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FORMFACTOR ™ News Release Investor Contact : Stan Finkelstein Investor Relations ( 925 ) 290-4321 ir@formfactor.com EXHIBIT 99.01 FORMFACTOR , INC . REPORTS 2021 THIRD QUARTER RESULTS Company Delivers Strong Results , Benefiting from Accelerating Demand and Output as Additional Capacity Comes Online LIVERMORE , Calif . - October 27 , 2021 - FormFactor , Inc. ( Nasdaq : FORM ) today announced its financial results for the third quarter of fiscal 2021 ended September 25 , 2021. Quarterly revenues were $ 190.0 million , an increase of 1.0 % compared to $ 188.1 million in the second quarter of fiscal 2021 , and an increase of 6.7 % from $ 178.0 million in the third quarter of fiscal 2020 . Strong demand in all our businesses produced revenue at the high - end of the outlook range Gross margin improvement of 160 basis points , driven primarily by more - favorable product mix within specific markets New Livermore Manufacturing Center on - track to deliver initial customer shipments in the fourth quarter " FormFactor delivered solid results in the third quarter , again recording the second - highest revenue in company history , with gross margins at the high end of our outlook range , " said Mike Slessor , CEO of FormFactor , Inc. “ Together with sustained operating expense control , these factors resulted in non - GAAP earnings per share above the high end of our outlook range . " Third Quarter Highlights On a GAAP basis , net income for the third quarter of fiscal 2021 was $ 20.5 million , or $ 0.26 per fully - diluted share , compared to net income for the second quarter of fiscal 2021 of $ 17.9 million , or $ 0.23 per fully - diluted share , and net income for the third quarter of fiscal 2020 of $ 22.9 million , or $ 0.29 per fully - diluted share . Gross margin for the third quarter of 2021 was 42.2 % , compared with 40.6 % in the second quarter of 2021 , and 43.1 % in the third quarter of 2020 . On a non - GAAP basis , net income for the third quarter of fiscal 2021 was $ 31.6 million , or $ 0.40 per fully - diluted share , compared to net income for the second quarter of fiscal 2021 of $ 28.4 million , or $ 0.36 per fully - diluted share , and net income for the third quarter of fiscal 2020 of $ 30.7 million , or $ 0.39 per fully - diluted share . On a non - GAAP basis , gross margin for the third quarter of 2021 was 46.0 % , compared with 44.4 % in the second quarter of 2021 , and 46.7 % in the third quarter of 2020 . A reconciliation of GAAP to non - GAAP measures is provided in the schedules included below . Free cash flow for the third quarter of fiscal 2021 was $ 14.4 million , compared to free cash flow for the second quarter of fiscal 2021 of $ 16.2 million , and free cash flow for the third quarter of 2020 of $ 37.2 million . A reconciliation of net cash provided by operating activities to free cash flow is provided in the schedules included below .