Slide 1: Q2'24 Financial Results
Q2’24 FINANCIAL RESULTS July 31, 2024 © Cohu, Inc. All rights reserved. Page 1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements Forward-Looking Statements: Certain statements contained in this presentation may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding new pro
Slide 3: Business Update
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Slide 4: Summary
SUMMARY Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $168.9M 47.8% 19.8% 46.0% 45.1% $107.6M $104.7M 2.6% 3.8% Q2'23 Q1'24 Q2'24 Q2'23 Q1'24 Q2'24 Q2'23 Q1'24 Q2'24 • Introduced Krypton inspection • Gross Margin steady • Test cell utilization up 2 pts. metrology at two customers ✓ Differentiated
Slide 5: Diverse Revenue Profile
DIVERSE REVENUE PROFILE Recurring Systems Key Business Drivers Key Business Drivers • ~ 24,700 systems • Signs of recovery installed base in computing and Recurring 66% Q2’24 mobile segments • ~ 93% ARR (Annual Renewal Rate) on Revenue Mobile 9% • Auto sequentially service contracts $104.7M weaker f
Slide 6: Krypton – New Inspection Metrology System
KRYPTON – NEW INSPECTION METROLOGY SYSTEM ● Selected by 2 IDMs(1) for automotive & aerospace inspection metrology 1m microscale defect detection ● AI(2) inspection (DI-Core software) improves yield and productivity ● Unique race-track architecture enables up to 2% higher throughput and productivity
Slide 7: cStrider – High Power Probe Card
CSTRIDER – HIGH POWER PROBE CARD ● Leading Silicon Carbide IDM(1) selected Cohu’s ● cStrider probe card for high-power wafer test Efficient heat dissipation extends lifetime at 1000A - 2.5kV high current density High Power Capability Multisite pressure control technology(2) enables ● high-voltage te
Slide 8: Q2'24 Financials and Q3'24 Guidance
Q2’24 FINANCIALS AND Q3’24 GUIDANCE Page 8
Slide 9: Q2'24 Non-GAAP Results
Q2’24 NON-GAAP RESULTS Q1’24 Q2’24 Q2’24 Actual Guidance(2) Actual Revenue $107.6M $105M +/- $6M $104.7M Gross Margin(1) 46.0% ~ 45% 45.1% Operating Expenses(1) $50.2M ~ $48.5M $46.9M Non-GAAP EPS(1) $0.01 ($0.01) Adjusted EBITDA(1) 2.6% ~ 2% 3.8% • Q2 revenue in-line with guidance; profitability be
Slide 10: Mid-Term Target Model
(3) MID-TERM TARGET MODEL Q2’24 FY2023 Target Actuals Actuals Model(3) $1 billion Revenue $104.7M $636.3M $1 billion Revenue Gross Margin(1) 45.1% 47.9% 50% Operating Expenses(1) 44.8% 31.7% 25% Non-GAAP EPS(1) ($0.01) $1.62 $4.00 $4.00 Adjusted EBITDA(1) 3.8% 17.9% 26% (1) EPS Free Cash Flow(2) ($0
Slide 11: Balance Sheet
BALANCE SHEET Q1’24 Q2’24 Cash and Investments(1) $271M $262M Accounts Receivable $116M $103M Total Debt $11M $10M Capital Additions $3.3M $2.0M Cash Flow From Operations ($14.0M) $1.1M • Cash position supports inorganic growth and share purchase program • CapEx target of ~ $20M / year • $8.2M of ca
Slide 12: Q3'24 Outlook
Q3’24 OUTLOOK Q2’24 Q3’24 Actual Guidance Revenue(1) $104.7M $95M +/- $5M Gross Margin(1) 45.1% ~ 45% Operating Expenses(1) $46.9M ~ $46M Adjusted EBITDA(1) 3.8% ~ 1% • Q3 revenue reflects continued soft automotive and industrial test demand • Resilient gross margin from differentiated products and
Slide 13: Appendix
APPENDIX Use of Non-GAAP Financial Information: This presentation includes non-GAAP financial measures, including non-GAAP Gross Margin/Profit, Income and Income (adjusted earnings) per share, Operating Income, Operating Expense, effective tax rate, free cash flow, net cash per share and Adjusted EB
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 14
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 15
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 16