Nasdaq: PDFS 2025 revenue $219M — up 22% 130+ semiconductor customers across 36 countries Exensio Studio AI launched with Intel DENSO credits Exensio for 300mm IGBT manufacturing Founded 1991 — Santa Clara, California Customers: TSMC · Intel · Qualcomm · Analog Devices
Company Profile · Semiconductor Analytics
PDF Solutions logo

A wordmark four letters long, sitting on a billion data points. PDF is not the file format - it is the company quietly grading every chip the modern world runs on.

The Company That Reads Every Wafer

Since 1991, PDF Solutions has turned the firehose of semiconductor manufacturing and test data into something a yield engineer can actually use: a decision.

1991
Founded
540
Employees
$219M
2025 Revenue
36
Countries
The Scene

3 a.m. in a fab somewhere, a yield number twitches.

Achip fab never sleeps, and neither does the data it produces. Each wafer that passes through hundreds of process steps leaves a confession behind: voltages, defect maps, test results, tool readings. Multiply that by thousands of wafers, dozens of tools and a supply chain that spans foundry, assembly and test houses on three continents, and you get a problem no spreadsheet was built for.

That 3 a.m. twitch - a yield curve dipping half a percent - is worth millions if you catch it tonight and a recall if you catch it next quarter. PDF Solutions exists for that exact moment. Its software watches the twitch, traces it back through the silos, and tells an engineer in Santa Clara, Hsinchu or Kariya which tool, which step, which die.

It is unglamorous work. There is no consumer app, no viral logo. And yet TSMC, Intel, Qualcomm, Analog Devices and DENSO all feed their most sensitive manufacturing data into the same platform - because the data layer is neutral, and the math does not take sides.

"Break down the data silos within their supply chains" - the mission has not changed since two Carnegie Mellon researchers wrote it down in 1991.
What They Build

Exensio, and the machines that feed it

One platform, three audiences, a single promise: connect every wafer, die and test result, then make it analyzable in real time.

Flagship Platform

Exensio Analytics

Data acquisition, normalization, semantic modeling, big-data cloud management, AI/ML and visualization - with tailored editions for IDMs, fabless designers and OSATs.

2025 / With Intel

Exensio Studio AI

A ModelOps layer that pairs Exensio analytics with Intel's Tiber AI Studio to build, deploy and run machine-learning models directly on manufacturing operations.

Connectivity

Cimetrix

Equipment-connectivity and factory-automation software (SECS/GEM, Industry 4.0) that wires fab tools into the data exchange network.

Inspection

Design-for-Inspection

On-chip test structures plus e-beam inspection so defects in advanced process nodes effectively confess themselves early.

Characterization

CV System

Test chips and electrical characterization that diagnose process variation and accelerate the yield ramp on new nodes.

Access

SecureWise

Secure remote-access infrastructure connecting customers, fabs and partners across the global data network.

Who Uses It

A neutral referee for fierce rivals

130+ semiconductor companies and 500+ clients across 36 countries - foundries, integrated device makers, assembly-and-test houses and fabless designers. The users are the engineers who own yield, test, quality and reliability.

TSMCIntelQualcommAnalog DevicesDENSOFoundriesIDMsOSATsFabless designers
DENSO publicly credited Exensio for the success of its 300mm IGBT manufacturing - a rare on-the-record nod in an industry that guards its yield numbers like state secrets.
By The Numbers

The slow, compounding kind of growth

2019
~$88M
2021
~$112M
2023
$165.8M
2025
$219.0M

Approximate annual revenue. 2025 up ~22% year over year. Market cap reached roughly $2.3B by December 2025. Source: company filings & market data.

The Arc

From a research lab to the trading floor

1991

Two researchers, one gap

John Kibarian and Kimon Michaels found PDF Solutions in San Jose to bridge aggressive IC designs and stubborn submicron process variability.

2000

Kibarian takes CEO

Co-founder John Kibarian, a Carnegie Mellon PhD, steps into the chief executive role he still holds.

2001

Onto Nasdaq

The company goes public in July under the ticker PDFS.

2006 - 2023

Buying the missing pieces

Si Automation (2006), StreamMosaic (2019), Cimetrix (2020) and Lantern Machinery Analytics (2023) extend connectivity and analytics.

2025

The AI turn

Exensio Studio AI launches with Intel; a landmark IDM contract is signed; DENSO goes on the record about Exensio's impact.

The Founders

Same two names for three decades

Co-Founder · President & CEO

John K. Kibarian

A Carnegie Mellon electrical & computer engineering PhD who developed yield-diagnosis algorithms at the SEMATECH Center for Rapid Yield Learning before co-founding the company. President since day one, CEO since 2000.

Co-Founder · Products & Solutions

Kimon W. Michaels

Co-founder alongside Kibarian in 1991, steering the products and solutions side of a business that has kept its founding mission intact for over thirty years.

"Software, hardware, IP and services to tackle the hardest development and manufacturing challenges in semiconductors."

- PDF Solutions, on what it actually sells
Allies

Partnerships that widen the data net

AI / ModelOps

Intel

Licensing partnership bringing Intel's Tiber AI Studio into Exensio Studio AI.

Design-for-Test

Siemens Tessent

Integration of DFT diagnosis and layout context with Exensio's manufacturing and test datasets.

Fab Operations

Lavorro

Collaboration on AI-driven, agent-assisted fab decision-making.

Worth Knowing

Details that amuse and inform

Go Deeper

Watch, read, follow

Interviews, product context and the official channels.

Back To The Scene
It is 3 a.m. in that fab again. The yield curve twitches. Only now the dip is already traced, the tool already flagged, the engineer already notified - before the next wafer is even loaded. PDF Solutions did not make the chip. It made the chip explain itself.