Semiconductor testing company FormFactor (NASDAQ: FORM) will be reporting results tomorrow after the bell. Here’s what you need to know.

FormFactor met analysts’ revenue expectations last quarter, reporting revenues of $189.5 million, up 12.7% year on year. It was a softer quarter for the company, with a significant miss of analysts’ adjusted operating income and EPS estimates.

Is FormFactor a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting FormFactor’s revenue to be flat year on year at $169.9 million, in line with its flat revenue from the same quarter last year. Adjusted earnings are expected to come in at $0.19 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. FormFactor has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 1.4% on average.

Looking at FormFactor’s peers in the semiconductor manufacturing segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Amkor’s revenues decreased 3.2% year on year, beating analysts’ expectations by 3%, and Lam Research reported revenues up 24.4%, topping estimates by 1.7%. Lam Research traded up 6.3% following the results.

Read our full analysis of Amkor’s results here and Lam Research’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the semiconductor manufacturing stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.1% on average over the last month. FormFactor’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $41.33 (compared to the current share price of $28.34).

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