Cohu, Inc. · NASDAQ:COHU
Cohu — Q1 2026 Earnings Presentation
13 slides from Cohu's earnings presentation, Apr 30, 2026
Slide 1: Q1'26 Financial Results
Q1’26 FINANCIAL RESULTS April 30, 2026 © 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 order a
Slide 3: Business Update
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Slide 4: Summary
SUMMARY Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $122.2M $125.1M 46.5% $96.8M 44.2% 5.6% 40.8% 3.1% Q1’25 Q1'25 Q4'25 Q1'26 Q1'25 Q4'25 Q1'26 -2.0% Q4'25 Q1'26 • Q1 revenue up 29% YoY split • Strong gross margin • Est. test cell utilization 60% recurring - 40% systems • Expanding manufacturin
Slide 5: Q1'26 Revenue Profile
Q1’26 REVENUE PROFILE Recurring Systems Key Business Drivers Key Business Drivers Automotive • Recurring rev. ~ $76M 12% Computing • Systems rev. ~ $49M • Silicon photonics 8% 40% • FY26 HPC systems-only design-win testing rev. outlook $80-100M network switches Revenue (plus recurring) • Software sa
Slide 6: ~$1.6B SAM Growth Opportunities
~ $1.6B SAM GROWTH OPPORTUNITIES ~ $750M in High Performance Computing Pipeline AI xPU Test $650M HBM Inspection $100M Eclipse Handler with Active Thermal Control Neon Inspection Metrology SAM SAM • $30M follow-on orders for Eclipse with active thermal • Supplying to a world-leading HBM memory manuf
Slide 7: ~$750M High-Performance Computing Pipeline
~ $750M HIGH-PERFORMANCE COMPUTING PIPELINE Expanded AI Computing Pipeline IN ENGAGEMENT Not yet contributing to revenue ~$450-500M 12 customers in qualification and 7 Customers engagement represent an estimated $600-700M revenue opportunity IN QUALIFICATION ~$150-200M Raising FY26 high-performance
Slide 8: Q1'26 Financials and Q2'26 Guidance
Q1’26 FINANCIALS AND Q2’26 GUIDANCE Page 8
Slide 9: Q1'26 Non-GAAP Results
Q1’26 NON-GAAP RESULTS Q4’25 Q1’26 Q1’26 Actual Guidance(2) Actual Revenue $122.2M $122M +/- $7M $125.1M Gross Margin(1) 40.8% ~ 45% 46.5% Operating Expenses(1) $49.8M ~ $50M $55.0M Non-GAAP EPS(1) $(0.15) $0.01 Adjusted EBITDA(1) 3.1% ~ 7% 5.6% • Q1 revenue exceeds mid-point of guidance; higher rec
Slide 10: Balance Sheet
BALANCE SHEET Q4’25 Q1’26 Cash and Investments(1) $484M $489M Accounts Receivable $109M $101M Total Debt $305M $305M Capital Additions $3.4M $2.0M Cash Flow From (Used In) Operations $39.8M $10.3M • Q1 Cash and Investments increases from cash flow from operations • Total Debt includes convertible no
Slide 11: Q2'26 Outlook
Q2’26 OUTLOOK Q1’26 Q2’26 FY2026 Actual Guidance Outlook Revenue(1) $125.1M $144M +/- $7M up 20-25% YoY Gross Margin(1) 46.5% ~ 44% Operating Expenses(1) $55.0M ~ $53M Adjusted EBITDA(1) 5.6% ~ 10% • Q2 revenue forecasted to increase 15% sequentially and 34% year-over-year • FY26 gross margin projec
Slide 12: 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, net cash per share and Adjusted EBITDA that supple
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 13