Slide 1: Q3'25 Financial Results
Q3’25 FINANCIAL RESULTS October 29, 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 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 47.1% $107.7M 44.4% $95.3M 44.1% 9.2% 3.6% 2.3% Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 • Revenue split 55% recurring • Increasing volume from • Est. test cell utilization stable and 45% systems in Q3’25 interface (recurri
Slide 5: Diverse Revenue Profile
DIVERSE REVENUE PROFILE Recurring Systems Key Business Drivers Key Business Drivers Mobile • Recurring rev. ~ $70M 12% • Systems rev. ~ $56M • Sequential growth • Repeat order for Neon driven by interface Q3’25 HBM inspection tool – solutions and test Recurring raising HBM related rev. handler spare
Slide 6: New Growth Opportunities
NEW GROWTH OPPORTUNITIES AI AI AI Mixed Wide HBM(1) Inspection xPU Process Control Signal Bandgap Improved Yield with AI-Driven & Machine Learning AI Inspection Metrology Scalable, Cost-Efficient Test Known Good Die Test Active Thermal Control Data Analytics Platform Launched in 2025 Launched in 202
Slide 7: Q3'25 Financials and Q4'25 Guidance
Q3’25 FINANCIALS AND Q4’25 GUIDANCE Page 7
Slide 8: Q3'25 Non-GAAP Results
Q3’25 NON-GAAP RESULTS Q2’25 Q3’25 Q3’25 Actual Guidance(2) Actual Revenue $107.7M $125M +/- $7M $126.2M Gross Margin(1) 44.4% ~ 44% 44.1% Operating Expenses(1) $47.7M ~ $50M $47.9M Non-GAAP EPS(1) $0.02 ($0.06) Adjusted EBITDA(1) 3.6% ~ 7% 9.2% • Q3 results exceed guidance • Q3 revenue reflects QoQ
Slide 9: Balance Sheet
BALANCE SHEET Q2’25 Q3’25 Cash and Investments(1) $209M $198M Accounts Receivable $91M $124M Total Debt $18M $18M Capital Additions $2.7M $4.0M Cash Flow From (Used In) Operations $16.0M ($14.0M) • Cash and Investments decline in Q3 due to $14M cash used in operations • Q3 cash used in operations to
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: Q4'25 Outlook
Q4’25 OUTLOOK Q3’25 Q4’25 Actual Guidance Revenue(1) $126.2M $122M +/- $7M Gross Margin(1) 44.1% ~ 45% Operating Expenses(1) $47.9M ~ $50M Adjusted EBITDA(1) 9.2% ~ 7% • Q4 revenue forecasted to moderate due to seasonality • Gross margin reflects mix of systems revenue; recurring revenue remains str
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