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FORMFACTOR ™ News Release Investor Contact : Stan Finkelstein Investor Relations ( 925 ) 290-4321 ir@formfactor.com FORMFACTOR , INC . REPORTS 2021 SECOND QUARTER RESULTS Company Delivers Q2 Revenue at High End of Outlook Range , Expects Similar Levels in Q3 EXHIBIT 99.01 LIVERMORE , Calif . — July 28 , 2021 -FormFactor , Inc. ( Nasdaq : FORM ) today announced its financial results for the second quarter of fiscal 2021 ended June 26 , 2021. Quarterly revenues were $ 188.1 million , an increase of 0.8 % compared to $ 186.6 million in the first quarter of fiscal 2021 , and an increase of 19.2 % from $ 157.8 million in the second quarter of fiscal 2020 . Strong DRAM demand and record Systems segment sales produced second - highest revenue in company history Favorable product mix , better yields on a new DRAM design , increased precious metals recovery and improved utilization and absorption led to gross margins exceeding outlook range New manufacturing center in Livermore on - track to produce initial customer shipments in Q4 " FormFactor performed well during Q2 , with revenue surpassing Q1 to reach levels second only to Q4ʻ20 , ” said Mike Slessor , CEO of FormFactor , Inc. " Non - GAAP gross margin , while down 60 basis points sequentially , exceeded our outlook range and we benefited from solid demand for FormFactor's diversified set of market - leading semiconductor test and measurement products . ” Second Quarter Highlights On a GAAP basis , net income for the second quarter of fiscal 2021 was $ 17.9 million , or $ 0.23 per fully - diluted share , compared to net income for the first quarter of fiscal 2021 of $ 19.6 million , or $ 0.25 per fully - diluted share , and net income for the second quarter of fiscal 2020 of $ 20.5 million , or $ 0.26 per fully - diluted share . Gross margin for the second quarter of 2021 was 40.6 % , compared with 41.1 % in the first quarter of 2021 , and 41.9 % in the second quarter of 2020 . On a non - GAAP basis , net income for the second quarter of fiscal 2021 was $ 28.4 million , or $ 0.36 per fully - diluted share , compared to net income for the first quarter of fiscal 2021 of $ 30.8 million , or $ 0.38 per fully - diluted share , and net income for the second quarter of fiscal 2020 of $ 25.8 million , or $ 0.33 per fully - diluted share . On a non - GAAP basis , gross margin for the second quarter of 2021 was 44.4 % , compared with 45.0 % in the first quarter of 2021 , and 45.8 % in the second quarter of 2020 . A reconciliation of GAAP to non - GAAP measures is provided in the schedules included below . Free cash flow for the second quarter of fiscal 2021 was $ 16.2 million , compared to free cash flow for the first quarter of fiscal 2021 of $ 19.2 million , and free cash flow for the second quarter of 2020 of $ 18.6 million . A reconciliation of net cash provided by operating activities to free cash flow is provided in the schedules included below .