FormFactor, Inc. reported significant financial growth for the three and nine months ended September 28, 2024, compared to the same periods in the previous fiscal year. Total revenues for the third quarter reached $207.9 million, a 21.2% increase from $171.6 million in Q3 2023. For the nine months, revenues totaled $574.1 million, reflecting a 16.0% growth from $494.9 million in the prior year. The Probe Cards segment was a key driver, generating $172.2 million in Q3 2024, up 34.2% from $128.3 million in Q3 2023, and $475.7 million for the nine months, a 28.3% increase from $371.0 million.
Gross profit also saw substantial increases, with Q3 gross profit at $84.7 million, up 22.3% from $69.3 million, and nine-month gross profit at $234.3 million, a 22.9% rise from $190.6 million. The gross profit margin improved to 40.8% for the nine months, compared to 38.5% in the previous year.
Net income surged dramatically, reaching $18.7 million for Q3 2024, compared to $4.4 million in Q3 2023, and $59.9 million for the nine months, up from $6.5 million. This increase was partly attributed to a $20.3 million gain from the divestiture of the company's China operations and a new distribution agreement in the region. The operating income for the nine months was $56.9 million, a significant rise from $1.5 million in the prior year.
FormFactor's strategic decisions included the sale of its FRT Metrology business for $100 million, which closed on November 1, 2023, and the divestiture of its China operations for $25 million, completed on February 26, 2024. These transactions contributed to the company's financial performance but also impacted the Systems segment, which saw a decline in revenue due to the absence of metrology system sales.
The company maintained a strong liquidity position, with cash and cash equivalents increasing to $184.5 million as of September 28, 2024, from $177.8 million at the end of December 2023. Total current assets rose to $614.8 million, up from $573.8 million. FormFactor's working capital also improved to $485.6 million, compared to $442.7 million at the end of the previous fiscal year.
Overall, FormFactor's performance in the recent fiscal period reflects robust demand for its products, particularly in the Probe Cards segment, alongside strategic divestitures that have reshaped its operational focus.
About FORMFACTOR INC
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