v3.26.1
Operating Segments and Enterprise-Wide Information
 6 Months Ended
Jun. 27, 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
June 27, 2026June 28, 2025
Probe CardsSystemsCorporate and OtherTotalProbe CardsSystemsCorporate and OtherTotal
Revenues$209,695 $48,547 $— $258,242 $162,108 $33,690 $— $195,798 
Cost of revenues95,639 24,984 6,697 127,320 100,040 20,419 2,401 122,860 
Gross profit114,056 23,563 (6,697)130,922 62,068 13,271 (2,401)72,938 
Gross margin54.4%48.5%50.7%38.3%39.4%37.3%
Research and development22,961 6,205 1,933 31,099 20,974 5,261 2,558 28,793 
Selling8,601 4,910 1,431 14,942 7,181 3,424 1,369 11,974 
Marketing1,869 1,924 1,357 5,150 1,598 1,882 1,327 4,807 
Net contribution$80,625 $10,524 $(11,418)79,731 $32,315 $2,704 $(7,655)27,364 
General and administrative17,073 14,701 
Factory start-up costs4,859 357 
Operating income57,799 12,306 
Interest income, net2,683 2,642 
Other income (expense), net212 (6)
Income before income taxes and equity investment$60,694 $14,942 
Six Months Ended
June 27, 2026June 28, 2025
Probe CardsSystemsCorporate and OtherTotalProbe CardsSystemsCorporate and OtherTotal
Revenues$407,952 $76,434 $— $484,386 $298,628 $68,526 $— $367,154 
Cost of revenues193,765 42,269 30,636 266,670 184,945 39,740 5,008 229,693 
Gross profit214,187 34,165 (30,636)217,716 113,683 28,786 (5,008)137,461 
Gross margin52.5%44.7%44.9%38.1%42.0%37.4%
Research and development
44,733 11,436 5,710 61,879 42,030 9,229 5,334 56,593 
Selling
16,324 8,748 2,746 27,818 13,747 7,084 4,170 25,001 
Marketing
3,491 3,744 2,992 10,227 3,178 3,623 2,453 9,254 
Net contribution
$149,639 $10,237 $(42,084)117,792 $54,728 $8,850 $(16,965)46,613 
General and administrative
31,412 30,681 
Factory start-up costs11,933 357 
Operating income74,447 15,575 
Interest income, net4,857 5,959 
Other income (expense), net653 884 
Income before income taxes and equity investment
$79,957 $22,418 

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
June 27, 2026June 28, 2025
Probe CardsSystemsTotalProbe CardsSystemsTotal
Market:
Foundry & Logic$121,839 $— $121,839 $99,513 $— $99,513 
DRAM84,999 — 84,999 57,057 — 57,057 
Flash2,857 — 2,857 5,538 — 5,538 
Systems— 48,547 48,547 — 33,690 33,690 
Total$209,695 $48,547 $258,242 $162,108 $33,690 $195,798 
Timing of revenue recognition:
Products transferred at a point in time$208,065 $46,501 $254,566 $160,552 $30,243 $190,795 
Products and services transferred over time1,630 2,046 3,676 1,556 3,447 5,003 
Total$209,695 $48,547 $258,242 $162,108 $33,690 $195,798 
Geographical region:
Taiwan$78,408 $16,013 $94,421 $46,814 $6,065 $52,879 
South Korea73,208 216 73,424 55,836 1,293 57,129 
United States26,499 11,719 38,218 32,849 8,075 40,924 
China8,372 8,519 16,891 4,633 4,767 9,400 
Europe3,771 5,694 9,465 3,224 4,024 7,248 
Malaysia8,295 776 9,071 5,112 43 5,155 
Singapore5,132 1,605 6,737 5,489 1,190 6,679 
Rest of World2,230 2,980 5,210 1,071 647 1,718 
Japan3,780 1,025 4,805 7,080 7,586 14,666 
Total$209,695 $48,547 $258,242 $162,108 $33,690 $195,798 
Six Months Ended
June 27, 2026June 28, 2025
Probe CardsSystemsTotalProbe CardsSystemsTotal
Market:
Foundry & Logic$233,027 $— $233,027 $184,785 $— $184,785 
DRAM167,932 — 167,932 105,915 — 105,915 
Flash6,993 — 6,993 7,928 — 7,928 
Systems— 76,434 76,434 — 68,526 68,526 
Total$407,952 $76,434 $484,386 $298,628 $68,526 $367,154 
Timing of revenue recognition:
Products transferred at a point in time$404,350 $71,221 $475,571 $295,273 $61,578 $356,851 
Products and services transferred over time3,602 5,213 8,815 3,355 6,948 10,303 
Total$407,952 $76,434 $484,386 $298,628 $68,526 $367,154 
Geographical region:
Taiwan$146,653 $18,608 $165,261 $87,561 $10,680 $98,241 
South Korea152,974 1,012 153,986 98,045 2,255 100,300 
United States48,321 19,307 67,628 60,633 20,616 81,249 
China16,178 12,075 28,253 12,785 10,230 23,015 
Europe6,891 10,348 17,239 6,759 8,270 15,029 
Singapore12,214 4,798 17,012 10,360 2,568 12,928 
Japan8,862 4,225 13,087 12,259 12,726 24,985 
Malaysia11,954 831 12,785 7,664 91 7,755 
Rest of the world3,905 5,230 9,135 2,562 1,090 3,652 
Total$407,952 $76,434 $484,386 $298,628 $68,526 $367,154