Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>FormFactor's third quarter of 2025 results and guidance for the fourth quarter reflect a combination of strategic initiatives, market dynamics, and operational adjustments shaping the company's trajectory.</li><li>For the third quarter, FormFactor reported revenues of $202.7 million, surpassing its second quarter figures, with a non-GAAP gross margin of 41%, a 250 basis point increase from the previous quarter.</li><li>This improvement is underpinned by the company's focus on cost reduction and operational efficiency, particularly in labor and manufacturing processes.</li></ul>

FormFactor's third quarter of 2025 results and guidance for the fourth quarter reflect a combination of strategic initiatives, market dynamics, and operational adjustments shaping the company's trajectory.For the third quarter, FormFactor reported revenues of $202.7 million, surpassing its second quarter figures, with a non-GAAP gross margin of 41%, a 250 basis point increase from the previous quarter.This improvement is underpinned by the company's focus on cost reduction and operational efficiency, particularly in labor and manufacturing processes.

FormFactor: HBM & Advanced Packaging Market Penetration

<ul><li>FormFactor reported first quarter 2025 results that showed a sequential decline in revenue and profitability, aligning with previous expectations due to decreased demand for both DRAM probe cards and systems.</li><li>While revenues dipped by 9.6% from the previous quarter, they rose by 1.6% year-over-year.</li><li>Looking ahead, the company anticipates a rebound in the second quarter, expecting double-digit sequential revenue growth driven primarily by increased demand for high-bandwidth memory (HBM) DRAM probe cards and co-packaged optics test systems.</li></ul>

FormFactor reported first quarter 2025 results that showed a sequential decline in revenue and profitability, aligning with previous expectations due to decreased demand for both DRAM probe cards and systems.While revenues dipped by 9.6% from the previous quarter, they rose by 1.6% year-over-year.Looking ahead, the company anticipates a rebound in the second quarter, expecting double-digit sequential revenue growth driven primarily by increased demand for high-bandwidth memory (HBM) DRAM probe cards and co-packaged optics test systems.

FormFactor Inc. Rides the HBM Boom with Cutting-Edge Tech & Explosive Demand; Is This Growth Here To Stay?!

<ul><li>FormFactor delivered a mixed financial performance in the fourth quarter of 2024.</li><li>On the positive side, the company achieved record quarterly DRAM probe card revenue for the third consecutive quarter, primarily driven by the increasing demand for High Bandwidth Memory (HBM).</li><li>The company capitalized on the explosive growth in generative AI and high-bandwidth memory, which substantially increased their revenue by $100 million over the prior year.</li></ul>

FormFactor delivered a mixed financial performance in the fourth quarter of 2024.On the positive side, the company achieved record quarterly DRAM probe card revenue for the third consecutive quarter, primarily driven by the increasing demand for High Bandwidth Memory (HBM).The company capitalized on the explosive growth in generative AI and high-bandwidth memory, which substantially increased their revenue by $100 million over the prior year.

FormFactor's HBM4 Revolution—Why This Cutting-Edge Memory Tech Could Be A Market Disruptor!

<ul><li>FormFactor's third quarter 2024 earnings reflected strong performance driven by record revenues, surpassing prior expectations.</li><li>Both of the company's segments contributed to this outcome, with standout results from the DRAM probe-card business.</li><li>Notably, FormFactor achieved an all-time high in DRAM probe-card revenue for the third consecutive quarter.</li></ul>

FormFactor's third quarter 2024 earnings reflected strong performance driven by record revenues, surpassing prior expectations.Both of the company's segments contributed to this outcome, with standout results from the DRAM probe-card business.Notably, FormFactor achieved an all-time high in DRAM probe-card revenue for the third consecutive quarter.

FormFactor Inc.: Diversification in Probe Cards As A Pivotal Growth Engine! - Major Drivers

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> announced a new CEO as of 30th of May 2024. The new CEO officially starts 1st of July 2024.</li>
<li>Amy Leong will take over from Chandran Nair as she leaves her Chief Commercial Officer role at <a href="https://www.smartkarma.com/entities/formfactor-inc" target="_blank" data-smartkarma-citation="entities:20309:1" rel="noopener">Formfactor Inc (FORM US)</a>. </li>
<li>Given the weak business results and inventory management issues it should be expected that Mrs Leong would want to clean the proverbial house before she starts in her new role.</li>
</ul>



AEM (AEM SP) announced a new CEO as of 30th of May 2024. The new CEO officially starts 1st of July 2024.
Amy Leong will take over from Chandran Nair as she leaves her Chief Commercial Officer role at Formfactor Inc (FORM US). 
Given the weak business results and inventory management issues it should be expected that Mrs Leong would want to clean the proverbial house before she starts in her new role.


AEM Holdings: New CEO = One Final Kitchen Sink in 2Q24?

United States

FormFactor Inc, designs, develops, and manufactures advanced semiconductor wafer probe cards.  The Company's products are based on MicroSpring interconnect technology, which includes resilient spring-like contacts that are manufactured using micro-machining and scalable semiconductor-like wafer fabrication processes.

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Formfactor Inc (FORM US)

FormFactor: HBM & Advanced Packaging Market Penetration

FormFactor's third quarter of 2025 results and guidance for the fourth quarter reflect a combination of strategic initiatives, market dynamics,...

Baptista Research

FormFactor Inc. Rides the HBM Boom with Cutting-Edge Tech & Explosive Demand; Is This Growth Here To Stay?!

FormFactor reported first quarter 2025 results that showed a sequential decline in revenue and profitability, aligning with previous expectations...

Baptista Research

FormFactor's HBM4 Revolution—Why This Cutting-Edge Memory Tech Could Be A Market Disruptor!

FormFactor delivered a mixed financial performance in the fourth quarter of 2024. On the positive side, the company achieved record quarterly DRAM...

Baptista Research

FormFactor Inc.: Diversification in Probe Cards As A Pivotal Growth Engine! - Major Drivers

FormFactor's third quarter 2024 earnings reflected strong performance driven by record revenues, surpassing prior expectations. Both of the...

Baptista Research

AEM Holdings: New CEO = One Final Kitchen Sink in 2Q24?

AEM Holdings announced new CEO Amy Leong, who will start on July 1, 2024. She is likely to kitchen sink results and the outlook as she takes control.

Nicolas Van Broekhoven

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FormFactor: HBM & Advanced Packaging Market Penetration

FormFactor's third quarter of 2025 results and guidance for the fourth quarter reflect a combination of strategic initiatives, market dynamics,...

Baptista Research

FormFactor Inc. Rides the HBM Boom with Cutting-Edge Tech & Explosive Demand; Is This Growth Here To Stay?!

FormFactor reported first quarter 2025 results that showed a sequential decline in revenue and profitability, aligning with previous expectations...

Baptista Research

FormFactor's HBM4 Revolution—Why This Cutting-Edge Memory Tech Could Be A Market Disruptor!

FormFactor delivered a mixed financial performance in the fourth quarter of 2024. On the positive side, the company achieved record quarterly DRAM...

Baptista Research

FormFactor Inc.: Diversification in Probe Cards As A Pivotal Growth Engine! - Major Drivers

FormFactor's third quarter 2024 earnings reflected strong performance driven by record revenues, surpassing prior expectations. Both of the...

Baptista Research

AEM Holdings: New CEO = One Final Kitchen Sink in 2Q24?

​AEM Holdings announced new CEO Amy Leong, who will start on July 1, 2024. She is likely to kitchen sink results and the outlook as she takes control.

Nicolas Van Broekhoven

AEM Holdings announced new CEO Amy Leong, who will start on July 1, 2024. She is likely to kitchen sink results and the outlook as she takes control.