FormFactor（FORM）— 2026-10-28 3Q26 法說會逐字稿（英文原文＋中譯）
日期：2026-10-28（美國時間盤後） 逐字稿為 FormFactor earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／10-Q 為準。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - 「palliative production gross margin」／「緩解生產的毛利率」→ 2027 gross margin／2027 年毛利率（依 CFO 前段「2027 年毛利率維持目前基準」及分析師後續追問還原） - 「HBM despecking」中譯「去斑」→ 降規（despec，指 HBM 規格下修，如 12 層改 8 層堆疊） - 「tariff-free funds」／「免關稅資金」→ tariff refunds／關稅退款（IEEPA 退稅） - 「form factor of previous years」／「前幾年的形狀因素」→ FormFactor 前幾年（公司名誤轉寫） - 「high teams growth」→ high-teens growth（美光所稱伺服器出貨量成長） - 「Thank you, Eric」→ Aric（CFO Aric McKinnis） - 中譯「晶圓廠和邏輯」→ Foundry 與 Logic（部門名）；「x86 無廠半導體／無廠商」→ x86 fabless；「測試插入一」→ Insertion 1（PIC KGD 測試站點） - CEO 口述系統部門「季增 20%」與 CFO 數字（5,950 萬美元、QoQ +23%、+1,100 萬美元）不一致：59.5 ÷ 48.5 = +22.7%，以 CFO 數字為準，CEO 口述保留原話 - 分析師 Brian Chin 稱台積電業務「$180–190 million versus $280 million」係指公司總營收基數（10% 客戶門檻），非台積電單一客戶營收，保留原話 - 財務四項交叉驗算：①Non-GAAP 毛利 280.5×56.5% ≈ 158.5 百萬美元，減營業費用 64.4 ≈ 營業利益 94.1 百萬美元（33.5%）✓；②Non-GAAP 淨利 82.3 ÷ EPS 1.04 ≈ 79.1 百萬股（2Q26：65.0 ÷ 0.82 ≈ 79.3）✓；③探針卡 221.0（=280.5−59.5）＋系統 59.5 = 280.5 ✓；④GAAP 與 Non-GAAP 毛利率差 1.8ppts × 280.5 ≈ 5.1 百萬美元 = 調整項目 5.1 ✓ - 刪除站方募款宣傳行
警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。
Memo 亮點 • FormFactor 公佈了創紀錄的 2026 年第三季業績：營收、毛利率及每股盈餘均超出指引上限。季度營收年增近 40%（根據音訊日期推斷），公司預計 2026 年營收將首次突破 10 億美元。 [CEO - 00:02:35] [CFO - 00:12:27] [CEO - 00:52:54] • 非 GAAP 毛利率在第三季達到 56.5%，較上一季提升 320 個基點，其中關稅退稅及有利的子組件成本帶來 1,050 萬美元（380 個基點）的利好，該利好預計不會持續。 [CFO - 00:12:19] • 位於 Farmers Branch 的新廠房面積達 30 萬平方英尺，已出貨首批生產單位，預計至 2027 年底，探針卡年產能將提升至 4 億美元。 [CEO - 00:03:14] [CFO - 00:21:06] • FormFactor 宣佈 Teradyne 投資 3 億美元，以正式建立合作夥伴關係，並強化探針卡與自動測試設備（ATE）解決方案的開放生態系統。 [CFO - 00:19:40] • Triton 光子系統 2026 年營收指引由 1,000 萬至 2,000 萬美元調升至超過 3,000 萬美元，反映 CPO 及相關光子應用需求加速成長。 [CEO - 00:08:47] [CEO - 00:31:17] 總體經濟 • 管理層提及，儘管供應環境嚴峻，高效能運算與先進封裝推動需求廣泛增長。 [CEO - 00:02:47] [CEO - 00:11:16] 地緣政治 • 2026 年第三季關稅退稅為毛利率帶來顯著一次性利好，認列 860 萬美元（300 個基點），第四季預計再有 200 萬美元，退稅後不會有持續利好。 [CFO - 00:15:32] 產業循環週期 • 管理層指出，隨著當前位元受限的 DRAM 市場狀況持續，DDR 與 HBM 探針卡需求的季節性變動將持續存在。 [CEO - 00:07:31] 產業供需 • 產能目前為成長瓶頸，Farmers Branch 正在加速擴產以緩解限制。需求環境被描述為「非常強勁」。 [CFO - 00:37:52] 產業狀況 • 產業正經歷加速趨勢，如更高速介面、更高功率密度及更複雜的先進封裝架構，提升探針卡的性能需求。 [CEO - 00:06:10] 獲利 • 第三季非 GAAP 淨利為 8,230 萬美元（稀釋後每股盈餘 1.04 美元），較第二季的 6,500 萬美元（0.82 美元）成長。GAAP 淨利為 7,380 萬美元（每股 0.93 美元），較第二季的 5,620 萬美元（0.71 美元）提升。 [CFO - 00:17:51] [CFO - 00:17:29] • 毛利率提升歸因於更高的產能利用率、良率改善、嚴謹的製造支出及關稅利好。以第三季產量計算，基線非 GAAP 毛利率現視為 53%。 [CFO - 00:13:37] 公司展望、未來成長動能 • FormFactor 預計 2026 年營收將超過 10 億美元，長期目標為 16 億美元營收及非 GAAP 每股盈餘 5 美元。 [CEO - 00:11:49] [CFO - 00:23:43] • Farmers Branch 擴產為 2027 年首要任務，預計年底產能達到 4 億美元年產值，擴產過程預計於 2027 年呈線性增長。 [CFO - 00:21:06] [CFO - 00:38:07] • 管理層有信心，初期擴產後 Farmers Branch 將對毛利率產生正面貢獻，支持長期目標模型。 [CFO - 00:39:42] [CFO - 00:45:10] 市場競爭策略 • FormFactor 與兩大 ATE 供應商 Teradyne 及 Advantest 正式建立合作夥伴關係，加速次世代半導體應用的開發與生產。 [CEO - 00:04:17] 營收 • 2026 年第三季營收為 2.805 億美元，較第二季增加 2,230 萬美元（9%），年增近 40%（根據音訊日期推斷），連續第四季創下營收新高。 [CFO - 00:12:27] • 系統部門第三季營收達 5,950 萬美元，較第二季增加 1,100 萬美元（23%），主要受惠於 Triton 光子系統銷售。 [CFO - 00:14:36] 產品組合 • DRAM 探針卡營收與第二季的紀錄水準基本持平，但組合顯著變化：HBM 營收下降，DDR5 營收增加，反映客戶晶圓啟動組合變動。 [CEO - 00:07:04] 下游客戶 • 一家主要晶圓代工客戶佔第三季營收近 10%，受惠於資料中心 CPU 強勁，預計第四季維持此水準。 [CEO - 00:30:10] 同業 • FormFactor 與 Teradyne 及 Advantest 的合作夥伴關係強化其競爭地位，促進互通性並加速次世代半導體測試解決方案。 [CEO - 00:04:17] 稼動率 • 目前製造產能接近極限，進一步提升產出難度增加。Farmers Branch 正在加速擴產以緩解產能瓶頸。 [CFO - 00:41:00] 新產品／新技術 • FormFactor 投資於先進 MEMS 探針技術及光子探測解決方案，包括用於 CPO 與 NPO 應用的 Triton 系統，並整合 Keystone Photonics 技術以強化光子領導地位。 [CEO - 00:09:23] 產品價格 • DRAM 毛利率提升主要來自成本降低，價格上漲貢獻有限。業務模式非商品化，但客戶可能為加速交貨或產能預留支付溢價。 [CEO - 00:42:50] 出貨量 • FormFactor 在 2026 年第三季向一家領先晶圓代工廠大量出貨單一 GPU 設計的探針卡，金額達數百萬美元，標誌著成為該專案年度重要供應商的初期階段。 [CEO - 00:33:28] 法規影響 • 根據 IEEPA 的關稅退稅為 2026 年第三及第四季毛利率帶來一次性利好，退稅後不會有持續利好。 [CFO - 00:15:40] 成本毛利 • 以第三季產量計算，基線非 GAAP 毛利率現為 53%，較上季的 51–51.5% 提升，主要受益於改善的週期時間、良率及效率。Farmers Branch 擴產帶來的暫時性低效率預計將被產量與效率提升抵銷。 [CFO - 00:25:10] 關稅 • 2026 年第三季關稅退稅為毛利率帶來顯著一次性利好，認列 860 萬美元（300 個基點），第四季預計再有 200 萬美元，退稅後不會有持續利好。 [CFO - 00:15:32] 銷售／管理／研發費用 • 第三季非 GAAP 營運費用為 6,440 萬美元（佔營收 23%），較第二季的 6,570 萬美元（25.4%）下降，顯示儘管 Farmers Branch 擴產成本增加，仍展現營運槓桿效應。 [CFO - 00:16:48] • 第三季包含 640 萬美元 Farmers Branch 預生產擴產成本，預計隨產能擴充階段轉入營收成本。 [CFO - 00:17:16] 擴廠規劃 • Farmers Branch 擴產達初期目標產能進度正常，甚至略超預期。2026 年 Farmers Branch 現金資本支出預估為 1 億至 1.1 億美元，低於先前 1.4 億至 1.7 億美元，因時程優化及有利付款條件。 [CFO - 00:20:16] 稅率 • 第三季 GAAP 實際稅率為 15.5%；非 GAAP 實際稅率為 17.6%。第四季非 GAAP 實際稅率預計介於 15% 至 19% 之間。 [CFO - 00:18:09] [CFO - 00:22:34] 股本、增資、可轉換債券、庫藏股 • 第三季未進行股票回購。2025 年 4 月授權的 7,500 萬美元回購計畫尚餘 7,090 萬美元可用。 [CFO - 00:19:22] 現金、現金流 • 第三季自由現金流為 6,480 萬美元，較第二季的 5,260 萬美元增加。季末現金及投資增加 5,000 萬美元，達 3.99 億美元。 [CFO - 00:18:22] 併購 • FormFactor 正整合一年前收購的 Keystone Photonics，以強化其光子探測解決方案及競爭優勢。 [CEO - 00:09:56] Transcript Presentation Speaker01
(00:00:01)Thank you, and welcome everyone to FormFactor's third quarter 2026 earnings conference call. On today's call, we are joined by our Chief Executive Officer, Mike Slessor, and Chief Financial Officer, Aric McKinnis. Before we begin, Stan Finkelstein, the company's Vice President of Investor Relations, will share some important information.
(00:00:01)感謝大家，歡迎來到 FormFactor 2026 年第三季度的財報電話會議。今天的會議中，我們的首席執行官 Mike Slessor 和首席財務官 Aric McKinnis 將與我們一起參加。在我們開始之前，公司的投資者關係副總裁 Stan Finkelstein 將分享一些重要資訊。
Stan Finkelstein - FormFactor, Investor Relation
(00:00:26)Thank you. Today, the company will be discussing GAAP results, along with 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 and in the investor relations section of our website. Today's discussion contains forward-looking statements within the meaning of federal securities laws. Examples of such forward-looking statements
(00:00:26)謝謝。今天，公司將討論 GAAP 結果，以及重要的非 GAAP 結果，以補充您對公司財務狀況的理解。GAAP 與非 GAAP 指標的調整以及其他財務資訊可在今天發佈的新聞稿中找到，並在我們網站的投資者關係部分提供。今天的討論包含根據聯邦證券法的前瞻性聲明。此類前瞻性聲明的例子
Stan Finkelstein - FormFactor, Investor Relation
(00:01:01)include projections of financial and business performance, future macroeconomic and geopolitical conditions, benefits of acquisitions and investments including the ramp-up of manufacturing facilities, anticipated industry trends, potential supply chain disruptions, and impacts of regulatory changes such as tariffs and export controls. They also include anticipated volatility in product demand, our ability to develop, produce, and sell products, and the assumptions underlying these statements. 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.
(00:01:01)包括財務和業務表現的預測、未來的宏觀經濟和地緣政治條件、收購和投資的好處，包括製造設施的擴張、預期的行業趨勢、潛在的供應鏈中斷，以及關於關稅和出口管制等法規變更的影響。它們還包括對產品需求的預期波動、我們開發、生產和銷售產品的能力，以及這些聲明背後的假設。這些聲明受到已知和未知的風險和不確定性的影響，可能導致實際結果與此次通話中表達的結果有重大差異。
Stan Finkelstein - FormFactor, Investor Relation
(00:01:52)Information on risk factors and uncertainties is contained in our most recent Form 10-K filing with the SEC for the fiscal year ended December 27, 2025, as well as in other SEC filings available at www.sec.gov and in today's press release. 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 CEO, Mike Slessor.
(00:01:52)有關風險因素和不確定性的資訊包含在我們最近提交給 SEC 的 10-K 表格中，該表格涵蓋截至 2025 年 12 月 27 日的財政年度，以及在 www.sec.gov 上可獲得的其他 SEC 文件和今天的新聞稿中。前瞻性聲明是截至今天，即 2026 年 10 月 28 日作出的，我們不承擔更新的義務。現在，我們將通話轉交給 FormFactor 的首席執行官 Mike Slessor。
Mike Slessor - FormFactor, CEO
(00:02:33)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 over the past year. Namely, broad-based growth in demand driven by our diversified leadership position at the intersection of high-performance computing and advanced packaging, and our ability to meet this demand by increasing output from our existing manufacturing footprint.
(00:02:33)感謝您今天的參加。在第三季度，FormFactor 再次實現了收入、毛利率和每股收益的增長，每個指標均超過我們預期範圍的高端。這些結果延續了過去一年來您從我們這裡看到的主題。即，需求的廣泛增長是由我們在高性能計算和先進封裝交匯處的多元化領導地位驅動的，我們通過增加現有製造能力來滿足這一需求。
Mike Slessor - FormFactor, CEO
(00:03:03)On a year-over-year basis, we grew quarterly revenue by nearly 40% while maintaining essentially the same manufacturing footprint. Our fourth quarter outlook extends this positive trend. Although we are approaching the limits of extracting more output from our current manufacturing footprint, we are also bringing our new Farmers Branch factory online. We recently qualified the assembly and test portion of this new facility and, just a few days ago, shipped the first production unit to a leading customer.
(00:03:03)按年計算，我們的季度收入增長了近 40%，同時基本保持相同的製造能力。我們的第四季度展望延續了這一積極趨勢。雖然我們接近從當前製造能力中提取更多產出的極限，但我們也在啟用我們的新 Farmers Branch 工廠。我們最近已經對這個新設施的組裝和測試部分進行了資格認證，並且就在幾天前，將第一個生產單元發送給了一位主要客戶。
Mike Slessor - FormFactor, CEO
(00:03:34)We celebrated these milestones last week with nearly 200 customers, suppliers, partners, employees, and government officials, at a ribbon-cutting event that formally launched the nearly 300,000 square foot facility. Over the course of 2027, our top priority will be ramping up Farmers Branch. We will ramp as quickly as possible while ensuring we sustain the efficiency improvements demonstrated over the past year and maintain the market-leading product quality that is one of FormFactor's foundational competitive advantages.
(00:03:34)上週，我們與近 200 位客戶、供應商、合作夥伴、員工和政府官員共同慶祝了這些里程碑，在一個正式啟用近 30 萬平方英尺設施的剪綵活動中。在 2027 年，我們的首要任務將是加快 Farmers Branch 的運營。我們將盡快加速，同時確保維持過去一年所展示的效率改進，並保持 FormFactor 的市場領先產品質量，這是我們的基礎競爭優勢之一。
Mike Slessor - FormFactor, CEO
(00:04:10)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 (ATE) suppliers. Together with our multi-year partnership with Advantest, this announcement formalizes the collaboration between FormFactor and both market-leading ATE suppliers. The goal of these collaborations is to accelerate the development, validation, and high-volume production of next-generation semiconductor applications, enabling high-performance computing technologies like high bandwidth memory and co-package optics.
(00:04:10)Aric 將在稍後的通話中提供有關 Farmers Branch 的狀態和計劃的更多細節。本月早些時候，我們宣佈擴大與 Teradyne 的長期合作夥伴關係，Teradyne 是全球領先的自動測試設備 （ATE） 供應商之一。與我們與 Advantest 的多年合作夥伴關係一起，這一公告正式確立了 FormFactor 與這兩家市場領先的 ATE 供應商之間的合作。這些合作的目標是加速下一代半導體應用的開發、驗證和大規模生產，使高性能計算技術如高帶寬記憶體和共封裝光學成為可能。
Mike Slessor - FormFactor, CEO
(00:04:54)These partnerships also reinforce and solidify the open ecosystem market structure, providing our mutual customers with full probe card and ATE interoperability. This enables customers to select the optimal probe card and ATE combination for their specific chip architectures and designs. Turning now to segment and market details, Foundry and Logic was a key driver of our third quarter growth, increasing 10% sequentially due to broad-based strength across multiple applications. We expect continued demand growth and breadth in the current fourth quarter.
(00:04:54)這些夥伴關係還加強並鞏固了開放生態系統市場結構，為我們的共同客戶提供完整的探針卡和 ATE 互操作性。這使客戶能夠根據其特定的晶片架構和設計選擇最佳的探針卡和 ATE 組合。現在轉向細分市場和市場細節，Foundry 與 Logic是我們第三季度增長的主要驅動力，因為多個應用的廣泛需求使其增長了 10%。我們預計在當前的第四季度將持續需求增長和廣度。
Mike Slessor - FormFactor, CEO
(00:05:33)In this market, we are building on our established positions in PCs, mobile, data center CPUs, and networking, while adding new growth vectors such as GPUs and hyperscaler custom ASICs. Specifically, during the third quarter, we shipped probe cards to the world's leading foundry for a single GPU design in multimillion-dollar volumes. Building on this successful qualification and initial ramp, we are 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.
(00:05:33)在這個市場中，我們正在鞏固在 PC、移動設備、數據中心 CPU 和網絡領域的既有地位，同時增加新的增長向量，如 GPU 和超大規模定製 ASIC。具體來說，在第三季度，我們向全球領先的晶圓廠發送了數百萬美元的單一 GPU 設計的探針卡。在這一成功的資格認證和初步增產的基礎上，我們在 2027 年有良好的定位，能夠在Foundry 與 Logic市場的這一重要部分顯著增長市場份額，Farmers Branch 提供所需的產能。
Mike Slessor - FormFactor, CEO
(00:06:10)Looking ahead in Foundry and Logic, accelerating trends such as 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. These higher performance requirements make FormFactor's advanced MEMS probe technology essential for cost-effective production testing, and we are building the foundation to achieve share gains in 2027 across a diverse set of GPU and custom ASIC designs.
(00:06:10)展望Foundry 與 Logic，趨勢加速，如更高的速度接口、更大的功率密度，以及日益複雜的先進封裝晶片架構，對下一代 GPU 和定製 ASIC 的探針卡性能要求不斷提高。這些更高的性能要求使 FormFactor 的先進 MEMS 探針技術對於成本效益的生產測試至關重要，我們正在建立基礎，以便在 2027 年在多樣化的 GPU 和定製 ASIC 設計中獲得市場份額。
Mike Slessor - FormFactor, CEO
(00:06:44)Our exposure to multiple customers and applications provides several ways to participate in the growth of high-performance computing and demonstrates the benefits of our diversification strategy. This reduces reliance on any single customer, program, or architecture to drive our revenue and growth. Turning to DRAM probe cards, third quarter revenue was, as expected, essentially unchanged from the record levels of the second quarter, but the product mix shifted significantly. This mix shift was also expected, with HBM revenue declining and DDR5 revenue increasing.
(00:06:44)我們對多個客戶和應用的曝光提供了幾種參與高性能計算增長的方式，並展示了我們多元化策略的好處。這減少了對任何單一客戶、計劃或架構的依賴，以推動我們的收入和增長。現在轉向 DRAM 探針卡，第三季度的收入如預期，與第二季度的歷史高位基本持平，但產品組合發生了顯著變化。這一組合變化也是預期中的，HBM 收入下降，而 DDR5 收入上升。
Mike Slessor - FormFactor, CEO
(00:07:21)As our customers shifted their wafer start mix toward more DDR designs, they aimed to capture the profit opportunity provided by significant DDR market price increases. 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 as long as the current bit-constrained DRAM market conditions persist. 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.
(00:07:21)隨著我們的客戶將晶圓啟動組合轉向更多的 DDR 設計，他們旨在捕捉由於 DDR 市場價格大幅上漲而帶來的利潤機會。由於探針卡是針對每個客戶的晶片設計而特定的，我們的 DRAM 探針卡組合跟蹤這些動態的客戶產品變化，我們預計在當前的位元受限 DRAM 市場條件持續的情況下，這種季度之間的變化將繼續。與這一組合變化相關的另一個重要點是，在我們實現了以 DDR5 為主和 HBM 為輕的產品組合的歷史高 DRAM 探針卡收入的同時，我們也實現了歷史最高的毛利率表現。
Mike Slessor - FormFactor, CEO
(00:08:03)Compared to FormFactor of previous years, this reflects a significantly different profitability profile, demonstrating the impact of successfully executing several DRAM probe card manufacturing cost reduction programs. The net result is improved DRAM probe card gross margins, which in turn reduce our company-level gross margin dependence on product mix. Turning now to our system segment, systems delivered a record quarter, growing 20% sequentially due to accelerating demand for our Triton system for co-package optics (CPO) applications.
(00:08:03)與 FormFactor 前幾年相比，這反映出顯著不同的獲利特徵，顯示出成功執行幾個 DRAM 探針卡製造成本降低計劃的影響。最終結果是改善了 DRAM 探針卡的毛利率，這反過來減少了我們公司層面對產品組合的毛利依賴。現在轉向我們的系統部門，系統交付了創紀錄的季度，因為對我們的 Triton 系統在共同封裝光學（CPO）應用的需求加速，季度增長了 20%。
Mike Slessor - FormFactor, CEO
(00:08:40)This accelerating demand is evident in the steady increase in our expectations for this business in 2026. We began the year expecting Triton revenue between $10 and $20 million, and now anticipate upwards of $30 million in 2026. Alongside this growing CPO business, we are also meeting demand for additional photonics applications, such as CPO's close cousin Near Package Optics (NPO), as well as pluggable devices. This expansion beyond CPO application coverage results from our deliberate focus on developing the world's leading optical probing technologies applicable across a broad range of photonics applications.
(00:08:40)這種需求的加速在我們對 2026 年這項業務的預期穩步上升中顯而易見。我們年初預期 Triton 的收入在 1000 萬到 2000 萬美元之間，現在預計在 2026 年將超過 3000 萬美元。除了這個不斷增長的 CPO 業務外，我們還滿足了對其他光子應用的需求，例如 CPO 的近親近封裝光學（NPO）以及可插拔設備。這一擴展超越了 CPO 應用的覆蓋範圍，源於我們有意識地專注於開發全球領先的光學探測技術，適用於廣泛的光子應用。
Mike Slessor - FormFactor, CEO
(00:09:23)Specifically, we have prioritized building leadership in test insertion one, which ensures known good die (KGD) of the photonic integrated circuit (PIC). Both CPO and NPO architectures require KGD picks before combining with electronic ICs to form optical modules and scale network switches. As a result, FormFactor benefits from broader photonics adoption, whether in CPO or NPO. Part of our leadership in photonics probing stems from acquiring Keystone Photonics a year ago. As we have discussed,
(00:09:23)具體來說，我們已經優先建立Insertion 1（測試插入點一）的領導地位，這確保了光子集成電路（PIC）的已知良品（KGD）。CPO 和 NPO 架構都需要在與電子 IC 結合形成光模塊和擴展網絡交換機之前進行 KGD 挑選。因此，FormFactor 受益於更廣泛的光子技術採用，無論是在 CPO 還是 NPO 中。我們在光子探測領域的領導地位部分源於一年前收購了 Keystone Photonics。正如我們所討論的，
Mike Slessor - FormFactor, CEO
(00:10:04)Keystone's innovative and differentiated optical probe technology enables high-efficiency optical coupling to our customers' photonic devices, much like our advanced MEMS probes provide best-in-class electrical connectivity to their chips. To maximize our competitive advantage from this acquisition, we have decided to more tightly integrate the Keystone team and technologies into FormFactor, focusing exclusively on enhancing FormFactor's development and delivery of the world's leading photonics probing solutions.
(00:10:04)Keystone 的創新和差異化光學探測技術使我們能夠高效地將光學耦合到客戶的光子設備，就像我們先進的 MEMS 探針為他們的芯片提供最佳的電氣連接。為了最大化這次收購帶來的競爭優勢，我們決定將 Keystone 團隊和技術更緊密地整合到 FormFactor 中，專注於增強 FormFactor 的開發和交付世界領先的光子探測解決方案。
Mike Slessor - FormFactor, CEO
(00:10:37)We believe the exciting growth in CPO, NPO, and pluggables represents the very early stages of widespread photonics adoption in the broader semiconductor industry. Traditional copper interconnects are reaching physical limits in speed, heat, and energy consumption, while photonics offers a fundamentally more efficient way to transmit data within and between data centers using light instead of electricity. FormFactor is ideally positioned to lead testing in this new area, as our lab-to-fab strategy has produced a decade-long first-mover advantage paired with key customer and partner relationships.
(00:10:37)我們相信 CPO、NPO 和可插拔設備的激動人心的增長代表了更廣泛的半導體行業中光子技術採用的早期階段。傳統的銅互連在速度、熱量和能耗方面達到了物理極限，而光子技術則提供了一種根本上更高效的方式，利用光而非電力在數據中心內部和之間傳輸數據。FormFactor 在這一新領域的測試中處於理想位置，因為我們的實驗室到工廠策略產生了十年的先行者優勢，並與關鍵客戶和合作夥伴建立了關係。
Mike Slessor - FormFactor, CEO
(00:11:16)Before turning the call over to Aric, I want to once again thank the global FormFactor team for demonstrating remarkable agility and perseverance in navigating the current challenging supply environment, quickly resolving internal and external constraints, enabling us to grow again in the third quarter. With our recent qualifications and Farmers Branch facility coming online, we are well positioned to accelerate growth as test intensity and complexity rise at the intersection of high-performance computing and advanced packaging.
(00:11:16)在將通話轉交給 Aric 之前，我想再次感謝全球 FormFactor 團隊在應對當前挑戰性供應環境中展現出的卓越敏捷性和毅力，迅速解決內部和外部的限制，使我們能夠在第三季度再次增長。隨著我們最近的資格認證和 Farmers Branch 設施的啟用，我們在高性能計算和先進封裝交匯處的測試強度和複雜性上升的情況下，已經做好了加速增長的準備。
Mike Slessor - FormFactor, CEO
(00:11:49)The midpoint of our fourth-quarter outlook puts us on track to exceed $1 billion in revenue in 2026. We are excited to cross this important milestone at FormFactor, on the way to reaching $1.6 billion in revenue and $5 of non-GAAP earnings per share in our target model.
(00:11:49)我們第四季度展望的中點使我們有望在 2026 年超過 10 億美元的收入。我們很高興在 FormFactor 達成這一重要里程碑，在我們的目標模型中，朝著達到 16 億美元的收入和每股 5 美元的非 GAAP 收益邁進。
Speaker02
(00:12:08)Aric, you're up.
(00:12:08)Aric，請你發言。
Aric McKinnis - FormFactor, CFO
(00:12:13)Thank you, Mike, and good afternoon. Q3 was another strong quarter for FormFactor. We delivered a non-GAAP gross margin of 56.5% and non-GAAP earnings per fully diluted share of $1.04. This marks our fourth consecutive quarter of record revenues, with revenue levels nearly 40% higher than the same quarter a year ago. These results continue the operating momentum 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.
(00:12:13)謝謝你，Mike，下午好。第三季度對 FormFactor 來說又是強勁的一季。我們實現了 56.5% 的非 GAAP 毛利率和每股稀釋後非 GAAP 收益 1.04 美元。這標誌著我們連續第四個季度創下收入紀錄，收入水平比去年同季度高出近 40%。這些結果延續了我們上季度討論的運營動能，通過改善循環時間、產量和運營效率，滿足廣泛的需求，推動我們現有製造能力的更高產出。
Aric McKinnis - FormFactor, CFO
(00:12:50)Revenue increased 9% sequentially, while non-GAAP operating expenses declined by approximately 250 basis points as a percentage of revenue. 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 this benefit resulted primarily from tariff refunds and favorable subcomponent costs in our quantum business, which are not expected to recur.
(00:12:50)收入環比增長 9%，而非 GAAP 運營費用作為收入的百分比下降了約 250 個基點。結合創紀錄的收入，這些改善在損益表上產生了強勁的運營槓桿。非 GAAP 毛利率環比上升 320 個基點，達到 56.5%。約 1050 萬美元，或約 380 個基點的這一好處主要來自於關稅退稅和我們量子業務中有利的子組件成本，這些預計不會重複出現。
Aric McKinnis - FormFactor, CFO
(00:13:26)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 results from continued enhancements in labor performance, manufacturing spending, yields, and other production costs. 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.
(00:13:26)排除這些項目，非 GAAP 毛利率將在 52.5% 到 53% 之間，約 150 個基點高於上季度描述的基準。這一基準非 GAAP 毛利率的持久改善源於勞動表現、製造支出、產量和其他生產成本的持續提升。我們現在將約 53% 視為第三季度的毛利基準。在 2027 年 Farmers Branch 的增長過程中，我們預計來自更高產量和提高運營效率的槓桿將有效抵消通常與新工廠增長相關的臨時低效。
Aric McKinnis - FormFactor, CFO
(00:14:10)Accordingly, we expect 2027 gross margins to remain at levels similar to the current baseline. Stepping through our results in more detail, Q3 revenues of $280.5 million came in $10.5 million above the midpoint of our Q3 outlook range of $260 to $280 million, representing an increase of $22.3 million, or 9%, from Q2. System segment revenues grew on higher Triton photonic system sales, 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.
(00:14:10)因此，我們預計 2027 年的毛利率將保持在與當前基準相似的水平。更詳細地回顧我們的結果，第三季度的收入為 2.805 億美元超過我們第三季度展望範圍中 260 到 280 百萬美元的中點 10.5 百萬美元，較第二季度增長了 2230 萬美元，或 9%。系統部門的收入因 Triton 光子系統銷售增長而達到第三季度的新紀錄 5950 萬美元，較第二季度增長 1100 萬美元，或 23%。第三季度的 GAAP 毛利率為 54.7%，高於第二季度的 50.7%。
Aric McKinnis - FormFactor, CFO
(00:14:57)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. 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.
(00:14:57)收入成本包括 510 萬美元的 GAAP 與非 GAAP 調整項目，主要與基於股票的補償、無形資產的攤銷和重組費用有關。GAAP 與非 GAAP 調整項目的詳細信息已在我們今天發佈的新聞稿中列出，並在我們網站的投資者關係部分的調整表中提供。在非 GAAP 基礎上，第三季度的毛利率為 56.5%，比第二季度高出 320 個基點，比我們展望範圍的高端高出 100 個基點。
Aric McKinnis - FormFactor, CFO
(00:15:32)The favorable impact of tariff refunds on gross margins in the third quarter was approximately 300 basis points, or $8.6 million. In Q4, we expect to receive the remaining roughly $2 million of tariffs paid under IEEPA, which equates to about 70 basis points at the midpoint of the outlook range. Once these refunds are received, we do not anticipate any ongoing benefit to baseline gross margins from tariff refunds. Probe card gross margin increased by about 90 basis points to 55.3%, as higher utilization, improved yields, disciplined manufacturing spending, and tariff benefits more than offset the less favorable mix in DRAM.
(00:15:32)第三季度關稅退款對毛利率的有利影響約為 300 個基點，或 860 萬美元。在第四季度，我們預計將收到剩餘的約 200 萬美元的關稅退款，這相當於預測範圍中點的約 70 個基點。一旦收到這些退款，我們不預期關稅退款會對基準毛利率產生持續的好處。探針卡毛利率增長約 90 個基點，達到 55.3%，因為更高的利用率、改善的產量、嚴謹的製造支出和關稅優惠超過了 DRAM 中不利的產品組合。
Aric McKinnis - FormFactor, CFO
(00:16:15)System gross margin rose by more than 10 percentage points to 61%. About half of the system gross margin improvement from Q2 was driven by record revenue volumes, which created significant operating leverage on fixed costs, primarily due to increased sales of our Triton photonic systems. The remaining improvement came from items we do not expect to recur, as described earlier. Our GAAP operating expenses were $71.8 million for the third quarter, down from Q2 and lower as a percentage of revenue. On a non-GAAP basis, operating expenses were $64.4 million, or 23% of revenue, also down from $65.7 million, or 25.4% of revenue, in the second quarter.
(00:16:15)系統毛利率上升超過 10 個百分點，達到 61%。第二季度系統毛利率的改善約一半來自創紀錄的收入量，這對固定成本產生了顯著的操作槓桿，主要是由於我們的 Triton 光子系統的銷售增加。剩餘的改善來自我們不預期會重複的項目，如前所述。我們第三季度的 GAAP 營業費用為 7180 萬美元，低於第二季度，且佔收入的比例也較低。在非 GAAP 基礎上，營業費用為 6440 萬美元，佔收入的 23%，也低於第二季度的 6570 萬美元，或佔收入的 25.4%。
Aric McKinnis - FormFactor, CFO
(00:17:01)This approximately 250 basis points 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 pre-production ramp costs. We expect these expenses to transition to 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 $56.2 million, or $0.71 per fully diluted share, in the previous quarter.
(00:17:01)這約 250 個基點的非 GAAP 營業費用的順序改善顯示出持續的操作槓桿，儘管包括了增加的 Farmers Branch 啟動成本。第三季度營業費用中包含640 萬美元的前期生產啟動成本。我們預計這些費用將轉移到收入成本中，隨著產能擴張階段投入生產。第三季度的 GAAP 淨收入為 7380 萬美元，或每股完全稀釋後 0.93 美元，較上一季度的 5620 萬美元，或每股 0.71 美元有所上升。
Aric McKinnis - FormFactor, CFO
(00:17:43)The increase was driven primarily by higher revenue, improved 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. Approximately $0.09 of EPS was attributable to tariff refunds in the third quarter. 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.
(00:17:43)增加主要是由於收入增長、毛利率改善和重組相關成本降低。第三季度的非 GAAP 淨收入為 8230 萬美元，或每股完全稀釋後 1.04 美元，較第二季度的 6500 萬美元，或每股 0.82 美元有所上升。第三季度約 0.09 美元的每股收益歸因於關稅退款。第三季度的 GAAP 有效稅率為 15.5%，第三季度的非 GAAP 有效稅率為 17.6%。現在轉向資產負債表和現金流。
Aric McKinnis - FormFactor, CFO
(00:18:22)We delivered free cash flow of $64.8 million in the third quarter, 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 increased cash spent on CapEx for Farmers Branch. 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 higher operating levels. At quarter end, total cash and investments increased by $50 million to $399 million.
(00:18:22)我們在第三季度實現了 6480 萬美元的自由現金流，與第二季度的 5260 萬美元相比。自由現金流的增加主要是由於來自營運的現金流增加，部分被 Farmers Branch 的資本支出增加所抵消。第三季度的營運現金流為 1.043 億美元，較第二季度增加 4250 萬美元，主要是由於淨收入增加，部分被支持更高營運水平的營運資本投資所抵消。截至季度末，現金和投資總額增加 5000 萬美元，達到 3.99 億美元。
Aric McKinnis - FormFactor, CFO
(00:19:05)Our capital allocation framework remains unchanged. Cash will be used to reinvest in the business, pursue targeted acquisitions to expand our served markets, and execute share repurchases aimed at offsetting dilution from stock-based compensation. During the third quarter, we did not repurchase any shares, and at quarter end, $70.9 million remained available in 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.
(00:19:05)我們的資本配置框架保持不變。現金將用於再投資於業務，追求有針對性的收購以擴大我們的服務市場，並執行旨在抵消股權補償稀釋的股票回購。在第三季度，我們沒有回購任何股票，並且截至季度末，仍有 7090 萬美元可用於 2025 年 4 月授權的 7500 萬美元回購計劃。正如 Mike 提到的，在當前第四季度開始時，我們宣佈與 Teradyne 的合作。
Aric McKinnis - FormFactor, CFO
(00:19:40)This included a $300 million investment in FormFactor to formalize our partnership and reinforce the open ecosystem for probe card and ATE solutions. The areas of partnership closely align with 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.
(00:19:40)這包括對 FormFactor 的 3 億美元投資，以正式化我們的合作夥伴關係並加強探針卡和 ATE 解決方案的開放生態系統。合作夥伴關係的領域與我們目標模型中的增長領域密切對齊，旨在加速為我們共同客戶開發解決方案。此項投資加強了我們的資產負債表，但不改變我們的資本配置優先事項。關於對業務的投資，Farmers Branch 的啟動至初始目標產能仍在進度上，甚至略微超前於我們的原始計劃。
Aric McKinnis - FormFactor, CFO
(00:20:16)Due primarily to optimization of capital spending timing and favorable payment terms, we now expect 2026 cash capital expenditures for Farmers Branch to be between $100 and $110 million, below our prior estimate of $140 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 remain aligned with our original plans. We expect the associated cash spending to shift into 2027 as we continue executing the ramp and expansion of the site.
(00:20:16)主要由於資本支出時機的優化和有利的付款條件，我們現在預計 2026 年 Farmers Branch 的現金資本支出將在 1 億至 1.1 億美元之間，低於我們之前預估的 1.4 億至 1.7 億美元。重要的是，這僅反映了現金時機的變化，而不是啟動的範圍或速度的變化，因為與初始目標產能相關的項目承諾和總項目成本仍與我們的原始計劃保持一致。我們預計相關的現金支出將轉移到 2027 年，因為我們繼續執行該地點的啟動和擴張。
Aric McKinnis - FormFactor, CFO
(00:20:59)We also expect capital investment in Farmers Branch to remain at similar levels next year. Exiting 2027, we expect Farmers Branch to have the capability to produce about $400 million in annual probe card revenue, with that capability ramping over the course of 2027. Pre-production ramp costs are currently recorded as a component of G&A, and we continue to expect $25 to $30 million of Farmers Branch pre-production expenses in 2026. As we begin production, these costs will move from operating expenses into cost of revenues.
(00:20:59)我們還預計明年對 Farmers Branch 的資本投資將保持在類似水平。到 2027 年底，我們預計 Farmers Branch 將具備每年約 4 億美元的探針卡收入能力，該能力將在 2027 年內逐步提升。前期生產啟動成本目前記錄為一般和行政費用的一部分，我們仍預計 2026 年 Farmers Branch 的前期生產費用為 2500 萬至 3000 萬美元。隨著我們開始生產，這些成本將從營業費用轉移到收入成本中。
Aric McKinnis - FormFactor, CFO
(00:21:35)We expect this transition to begin in Q4, with about $5 million of startup costs planned to move from OPEX to cost of revenues in the quarter, and another $5 million remaining in OPEX, related to capacity expansion phases not yet released to production. Turning to the fourth quarter non-GAAP outlook, we expect revenue of approximately $285 million, plus or minus $10 million. At the midpoint, we expect a 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 due to tariff refunds, better mix, and higher volumes.
(00:21:35)我們預計這一轉變將在第四季度開始，計劃在該季度將約 500 萬美元的啟動成本從營業費用轉移到收入成本中，另外 500 萬美元仍在營業費用中，與尚未投入生產的產能擴張階段相關。轉向第四季度的非 GAAP 展望，我們預計收入約為 2.85 億美元，正負 1000 萬美元。在中點，我們預計非 GAAP 毛利率為 54%，正負 150 個基點。預期的第四季度非 GAAP 毛利率優於之前描述的 53% 的基準毛利率，主要由於關稅退款、更好的產品組合和更高的銷量。
Aric McKinnis - FormFactor, CFO
(00:22:23)At the midpoint, we expect Q4 non-GAAP operating expenses of approximately $69 million, plus or minus $2 million, including Farmers Branch ramp costs. Our Q4 non-GAAP effective tax rate is expected to be between 15% and 19%. Non-GAAP earnings per fully diluted share for Q4 are projected to be 95 cents, plus or minus nine cents. A reconciliation of our GAAP to non-GAAP Q4 outlook is available in the investor relations section of our website and in today's press release. Q3 results and our Q4 outlook demonstrate the operating leverage available when strong demand is combined with an efficient cost structure and disciplined spending.
(00:22:23)在中點，我們預計第四季度的非 GAAP 營業費用約為 6900 萬美元，正負 200 萬美元，包括 Farmers Branch 的啟動成本。我們第四季度的非 GAAP 有效稅率預計在 15% 到 19% 之間。第四季度的非 GAAP 每股稀釋盈餘預計為 95 美分，加減九美分。我們的 GAAP 與非 GAAP 第四季度展望的調整可在我們網站的投資者關係部分和今天的新聞稿中找到。第三季度的結果和我們的第四季度展望顯示出可用的操作槓桿。當強勁的需求與高效的成本結構和有紀律的支出相結合時。
Aric McKinnis - FormFactor, CFO
(00:23:09)We continue to increase output from our existing footprint through improved cycle times, higher yields, and enhanced resource efficiency, even as we invest in Farmers Branch to build the capacity and structural economics needed for the next growth phase. Our position at the intersection of high-performance computing and advanced packaging provides broad exposure across the AI compute architecture. This ranges from HBM paired with advanced GPUs, CPUs, and custom ASICs to emerging co-packaged optics and other photonics applications.
(00:23:09)我們繼續通過改善循環時間、更高的產量和增強的資源效率來增加現有產能，即使我們在 Farmers Branch 進行投資，以建立下一個增長階段所需的產能和結構經濟。我們在高性能計算和先進封裝的交匯處的地位，提供了對 AI 計算架構的廣泛曝光。這包括與先進的 GPU、CPU 和定製 ASIC 配對的 HBM，以及新興的共封裝光學和其他光子應用。
Aric McKinnis - FormFactor, CFO
(00:23:43)As we have demonstrated, our underlying operating model is substantially stronger than it was a year and a half ago, positioning us well to achieve our target model of $1.6 billion in revenues, 55% gross margins, and $5 of EPS.
(00:23:43)正如我們所展示的，我們的基本操作模式比一年半前強得多，使我們能夠實現 16 億美元的收入目標、55% 的毛利率和每股盈餘 5 美元。
Q&A Aric McKinnis - FormFactor, CFO
(00:23:58)With that, let's open the
(00:23:58)那麼，讓我們開始提問環節。
Speaker02
(00:23:59)call for questions. Operator? Thank you.
(00:23:59)操作員？謝謝你。
Speaker01
(00:24:09)As a reminder, to ask a question, please press star 11 on your telephone. To remove yourself from the queue, press star 11 again. Please limit yourself to one question and one follow-up to allow everyone the opportunity to participate. Please stand by while we compile the Q&A roster. Our first question comes from Krish Sankar. of TD Cowen. Your line is open, Krish.
(00:24:09)提醒一下，若要提問，請在您的電話上按星號 11。若要退出隊列，請再次按星號 11。請限制自己提問一次及一次後續問題，以便讓每個人都有機會參與。請稍候，我們正在整理問答名單。我們的第一個問題來自 Krish Sankar。來自 TD Cowen。您的線路已開通，Krish。
Krish Sankar - TD Cowen, Managing Director
(00:24:42)Thank you for taking my question. Mike or Aric, first, Mike, you mentioned that 2027 gross margin is similar to the current baseline of 53%. I'm wondering, I understand you have Farmers Branch ramping up. Are there any other headwinds to consider, or why wouldn't margins improve as volumes increase next year?
(00:24:42)謝謝您回答我的問題。Mike 或 Aric，首先，Mike，您提到2027 年毛利率與目前的基準 53% 相似。我想知道，我瞭解您正在加速 Farmers Branch 的產能。還有其他需要考慮的阻力嗎？或者為什麼隨著明年產量的增加，毛利率不會改善？
Aric McKinnis - FormFactor, CFO
(00:25:05)Thanks for your question, Krish. I'll take this one. This is Aric. We expect that at current operating levels, our baseline gross margins are now at 53%, up from the 51% to 51.5% discussed last quarter. Naturally, ramping a production facility involves some inefficiencies, including headcount additions and other spending required to support capacity increases. However, we expect to offset these investments with volume increases and efficiencies similar to those achieved over the past year and a half.
(00:25:05)謝謝你的問題，Krish。我來回答這個問題。我是 Aric。我們預計在當前的運營水平下，我們的基準毛利率現在為 53%，高於上季度討論的 51% 到 51.5%。自然，提升生產設施會涉及一些低效率，包括人員增加和支持產能增長所需的其他支出。然而，我們預計將通過產量增加和類似於過去一年半所實現的效率來抵消這些投資。
Aric McKinnis - FormFactor, CFO
(00:25:57)While gross margins typically degrade during a ramp, we believe we can largely offset these temporary inefficiencies and sustain current operating levels.
(00:25:57)雖然在提升過程中毛利率通常會下降，我們相信可以在很大程度上抵消這些暫時的低效率，並維持當前的運營水平。
Krish Sankar - TD Cowen, Managing Director
(00:26:12)Understood. Thank you, Aric. I have a quick follow-up
(00:26:12)明白了。謝謝你，Aric。我有一個快速的後續問題
Krish Sankar - TD Cowen, Managing Director
(00:26:15)for Mike. Mike, you have had a strong track record with HBM. I have a two-part question on that. First, how do you view the chatter about HBM despecking? How would that impact your business? Second, if signal or pin speed requirements for HBM are lowered, how would that affect probe card intensity? Thank you.
(00:26:15)給 Mike。Mike，您在 HBM 方面有著良好的業績記錄。我對此有一個兩部分的問題。首先，您如何看待有關 HBM 降規（despec）的討論？這將如何影響您的業務？其次，如果 HBM 的信號或引腳速度要求降低，這將如何影響探針卡的強度？謝謝你。
Mike Slessor - FormFactor, CEO
(00:26:46)Yes. As you said, Krish, two parts to that. HBM remains a major driver for our business through 2026 and into 2027. Regarding despecking, we are not seeing any significant impact. To clarify, third-quarter HBM revenue declined primarily due to customers shifting mix. With the HBM4E and HBM5 design funnel and customer forecasts, we expect continued strong growth in HBM. One area where we are strongly differentiated is in final stack testing. The HBM despeck involves more completed stacks with fewer die per stack.
(00:26:46)是的。正如您所說，Krish，這有兩個部分。HBM 仍然是我們業務的主要驅動力，將持續到 2026 年及 2027 年。關於降規（despec），我們沒有看到任何重大影響。為了澄清，第三季度的 HBM 收入主要因客戶的產品組合變化而下降。隨著 HBM4E 和 HBM5 設計管道及客戶預測，我們預計 HBM 將持續強勁增長。我們強烈區分的一個領域是最終堆疊測試。HBM 降規（despec）涉及更多的完整堆疊，每個堆疊的晶片數量較少。
Mike Slessor - FormFactor, CEO
(00:27:35)For example, moving from 12-high to eight-high stacks. While it's complex to account for all variables, we do not see significant headwinds to HBM growth from despecking. Regarding speed, the roadmap from HBM4 to 4E and 5 continues to advance with higher speeds, and we are currently working on initial designs for these. And that's also been an area where FormFactor provides strong differentiation for our customers. High-speed test performance ensures they can guarantee to their customers that they are meeting their test specifications.
(00:27:35)例如，從 12 高堆疊轉向 8 高堆疊。雖然考慮所有變數是複雜的，但我們不認為降規會對 HBM 增長造成重大阻力。關於速度，從 HBM4 到 4E 和 5 的路線圖持續推進，速度更高，我們目前正在為這些進行初步設計。這也是 FormFactor 為我們的客戶提供強大差異化的一個領域。高速測試性能確保他們能向客戶保證滿足其測試規範。
Mike Slessor - FormFactor, CEO
(00:28:18)This is achieved with high productivity and high parallelism from our SmartMatrix DRAM architecture.
(00:28:18)這是通過我們的 SmartMatrix DRAM 架構實現的高生產力和高並行性。
Krish Sankar - TD Cowen, Managing Director
(00:28:25)But it turns out it is extremely helpful.
(00:28:25)但事實證明這是非常有幫助的。
Speaker01
(00:28:30)Thank you. Our next question comes from the line of Craig Ellis of B. Riley. Your line is open, Craig.
(00:28:30)謝謝你。我們的下一個問題來自 B. Riley 的 Craig Ellis。Craig，你的線路已開通。
Craig Ellis - B. Riley, Director of Research
(00:28:39)Yes, thanks for taking my question. Mike, I wanted to follow up on some of your comments regarding Foundry Logic given the strength we observed in the business. First, could you provide more detail on the factors driving the sequential growth this quarter? I believe you mentioned expecting the business to grow again in the fourth quarter. Are the drivers similar? Or are there new drivers? Also, could you help us understand the extent to which traditional x86 server strength is benefiting the business, especially considering Micron's recent comments about high-teens growth this year and next?
(00:28:39)是的，謝謝你回答我的問題。Mike，我想跟進你關於 Foundry Logic 的一些評論，考慮到我們在業務中觀察到的強勁表現。首先，你能提供更多有關推動本季度環比增長的因素的細節嗎？我相信你提到過預期業務在第四季度再次增長。驅動因素是否相似？還是有新的驅動因素？此外，你能幫助我們瞭解傳統的x86 伺服器的強勁表現對業務的影響程度，特別是考慮到美光最近關於今年和明年伺服器出貨量高十位數百分比（high-teens）成長的評論？
Mike Slessor - FormFactor, CEO
(00:29:31)Yes. So, Foundry and Logic grew about 10% in Q3. As I mentioned in my prepared remarks, we expect Foundry and Logic to grow again in Q4. A key driver of this growth is CPUs, presumably for AI use cases. This has been an interesting development in 2026, and it exemplifies our strong exposure through long-term customer relationships where we hold a high native share. That customer was nearly a 10% customer in Q3 due to data center CPU strength, and we expect them to remain around 10% in Q4, along with exposure to x86 Fabless and ARM CPU features.
(00:29:31)是的。所以，Foundry 和 Logic 在第三季度增長了約 10%。正如我在準備的發言中提到的，我們預計 Foundry 和 Logic 在第四季度再次增長。這一增長的主要驅動因素是 CPU，推測是用於 AI 的應用案例。這在 2026 年是一個有趣的發展，並且它體現了我們通過長期客戶關係所擁有的強大曝光度，這些關係中我們持有高的本地市場份額。由於數據中心 CPU 的強勁表現，該客戶在第三季度幾乎成為了 10% 的客戶，我們預計他們在第四季度仍將保持在 10% 左右，並且還有對 x86 fabless 與 ARM CPU的曝光。
Mike Slessor - FormFactor, CEO
(00:30:28)As that business continues to grow, we have favorable exposure. It is currently one of the key drivers for Foundry and Logic.
(00:30:28)隨著該業務的持續增長，我們擁有有利的曝光。目前這是 Foundry 和 Logic 的主要驅動因素之一。
Craig Ellis - B. Riley, Director of Research
(00:30:36)That's very helpful. Thanks, Mike. And then the follow-up. It concerns the systems business. You've been clear this year that we should expect strength in Triton. It seems to be coming in even stronger than we anticipated six months ago, perhaps even three months ago. As you speak with customers, what are they indicating about the durability of the strength we're seeing now as we look through Q4 and into 2027? Thank you.
(00:30:36)這非常有幫助。謝謝你，Mike。然後是後續問題。這涉及到系統業務。你今年已經明確表示我們應該期待 Triton 的強勁表現。它似乎比我們六個月前預期的還要強勁，甚至可能比三個月前還要強勁。當你與客戶交談時，他們對我們現在看到的強勁表現在第四季度及 2027 年的持久性有何看法？謝謝你。
Mike Slessor - FormFactor, CEO
(00:31:07)Yes, Triton and Photonics have been major highlights for us in 2026. These are investments we've been making for nearly a decade. As you noted, we've raised our expectations to over $30 million in Triton revenue for 2026, up from an initial estimate of $10 to $20 million. Customers remain very bullish. The market is still largely dominated by one ecosystem, at least on the CPO side. However, as I mentioned in the prepared remarks, we are seeing some diversification with adoption in NPO applications and certain pluggable applications as well.
(00:31:07)是的，Triton 和光子學在 2026 年對我們來說是主要亮點。這些是我們已經投資近十年的領域。正如你所提到的，我們已將對 2026 年 Triton 收入的預期提高到超過 3000 萬美元，從最初的 1000 萬到 2000 萬美元的估計上調。客戶仍然非常看好。市場仍然主要由一個生態系統主導，至少在 CPO 方面。然而，正如我在準備的發言中提到的，我們在 NPO 應用和某些可插拔應用中看到了一些多樣化的採用。
Mike Slessor - FormFactor, CEO
(00:31:48)In pluggables, not necessarily the Triton system itself, but derivative technology. This is a focus area where we expect continued growth. Photonics offers a compelling solution to the power and energy challenges facing the industry. It's really a matter of when, not if, and we are seeing the early stages of this take place in 2026 and into 2027.
(00:31:48)在可插拔應用中，不一定是 Triton 系統本身，而是衍生技術。這是一個我們預期持續增長的重點領域。光子學為行業面臨的電力和能源挑戰提供了引人注目的解決方案。這真的是一個何時的問題，而不是是否的問題，我們在 2026 年及 2027 年看到這一過程的早期階段。
Speaker02
(00:32:11)Very helpful. Thank you.
(00:32:11)非常有幫助。謝謝你。
Speaker01
(00:32:18)Thank you. Our next question comes from the line of George Brown of Deutsche Bank. Your line is open, George.
(00:32:18)謝謝你。我們的下一個問題來自德意志銀行的 George Brown。George，你的線路已開通。
George Brown - Deutsche Bank, Research Analyst
(00:32:31)Hi, everyone. Thanks for taking my questions. I have just two questions from my side. So, firstly, regarding GPUs and perhaps the ASIC side, I believe you mentioned in your statements that you shipped products for the GPU this quarter. However, I think most of the increase in your sales was to TSMC. Which, again, is a customer accounting for over 10% of your business. It seems this growth mainly comes from Triton or the CPO products rather than the GPU. How should we consider the GPU contribution in Q3 and Q4, and also looking ahead to 2027 with more capacity coming online?
(00:32:31)嗨，大家好。謝謝你回答我的問題。我這邊只有兩個問題。首先，關於 GPU 以及 ASIC 方面，我相信您在聲明中提到您本季度為 GPU 出貨了產品。不過，我認為您銷售增長的大部分來自於台積電。這再次表明，該客戶佔您業務的超過 10%。看起來這一增長主要來自於 Triton 或 CPO 產品，而不是 GPU。我們應該如何考慮第三季度和第四季度的 GPU 貢獻，以及展望 2027 年隨著更多產能上線？
George Brown - Deutsche Bank, Research Analyst
(00:33:06)And similarly, on the ASIC side, are there any updates regarding qualifications? Last quarter, you mentioned that the Google TPU would likely require advanced MEMS at some point. Do you have any updates on that as well? And I have a second question.
(00:33:06)同樣，在 ASIC 方面，有關資格的更新嗎？上一季度，您提到 Google TPU 可能在某個時候需要先進的 MEMS。您對此有任何更新嗎？我還有第二個問題。
Mike Slessor - FormFactor, CEO
(00:33:23)Okay. Let me see if I can break that down. That was quite a comprehensive question. Let's begin with the GPU. As we stated in the prepared remarks, we shipped probe cards for a single GPU design to the world-leading foundry in multimillion-dollar quantities. This represents the very early stage of us becoming a key contributor to those projects annually. We are well positioned to grow that business and start capturing significant market share in 2027. This is a key driver of our growth. The situation is similar for custom ASICs.
(00:33:23)好的。讓我看看是否可以將其分解。這是一個相當全面的問題。讓我們從 GPU 開始。正如我們在準備的發言中所述，我們為一個單一的 GPU 設計向全球領先的代工廠出貨了數百萬美元的探針卡。這代表了我們成為這些項目每年關鍵貢獻者的非常早期階段。我們在增長這項業務方面處於良好位置，並計劃在 2027 年開始獲得顯著的市場份額。這是我們增長的關鍵驅動力。自訂 ASIC 的情況類似。
Mike Slessor - FormFactor, CEO
(00:33:57)We have qualified and shipped multiple units, but our volume is constrained by production capacity. That is why Farmers Branch, ramping up as Aric described, is the company's top priority. We aim to position ourselves strongly across GPUs, x86 fabless CPUs, and custom ASICs. Customers require our technology. This advanced MEMS technology is a critical enabler for high-performance computing. Bringing capacity online to meet demand is the company's highest priority. We are executing this as quickly and effectively as possible.
(00:33:57)我們已經獲得資格並出貨了多個單位，但我們的產量受到生產能力的限制。這就是為什麼 Farmers Branch，如 Aric 所描述的，成為公司的首要任務。我們的目標是強勢佈局於 GPU、x86 fabless CPU 和自訂 ASIC。客戶需要我們的技術。這項先進的 MEMS 技術是高性能計算的關鍵推動力。上線產能以滿足需求是公司的最高優先事項。我們正在以最快和最有效的方式執行這一計劃。
George Brown - Deutsche Bank, Research Analyst
(00:34:38)Perfect. Thank you. Following up on capacity, we are hearing from your peers about accelerating capacity additions, really doubling down to ramp as quickly as possible. For example, Advantest mentioned this morning that they are accelerating plans to double their capacity on the logic test equipment side, with hints at doubling again midterm. So, I am wondering how much flexibility you have to accelerate the ramp at Farmers Branch into 2027 and possibly 2028? I understand there are multiple phases, from phase one to phase three.
(00:34:38)完美。謝謝。關於產能的後續問題，我們聽到您的同行在加速產能擴張，真的在全力以赴地快速提升。例如，Advantest 今天早上提到他們正在加速計劃，將邏輯測試設備的產能翻倍，並暗示中期可能再次翻倍。所以，我想知道您有多少靈活性可以在 2027 年甚至 2028 年加速 Farmers Branch 的擴張？我瞭解有多個階段，從第一階段到第三階段。
George Brown - Deutsche Bank, Research Analyst
(00:35:14)And obviously, with the cash injection from Teradyne, I wonder if that helps—that's my question.
(00:35:14)顯然，隨著 Teradyne 的資金注入，我想知道這是否有幫助——這是我的問題。
Aric McKinnis - FormFactor, CFO
(00:35:23)As Mike shared, our number one priority as a company right now is to ramp up capacity at Farmers Branch as quickly as possible, while ensuring we maintain quality and do it correctly. I provided an expectation that we could exit 2027 with about $400 million in capacity. This estimate considers various scenarios and balances risk with our execution capabilities. We feel very confident in the team working on this. This is a team with prior experience. They have demonstrated their ability to deliver over the past 18 months, especially regarding cost improvements.
(00:35:23)正如 Mike 所分享的，我們目前作為公司的首要任務是盡快提升Farmers Branch 的產能，同時確保我們保持質量並正確執行。我提供了一個預期，我們可以在 2027 年結束時擁有約 4 億美元的產能。這一估算考慮了各種情境，並平衡了風險與我們的執行能力。我們對這個團隊的工作非常有信心。這是一支擁有先前經驗的團隊。他們在過去 18 個月中展示了他們的交付能力，特別是在成本改善方面。
Aric McKinnis - FormFactor, CFO
(00:36:12)So, we are very optimistic about our current position. Additionally, Farmers Branch is a platform for future growth. By design, it is flexible. One of the fundamental principles of that site is to ensure we can add capacity modularly as demand dictates moving forward. During the ramp phase, we have plenty to accomplish over the next 12 months. So, I believe the balanced outlook we provided regarding our potential year-end exit and subsequent progress is appropriate.
(00:36:12)所以，我們對目前的狀況非常樂觀。此外，Farmers Branch 是未來增長的平台。按設計，它是靈活的。該地點的一個基本原則是確保我們可以根據需求模塊化地增加產能。在擴張階段，我們在接下來的 12 個月中有很多工作要完成。所以，我相信我們提供的有關潛在年末退出和隨後進展的平衡展望是合適的。
Speaker03
(00:36:51)Beyond that, into the coming years. Perfect. Thank you so much, everyone.
(00:36:51)超越這一點，進入未來幾年。完美。非常感謝大家。
Speaker01
(00:37:00)Thank you. Our next question comes from Matt Prisco of Cantor. Your line is open, Matt.
(00:37:00)謝謝。我們的下一個問題來自 Cantor 的 Matt Prisco。Matt，你的線路已開通。
Matt Prisco - Cantor Fitzgerald, Research Analyst
(00:37:09)Yeah, thanks for taking the question, guys. To start, just to follow up on Farmers Branch, how should we think about the linearity of that ramp throughout 2027? And do you expect to have enough demand to fully utilize that fab as it ramps to the $400 million annual run rate capability by the end of 2027?
(00:37:09)是的，謝謝你們回答我的問題，大家。首先，關於 Farmers Branch，我們應該如何看待 2027 年整體增長的線性？你們是否預期在 2027 年底之前，能夠充分利用該工廠，達到每年 4 億美元的運行能力？
Aric McKinnis - FormFactor, CFO
(00:37:31)Yeah, I think so. I'll reiterate, we expect to exit the year at this $400 million annual run rate capability. That's a capability at year-end, not necessarily the revenue. Revenue will be dictated by the timing of demand, as you noted. Currently, the demand environment is clearly very strong. So, our thinking is that capacity is the limiting factor, which is why it remains our top company priority.
(00:37:31)是的，我認為可以。我重申，我們預期在年底時達到每年 4 億美元的運行能力。這是年末的能力，而不一定是收入。收入將取決於需求的時間，如你所提到的。目前，需求環境顯然非常強勁。因此，我們的想法是產能是限制因素，這就是為什麼它仍然是我們公司的首要任務。
Speaker02
(00:38:03)Regarding linearity through the years, we expect it to be even.
(00:38:03)關於這幾年的線性增長，我們預期它會是均勻的。
Aric McKinnis - FormFactor, CFO
(00:38:06)Yeah, sorry. I think assuming roughly linear growth is fair. There could be some adjustments as schedules shift. But as a mental model, it's reasonable to think of it starting near zero and ramping up over 2027 to $400 million in annual capacity.
(00:38:06)是的，抱歉。我認為假設大致線性增長是合理的。隨著時間表的變化，可能會有一些調整。但作為一個心理模型，合理的想法是從接近零開始，並在 2027 年逐步增長到每年 4 億美元的產能。
Matt Prisco - Cantor Fitzgerald, Research Analyst
(00:38:34)Got it. For my follow-up, going back to gross margins, can you provide more detail on what's driving the two-point increase in the baseline? Also, regarding the headwind from Farmers Branch during the early ramp, can you quantify that through 2027 so we can understand the tailwind once at full run rate? Thanks.
(00:38:34)明白了。對於我的後續問題，回到毛利率，你能提供更多細節，說明基準上升兩個百分點的原因嗎？此外，關於 Farmers Branch 在早期增長中的逆風，你能量化到 2027 年，以便我們理解在達到全運行率後的順風嗎？謝謝。
Aric McKinnis - FormFactor, CFO
(00:39:00)The increase in baseline gross margins is driven— —by the same factors we've seen over the past year and a half. These include cycle times, yields, and improved efficiency in our existing footprint. We're producing more with the same resources, which lowers unit costs and drives up gross margins. This is the main driver once we exclude non-recurring items. Regarding 2027, We haven't quantified the pluses and minuses over that timeframe, as it would give a false sense of precision. However, we are committed that after completing the initial ramp, the facility will be accretive to gross margin levels compared to today once at initial capacity.
(00:39:00)基準毛利率的上升是由————過去一年半來我們所見的相同因素驅動的。這些因素包括循環時間、產量和我們現有產能的效率提升。我們用相同的資源生產更多，這降低了單位成本並提高了毛利率。一旦排除非經常性項目，這是主要驅動因素。關於 2027 年，我們尚未量化這段時間內的利弊，因為這會給出一種錯誤的精確感。然而，我們承諾在完成初始增長後，該設施在達到初始產能後將對毛利率水平有正面影響。
Speaker01
(00:39:56)Thanks, guys. Thank you. Our next question comes from Elizabeth Sun of Citi. Please go ahead, Elizabeth.
(00:39:56)謝謝，大家。謝謝。我們的下一個問題來自 Citi 的 Elizabeth Sun。請開始，Elizabeth。
Elizabeth Sun - Citi, Research Analyst
(00:40:09)Thank you. Thanks for taking my question. My first question is also on Farmers Branch. I understand you are trying to ramp as fast as possible throughout next year. I'm curious, in the near term, capacity seems to be more of a constraint on growth. It appears Q4 is somewhat constrained by this as well. So, as we enter Q1 next year, how much longer will capacity remain a headwind or constraint? And how fast can you ramp in Q1 so that Farmers Branch does not become a constraint?
(00:40:09)謝謝。感謝你們回答我的問題。我的第一個問題也是關於 Farmers Branch。我瞭解你們正在努力在明年盡快增長。我很好奇，在短期內，產能似乎是增長的限制因素。看起來第四季度也受到這一點的限制。因此，當我們進入明年第一季度時，產能還會持續多久成為逆風或限制？你們在第一季度能多快增長，以避免 Farmers Branch 成為限制？
(00:40:52)Yes. I agree that we are seeing increasing tightness in our production capacity. We are operating near the limits of what our current footprint can achieve. As you noted, we have managed to significantly increase production from the start to the end of this year. This improvement is driven by process enhancements and efficiencies within the same footprint. We've pushed that capacity multiple times, and it's becoming increasingly difficult to extract more output. This is reflected in our Q4 outlook, where the incremental guidance is slightly lower than what we achieved in the prior quarter.
(00:40:52)是的。我同意我們在生產能力上看到的緊張程度在增加。我們的運營接近目前產能的極限。如你所提到的，我們已經成功地從年初到年末顯著提高了產量。這一改善是由於在相同產能內的流程改進和效率提升。我們多次推動這一產能，現在越來越難以提取更多產出。這在我們的第四季度展望中有所體現，增量指導略低於我們在上一季度所達到的水平。
Aric McKinnis - FormFactor, CFO
(00:41:37)So you are correct in stating that we are beginning to see those limits. Farmers Branch, of course, serves as the relief valve for that. To reiterate what I mentioned earlier, we expect that capacity to come online in a linear fashion.
(00:41:37)所以你說得對，我們開始看到那些限制。Farmers Branch 當然是為此提供了緩衝。重申我之前提到的，我們預期產能將以線性方式上線。
Elizabeth Sun - Citi, Research Analyst
(00:41:53)Over the year, reaching that $400 million exiting capability. Okay, got it. Then, regarding gross margin, I believe Mike discussed structural increases in DRAM gross margin and the cost programs you are executing. I'm curious, is there any pricing element contributing to the overall DRAM gross margin improvement? Also, how far is DRAM gross margin from FoundryLogic at this point?
(00:41:53)在一年內，達到四億美元的退出能力。好的，明白了。那麼，關於毛利率，我相信 Mike 討論了 DRAM 毛利率的結構性增長以及你們正在執行的成本計劃。我很好奇，是否有任何價格因素對整體 DRAM 毛利率的改善有所貢獻？此外，現在 DRAM 毛利率距離 FoundryLogic 還有多遠？
Mike Slessor - FormFactor, CEO
(00:42:30)Yes, Elizabeth, this is Mike. I'll address that. What we observed, to provide context, is that we delivered record DRAM revenue while simultaneously achieving near-record company gross margins. This is something you would not have seen from FormFactor in the past. It reflects the impact of DRAM cost reductions. When analyzing DRAM gross margins, there is minimal contribution from price increases. As we have shared previously, our business model focuses on delivering value to customers and being compensated accordingly.
(00:42:30)是的，Elizabeth，這是 Mike。我會處理這個問題。我們觀察到的情況是，我們在創造記錄的 DRAM 收入的同時，實現了接近記錄的公司毛利率。這是你過去不會從 FormFactor 看到的情況。這反映了 DRAM 成本降低的影響。在分析 DRAM 毛利率時，價格上漲的貢獻微乎其微。正如我們之前分享的，我們的商業模式專注於為客戶提供價值，並相應地獲得報酬。
Mike Slessor - FormFactor, CEO
(00:43:00)We are not operating a commodity business. There are cases where expedited delivery or capacity reservation is valuable to customers, and they compensate us for that. However, this is not the primary driver of DRAM gross margin improvement.
(00:43:00)我們並不是在經營一個商品業務。在某些情況下，加急交付或產能預留對客戶是有價值的，他們會為此補償我們。然而，這並不是 DRAM 毛利率改善的主要驅動因素。
Speaker03
(00:43:21)Thanks, Mike.
(00:43:21)謝謝你，Mike。
Speaker02
(00:43:29)Thank you, Aric. To ask a question, please press star 1-1 on your telephone.
(00:43:29)謝謝你，Aric。要提問，請在您的電話上按星號 1-1。
Speaker01
(00:43:36)Again, press star 1-1 to ask a question. Our next question comes from Charles Shi of Needham. Charles, your line is open. Hi. Good afternoon, Mike and Aric.
(00:43:36)再次按星號 1-1 提問。我們的下一個問題來自 Needham 的 Charles Shi。Charles，你的線路已開通。嗨。下午好，Mike 和 Aric。
Charles Shi - Needham, Senior Analyst
(00:43:53)I want to ask a bit more about the Farmers Branch gross margin. I understand that during the ramp, there are always offsetting factors. But in a steady state, once Farmers Branch is fully ramped and ramp-related costs are gone, you are familiar with the cost structure of the new facility. What would be the steady-state gross margin contribution to FormFactor overall? If you could provide some insight, that would be appreciated. Thank you. Yes, over the longer term,
(00:43:53)我想多問一些關於 Farmers Branch 的毛利率。我瞭解在增長期間，總是會有抵消因素。但在穩定狀態下，一旦 Farmers Branch 完全增長，與增長相關的成本消失，你對新設施的成本結構很熟悉。那麼，穩定狀態下對 FormFactor 整體的毛利貢獻會是多少？如果你能提供一些見解，我將不勝感激。謝謝。是的，從長遠來看，
Aric McKinnis - FormFactor, CFO
(00:44:39)what we have achieved so far this year, and as we approach the ramp of Farmers Branch, aligns closely with the target model we communicated earlier regarding operating leverage and volume-driven gains. I believe this will continue as we complete the Farmers Branch ramp. The target model included the investments needed to build capacity supporting $1.6 billion in revenue. Therefore, the target model profitability is a good guide beyond next year. Okay, thank you. Perhaps a question for Mike.
(00:44:39)我們今年迄今為止所取得的成就，以及隨著 Farmers Branch 的增長，與我們之前溝通的目標模型密切相關，該模型涉及運營槓桿和基於產量的增長。我相信這將繼續，隨著我們完成 Farmers Branch 的增長。目標模型包括支持 16 億美元收入所需的投資。因此，目標模型的盈利能力是明年以後的一個良好指導。好的，謝謝。也許這是對 Mike 的一個問題。
Charles Shi - Needham, Senior Analyst
(00:45:27)Mike, regarding Triton system revenue, if I understand correctly, it has grown to over $30 million this year, approximately four times last year's level. While this remains a small part of FormFactor's business, around 3% to 4% of total, you have had franchises in the past that grew multiple times quickly, like the HPM franchise. Do you have the capacity in place for Triton system demand to grow another three to four times or more next year? With the focus on Farmers Branch as a probe card facility, is there anything being done on the system side? Thank you.
(00:45:27)Mike，關於 Triton 系統的收入，如果我理解正確，今年已增長至超過 3000 萬美元，大約是去年的四倍。雖然這仍然是 FormFactor 業務的一小部分，約佔總量的 3% 到 4%，你過去有過快速增長多倍的特許經營，如 HPM 特許經營。你是否有能力應對 Triton 系統需求在明年增長三到四倍或更多？由於專注於 Farmers Branch 作為探針卡設施，系統方面是否有任何措施？謝謝。
Charles Shi - Needham, Senior Analyst
(00:46:10)Yes. Triton has been a strong growth driver for us in 2026.
(00:46:10)是的。Triton 在 2026 年成為我們強勁的增長驅動力。
Mike Slessor - FormFactor, CEO
(00:46:29)As I mentioned earlier, this success is the result of many years of investment and partnership with key customers. In 2025, revenue was zero. So it has grown from zero to over $30 million in 2026. Regarding Triton system manufacturing, it is less internally focused and more reliant on various external subcomponents. This approach supports scalability and growth. We continue to optimize the supply chain to meet increasing demand efficiently. We're basically... integrating and assembling some subcomponents.
(00:46:29)正如我之前提到的，這一成功是多年來與主要客戶投資和合作的結果。在 2025 年，收入為零。所以它從零增長到 2026 年的超過 3000 萬美元。關於 Triton 系統的製造，它的內部專注較少，更依賴於各種外部子組件。這種方法支持可擴展性和增長。我們繼續優化供應鏈，以有效滿足不斷增長的需求。我們基本上...整合和組裝一些子組件。
Mike Slessor - FormFactor, CEO
(00:47:07)So, it's not quite the capacity constraints we face in our vertically integrated business in probe cards. All of our growth forecasts, even at the high end, consider this a $400 million served market by 2030, with good progress this year moving toward that goal. We expect similar progress in 2027. We do not anticipate capacity to constrain the growth of that business.
(00:47:07)所以，這並不是我們在探針卡的垂直整合業務中面臨的產能限制。我們所有的增長預測，即使在高端，也認為到 2030 年這是一個 4 億美元的市場，今年在朝著這個目標邁進方面取得了良好的進展。我們預計在 2027 年會有類似的進展。我們不預期產能會限制該業務的增長。
Speaker02
(00:47:45)Thank you.
(00:47:45)謝謝。
Speaker01
(00:47:47)Our next question comes from Brian Chin of Stifel. Please go ahead, Brian.
(00:47:47)我們的下一個問題來自 Stifel 的 Brian Chin。請開始吧，Brian。
Brian Chin - Stifel, Director
(00:47:56)Hi there. Good afternoon. Thanks for letting us ask a few questions. Hey, Mike. In the past, when TSMC has grown over 10%, now for two quarters in a row, the business was about $100 million below the current run rate—around $180 to $190 million versus $280 million now. Historically, that business has been biased toward mobile processors and similar products. Is that the historic, larger part of the TSMC foundry business? Is that a similar size, and is all the incremental growth from 10% at $180 million to 10% at $280 million coming from that segment?
(00:47:56)嗨，你好。下午好。感謝你讓我們問幾個問題。嘿，Mike。過去，當台積電增長超過 10% 時，現在已經連續兩個季度，業務大約比目前的運行率低 1 億美元——大約 1.8 億到 1.9 億美元，而現在是 2.8 億美元。歷史上，該業務偏向於移動處理器和類似產品。這是台積電晶圓代工業務的歷史上較大的一部分嗎？這是一個相似的規模，從 1.8 億美元的 10% 到 2.8 億美元的 10% 的所有增量增長都是來自該細分市場嗎？
Brian Chin - Stifel, Director
(00:48:39)Is the growth mainly from custom ASICs? How would you describe the evolution of the composition of that TSMC business?
(00:48:39)增長主要來自定製 ASIC 嗎？你會如何描述台積電業務組成的演變？
Mike Slessor - FormFactor, CEO
(00:48:48)It's actually a microcosm of how we've driven our broader growth strategy at the company. There are multiple components to it. Historically, that business was anchored in mobile application processor ramps, then broadened with high-performance compute, and expanded further this year with additional high-performance compute projects. We also have the Triton system included now. So, it's a broader set of opportunities with that customer. This parallels how we're driving growth and diversification across the company, ensuring exposure to multiple opportunities as they arise.
(00:48:48)這實際上是我們如何推動公司更廣泛增長策略的縮影。這其中有多個組成部分。歷史上，該業務是以移動應用處理器的增長為基礎，然後擴展到高性能計算，今年進一步擴展到額外的高性能計算項目。我們現在還包括了 Triton 系統。所以，這與該客戶有更廣泛的機會。這與我們如何推動公司增長和多元化相平行，確保在機會出現時能接觸到多個機會。
Mike Slessor - FormFactor, CEO
(00:49:40)The business with that customer perfectly reflects our overall growth strategy for FormFactor.
(00:49:40)與該客戶的業務完美反映了我們 FormFactor 的整體增長策略。
Brian Chin - Stifel, Director
(00:49:52)Okay. That's helpful. And then, regarding the initial waves of products you’re bringing up in Texas at the new probe card facility, is there a bias toward new customer designs straight into Texas, or is there a balance with products transferring from Livermore? And moving there. What's the thought process on what kind of,
(00:49:52)好的。這很有幫助。然後，關於你們在德克薩斯州的新探針卡設施中推出的初始產品波，是否偏向於直接進入德克薩斯州的新客戶設計，還是與從 Livermore 轉移的產品之間有平衡？並且移動到那裡。對於什麼樣的，
Mike Slessor - FormFactor, CEO
(00:50:26)you know, that's lead off. Yeah. That gets pretty detailed, but let me share some themes. We are initially ramping assembly and test for our foundry and logic products, and we'll add MEMS front-end for those products in 2027, which will free up DRAM capacity at Livermore. So, the customers served out of Farmers Branch are primarily, well, exclusively, foundry and logic customers. Within that group, we're optimizing for speed to ramp. If customers require lengthy, detailed qualification processes, they may be scheduled later.
(00:50:26)你知道，這是開頭。是的。這變得相當詳細，但讓我分享一些主題。我們最初正在為我們的晶圓代工和邏輯產品提升組裝和測試，並且我們將在 2027 年為這些產品增加 MEMS 前端，這將釋放 Livermore 的 DRAM 產能。所以，從 Farmers Branch 服務的客戶主要是，嗯，完全是，晶圓代工和邏輯客戶。在這個群體中，我們正在優化快速增長。如果客戶需要冗長、詳細的資格認證過程，他們可能會被安排在稍後。
Mike Slessor - FormFactor, CEO
(00:51:07)We want to utilize that capacity as aggressively as possible. Regarding earlier questions about capacity constraints, we don't want capacity sitting idle while customers decide whether to proceed. So there's a clear bias toward new or existing customers with practical but aggressive plans to move into Farmers Branch first.
(00:51:07)我們希望盡可能積極地利用這個產能。關於之前有關產能限制的問題，我們不希望產能閒置，讓客戶決定是否繼續。所以，對於有實際但積極計劃首先進入 Farmers Branch 的新客戶或現有客戶，明顯存在偏向。
Brian Chin - Stifel, Director
(00:51:32)That's pretty helpful. And then maybe. Regarding your comment that things are ahead of plan, is that about your initial view of customer engagement, or related to training new employees and hiring? Is it about equipment availability?
(00:51:32)這非常有幫助。然後也許。關於你提到的事情超出計劃，這是關於你對客戶參與的初步看法，還是與培訓新員工和招聘有關？是關於設備可用性嗎？
Aric McKinnis - FormFactor, CFO
(00:51:57)It's really a reflection of expected revenue shipment timing. We initially expected first revenue shipments at the very end of this year or early 2027. As Mike mentioned in his prepared remarks, we shipped our first card in the last couple of weeks, showing acceleration. Other areas like workforce also seem to be progressing well, with a strong team continuing to meet milestones at a good pace.
(00:51:57)這實際上反映了預期的收入出貨時間。我們最初預計在今年年底或 2027 年初進行首次收入出貨。正如 Mike 在他的準備發言中提到的，我們在過去幾週內發送了我們的第一張卡，顯示出加速的跡象。其他領域如人力資源似乎也在良好進展，強大的團隊繼續以良好的速度達成里程碑。
Brian Chin - Stifel, Director
(00:52:35)All right, sounds good. Just be careful lifting those cards in the factory. That's it for me. Thanks.
(00:52:35)好的，聽起來不錯。只要小心在工廠裡搬運那些卡片。這是我所有的問題。謝謝。
Speaker01
(00:52:45)Thank you. I would now like to turn the conference back to Mike Slessor for closing remarks.
(00:52:45)感謝您。現在我想把會議交回給 Mike Slessor 進行結語。
Mike Slessor - FormFactor, CEO
(00:52:50)All right. Thanks, everybody, for joining us today. It's an exciting time for FormFactor. As I mentioned in the prepared remarks, our guidance reflects surpassing one billion dollars in revenue this year for the first time in company history. We have a bright future ahead with Farmers Branch
(00:52:50)好的。感謝大家今天的參與。對 FormFactor 來說，這是一個令人興奮的時刻。正如我在準備的發言中提到的，我們的指引顯示今年公司歷史上首次收入將超過十億美元。我們在 Farmers Branch 有光明的未來。
Speaker03
(00:53:05)coming online. Thanks for joining.
(00:53:05)即將上線。感謝您的參與。
Speaker01
(00:53:09)This concludes today's conference call. Thank you for participating. You may now disconnect.
(00:53:09)今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。