Slide 1: Q3'24 Financial Results
Q3’24 FINANCIAL RESULTS October 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 design
Slide 3: Business Update
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Slide 4: Summary
SUMMARY Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) $150.8M 47.1% 47.1% 45.1% 16.5% $104.7M $95.3M 3.8% 2.3% Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 • Test cell design-win at a top 5 • Strong Gross Margin quarter • Test cell utilization down 2 pts. automotive semi manufacturer ✓ Ne
Slide 5: Diverse Revenue Profile
DIVERSE REVENUE PROFILE Recurring Systems Key Business Drivers Key Business Drivers • ~ 24,700 systems • Key Diamondx installed base Recurring tester design-win 67% Q3’24 with new VI100 • ~ 95% ARR (Annual Renewal Rate) on Revenue Mobile • Expanding sales in service contracts $95.3M 12% inspection m
Slide 6: Diamondx Mixed Signal Test Cell
DIAMONDX MIXED SIGNAL TEST CELL ● Selected by a Top 5 automotive semiconductor $860M manufacturer Addressable Market ● Integrated test cell solution; system includes new VI100 instrument & major mixed signal platform enhancements, paired with a NY32 Auto, Industrial, handler and cCompact interface C
Slide 7: Entering HBM Memory Market with NEON
ENTERING HBM MEMORY MARKET WITH NEON ● Selected by a world leading memory manufacturer for inspection metrology of 6-sided HBM used in high-performance computing Micro-scale inspection and generative AI applications ● Cohu’s AI Inspection software utilizes deep learning and neural network pattern AI
Slide 8: Die-Level Burn-In Test Solution for SiC Devices
DIE-LEVEL BURN-IN TEST SOLUTION FOR SiC DEVICES ● Selected by a leading SiC power device manufacturer for die-level burn-in and stress-test process 6-sided Micro-scale inspection ● Significant yield and productivity gains – eliminates 40%+ yield loss with burn-in of tested-good dies ● Full die trace
Slide 9: Q3'24 Financials and Q4'24 Guidance
Q3’24 FINANCIALS AND Q3’24 GUIDANCE Page 9
Slide 10: Q3'24 Non-GAAP Results
Q3’24 NON-GAAP RESULTS Q2’24 Q3’24 Q3’24 Actual Guidance(2) Actual Revenue $104.7M $95M +/- $5M $95.3M Gross Margin(1) 45.1% ~ 45% 47.1% Operating Expenses(1) $46.9M ~ $46M $45.2M Non-GAAP EPS(1) ($0.01) ($0.08) Adjusted EBITDA(1) 3.8% ~ 1% 2.3% • Q3 revenue in-line with guidance; profitability bett
Slide 11: Balance Sheet
BALANCE SHEET Q2’24 Q3’24 Cash and Investments(1) $262M $269M Accounts Receivable $103M $92M Total Debt $10M $11M Capital Additions $2.0M $2.3M Cash Flow From Operations $1.1M $17.4M • Cash position supports inorganic growth and share purchase program • CapEx target of ~ $20M / year • $8.1M of cash
Slide 12: Q4'24 Outlook
Q4’24 OUTLOOK Q3’24 Q4’24 Actual Guidance Revenue(1) $95.3M $95M +/- $7M Gross Margin(1) 47.1% ~ 44% Operating Expenses(1) $45.2M ~ $46M Adjusted EBITDA(1) 2.3% ~ (1%) • Q4 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