Page 1

News Release FORMFACTOR ™ Investor Contact : Stan Finkelstein Investor Relations ( 925 ) 290-4321 ir@formfactor.com • . FORMFACTOR , INC . REPORTS 2021 FIRST QUARTER RESULTS Company Delivers Q1 Revenue at High End of Outlook Range , Expects Similar Levels in Q2 LIVERMORE , Calif . · April 28 , 2021 —FormFactor , Inc. ( Nasdaq : FORM ) today announced its financial results for the first quarter of fiscal 2021 ended March 27 , 2021. Quarterly revenues were $ 186.6 million , a decrease of 5.3 % compared to $ 197.0 million in the fourth quarter of fiscal 2020 , and an increase of 16.1 % from $ 160.8 million in the first quarter of fiscal 2020 . EXHIBIT 99.01 Robust Foundry & Logic and consistent DRAM results led to the second - highest quarterly revenue in Company's history Differentiated strengths in 5G and advanced packaging drove share gains exceeding Foundry & Logic market growth Gross margins recovered after successfully addressing two discrete fourth - quarter issues " Our revenue and gross margin performance , paired with good operating expense control , produced solid quarterly results as we continued to invest in capacity expansion to meet anticipated long - term , broad - based demand , " said Mike Slessor , CEO of FormFactor , Inc. " The underlying components of first quarter demand were similar to Q4'20 , driven mostly by strong Foundry and Logic demand coupled with DRAM levels comparable to the previous quarter . " First Quarter Highlights On a GAAP basis , net income for the first quarter of fiscal 2021 was $ 19.6 million , or $ 0.25 per fully - diluted share , compared to net income for the fourth quarter of fiscal 2020 of $ 19.3 million , or $ 0.24 per fully - diluted share , and net income for the first quarter of fiscal 2020 of $ 15.9 million , or $ 0.20 per fully - diluted share . Gross margin for the first quarter of 2021 was 41.1 % , compared with 39.4 % in the fourth quarter of 2020 , and 41.9 % in the first quarter of 2020 . On a non - GAAP basis , net income for the first quarter of fiscal 2021 was $ 30.8 million , or $ 0.38 per fully - diluted share , compared to net income for the fourth quarter of fiscal 2020 of $ 35.3 million , or $ 0.44 per fully - diluted share , and net income for the first quarter of fiscal 2020 of $ 26.1 million , or $ 0.33 per fully - diluted share . On a non - GAAP basis , gross margin for the first quarter of 2021 was 45.0 % , compared with 43.4 % in the fourth quarter of 2020 , and 46.1 % in the first quarter of 2020 . A reconciliation of GAAP to non - GAAP measures is provided in the schedules included below . Free cash flow for the first quarter of fiscal 2021 was $ 19.2 million , compared to free cash flow for the fourth quarter of fiscal 2020 of $ 31.4 million , and free cash flow for the first quarter of 2020 of $ 27.6 million . A reconciliation of net cash provided by operating activities to free cash flow is provided in the schedules included below .