Packaging and test account for up to 80% of silicon photonics cost. At OFC 2026, FormFactor showed a fully automated measurement platform using its Pharos lens and 3D beam algorithms to sharply improve wafer-level test repeatability and efficiency for AI data center interconnects.

FormFactor's quarterly revenue crossed a $1B annualized run rate and non-GAAP gross margin topped 50% for the first time, with HBM4, CPO and GPU all firing at once. But the real leverage — the Rubin ramp, the MEMS transition for ASICs and Farmers Branch margin gains — lands in 2027–2028. This quarter buys credibility for the slope, not just pretty numbers today.