v3.26.1
Operating Segments and Enterprise-Wide Information
 3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Operating Segments and Enterprise-Wide Information Operating Segments and Enterprise-Wide Information
We operate in two reportable segments consisting of the Probe Cards segment and the Systems segment.

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer, who assesses the reportable segments' performance by using each reportable segment's net contribution to make decisions about allocating resources and assessing performance for the entire company. The CODM uses net contribution for each reportable segment predominantly in the annual budget and forecasting process, as well as consideration of budget-to-actual variances on a quarterly basis when making decisions for assessment of our performance and results of operations. Certain components of net contribution are utilized to determine executive compensation along with other measures.
The following table provides net contribution by reportable segment and includes a reconciliation to net income before income taxes (dollars in thousands):
Three Months Ended
March 28, 2026March 29, 2025
Probe CardsSystemsCorporate and OtherTotalProbe CardsSystemsCorporate and OtherTotal
Revenues$198,257 $27,887 $— $226,144 $136,520 $34,836 $— $171,356 
Cost of revenues98,126 17,285 23,939 139,350 84,905 19,321 2,607 106,833 
Gross profit100,131 10,602 (23,939)86,794 51,615 15,515 (2,607)64,523 
Gross margin50.5 %38.0 %38.4 %37.8 %44.5 %37.7 %
Research and development21,772 5,231 3,777 30,780 21,056 3,968 2,776 27,800 
Selling7,723 3,838 1,315 12,876 6,566 3,660 2,801 13,027 
Marketing1,622 1,820 1,635 5,077 1,580 1,741 1,126 4,447 
Net contribution$69,014 $(287)$(30,666)38,061 $22,413 $6,146 $(9,310)19,249 
General and administrative14,339 15,980 
Factory start-up costs7,074 — 
Operating income16,648 3,269 
Interest income, net2,174 3,317 
Other income, net441 890 
Income before income taxes and equity investment$19,263 $7,476 
Corporate and Other includes unallocated expenses relating to restructuring charges, amortization of stock-based compensation expense, intangible assets, acquisition-related costs, including charges related to fixed assets stepped up to fair value, and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses.

Net contribution represents Operating income excluding general and administrative expenses and factory start-up costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments.
Certain revenue category information by reportable segment was as follows (in thousands):
Three Months Ended
March 28, 2026March 29, 2025
Probe CardsSystemsTotalProbe CardsSystemsTotal
Market:
Foundry & Logic$111,188 $— $111,188 $85,272 $— $85,272 
DRAM82,933 — 82,933 48,858 — 48,858 
Flash4,136 — 4,136 2,390 — 2,390 
Systems— 27,887 27,887 — 34,836 34,836 
Total$198,257 $27,887 $226,144 $136,520 $34,836 $171,356 
Timing of revenue recognition:
Products transferred at a point in time$196,285 $24,720 $221,005 $134,721 $31,335 $166,056 
Products and services transferred over time1,972 3,167 5,139 1,799 3,501 5,300 
Total$198,257 $27,887 $226,144 $136,520 $34,836 $171,356 
Geographical region:
South Korea$79,766 $796 $80,562 $42,209 $962 $43,171 
Taiwan68,245 2,595 70,840 40,747 4,615 45,362 
United States21,822 7,588 29,410 27,784 12,541 40,325 
China7,806 3,556 11,362 8,152 5,463 13,615 
Singapore7,082 3,193 10,275 4,871 1,378 6,249 
Japan5,082 3,200 8,282 5,179 5,140 10,319 
Europe3,120 4,654 7,774 3,535 4,246 7,781 
Malaysia3,659 55 3,714 2,552 48 2,600 
Rest of World1,675 2,250 3,925 1,491 443 1,934 
Total$198,257 $27,887 $226,144 $136,520 $34,836 $171,356