Achieved record annual revenue of $785 million in FY25, with Q4 revenue of $215.2 million, both exceeding guidance and driven by strong demand in DRAM, HBM, and advanced packaging markets.
Q4 2025 revenue, gross margin, and EPS surpassed the high end of guidance, with sequential growth expected in Q1 2026.
Recognized as the #1 global supplier in test subsystems and focused chip making equipment for 2025, with major awards from SK hynix and Intel.
Strategic acquisition of Keystone Photonics in 2025 strengthened leadership in co-packaged optics testing.
Market leader in semiconductor test and measurement, benefiting from secular trends like AI, data center, and 5G growth.
FY25 revenue was $785 million, up from $764 million in 2024; Q4 2025 revenue was $215.2 million, at the high end of guidance.
Q4 2025 GAAP gross margin was 42.2%, non-GAAP gross margin 43.9%; Q4 non-GAAP EPS was $0.46.
FY25 non-GAAP gross margin was 40.8%, with non-GAAP EPS at $1.30 and free cash flow of $83 million.
Q4 2025 GAAP net income was $23.2 million ($0.29 per share); non-GAAP net income was $36.6 million ($0.46 per share).
Q4 2025 free cash flow was $34.7 million; total cash and investments at quarter end were $275 million.
Q1 2026 revenue guidance is $225 million ±$5 million, with non-GAAP gross margin expected at 45% ±1.5% and non-GAAP EPS at $0.45 ±$0.04.
Non-GAAP operating expenses for Q1 are projected at $62 million ±$2 million, with a non-GAAP effective tax rate of 15–19%.
Target model aims for $850 million revenue, 47% non-GAAP gross margin, 22% operating margin, $2.00 EPS, and $160 million free cash flow.
Gross margin improvement is expected to continue, with the Farmers Branch site coming online later in 2026 to support further growth.
Q1 2026 outlook reflects strong demand in advanced packaging and high-performance compute markets.
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