Slide 1: Q2'26 Financial Results
Q2’26 FINANCIAL RESULTS July 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) $149.0M $125.1M 12.3% $107.7M 46.5% 45.5% 44.4% 5.6% 3.6% Q2'25 Q1'26 Q2'26 Q2'25 Q1'26 Q2'26 Q2'25 Q1'26 Q2'26 • Q2 revenue up 38% YoY split • Strong gross margin • Est. test cell utilization 53% recurring - 47% systems • Expanding manufacturi
Slide 5: Q2'26 Revenue Profile
Q2’26 REVENUE PROFILE Recurring Systems Key Business Drivers Computing Key Business Drivers 41% • Recurring rev. ~ $78M • Systems rev. ~ $71M • Gaining traction in • Improved demand from silicon photonics for core IDM customers optical engine test Revenue Industrial 16% 47% • Neon inspection win at
Slide 6: ~$850M High-Performance Computing Pipeline
~ $850M HIGH-PERFORMANCE COMPUTING PIPELINE* Systems Recurring ~ $650M ~ $200M IN ENGAGEMENT IN ENGAGEMENT Not yet contributing to revenue ~ $300-350M ~ $110M 15 customers in qualification and 10 Customers engagement represent an estimated $610-690M revenue opportunity IN QUALIFICATION QUALIFICATION
Slide 7: Q2'26 Financials and Q3'26 Guidance
Q2’26 FINANCIALS AND Q3’26 GUIDANCE Page 7
Slide 8: Q2'26 Non-GAAP Results
Q2’26 NON-GAAP RESULTS Q1’26 Q2’26 Q2’26 Actual Guidance(2) Actual Revenue $125.1M $144M +/- $7M $149.0M Gross Margin(1) 46.5% ~ 44% 45.5% Operating Expenses(1) $55.0M ~ $53M $52.7M Non-GAAP EPS(1) $0.01 $0.26 Adjusted EBITDA(1) 5.6% ~ 10% 12.3% • Q2 revenue exceeds mid-point of guidance; higher tes
Slide 9: Balance Sheet
BALANCE SHEET Q1’26 Q2’26 Cash and Investments(1) $489M $498M Accounts Receivable $101M $123M Total Debt $305M $304M Capital Additions $2.0M $2.3M Cash Flow From (Used In) Operations $10.3M $10.5M • Q2 Cash and Investments increases from cash flow from operations • Total Debt includes convertible no
Slide 10: Q3'26 Outlook
Q3’26 OUTLOOK Q2’26 Q3’26 FY2026 Actual Guidance Outlook Revenue(1) $149.0M $170M +/- $7M up ~ 35% YoY Gross Margin(1) 45.5% ~ 45% Operating Expenses(1) $52.7M ~ $54M Adjusted EBITDA(1) 12.3% ~ 16% • Q3 revenue forecasted to increase 14% sequentially and 35% year-over-year • FY26 gross margin projec
Slide 11: Appendix
APPENDIX Use of Non-GAAP Financial Information: This presentation includes non-GAAP financial measures, including non-GAAP Gross Margin/Profit, Loss and Income (adjusted earnings) per share, Operating Income, Operating Expense, effective tax rate, net cash per share and Adjusted EBITDA that suppleme
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 12