FormFactor Inc

FORM is in a Stage 4 decline, with medium-term bearish bias confirmed by a Support Failure pattern and a sequence of lower highs and lower lows. Price trades below declining EMAs and rallies are rejected at the broken support zone near the 9/21 EMA cluster, creating favorable conditions for downside continuation. We recommend selling now into the resistance area formed by the prior support band.

• ↑Q1 2026 revenue $226.1M (+3% seq); Q2 outlook $240M
• ↑Non-GAAP gross margin jumped to 49%, up 510bps sequentially
• ↓Revenue heavily skewed to largest HBM client, raising volatility