FormFactor, Inc. Q1 2020 10-Q Summary:
* **Forward-looking statements:** The report contains predictions based on current expectations, which involve risks and uncertainties. Actual results may differ due to factors like COVID-19, market trends, and business strategy execution.
* **Overview:** FormFactor is a leading provider of test and measurement solutions for the semiconductor industry, operating in two segments: Probe Cards and Systems. They experienced revenue and net income growth in Q1 2020 compared to Q1 2019.
* **COVID-19 Impact:** The pandemic caused temporary disruptions in manufacturing and operations, but FormFactor continues to operate as a critical infrastructure industry. They expect potential negative impacts on supply chain, workforce, customer demand, and the overall economy.
* **Financial Performance:** Revenue increased 21.6% YoY, driven by growth in Foundry & Logic products. Gross margin improved due to higher sales and factory utilization. Operating expenses increased due to higher headcount and variable compensation.
* **Liquidity and Capital Resources:** FormFactor has sufficient liquidity to meet its obligations for the next twelve months. They are actively managing their cash and investments in response to COVID-19 and may consider additional financing options if needed.