FORMFACTOR Business Summary

FormFactor Inc. (FORM) operates as a premier provider of semiconductor test and measurement technologies, generating revenue primarily through the sale of high-performance probe cards and analytical probes, which account for approximately 83% of total revenue. The remaining 17% is derived from its Systems segment, which includes probe stations, thermal subsystems, and cryogenic systems used throughout the semiconductor lifecycle from R&D to high-volume production. The company’s growth is currently propelled by the surge in generative AI, specifically through its leadership in testing High-Bandwidth Memory (HBM) and advanced Foundry and Logic chips. FormFactor competes directly with Technoprobe, Advantest, Teradyne, and Tokyo Electron, maintaining a dominant global position in the advanced probe card market by leveraging its recent acquisition of Keystone Photonics to expand into silicon photonics and co-packaged optics testing. Founded in 1993 by Igor Khandros, the company is currently led by President and CEO Mike Slessor, who holds a Ph.D. from Caltech and previously held leadership roles at KLA and MicroProbe. The executive team includes SVP and CFO Aric McKinnis, who was appointed in August 2025 following a tenure at MKS Instruments, and Chief Commercial Officer Aasutosh Dave, formerly of ASML. Long-time CTO Jarek Kister transitioned to Executive Technology Advisor in 2025, continuing to steer the company’s R&D strategy. The Board of Directors is chaired by Thomas St. Dennis, a former executive at Applied Materials and Wind River Systems. FormFactor maintains a high level of institutional backing, with major shareholders including BlackRock, Vanguard Group, and Earnest Partners, collectively holding a significant majority of the company's equity.