積電這塊業務的組成是如何演變的？

Yes. It's actually a microcosm of how we've driven our larger growth strategy at the company. There is multiple components to it. As you note, historically, that business was anchored in essentially mobile application processor ramps, broadened out a little bit as high-performance compute started, broadened out a lot this year with some more high-performance compute and different projects. And we've also got the TRITON system there now as well.

是的。這其實是我們在公司推動更大成長策略的一個縮影。它包含多個組成部分。如你所說，歷史上那塊業務基本上是以行動應用處理器的放量（ramp）為主，之後隨著高效能運算（HPC）開始而稍微擴展；今年又因為更多高效能運算與不同專案而大幅擴展。而且我們現在也把 TRITON 系統導入那裡了。

So, a broader-based set of opportunities with that customer, again, an almost perfect parallel to the way we're driving growth and diversification for the overall company, where we've got exposure to multiple different opportunities, making sure that when those opportunities hit, we've got exposure to them. I think the business with that customer, again, a perfect microcosm of how we approach driving the overall growth strategy for FormFactor.

所以，對那位客戶而言，我們有一套更廣泛的機會組合；同樣地，這幾乎完美對應到我們推動整體公司成長與多元化的方式：我們會接觸多種不同機會，並確保當那些機會到來時，我們能夠參與其中。我認為與那位客戶的業務，再次是我們如何推動 FormFactor 整體成長策略的一個完美縮影。

Okay. That's helpful. And then in terms of the initial waves or batches of products that you start to bring up in Texas and the new probe card facility, is there a bias towards just new customer designs straight into Texas? Or is there some sort of balance there between products and maybe you're transferring out of Livermore and moving there? What's kind of the thought process on what kind of batch lead offs?

了解，這很有幫助。接著談到你們在德州與新的探針卡（probe card）廠房開始導入的第一波或第一批產品，是否會偏向把新客戶的新設計直接導入德州？或者在產品上會有某種平衡，例如把部分產品從 Livermore 轉移過去？你們對於第一批導入（lead off）的思考是什麼？

Yes. So, that gets pretty in the weeds, but -- let me try and give you some of the themes for it. We are initially ramping assembly and test for our foundry and logic products, and we'll be adding the MEMS front end for foundry and logic products in 2027. That frees up DRAM capacity in Livermore. And so the set of customers served out of Farmers Branch primarily -- well, not primarily, exclusively foundry and logic customers.

是的。這會牽涉到不少細節，不過——我試著提供幾個主軸。我們一開始會先為晶圓代工與邏輯（foundry and logic）產品擴產組裝與測試（assembly and test），並且會在 2027 年為晶圓代工與邏輯產品加入 MEMS 前段製程（front end）。這會釋放 Livermore 的 DRAM 產能。因此，由 Farmers Branch 供應的客戶群主要——其實不是主要，而是完全——都是晶圓代工與邏輯客戶。

Within that set, we're obviously optimizing things for speed to ramp. If customers want a lengthy detailed qualification process, well, maybe they're going to be closer to the end.

在這個客戶集合中，我們顯然會以加速放量（ramp）的速度來做最佳化。如果客戶希望進行冗長且非常細緻的認證（qualification）流程，那麼他們可能就會排在比較後面。

We want to make sure we're utilizing that capacity as aggressively as we possibly can. One of the earlier questions about us being capacity constrained, we don't want that capacity sitting idle while customers decide whether they're going to qual or not. So, there's very much a bias, whether it be new customers or existing customers who have a practical but aggressive qual plan to get them into Farmers Branch first.

我們希望確保能盡可能積極地利用那個產能。先前有人問到我們是否受限於產能，我們不希望在客戶決定要不要做認證時，產能卻閒置在那裡。因此，我們確實會有很明顯的偏好：不論是新客戶，或是既有客戶，只要他們有務實但積極的認證計畫，我們就會優先讓他們先進到 Farmers Branch。

Okay. That's pretty helpful. And then maybe in terms of the comment that things are going a little bit ahead of plan, is that in terms of your initial view of how that engagement is going with your customers? Is that kind of the learning curve on training new employees and hiring them? Is that the availability of the equipment sets?

了解，這相當有幫助。另外，關於你提到進度有點超前於計畫，這是指你們最初對於與客戶合作推進情況的預期嗎？還是指訓練新員工與招募的學習曲線？或是設備組合（equipment sets）的到位情況？

Yes. It's really a reflection on the expected revenue shipment timing. So, we initially expected the first revenue out to either be at the very, very end of this year to the beginning of 2027. And as Mike mentioned in his prepared remarks, we shipped our first card in the last couple of weeks. So, that's the acceleration that we're seeing.

是的。這主要反映在預期的營收出貨時點。我們原先預期第一筆營收要到今年非常、非常接近年底，或是 2027 年初才會出現。而如 Mike 在事先準備的發言中提到的，我們在過去幾週已經出貨了第一張卡。所以，這就是我們看到的加速。

That said, the other areas that you mentioned, such as workforce, et cetera, also seem to be going well. Again, we've got a really good team working on this. I think we're continuing to tick through the milestones at a good pace.

話雖如此，你提到的其他面向，例如人力等，看起來也進展順利。同樣地，我們有一個非常好的團隊在推動這件事。我認為我們正以不錯的速度持續達成各個里程碑。

Good. Just be careful lifting those cards in the factory.

很好。在工廠搬那些卡的時候要小心。

I would now like to turn the conference back to Mike Slessor for closing remarks.

我現在想把電話會議交回給 Mike Slessor 做結語。

Thanks, everybody, for joining us today. An exciting time for FormFactor. As I said in the prepared remarks, our guidance implies going through $1 billion of revenue this year for the first time in company history. We've got a bright future in front of us with Farmers Branch coming online. Thanks for joining.

謝謝各位今天加入我們。對 FormFactor 來說是個令人振奮的時刻。如我在事先準備的發言中所說，我們的財測意味著今年公司史上首次營收將突破 10 億美元。隨著 Farmers Branch 上線，我們的前景一片光明。謝謝各位參與。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。