Cognex Corporation · NASDAQ:CGNX
Cognex — Investor Day (July 2025)
102 slides from Cognex's investor day presentation, Jul 17, 2025
Slide 1: *Easy is Hard to Do! Investor Day
*Easy is Hard to Do! JUNE 10, 2025 © 2025 Cognex Corporation | Investor Day
Slide 2: Welcome
Greer Aviv Welcome Head of Investor Relations 2 © 2025 Cognex Corporation | Investor Day
Slide 3: Forward-looking statements
Forward-looking statements Certain statements made in this presentation, as well as oral statements made by the Company from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
Slide 4: Agenda
Topic Speaker Welcome Greer Aviv We are Cognex Rob Willett Strategic Vision Matt Moschner Industry-leading AI Technology Reto Wyss Comprehensive Ecosystem Shirin Saleem Agenda Direct Sales as a Competitive Edge Carl Gerst Morning Q&A Product Demos & Lunch* Welcome Back Greer Aviv Financial Framework
Slide 5: Cognex Corporate Video
Cognex Corporate Video 5 © 2025 Cognex Corporation | Investor Day
Slide 6: We are Cognex
Rob Willett We are Cognex Chief Executive Officer 6 © 2025 Cognex Corporation | Investor Day
Slide 7: Key messages
Key messages 1 We are the clear technology leader in advanced machine vision 2 We win with strong differentiation in an industry with high and enduring barriers to entry 3 We are driving best-in-class customer experience while expanding our served customer base 4 Our strategy sustains high-margin re
Slide 8: Work Hard! Play Hard! Move Fast!
Our Purpose and Culture To preserve and enhance vision Work Hard! Play Hard! Move Fast! 8 © 2025 Cognex Corporation | Investor Day
Slide 9: To preserve and enhance vision
To preserve and enhance vision 9 © 2025 Cognex Corporation | Investor Day
Slide 10: Cognex snapshot
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 11: What is machine vision?
What is machine vision? Brain Eyes Optics Vision Software & AI tools 11 © 2025 Cognex Corporation | Investor Day
Slide 12: Proven track record of long-term double-digit growth
Proven track record of long-term double-digit growth M AR K E T D Y N AM I C S AN D $ in millions DEVELOPMENTS SINCE 2020 -10% +9%* ▪ Cyclical growth shaped by major CAGR technology transitions $1,037 $1,006 ▪ COVID overinvestment led to $915 excess capacity +14% $806 $811 $838 $766 ▪ Macro conditio
Slide 13: We delivered on our 2024 strategic priorities
We delivered on our 2024 strategic priorities 1 2 3 Infused AI into more Transformed & expanded Integrated Moritex products sales force ✓ Further strengthened technology ✓ Deployed a new type of ✓ Largest acquisition to date in leadership salesnoid to broaden sales company's history ▪ RD&E ~15% of r
Slide 14: Matt Moschner
Matt Moschner PRESIDENT AND CHIEF OPERATING OFFICER PRIOR TO COGNEX Held key leadership positions in: ▪ Boston Consulting Group & Boeing ▪ Technology and Innovation ▪ Logistics ▪ MBA from Northwestern’s ▪ Product and Engineering Kellogg School of Management ▪ Operations and Supply Chain ▪ BS in Elec
Slide 15: Strategic Vision
Matt Moschner Strategic Vision President and Chief Operating Officer 15 © 2025 Cognex Corporation | Investor Day
Slide 16: 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 17: 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 17 © 2025 Cognex Corporation | Investor Day 1) Source: Interact Analysis 2024 Machine Vision report and company research; 2) Packaging include
Slide 18: We serve a ~$7B machine vision market
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 19: 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 19 © 2025 Cognex Corporation | Investor Day 1) Source: Deloitte Insights study: Creating pathw
Slide 20: 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 21: 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 22: 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 22 © 2025 Cognex Corporation | Investor Day 1) >10% market share in China
Slide 23: Focused execution against our Strategic Objectives
Focused execution against our Strategic Objectives Our #1 2x #1 Strategic AI technology for industrial Customers Customer Objectives machine vision applications served Experience Industry-leading Comprehensive Direct Sales as a What it AI Technology Ecosystem Competitive Edge takes to win Best-in-cl
Slide 24: 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 24 © 2025 Cognex Corporation | Investor Day 1) FCF conversion is defined as Free Cash Flow div
Slide 25: Industry-leading AI Technology
Industry-leading Reto Wyss, PhD AI Technology Vice President, AI Technology 25 © 2025 Cognex Corporation | Investor Day
Slide 26: Focused execution against our Strategic Objectives
Focused execution against our Strategic Objectives Our #1 2x #1 Strategic AI technology for industrial Customers Customer Objectives machine vision applications served Experience Industry-leading Comprehensive Direct Sales as a What it AI Technology Ecosystem Competitive Edge takes to win Best-in-cl
Slide 27: How does Cognex compete with Open Source?
TWO DECADES AGO How does Cognex compete with Open Source? VS 27 © 2025 Cognex Corporation | Investor Day
Slide 28: Decades of continuous innovation in rules-based vision
Decades of continuous innovation in rules-based vision 1997 2004 2012 2017 IDMax Pioneering Breakthrough in Lightning fast 1D Reveal finest details technology for code reading barcode reading at fast line speeds robust part location 28 © 2025 Cognex Corporation | Investor Day
Slide 29: How does Cognex compete with Open Source in the Age of AI?
TO DAY How does Cognex compete with Open Source in the Age of AI? VS 29 © 2025 Cognex Corporation | Investor Day
Slide 30: AI for industrial machine vision is different
AI for industrial machine vision is different Generic Computer Vision VS Industrial Computer Vision ▪ Highly task specific ▪ Complex textures and backgrounds 30 © 2025 Cognex Corporation | Investor Day
Slide 31: Highly accurate ...
Highly accurate ... 100 90 80 70 Generic Computer Vision Industrial Computer Vision Qwen2.5-VL-7B Cognex Model 31 © 2025 Cognex Corporation | Investor Day
Slide 32: Easy to use ...
Easy to use ... ACCURACY Cognex Vision Model 100% Learning from very few samples High accuracy from 10s of Generic Vision Model samples per case, not 1000s 90% Ease of Use Regime 5 25 100 ... 100’000 # Images 32 © 2025 Cognex Corporation | Investor Day
Slide 33: Fast …
Fast … COGNEX MODEL runs @ 30Hz ~8W 20M Parameters on embedded x 350 QWEN2.5-VL-7B requires a cluster ~1000W 7B Parameters of high-end GPUs 33 © 2025 Cognex Corporation | Investor Day
Slide 34: … and scalable!
New “robust” models maintain high accuracy across … and scalable! environmental variations and product variants Accuracy 100 90 Lighting Variations 80 Line A Line B Normal Robust Accuracy 100 Product Variants 90 80 Product A Product B Normal Robust 34 Day nvestor
Slide 35: Extending continuous innovation with AI
Extending continuous innovation with AI 2022 2024 2025 Transformer Models Edge Learning on 3D AI on Barcode Reading for Few Sample Smart Cameras Smart Cameras Powered by AI Classification Pioneered “learning on 3D edge learning for First transformer models AI for drastically the edge” from 5-10 prec
Slide 36: AI to simplify ID Reader setup
AI to simplify ID Reader setup VISION TASK Read the barcode Traditional Rules-based Setup on this automotive part ▪ Hours to Setup ▪ Involves complex parameter optimization 36 © 2025 Cognex Corporation | Investor Day
Slide 37: Fast & easy tuning with AI
Fast & easy tuning with AI 37 © 2025 Cognex Corporation | Investor Day
Slide 38: Generic computer vision vs Cognex machine vision
Generic computer vision vs Cognex machine vision CUSTOMER REQUIREMENTS COGNEX MACHINE VISION GENERIC COMPUTER VISION Not for MODEL ACCURACY 99%+ result accuracy industrial applications EASE-OF-USE On device model training with <10 images Run @30Hz EFFICIENCY on the production line Maintain high accu
Slide 39: Comprehensive Ecosystem
Comprehensive Shirin Saleem Ecosystem Vice President, Product Engineering 39 © 2025 Cognex Corporation | Investor Day
Slide 40: Focused execution against our Strategic Objectives
Focused execution against our Strategic Objectives Our #1 2x #1 Strategic AI technology for industrial Customers Customer Objectives machine vision applications served Experience Industry-leading Comprehensive Direct Sales as a What it AI Technology Ecosystem Competitive Edge takes to win Best-in-cl
Slide 41: Comprehensive machine vision ecosystem
Comprehensive machine vision ecosystem GLOBAL COMPETITORS COMPLETE PRODUCT LINE UP COMMON SOFTWARE PLATFORM Have components, but can’t match the COMMON HARDWARE PLATFORM comprehensive Cognex ecosystem DEEP LEARNING AND EDGE LEARNING CLOUD FOR SEAMLESS AI INTEGRATION NEW 41 © 2025 Cognex Corporation
Slide 42: Our existing ecosystem drives benefits to standardize on Cognex
Our existing ecosystem drives benefits to standardize on Cognex z BENEFITS TO CUSTOMERS IS2800: 2D Vision Sensor for IS3800: 2D Vision System for IS-L38: 3D Vision System for Great customer Cost (TCO) most common inspections most advanced inspections inspections & measurement experience optimization
Slide 43: Customers increasingly want both accuracy and ease-of-use
Customers increasingly want both accuracy and ease-of-use from their AI vision tools ACCURACY Desired by customers Deep Learning Edge Learning EASE-OF-USE 43 © 2025 Cognex Corporation | Investor Day
Slide 44: Introducing OneVision
Introducing OneVision: A better way to create and manage advanced AI vision tools OneVision ACCURACY Deep Learning Deep Learning performance, OneVision with Edge Learning ease- of-use Edge Learning EASE-OF-USE 44 © 2025 Cognex Corporation | Investor Day
Slide 45: OneVision unlocks new applications by creating advanced AI models quickly
OneVision unlocks new applications by creating more advanced AI models quickly & easily DEPLOY ON EDGE DESIGN ON CLOUD ▪ Upload images directly from vision system IM AGES ▪ Curate data quickly with AI assisted labeling ▪ Train, Validate, Optimize, IM PROVED M ODEL Re-deploy new model ▪ Manage projec
Slide 46: Pin inspection in OneVision
Pin inspection in OneVision 46 © 2025 Cognex Corporation | Investor Day
Slide 47: Pin inspection in OneVision: Upload data
Pin inspection in OneVision STEP 1: Upload data from one or more lines 47 © 2025 Cognex Corporation | Investor Day
Slide 48: Pin inspection in OneVision: Train a model to locate pins
Pin inspection in OneVision STEP 2: Train a model to locate the pins 48 © 2025 Cognex Corporation | Investor Day
Slide 49: Pin inspection in OneVision: Classify located pins
Pin inspection in OneVision STEP 3: Train a model to classify the located pins 49 © 2025 Cognex Corporation | Investor Day
Slide 50: Pin inspection in OneVision: Validate and Deploy
Pin inspection in OneVision STEP 4: Validate and Deploy 50 © 2025 Cognex Corporation | Investor Day
Slide 51: With OneVision, the cycle accelerates across the Cognex ecosystem
With OneVision, the cycle accelerates much faster across the Cognex ecosystem deploy monitor ecosystem validate collect train 51 © 2025 Cognex Corporation | Investor Day
Slide 52: OneVision creates differentiated value for our customers
OneVision creates differentiated value for our customers… CONSUMER ELECTRONICS LOGISTICS EV BATTERY CUSTOMER PROBLEM Experience required to Lead time to adapt to diverse Effort required to deploy AI design a vision application items models for every line/site SOLUTION MARKET Weeks to curate data and
Slide 53: …and complements and strengthens our ecosystem
…and complements and strengthens our ecosystem z BENEFITS IS2800: 2D Vision Sensor for IS3800: 2D Vision System for IS-L38: 3D Vision System for Best customer Cost (TCO) most common inspections most advanced inspections inspections & measurement experience optimization Complete Product Line-Up Commo
Slide 54: Cognex Easy-to-Use Video
Cognex Easy-to-Use Video 54 © 2025 Cognex Corporation | Investor Day
Slide 55: Direct Sales as a Competitive Edge
Direct Sales as a Carl Gerst Competitive Edge Executive Vice President, Vision and ID Products 55 © 2025 Cognex Corporation | Investor Day
Slide 56: Focused execution against our Strategic Objectives
Focused execution against our Strategic Objectives Our #1 2x #1 Strategic AI technology for industrial Customers Customer Objectives machine vision applications served Experience Industry-leading Comprehensive Direct Sales as a What it AI Technology Ecosystem Competitive Edge takes to win Best-in-cl
Slide 57: 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 58: Flywheel of customer acquisition and customer experience
Flywheel of customer acquisition and customer experience increases the number of customers served Salesforce transformation and expansion Increases reach and enables new customer acquisition opportunities 2x Direct sales channel Customers engages customers across the entire Support served Specify yo
Slide 59: Working directly with the end user at every step
Our focus is working directly with the end user at every step of the customer journey End User Direct OUR PARTNERS OUR PARTNERS engagement at every step Machine System System Machine Builders Integrators Integrators Builders Logistics Sales Team Factory Automation Sales Team Cognex Ecosystem is a ke
Slide 60: We structure our sales team on three themes
We structure our sales team on three themes MARKET CREATION AND EXPANSION MARKET PENETRATION HELPING PARTNERS MOVE FASTER Cognex Easy-to-use Grow share of Cognex Spec-in and Ecosystem + Find new logos products wallet Ecosystem share gain Solutions made Easy E XA MP L E C U S TO ME R E XA MP L E P R
Slide 61: Market creation and expansion enabled by easy-to-use AI-powered products
“The main advantage of using Cognex is the Market creation and expansion enabled ease of use of the products. The software, the setting up of the tools is one of the easiest I've by easy-to-use AI-powered products seen by far in the industry.” Mathieu Van Parys – Co-founder and Head of Research & De
Slide 62: Penetrating the market with power and flexibility of the full ecosystem
“Cognex’s edge learning-based vision Penetrating the market with power systems make our best even better.” and flexibility of the full ecosystem Jerry Blise - Senior Vice President of Operations, Federal Package Consultative sales approach promotes the complete Cognex ecosystem POWER AND FLEXIBILITY
Slide 63: Providing standard solutions that are made easy
“If I would have to describe working with Cognex in Providing standard solutions three words, they would probably be: professional, that are made easy reliable, and easy.” Denis Schmidt – Director of Sales and Marketing, OCTUM GmBH Spec-in sales approach and enabling partners to deploy advanced mach
Slide 64: Specify the path forward…
Specify the path forward… FROM COMPLEXITY TO SIMPLICITY Connected product Expert driven set-up ecosystem Great results, Guided configuration, limited scalability scalable outcomes … with an adaptive ecosystem, ready for whatever is next 64
Slide 65: Rapidly deploy…
Rapidly deploy… FROM COMPLEXITY TO SIMPLICITY Custom, complex setups Standardized solutions Streamlined, intelligent Lower ROI, greater risk automation at scale … leveraging Cognex know-how through out-of-box AI guidance 65
Slide 66: Maintain and support…
Maintain and support… FROM COMPLEXITY TO SIMPLICITY Connected, proactive Reactive support Manual, slower Actionable insights, resolution fast resolution … with always-on resources and localized value-add services 66
Slide 67: Flywheel of customer acquisition and customer experience
Flywheel of customer acquisition and customer experience increases the number of customers served Salesforce transformation and expansion Increases reach and enables new customer acquisition opportunities 2x Direct sales channel Customers engages customers across the entire Support served Specify yo
Slide 68: Morning Q&A
Reto Wyss Morning Q&A Shirin Saleem Carl Gerst 68 © 2025 Cognex Corporation | Investor Day
Slide 69: Product Demos & Lunch
Product Demos & Lunch Not available via webcast. Webcast restarts at 1:15PM ET. 69 © 2025 Cognex Corporation | Investor Day
Slide 70: Break
Break Webcast restarts at 1:15PM ET. 70 © 2025 Cognex Corporation | Investor Day
Slide 71: Team Assignments
AGENDA 8 – 9 AM Breakfast and Registration 9 – 11 AM Strategy, Technology, and Q&A 11 AM – 1 PM Product Demos and Lunch 1 – 2 PM Financial Framework and Q&A TEAM ASSIGNMENT Team Assignments Team Name CONNECTING TO COGNEX GUEST WI-FI Network: Cognex-guest Password: cogwears SCAN FOR YOUR CUSTOM ENGRA
Slide 72: Team assignments
Team Eddie the Yeti Darren Long Team Ultimate Frisbee Shirin Saleem Team Halloween Reto Wyss 72 © 2025 Cognex Corporation | Investor Day
Slide 73: Cognex Culture Video
Cognex Culture Video 73 © 2025 Cognex Corporation | Investor Day
Slide 74: Welcome back
Greer Aviv Welcome back Head of Investor Relations 74 © 2025 Cognex Corporation | Investor Day
Slide 75: Financial Framework
Dennis Fehr Financial Framework Chief Financial Officer 75 © 2025 Cognex Corporation | Investor Day
Slide 76: Through-cycle financial framework targets drive shareholder value
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 76 © 2025 Cognex Corporation | Investor Day 1) FCF conversion is defined as Free Cash Flow div
Slide 77: 13%-14% revenue growth enabled by market growth and inorganic growth
13% - 14% revenue growth is enabled by attractive market growth in combination with inorganic growth COMPONENTS OF REVENUE GROWTH GROWTH CATEGORY % CONTRIBUTION TO CAGR 1 Underlying Industry Growth 4% MARKET CAGR Increasing Machine Vision 2 penetration 6 – 7% Machine Vision Market CAGR1 10 – 11% COG
Slide 78: Diverse verticals - industry growth compounded by machine vision penetration
Diverse set of verticals - underlying industry growth is compounded by increase of machine vision penetration VERTICAL MARKET GROWTH AND DRIVERS 1 2 THROUGH THE CYCLE UNDERLYING INCREASE OF MV TOTAL MARKET VERTICAL MARKET MARKET DRIVERS INDUSTRY GROWTH1 PENETRATION CAGR2 ▪ Investments into e-commerc
Slide 79: Targeted M&A with clear strategic and financial priorities
3 Targeted M&A with clear strategic and financial priorities STRATEG IC PRIORITIES FINANCIAL PRIORITIES ▪ Advances our strategic objectives: #1 in AI ▪ Supports revenue growth with clear path to technology and customer experience, expanding the Adj. EBITDA margin target range customer base, #1 or #2
Slide 80: Case Study: Moritex acquisition
3 Case Study: highly synergistic and accretive Moritex acquisition D E AL M E T RI C S : $257M purchase price Largest acquisition to date Closed Q4-2023 Close portfolio gap through vertical STRATEG IC integration by acquiring highly synergistic RATIONALE and bottom-line accretive tech leader. SYNERG
Slide 81: Driving sustainable, profitable growth through the cycle
Driving sustainable, profitable growth through the cycle DEFINING THE CYCLE REVENUE MSD OUTSIZED FLAT to (HSD) GROWTH WE TARGET TO EXIT THE CYCLE AT HIGHER ADJ. EBITDA MARGIN 20261: >20.0% THAN ENTERED: >25% ADJ. EBITDA 5 – 7 YEARS ADJ. EBITDA 20 - 25% 25 - 30%+ >25% 1) based on non-recessionary mac
Slide 82: OPEX efficiency and operating leverage drive Adj. EBITDA margin increase
Focus on OPEX efficiency and operating leverage, combined with COGS productivity drive Adj. EBITDA margin increase ADJ. EBITDA MARGIN WALK FLEXES THROUGH THE CYCLE AT THE PEAK OF THE CYCLE 0 to >500bps >30% 500-600bps >25% <100bps WHEN EXITING 200-300bps 17.1% (<100bps) THE CYCLE REFER TO SLIDE 89 F
Slide 83: Capital light model enables FCF conversion of >100%
Capital light business model enables FCF conversion of >100%; strong execution in the last quarters FCF CONVERSION 1 2020 - 2024 FCF CONVERSION 1 LAST FOUR QUARTERS 153% 141% 140% 119% 112% 105% 96% 100% 100% 71% 60% 2020A 2021A 2022A 2023A 2024A Q2-2024A Q3-2024A Q4-2024A Q1-2025A CAPITAL LIGHT BUS
Slide 84: Disciplined capital allocation accelerates growth and shareholder value
Disciplined capital allocation accelerates growth and shareholder value creation 1 2 3 MERGERS & ACQUISITION SHARE BUYBACK DIVIDEND Accelerating profitable growth Opportunistic to min. offset dilution. Annual growth at increments in core business or near adjacencies. (measured over a five-year perio
Slide 85: 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 86: Afternoon Q&A
Rob Willett Afternoon Q&A Matt Moschner Dennis Fehr 86 © 2025 Cognex Corporation | Investor Day
Slide 87: Appendix
Appendix 87 © 2025 Cognex Corporation | Investor Day
Slide 88: Historical cycles: FRED Industrial Production Index
Historical cycles | Plot of FRED index – Industrial Production: Total Index (1974 – 2024) INDUSTRIAL PRODUCTION: TOTAL INDEX, PERCENT CHANGE FROM YEAR AGO 20.0 15.0 10.0 5.0 0.0 1974 1974 1975 1976 1977 1978 1979 1979 1980 1981 1982 1983 1984 1984 1985 1986 1987 1988 1989 1989 1990 1991 1992 1993 19
Slide 89: Components of Adj. EBITDA margin walk
Components of Adj. EBITDA margin walk ORGANIC COGS INORGANIC OPEX LEVERAGE & MIX PRODUCTIVITY MIX EFFICIENCY DE-LEVERAGE AND PRICING AT ACQUISITION AND SYNERGIES (<100bps) 200 - 300bps <100bps 500 - 600bps 0 to >500bps ▪ Logistics vertical ▪ Driving product cost ▪ Selective M&A within ▪ Focused acti
Slide 90: Speaker bios
Speaker bios 90 © 2025 Cognex Corporation | Investor Day
Slide 91: Rob Willett
As Chief Executive Officer, Mr. Willett oversees all aspects of strategy and operations for Cognex Corporation. Mr. Willett came to Cognex in 2008 from Danaher Corporation, a diversified manufacturer of industrial controls and technologies, where he served as Vice President of Business Development a
Slide 92: Matt Moschner
As President and Chief Operating Officer, Mr. Moschner oversees global engineering, products, sales and operations. Since joining Cognex in 2017, Mr. Moschner has held key positions of leadership across product and engineering teams, helping grow the Company’s barcode reading portfolio and leading t
Slide 93: Reto Wyss
As Vice President of AI Technology, Mr. Wyss leads Cognex's AI R&D and Vision Tools development. He joined Cognex in 2017 through the acquisition of ViDi Systems SA, a Swiss company that he co-founded in 2012, which pioneered the use of Deep Learning based visual inspection technology for factory au
Slide 94: Shirin Saleem
As Vice President of Product Engineering, Ms. Saleem leads the software and applications stack of Cognex's product portfolio. Ms. Saleem joined Cognex in May 2023, bringing with her two decades of experience in AI applications for both consumer and enterprise sectors. She was a founding member of th
Slide 95: Carl Gerst
Mr. Gerst oversees global engineering and product development, product management, and product marketing for Cognex’s Vision and ID products. Since joining Cognex in 1999, Mr. Gerst has been instrumental in managing and scaling the development, innovation, and performance of the company’s products.
Slide 96: Dennis Fehr
As Senior Vice President of Finance and Chief Financial Officer, Mr. Fehr leads Cognex’s global finance and information technology organization. Before joining Cognex in April of 2024, Mr. Fehr was the CFO of 6K Inc, a manufacturing technology company focused on strategic Dennis Fehr materials in th
Slide 97: Non-GAAP Reconciliations
Non-GAAP Reconciliations 97 © 2025 Cognex Corporation | Investor Day
Slide 98: Non-GAAP financial measures
Non-GAAP financial measures This presentation includes certain non-GAAP financial measures, including adjusted Cognex may also disclose results on a constant-currency basis as one measure to evaluate EBITDA and margin and free cash flow. Cognex defines its non-GAAP metrics as follows: its performanc
Slide 99: GAAP to Non-GAAP tables
GAAP to Non-GAAP tables Cognex Corporation Twelve-months Ended RECONCILIATION OF December 31, 2024 December 31, 2023 SELECTED ITEMS FROM Operating income (GAAP) $115,065 $130,702 GAAP TO NON-GAAP Loss (recovery) from fire (8,000) Dollars in thousands, except per share amounts (Unaudited) Acquisition
Slide 100: GAAP to Non-GAAP tables
GAAP to Non-GAAP tables Cognex Corporation Three-months Ended RECONCILIATION OF March 30, 2025 December 31, 2024 September 29, 2024 June 30, 2024 SELECTED ITEMS FROM GAAP TO NON-GAAP Net income (GAAP) $23,603 $28,346 $29,591 $36,212 Dollars in thousands (Unaudited) Loss (recovery) from fire Acquisit
Slide 101: GAAP to Non-GAAP tables
GAAP to Non-GAAP tables Cognex Corporation Twelve-months Ended RECONCILIATION OF December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 SELECTED ITEMS FROM Net income (GAAP) $106,171 $113,234 $215,525 $279,881 $176,186 GAAP TO NON-GAAP Dollars in thousands (Unaudit
Slide 102: Thank you
Thank you *Easy is Hard to Do! 102 © 2025 Cognex Corporation | Investor Day Cognex, In-Sight, DataMan, VisionPro, PatMax, IDMax, and HotBars are registered trademarks of Cognex and Moritex, OneVision, MVT, IS2800, IS3800, IS-L38, and DM290 are trademarks of Cognex.