Cohu Provides Business Update for Fourth Quarter 2023, Date for Earnings Call and Preliminary First Quarter 2024 Guidance

Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, today provided a business update:

• Cohu expects fourth quarter 2023 revenue in-line with guidance at approximately $137 million
• Demand for test and inspection equipment remained soft through fourth quarter 2023 and has continued in first quarter 2024
• Cohu expects first quarter 2024 revenue to be approximately 20% lower than fourth quarter 2023

“We expect fourth quarter revenue to be within our guidance range; however, estimated equipment utilization dropped another 200 bps to 71% at the end of fourth quarter. Similar to recent announcements from our automotive and industrial semiconductor device customers, Cohu is experiencing softer demand for test and inspection systems in these segments with continued low test cell utilization in consumer, mobility and computing. Recurring revenue remains resilient,” said Cohu President and CEO Luis Müller. “We know well the semiconductor cycles and the importance of staying focused on new product development and customer qualifications between upcycles to position the company for the recovery and ramp. Although demand is likely to remain subdued during the first half of the year, our major customers have been forecasting a recovery for the second half of 2024.”

Cohu will provide detailed comments on this business update, fourth quarter 2023 results and first quarter 2024 guidance during its earnings call on Thursday, February 15, 2024, at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time.

These preliminary, unaudited results are based on management's initial review of operations for the year-ended December 30, 2023, and estimates for the quarter-ending March 30, 2024, and each remain subject to completion of the Company's customary periodic closing and review procedures.

Conference Call Information:

The Company will host a live conference call and webcast with slides to discuss fourth quarter and fiscal year 2023 results at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on February 15, 2024. Interested parties may listen via webcast on Cohu’s investor relations website at https://edge.media-server.com/mmc/p/5ovoraj2

To participate via telephone and join the call live, please register in advance at https://register.vevent.com/register/BI94bbc71cea5a4b439ae74a94ccfd02e ... to receive the dial-in number along with a unique PIN number that can be used to access the call.