Cognex Corporation · NASDAQ:CGNX
Cognex — KeyBanc Capital Markets Technology Leadership Forum 2025
20 slides from Cognex's conference presentation, Aug 11, 2025
Slide 1: Introduction to Cognex
Introduction to Cognex KeyBanc Capital Markets Technology Leadership Forum Dennis Fehr | Chief Financial Officer August 11, 2025 © 2025 Cognex Corporation
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation, as well as oral statements made by Cognex Corporation ("Cognex", "we", "us", "our", or the "Company") from time to time, constitute forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as
Slide 3: What is Machine Vision?
What is Machine Vision? Vision Software Optics & AI tools 3 © 2025 Cognex Corporation
Slide 4: Well positioned to capture expansive market opportunity
INVESTMENT THESIS Well positioned to capture expansive market opportunity TECHNOLOGY LEADER LARGE GROWTH MARKET Strong brand with deep domain expertise and $7B 1 market across diverse set of verticals continuous investment into AI. with ~10%-11% CAGR2 through-cycle. DIRECT SALES AS A COMPETITIVE EDG
Slide 5: New Senior Leadership Team (July 2025)
New Senior Leadership Team (July 2025) Matt Moschner Carl Gerst Dennis Fehr Sheila DiPalma Reto Wyss President and Executive Vice President Chief Financial Officer Executive Vice President Vice President Chief Executive Officer Global Sales & Products Employee Services Vision Engineering Chief Cultu
Slide 6: Cognex snapshot (NASDAQ: CGNX)
Cognex snapshot (NASDAQ: CGNX) $915M 28% ~1,400 40+ ADJ. EBITDA MARGIN YEARS OF MACHINE 2024 REVENUE PATENTS ISSUED & PENDING 10-YR HISTORICAL AVERAGE VISION LEADERSHIP Other Asia 20% Americas COGNEX GLOBAL HQ NATICK, MA, USA 2,900+ 38% Cognoids globally Geographic Greater Revenue Mix China 18% 2024
Slide 7: We serve a ~$7B machine vision market with overall market share in the mid-teens
We serve a ~$7B machine vision market with overall market share in the mid-teens S E RV E D M AR K E T B Y V E R T I C AL $ 7 B M AR K E T TO D AY V S $ 6 . 5 B AT 2 0 2 2 I N V E S TO R D AY ▪ Moritex added $0.5B to our served market $0.5B Auto $0.5B ▪ Logistics peak in 2021/22 due to post-COVID $1
Slide 8: We sell into a diverse set of attractive verticals
We sell into a diverse set of LOGISTICS AUTOMOTIVE attractive verticals 2 CONSUMER PACKAGING SEMI ELECTRONICS Expect ~10%–11% 1 market CAGR through the cycle 8 © 2025 Cognex Corporation 1) Source: Interact Analysis 2024 Machine Vision report and company research; 2) Packaging includes Fast Moving Co
Slide 9: Secular trends drive machine vision penetration
Secular trends drive machine vision penetration Continuous cost and quality Ease-of-use drives penetration optimization Demographics drive Recalibration of global supply manufacturing labor shortage1 chain 9 © 2025 Cognex Corporation 1) Source: Deloitte Insights study: Creating pathways for tomorrow
Slide 10: Five-Year Strategic Objectives
Five-Year Strategic Objectives #1 #1 2x AI technology for industrial In Customer Experience across the industry Customers served machine vision applications #1 or #2 Market Position in all major markets1 10 © 2025 Cognex Corporation 1) >10% market share in China
Slide 11: We are taking our Right To Win to the next level
We are taking our Right To Win to the next level E X I S T I N G R I G H T TO W IN N E X T LE V E L R I G H T TO W IN Guide, inspect, gauge, and identify Apply advanced AI broadly to unlock new products with speed and precision market opportunities for inspection applications Vision inspection ready
Slide 12: Salesforce transformation and expansion
Salesforce transformation and expansion The most tech savvy, large Increases reach and enables customers with the most complex new customer acquisition COGNEX TODAY problems opportunities ~30,000 customers New logos, OPPORTUNITY TO entering with double # of served customers easy-to-use and over next
Slide 13: Value Creation
Through-cycle financial framework targets drive shareholder value 13% - 14% 20% - 30% >100% Revenue CAGR Adjusted EBITDA Margin Free Cash Flow Conversion1 incl. 3% Inorganic Growth long-term Value Creation 13 © 2025 Cognex Corporation 1) FCF conversion is defined as Free Cash Flow divided by Adj. Ne
Slide 14: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Adj. EBITDA Margin Adj. EPS Free Cash Flow Conversion1 20.7% $0.25 130% +80bps Y/Y +12% Y/Y Trailing twelve-month rate Highest level since Q2 2023 Fourth consecutive quarter of Y/Y growth 1) Defined as Free Cash Flow divided by Adjusted Net Income 14 © 2025 Cognex Corpor
Slide 15: Investor Relations Team & Upcoming Activity
Investor Relations Team & Upcoming Activity Upcoming Conferences and Investor Events August Raymond James Industrial Showcase Virtual London, Stockholm, September UBS Non-Deal Roadshow Geneva, Zurich, Greer Jordan Frankfurt Aviv Bertier HEAD OF SENIOR INVESTOR RELATIONS MANAGER, IR September Vertica
Slide 16: Appendix
Appendix © 2025 Cognex Corporation
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including adjusted gross profit and Cognex may also disclose results on a constant- margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, currency basis as one
Slide 18: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables Three-months Ended Six-months Ended USD $ in 000s unless noted as per share June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Gross profit (GAAP) $ 167,876 $ 166,599 $ 312,199 $ 308,536 Acquisition and integration costs 211 233 453 1,801 Amortization of acquisition-rela
Slide 19: GAAP to Non-GAAP Tables
GAAP to Non-GAAP Tables Three-months Ended Six-months Ended USD $ in 000s unless noted as per share June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net income (GAAP) $ 40,511 $ 36,212 $ 64,114 $ 48,234 Acquisition and integration costs 470 1,436 1,250 4,307 Amortization of acquisition-relate
Slide 20: Description of Certain Adjustments
Description of Certain Adjustments 1. Depreciation The company incurs expense related to its normal use of 4. Amortization assets of acquisition-related intangible property, plant and equipment The Company excludes the amortization of acquired intangible assets from non- GAAP expense and income meas
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