Cohu, Inc. · NASDAQ:COHU
Cohu — Q4 2025 Earnings Presentation
13 slides from Cohu's earnings presentation, Feb 12, 2026
Slide 1: Q4'25 Financial Results
Q4’25 FINANCIAL RESULTS February 12, 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) $126.2M $122.2M $94.1M 44.1% 9.2% 41.8% 40.8% 3.1% -2.1% Q4'24 Q3'25 Q4'25 Q4'24 Q3'25 Q4'25 Q4'24 Q3'25 Q4'25 • Q4 revenue up 30% YoY split • One-time, end-of-mfg. charge • Est. test cell utilization 60% recurring - 40% systems for certain pro
Slide 5: Diverse Revenue Profile
DIVERSE REVENUE PROFILE Recurring Systems Key Business Drivers Key Business Drivers • Recurring rev. ~ $73M • Systems rev. ~ $49M • Sequential growth • New order for HBM driven by service Recurring 60% Q4’25 Automotive inspection for agreements, interface engineering lab. solutions and test Revenue
Slide 6: Krypton Inspection Metrology System
KRYPTON INSPECTION METROLOGY SYSTEM ● Secured IDM(1) order for automotive ADAS inspection metrology 1m microscale defect detection ● PAICe Inspection(2) software improves yield and productivity ● Unique race-track architecture enables up to 2% higher throughput and productivity higher yield Factory
Slide 7: Q4'25 Financials and Q1'26 Guidance
Q4’25 FINANCIALS AND Q1’26 GUIDANCE Page 7
Slide 8: Q4'25 Non-GAAP Results
Q4’25 NON-GAAP RESULTS Q3’25 Q4’25 Q4’25 Actual Guidance(2) Actual Revenue $126.2M $122M +/- $7M $122.2M Gross Margin(1) 44.1% ~ 45% 40.8% Operating Expenses(1) $47.9M ~ $50M $49.8M Non-GAAP EPS(1) $(0.06) ($0.15) Adjusted EBITDA(1) 9.2% ~ 7% 3.1% • Q4 revenue in-line with guidance • Product rationa
Slide 9: Balance Sheet
BALANCE SHEET Q3’25 Q4’25 Cash and Investments(1) $198M $484M Accounts Receivable $124M $109M Total Debt $18M $305M Capital Additions $4.0M $3.4M Cash Flow From (Used In) Operations ($14.0M) $39.8M • Q4 Cash and Investments increase from convertible debt proceeds and cash from ops • Convertible debt
Slide 10: Convertible Notes Offering
CONVERTIBLE NOTES OFFERING Pricing Terms Base Deal Size / Greenshoe $260M / $27.5M Coupon 1.5% Conversion Premium 32.5% Capped Call Premium / Share Price Strike 100% / $41.02 Maturity Date January 15, 2031 • Repay principal ($287.5M) in cash Net Share Settlement • In-the-money amount (stock price >
Slide 11: Q1'26 Outlook
Q1’26 OUTLOOK Q4’25 Q1’26 Actual Guidance Revenue(1) $122.2M $122M +/- $7M Gross Margin(1) 40.8% ~ 45% Operating Expenses(1) $49.8M ~ $50M Adjusted EBITDA(1) 3.1% ~ 7% • Q1 revenue forecasted flat to Q4’25 due to seasonality • Gross margin returns to Corporate average in Q1’26 reflecting strong recu
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