FORMFACTOR INC. Files 10-K for Fiscal Year Ended December 30, 2023

TL;DR

<b>FormFactor Inc. has filed its annual 10-K report detailing its financial performance and business operations for the fiscal year ending December 30, 2023.</b>

AI Summary

FORMFACTOR INC (FORM) filed a Annual Report (10-K) with the SEC on February 23, 2024. FormFactor Inc. filed its 10-K report for the fiscal year ending December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. The company is incorporated in Delaware. Its principal business address is 7005 Southfront Road, Livermore, CA 94551. The Standard Industrial Classification code is 3674 (Semiconductors & Related Devices).

Why It Matters

For investors and stakeholders tracking FORMFACTOR INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FormFactor's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. Understanding the details within this report is essential for evaluating FormFactor's position within the semiconductor industry and its ability to navigate market dynamics and technological advancements.

Risk Assessment

Risk Level: medium — FORMFACTOR INC shows moderate risk based on this filing. The company operates in the semiconductor industry, which is subject to rapid technological changes, cyclical demand, and intense competition, posing significant market and operational risks.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess FormFactor's competitive positioning and growth prospects in the semiconductor market.

Key Numbers

• 2023-12-30 — Fiscal Year End Date (Conformed Period of Report)
• 2024-02-23 — Filing Date (Filed as of Date)
• 3674 — SIC Code (Standard Industrial Classification)
• 000-50307 — SEC File Number (SEC File Number)

Key Players & Entities

• FORMFACTOR INC. (company) — Filer name
• 0001039399 (company) — Central Index Key
• DE (company) — State of Incorporation
• 7005 SOUTHFRONT ROAD (company) — Business Address Street 1
• LIVERMORE (company) — Business Address City
• CA (company) — Business Address State
• 94551 (company) — Business Address ZIP
• Mike Slessor (person) — Executive Name

FAQ

Industry Context

FormFactor operates in the semiconductor industry, specifically in the design and manufacturing of advanced wafer sort and test equipment.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze FormFactor's revenue streams and growth drivers for fiscal year 2023.
2. Examine the company's balance sheet and cash flow statement for financial stability and liquidity.
3. Review the identified risk factors to understand potential challenges and FormFactor's mitigation strategies.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Previous filings would provide comparative data.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value FORM Nasdaq Global Market S

Filing Documents

• form-20231230.htm (10-K) — 2305KB
• a109-amendedandrestatede.htm (EX-10.9) — 13KB
• form-ex211x20231230x10k.htm (EX-21.1) — 8KB
• form-ex231x20231230x10k.htm (EX-23.1) — 2KB
• form-ex311x20231230x10k.htm (EX-31.1) — 9KB
• form-ex312x20231230x10k.htm (EX-31.2) — 9KB
• form-ex321x20231230x10k.htm (EX-32.1) — 6KB
• formfactorclawbackpolicy.htm (EX-97.1) — 9KB
• a109-amendedandrestatede001.jpg (GRAPHIC) — 251KB
• a109-amendedandrestatede002.jpg (GRAPHIC) — 231KB
• a109-amendedandrestatede003.jpg (GRAPHIC) — 261KB
• a109-amendedandrestatede004.jpg (GRAPHIC) — 51KB
• form-20231230_g1.jpg (GRAPHIC) — 109KB
• formfactorclawbackpolicy001.jpg (GRAPHIC) — 216KB
• formfactorclawbackpolicy002.jpg (GRAPHIC) — 231KB
• formfactorclawbackpolicy003.jpg (GRAPHIC) — 158KB
• 0001039399-24-000007.txt (&nbsp;) — 14839KB
• form-20231230.xsd (EX-101.SCH) — 73KB
• form-20231230_cal.xml (EX-101.CAL) — 165KB
• form-20231230_def.xml (EX-101.DEF) — 418KB
• form-20231230_lab.xml (EX-101.LAB) — 1065KB
• form-20231230_pre.xml (EX-101.PRE) — 748KB
• form-20231230_htm.xml (XML) — 2083KB

Business

Business 5 Item 1A:

Risk Factors

Risk Factors 11 Item 1B: Unresolved Staff Comments 21 I tem 1C: C ybersecurity 21 Item 2:

Properties

Properties 23 Item 3:

Legal Proceedings

Legal Proceedings 25 Item 4: Mine Safety Disclosures 25 Part II Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6: [Reserved] 26 Item 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A:

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 8:

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 38 Item 9A:

Controls and Procedures

Controls and Procedures 38 Item 9B: Other Information 39 Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 40 Part III Item 10: Directors, Executive Officers, and Corporate Governance 41 Item 11:

Executive Compensation

Executive Compensation 41 Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 41 Item 13: Certain Relationships and Related Transactions, and Director Independence 41 Item 14: Principal Accountant Fees and Services 41 Part IV Item 15: Exhibits and Financial Statement Schedules 42 Item 16: Form 10-K Summary 42

Signatures

Signatures 46 Consolidated Financial Statements 49 ______________ Throughout this Annual Report on Form 10-K, we refer to FormFactor, Inc. and its consolidated subsidiaries as "the Company," "FormFactor," "we," "us," and "our." Our fiscal year ends on the last Saturday in December. Our last three fiscal years ended on December 30, 2023, December 31, 2022 and December 25, 2021. 3 NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and the Securities Act of 1933, which are subject to known and unknown risks and uncertainties. The forward-looking statements include statements concerning, among other things, our business strategy (including the influence of anticipated trends and developments in our business and the markets in which we operate), financial results, operating results, revenues, gross margins, liquidity, operating expenses, products, projected costs and capital expenditures, research and development programs, sales and marketing initiatives, competition, and the impact of accounting standards. In some cases, you can identify these statements by our use of forward-looking words, such as "may," "might," "will," "could," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "intend" and "continue," the negative or plural of these words and other comparable terminology. Forward-looking statements are based on information available to us as of the filing date of this Annual Report on Form 10-K and our current expectations about future events, which are inherently subject to change and involve known and unknown risks and uncertainties. You should not place undue reliance on these forward-looking statements. We have no obligation to update any of these statements, and we assume no obligation to do so. Actual events or results may differ materially from those expressed or implied by these statements due to various fa

: Business

Item 1: Business General FormFactor, Inc. is a leading provider of essential test and measurement technologies along the full semiconductor product lifecycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. We provide a broad range of high-performance probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our products provide electrical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development, to high-volume production. Customers use our products and services to accelerate profitability by optimizing device performance, reducing scrap, and improving yields. Founded in 1993, we introduced our first product in 1995. From time to time, we have acquired businesses to help transform our business into a semiconductor test and measurement market leader with greater scale, diversification, breadth and market opportunities from Lab to Fab. We continue to evaluate opportunities to acquire businesses and technologies to further these goals. As of December 30, 2023, we operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. Sales of our probe cards and analytical probes are included in the Probe Cards segment, while sales of our probe stations, metrology systems, thermal systems and cryogenic systems are included in the Systems segment. Products We design, manufacture and sell multiple product lines, including probe cards, analytical probes, probe stations, metrology systems, thermal systems, cryogenic systems, and related services. On November 1, 2023, we completed the sale of our FRT Metrology business. Probe Cards. Our probe cards utilize a variety of technologies and product architectures, including micro-electromechanical systems (MEMS) technologies. We use advanced design and

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View this 10-K filing on SEC EDGAR