Cohu, Inc. · NASDAQ:COHU
Cohu — Q4 2024 Earnings Presentation
18 slides from Cohu's earnings presentation, Feb 13, 2025
Slide 1: Q4'24 Financial Results
Q4’24 FINANCIAL RESULTS February 13, 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 growth
Slide 3: Business Update
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Slide 4: Summary
SUMMARY Revenue Non-GAAP Gross Margin(1) Adj. EBITDA(1) 13.0% $137.2M 48.5% 47.1% $95.3M $94.1M 41.8% 2.3% -2.1% Q4'23 Q3'24 Q4'24 Q4'23 Q3'24 Q4'24 Q4'23 Q3'24 Q4'24 • Acquired Tignis, Inc. entering • Full year 2024 non-GAAP • Test cell utilization up 1 pt. QoQ AI process control & analytics gross
Slide 5: Diverse Revenue Profile
DIVERSE REVENUE PROFILE Recurring Systems Key Business Drivers Key Business Drivers • ~ 92% ARR (Annual • Shipped first HBM Renewal Rate) on inspection system service contracts Recurring Q4’24 62% Revenue Mobile 11% • Expanding VI100 • Interface design-win $94.1M instrument for 800G switches Automot
Slide 6: I4.0 & Factory Automation Data Analytics
I4.0 & FACTORY AUTOMATION DATA ANALYTICS Enables automation and optimization of test process ❑ On-line equipment monitoring and management ❑ Real-time component and thermal performance analytics ❑ Advance notice to perform proactive maintenance to minimize failures and increase equipment uptime ❑ AI
Slide 7: Customer Order for AI Inspection
CUSTOMER ORDER FOR AI INSPECTION Optimizes inspection yield without quality compromise ❑ Accurately differentiates micro-scale defects from cosmetic patterns ❑ Utilizes deep learning and neural network technologies to improve inspection yield ❑ Delivers higher first-pass inspection yield Up to 2% Yi
Slide 8: Cohu Enhancing Data Analytics and AI/ML Platform with Acquisition of Tignis
COHU ENHANCING DATA ANALYTICS AND AI/ML PLATFORM WITH ACQUISITION OF TIGNIS Page 8
Slide 9: Cohu Completes Acquisition of Tignis
(1) COHU COMPLETES ACQUISITION OF TIGNIS ● Founded in 2017 in Seattle, WA, with development teams in U.S. and Canada ● Provider of AI(3) process control and analytics-based monitoring software ➢ PAICe Monitor® is an AI-driven anomaly detection and predictive maintenance platform, enabling customers
Slide 10: Strategic Rationale
STRATEGIC RATIONALE ❑ Expands our breadth in ~ $2.6 billion semiconductor process control market ❑ Combination of DI-Core and Tignis technologies creates a state-of-the-art analytics platform ● Acquired critical technology components including data cleaning and modeling, advanced analytics(1), and v
Slide 11: Q4'24 Financials and Q1'25 Guidance
Q4’24 FINANCIALS AND Q1’25 GUIDANCE Page 11
Slide 12: Q4'24 Non-GAAP Results
Q4’24 NON-GAAP RESULTS Q3’24 Q4’24 Q4’24 Actual Guidance(2) Actual Revenue $95.3M $95M +/- $5M $94.1M Gross Margin(1) 47.1% ~ 44% 41.8% Operating Expenses(1) $45.2M ~ $46M $45.3M Non-GAAP EPS(1) ($0.08) ($0.15) Adjusted EBITDA(1) 2.3% ~ (1%) (2.1%) • Q4 revenue in-line with guidance • Gross margin w
Slide 13: Balance Sheet
BALANCE SHEET Q3’24 Q4’24 Cash and Investments(1) $269M $262M Accounts Receivable $92M $92M Total Debt $11M $9M Capital Additions $2.3M $3.0M Cash Flow From Operations $17.4M ($2.3M) • Cash position supports inorganic growth and share purchase program • Fiscal year 2024 total CapEx of ~ $11M • $27M
Slide 14: Q1'25 Outlook
Q1’25 OUTLOOK Q4’24 Q1’25 Actual Guidance Revenue(1) $94.1M $97M +/- $7M Gross Margin(1) 41.8% ~ 44% Operating Expenses(1) $45.3M ~ $49M Adjusted EBITDA(1) (2.1%) ~ (3%) • Q1 revenue reflects continued soft automotive and industrial test demand • Resilient gross margin from differentiated products a
Slide 15: 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 16: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 16
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 17
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Page 18