Achieved record Q1 2026 revenue of $226.1M, up 32% year-over-year and 5.1% sequentially, with gross margin and EPS above guidance high end, driven by strong demand in probe cards for HBM, networking, and AI applications.
Non-GAAP net income for Q1 2026 was $44.5M, significantly higher than $18.0M in Q1 2025 and $36.6M in Q4 2025.
Major customers SK hynix and Intel accounted for over 10% of total revenue, with SK hynix at 29.5% in Q1 2026.
Operational improvements and restructuring actions have overcome previous execution challenges, supporting sustainable financial results and future margin improvement.
Keystone Photonics acquisition integrated, enhancing silicon photonics and CPO roadmap.
Q1 2026 revenue: $226.1M, up from $215.2M in Q4 2025 and $171.4M in Q1 2025, $1.1M above midpoint of $220M–$230M outlook.
GAAP gross margin: 38.4% (up from 37.7% in Q1 2025, down from 42.2% in Q4 2025); non-GAAP gross margin: 49% (up from 43.9% in Q4 2025).
GAAP net income: $20.4M ($0.26/share), up from $6.4M in Q1 2025, down from $23.2M in Q4 2025 due to restructuring costs.
Non-GAAP net income: $44.5M ($0.56/share), up from $36.6M ($0.46/share) in Q4 and $18.0M ($0.23/share) in Q1 2025.
Free cash flow: $30.7M, down from $34.7M in Q4, up from $6.3M in Q1 2025.
Q2 2026 revenue expected at $240M ±$5M, with non-GAAP gross margin at 49.5% ±150bps and non-GAAP EPS at $0.61 ±$0.04.
Q2 non-GAAP operating expenses expected at $65M ±$2M; effective tax rate 15%-19%.
Farmers Branch (Texas) site to come online late 2026, ramping through 2027, enabling further growth and margin expansion.
Majority of restructuring charges expected to be incurred in fiscal 2026, with anticipated gross margin improvements.
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