The following is a summary of the Cohu, Inc. (COHU) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cohu, Inc. reported Q1 2024 revenue of $107.6 million.

• Non-GAAP gross margin for the company was noted at 46% with operating expenses landing at $50.2 million.

• The non-GAAP operating income break-even point was observed in Q1 2024.

• During Q1 2024, the company's cash and investment decreased by $64 million to a remaining $271 million.

• The non-GAAP EPS stood at $0.01 for the first quarter.

• For Q2, the revenue is forecasted to fall within the bracket of $105 million ± $6 million.

Business Progress:

• New technologies and design wins has sustained the interest and demand for Cohu Inc.

• Approximately 66% of the Q1 revenue was contributed by the company's recurring business, amounting to $304 million revenue generated over the last year.

• Furthermore, Cohu published their 2023 sustainability report showing significant progress, including increased use of renewable energy and improved infrastructure.

• While an increase in the data center sector's momentum is observed, Cohu expects the industrial sector to weaken, whereas the automotive sector is expected to hold firm.

• Despite the overshadowing cyclicality in the industry this year, market improvement is expected in H2 2024 and into 2025, assisted by tester side wins, optimization, and business expansion in inspection and metrology.

• Cohu's investment focus is on aligning more with computing applications including AI, expecting these to significantly drive sensors, communication, and computing processing power.

• Cohu now supplies to two customers that make up about 50% of the display driver market, possibly generating around $100 million once business conditions normalize.

More details: Cohu Inc IR

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