Executive Summary

Q4 2025 delivered revenue of $177.6M and GAAP EPS of $0.12; non-GAAP EPS of $0.28. Both revenue and non-GAAP EPS beat S&P Global consensus ($169.8M revenue, $0.222 Primary EPS), while GAAP EPS is for reference only given estimates are typically non-GAAP . Q4 consensus values from S&P Global: revenue $169.8M*, Primary EPS $0.222*.
Sequential momentum was strong (revenue +19.7% vs Q3’s $148.4M), though year-over-year declined modestly (Q4’24 revenue $181.3M; non-GAAP EPS $0.34) .
Q1 FY2026 guidance is a clear positive surprise: revenue ~$190M ±$10M, GAAP EPS ~$0.18 ±10%, non-GAAP EPS ~$0.33 ±10%, and non-GAAP OpEx ~$71.0M ±2%, all above S&P Global consensus for Q1 FY2026 (revenue $166.8M*, Primary EPS $0.232*) .
Management highlighted improving end markets and rising order activity, with operations preparing for increased demand; cash and short-term investments totaled $510.7M, and buybacks continued ($16.7M in Q4) . Interim CEO/CFO Lester Wong’s tone was constructive on multi-technology engagements .

What Went Well and What Went Wrong

What Went Well

Revenue and non-GAAP EPS beat: $177.6M vs $169.8M consensus*; $0.28 non-GAAP EPS vs $0.222 consensus*; sequential revenue improved notably from $148.4M in Q3 .
Gross margin was healthy at 45.7% in Q4 (46.7% in Q3), reflecting cost discipline and product mix .
Strong liquidity and capital returns: $510.7M total cash and ST investments; repurchased 0.5M shares for $16.7M; quarterly dividend declared at $0.205/share .
Management quote: “We continue to focus on multiple technology engagements and are increasingly encouraged by improving end market dynamics and order activity” — Lester Wong, Interim CEO/CFO .

What Went Wrong

YoY compression: revenue down vs Q4’24 ($177.6M vs $181.3M), and non-GAAP EPS down ($0.28 vs $0.34) .
GAAP operating expenses of $80.3M came in above the prior Q4 guidance range ($75.5M ±2%) given in August, indicating some cost pressure vs plan .
Cash from operations softened sequentially and YoY: Q4 $7.4M vs Q4’24 $31.6M, with adjusted FCF $4.4M .
Ongoing macro/trade uncertainty and auto/industrial hesitancy noted in prior quarter’s call; utilization in auto remained below 70% even as general semi and memory improved (context for current trajectory) .

Financial Results

Core P&L and Margin Progression (Sequential)

Metric	Q2 2025	Q3 2025	Q4 2025
Revenue ($USD Millions)	$162.0	$148.4	$177.6
GAAP EPS ($)	$(1.59)	$(0.06)	$0.12
Non-GAAP EPS ($)	$(0.52)	$0.07	$0.28
Gross Margin %	24.9%	46.7%	45.7%
Non-GAAP Operating Margin %	(16.9)%	1.1%	6.6%

Year-over-Year Comparison

Metric	Q4 2024	Q4 2025
Revenue ($USD Millions)	$181.3	$177.6
GAAP EPS ($)	$0.22	$0.12
Non-GAAP EPS ($)	$0.34	$0.28

Estimates vs Actuals (Q4 2025)

Metric	Consensus Estimate	Actual
Revenue ($USD Millions)	$169.8*	$177.6
Primary EPS ($)	$0.222*	$0.28

Values marked with * retrieved from S&P Global.

KPIs and Capital Returns

KPI	Q3 2025	Q4 2025
Cash from Operations ($USD Millions)	$7.4	$7.4
Adjusted Free Cash Flow ($USD Millions)	$5.4	$4.4
Share Repurchases (Shares / $USD Millions)	0.7M / $21.6	0.5M / $16.7
Cash + Short-term Investments ($USD Millions)	$556.5	$510.7

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($USD Millions)	Q4 2025	~$170 ±$10	Actual: $177.6	Raised vs guide (beat)
GAAP Diluted EPS ($)	Q4 2025	~$0.08 ±10%	Actual: $0.12	Raised vs guide (beat)
Non-GAAP Diluted EPS ($)	Q4 2025	~$0.22 ±10%	Actual: $0.28	Raised vs guide (beat)
Operating Expenses (GAAP) ($USD Millions)	Q4 2025	~$75.5 ±2%	Actual: $80.3	Above guide (miss)
Operating Expenses (Non-GAAP) ($USD Millions)	Q4 2025	~$68.0 ±2%	Not disclosed (actual)	N/A
Revenue ($USD Millions)	Q1 FY2026	N/A	~$190 ±$10	New guide (above Street*)
GAAP Diluted EPS ($)	Q1 FY2026	N/A	~$0.18 ±10%	New guide
Non-GAAP Diluted EPS ($)	Q1 FY2026	N/A	~$0.33 ±10%	New guide (above Street*)
OpEx (GAAP / Non-GAAP) ($USD Millions)	Q1 FY2026	N/A	GAAP ~$79.8 ±2%; Non-GAAP ~$71.0 ±2%	New guide
Effective Tax Rate (%)	Near-term	>20% expected	>20% reiterated	Maintained
Dividend per Share ($)	Q4 2025	$0.205 (declared 8/29/25)	$0.205 declared in Q4	Maintained

Values marked with * retrieved from S&P Global (Q1 FY2026 Street: revenue $166.8M*, Primary EPS $0.232*).

Earnings Call Themes & Trends

Note: A Q4 2025 earnings call transcript was not available via our tools after searching SEC/IR sites; trends leverage Q2 and Q3 calls plus Q4 press release [investor.kns.com links showed scheduling but transcript not found; see PR scheduling and results] .

Topic	Q2 2025 (May)	Q3 2025 (Aug)	Q4 2025 (Nov)	Trend
AI/Advanced Packaging (TCB/FTC)	Emphasis on fluxless TCB leadership; dual-head FTC shipped; TCB market ~$300M; aiming $75–$100M FY25 TCB revenue; capacity constraint building	Continued momentum; initial FTC system for HBM expected by end CY2025; utilization supportive; capacity constraints noted	Preparing for increased demand; technology engagements ongoing	Positive momentum; expanding customer engagements
Vertical Wire (DRAM/DDR)	Initial production revenue expected in FY25 (<$20M) with broader ramp in FY26 (~$50M)	Higher-volume productions planned in FY26; enabling low-power HBM/DDR bandwidth gains	Continued multi-technology focus; end-market dynamics improving	Building toward FY26 ramp
Supply Chain/Tariffs/Macro	EA equipment business wind-down charges; cautious orders in SE Asia tied to tariffs; effective tax rate >20%	Utilization high in China/Taiwan; auto still soft (<70%); tariff uncertainty delaying capacity buys	Operations preparing for stronger demand; macro headwinds acknowledged	Cautious but improving utilization; lingering auto headwinds
Regional Trends	SE Asia weakness; China/Taiwan utilization improving; installed base stability via APS	Utilization: general semi ~83%, memory ~80%, auto <70%; China/Taiwan leading	N/A in Q4 call; press release constructive on orders	China/Taiwan strength; SE Asia cautious
Power Semiconductor/Auto Industrial	New pin welder and clip attach products; EV/energy storage demand; copper interconnect competency	Auto still soft; general semi/memory driving sequential growth	Preparing supply chain for demand upturn	Long-term product pipeline strong, near-term auto remains soft

Management Commentary

Interim CEO/CFO Lester Wong: “We continue to focus on multiple technology engagements and are increasingly encouraged by improving end market dynamics and order activity. Our global operations and supply chain teams are preparing for increased customer demand over the coming quarters” .
FY2025 highlights: gross margin 42.5%; adjusted FCF $96.6M; cash & ST investments $510.7M; 2.4M shares repurchased for $96.5M .
Q3 call context: utilization rates overall ~81%; general semi ~83%, memory ~80%, auto <70%; share repurchases and dividend policy emphasized .
Strategic direction (CEO transition PR): reaffirmed Q4 outlook and emphasized momentum in AI-related sectors, FTC, and chiplet integration .

Q&A Highlights

Note: A Q4 2025 transcript was not found via our tools; highlights reflect Q3/Q2 calls that frame current period context.

Capacity/Utilization: High utilization in China/Taiwan suggests latent capacity buys once tariff uncertainty clears; auto utilization sub-70% still a drag .
TCB/FTC Trajectory: Initial FTC system for HBM expected by end CY2025; dual-head tool improves throughput; capacity constrained near term; aiming $70M FY25 TCB, $100M+ FY26 .
Vertical Wire Adoption: DDR/low-power HBM on-ramp in FY26; form factor reduction ~30%; multiple memory customers engaged .
Effective Tax Rate: Management expects >20% near-term; Q3 tax expense $3.2M; reiterated across periods .
Guidance Clarifications: Q3 guided Q4 revenue ~$170M ±$10M and delivered $177.6M; Q1 FY2026 guide well above Street* .

Estimates Context

Q4 2025 beat: revenue $177.6M vs $169.8M consensus*; Primary EPS $0.28 vs $0.222 consensus*. Non-GAAP EPS is the appropriate comparison point for Street EPS .
Q1 FY2026 guide implies upward estimate revisions: company revenue guide ~$190M ±$10M vs Street $166.8M*; company non-GAAP EPS guide ~$0.33 vs Street Primary EPS $0.232* .
With auto/industrial still soft but general semi/memory improving, Street models likely adjust higher on near-term revenue/EPS and possibly margins, while watching OpEx discipline after the Q4 GAAP OpEx miss vs August guidance .