Cohu, Inc. · NASDAQ:COHU
Cohu — Q1 2025 Earnings Presentation
15 slides from Cohu's earnings presentation, May 1, 2025
Slide 1: Q1'25 Financial Results
Q1’25 FINANCIAL RESULTS May 1, 2025 © 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) $107.6M 46.0% $94.1M $96.8M 44.2% 41.8% 2.6% -2.1% -2.0% Q1'24 Q4'24 Q1'25 Q1'24 Q4'24 Q1'25 Q1'24 Q4'24 Q1'25 • Received multi-unit order for • Q1’25 gross margin 44.2% • Est. test cell utilization down 1 HBM inspection systems • Cohu Asia fac
Slide 5: Diverse Revenue Profile
DIVERSE REVENUE PROFILE Recurring Systems Key Business Drivers Key Business Drivers • Power probe card • Multi-unit order for design-win HBM inspection • New customers for • Diamondx win at Tignis AI process European fabless monitoring comm. IC supplier demonstrations • Handler customer expansion in
Slide 6: 2024 Sustainability Highlights
2024 SUSTAINABILITY HIGHLIGHTS Energy Usage Transparency Energy-Efficient Products • Listed in Newsweek’s • DiamondxTM air-cooled architecture consumes 9% “America’s Greenest Companies 2025” ~75% less power • Broadened site-specific & geographic water, • Sense+TM µ-sense architecture delivers energy
Slide 7: Q1'25 Financials and Q2'25 Guidance
Q1’25 FINANCIALS AND Q2’25 GUIDANCE Page 7
Slide 8: Q1'25 Non-GAAP Results
Q1’25 NON-GAAP RESULTS Q4’24 Q1’25 Q1’25 Actual Guidance(2) Actual Revenue $94.1M $97M +/- $7M $96.8M Gross Margin(1) 41.8% ~ 44% 44.2% Operating Expenses(1) $45.3M ~ $49M $48.6M Non-GAAP EPS(1) ($0.15) ($0.02) Adjusted EBITDA(1) (2.1%) ~ (3%) (2.0%) • Q1 results in-line or slightly better than guid
Slide 9: Balance Sheet
BALANCE SHEET Q4’24 Q1’25 Cash and Investments(1) $262M $201M Accounts Receivable $92M $94M Total Debt $9M $18M Capital Additions $3.0M $11.0M Cash Flow From Operations ($2.3M) ($10.2M) • Cash lower in Q1 due primarily to ~ $35M Tignis acquisition and ~ $9M to repurchase 432K shares of Common Stock
Slide 10: Q2'25 Outlook
Q2’25 OUTLOOK Q1’25 Q2’25 Actual Guidance Revenue(1) $96.8M $106M +/- $7M Gross Margin(1) 44.2% ~ 45% Operating Expenses(1) $48.6M ~ $48M Adjusted EBITDA(1) (2.0%) ~ 4% • Q2 revenue forecasted to increase ~ 10% vs. Q1 driven by increasing recurring revenue and HBM inspection systems • Resilient gros
Slide 11: Potential COGS Impact from Tariffs
POTENTIAL COGS IMPACT FROM TARIFFS Possible tariff impact from offshore sourcing of materials could have been ~ $3M in 2024 • Analysis based on 2024 results with tariffs at 145% on China and 10% ROW • Cohu shipping terms require customers to be importer of record and responsible for tariff costs, if
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
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