Cognex Q1 2025 Earnings April 30, 2025 1 © 2025 Cognex Corporation 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 of 1934, as amended (the "Exchange Act"). Readers can identify these forward-looking statements by our use of the words "expects," "anticipates, ...

Exhibit 99.1 Cognex Reports First Quarter 2025 Results; Announces CEO Transition April 30, 2025―NATICK, MA—Cognex Corporation (NASDAQ: CGNX) today reported financial results for the first quarter ended March 30, 2025. First-Quarter Financial and Operating Highlights Cognex today announced that Matt Moschner, Cognex's President and Chief Operating Officer, will succeed Robert J. Willett as Chief Executive Officer on June 27, 2025. Mr. Willett, who became President and Chief Operating Officer in 2010 and Chie ...

NATICK, Mass., April 30, 2025 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today reported financial results for the first quarter ended March 30, 2025.First-Quarter Financial and Operating Highlights Revenue grew 2% year-on-year or 5% on a constant-currency basis Operating expenses declined 7% year-on-year, driven primarily by cost management Operating margin of 12.1%; Adjusted EBITDA margin of 16.8%, above high end of guidance Returned $116 million to shareholders during the quarter, highest amount si ...

Group 1 - Cognex is facing a challenging year with potential disappointing earnings news expected on April 30, but the stock is considered an excellent long-term investment opportunity for growth [1][10] - The company specializes in machine vision and barcode reading technology, which is increasingly essential for automated equipment in manufacturing and logistics [2][3] - Demand for machine vision solutions is expected to rise as they outperform human capabilities in tasks such as inspection and monitoring, especially with the integration of AI tools [3][4] Group 2 - Cognex's key end markets include consumer electronics, automotive, and logistics, with management projecting a 13% annual growth rate for these markets, outpacing the industry's 15% growth [6] - Recent challenges in these markets include a post-lockdown retraction in logistics, high interest rates affecting automotive sales, and reduced consumer spending on electronics [8][9][10] - Despite current market difficulties, machine vision technology is seen as a critical component for reindustrialization in higher-cost labor countries, suggesting a favorable long-term outlook for Cognex [12][14] Group 3 - Valuations for Cognex are historically favorable based on metrics such as free cash flow and EBITDA relative to enterprise value, indicating potential for recovery and growth [12] - Analysts have lowered earnings expectations recently, but if the company rebounds as projected in 2025, it could represent a strong growth stock at a reasonable price [14]

NATICK, Mass., April 10, 2025 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) will release earnings for the first quarter of 2025 on Wednesday, April 30, 2025, after market close. The Company will host a conference call on Thursday, May 1, 2025, at 8:30 a.m. Eastern Daylight Time (EDT), to discuss the results. Access to the conference call, and a replay that will be available following the call, may be found on the Cognex Investor Relations website at https://www.cognex.com/investor. The telephone number ...

NATICK, Mass., March 6, 2025 /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX) today announced that Dennis Fehr, Senior Vice President of Finance and Chief Financial Officer of Cognex, will present at the 2025 Cantor Fitzgerald Global Technology Conference on Wednesday, March 12, 2025, beginning at 10:00 a.m. Eastern Daylight Time.Users can listen to a real-time audio broadcast, or an archived recording, on the Events & Presentations section of the Cognex Investor Relations website: http://www.cognex.com/in ...

The Zacks Electronics – Testing Equipment industry has been suffering from a challenging global macroeconomic environment, end-market volatility, unfavorable forex and growing geo-political tensions. The sluggish automotive sector, due to declining investments in electric vehicles, has been a major headwind for industry participants. The factory automation end market has remained weak, and the conservative capital expenditure spending trend across consumer electronics is a headwind. However, industry player ...

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $230 million, a 17% year-on-year increase, with a 12% increase excluding Moritex [31][32] - Full year 2024 revenue was $915 million, growing 9% year-on-year or 1% excluding Moritex [39][41] - Adjusted gross margin for Q4 was 69.4%, down 130 basis points from 70.7% a year ago [34] - Adjusted diluted EPS for Q4 was $0.20, up from $0.11 year-on-year [37] - Free cash flow for Q4 totaled $49 million, compared to $7 million in Q4 of 2023 [38] Business Line Data and Key Metrics Changes - Logistics revenue grew 20% in 2024, driven by e-commerce leaders and regional providers [23] - Automotive revenue decreased by 14% year-on-year due to reduced EV battery investment [24][25] - Consumer electronics revenue fell 5% year-on-year, with limited design changes impacting demand [26] - Semiconductor business showed significant year-on-year growth, driven by high bandwidth memory chip investments [28] Market Data and Key Metrics Changes - Year-on-year revenue growth in Q4 was strongest in Greater China, driven by project timing in consumer electronics [34] - The Americas saw double-digit growth, while Europe experienced a slight decline due to weaker automotive spending [33] - Overall, the factory automation market was characterized as soft but stable, with automotive being the weakest segment [10][11] Company Strategy and Development Direction - The company aims to infuse AI into more products and tools, transform the sales force, and integrate Moritex [6][9] - New product launches include the AI-enabled 3D smart camera and the DataMan 380 barcode reader [7][9] - The sales transformation strategy has led to over 3,000 new customers acquired in 2024 [20][21] - The company is focusing on expanding into less cyclical markets, such as medical and packaging, to reduce volatility [110][112] Management's Comments on Operating Environment and Future Outlook - Management noted that the automotive market remains challenging, with expectations of continued weakness in 2025 [54] - There is cautious optimism regarding the consumer electronics market, with potential innovations expected to drive future growth [58] - The logistics market is expected to continue growing, supported by increased capacity and technology investments [71] - Management expressed confidence in the long-term value of the sales transformation strategy [21][90] Other Important Information - The company ended 2024 with $587 million in cash and investments and no debt [42] - The first quarter revenue guidance is between $200 million and $220 million, reflecting mixed macro conditions [43] - The company plans to hold an Investor Day on June 9th and 10th [46] Q&A Session Summary Question: Outlook for automotive market - Management acknowledged that 2024 was a tough year for automotive, with expectations of continued weakness but not as severe as in 2024 [50][54] Question: Consumer electronics product changes - Management indicated that while consumer electronics revenue fell, there are reasons for long-term confidence in growth due to upcoming innovations [56][58] Question: Insights on logistics market strength - Management reported strong growth across logistics, with significant investments and technology adoption driving demand [71][72] Question: M&A appetite and strategy - Management confirmed a continued interest in quality M&A opportunities, particularly following the successful Moritex acquisition [115][116] Question: Pricing challenges in China - Management highlighted ongoing pricing pressures in China due to competition but emphasized a strategy to maintain market share [126][128]

Cognex Q4-2024 Financial Results February 12, 2025 1 © 2025 Cognex Corporation Forward Looking Statements Certain statements made in this report, 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 Exchange Act. Readers can identify these forward-looking statements by our use of the words "expects," "anticipates," "estimates," "potential," "believes," "proje ...

Revenue and Growth - Revenue for 2024 was $914,515,000, representing a 9% increase from $837,547,000 in 2023, driven by the acquisition of Moritex Corporation and higher revenue from logistics and semiconductor industries [134][138]. - Revenue from the logistics industry increased by 20% year-over-year, representing approximately 23% of total revenue in 2024 [139]. - Revenue from the semiconductor industry grew by 80% year-over-year, accounting for approximately 11% of total revenue in 2024 [140]. - Revenue from customers in the Americas increased by 6%, while revenue from Europe decreased by 1% in 2024 [141][143]. - The acquisition of Moritex contributed approximately 8% to total revenue in 2024 [138]. - The company's revenue for the year ended December 31, 2024, was $914,515,000, representing an increase from $837,547,000 in 2023, but a decrease from $1,006,090,000 in 2022 [196]. - Revenue from the Americas was $350,155,000 in 2024, up from $330,415,000 in 2023, indicating a growth of 6.3% [301]. Profitability and Margins - Gross margin decreased to 68% in 2024 from 72% in 2023, primarily due to a less favorable revenue mix and pricing pressures [135][143]. - Operating income decreased to 13% of revenue in 2024 compared to 16% in 2023, with net income decreasing to 12% of revenue or $0.62 per share [137]. - The gross profit for 2024 was $625,794,000, compared to $601,241,000 in 2023, indicating a slight improvement year-over-year [196]. - Operating income for 2024 was $115,065,000, down from $130,702,000 in 2023 and significantly lower than $246,229,000 in 2022 [196]. - Net income for 2024 was $106,171,000, a decrease from $113,234,000 in 2023 and $215,525,000 in 2022 [196]. - The total comprehensive income for 2024 was $78,730,000, a decline from $137,195,000 in 2023 and $194,170,000 in 2022 [198]. Expenses and Costs - Selling, general, and administrative expenses increased by 9% in 2024, primarily due to investments in sales personnel and costs related to the Moritex acquisition [148]. - Research, development, and engineering expenses remained relatively flat at $139,815,000, representing 15% of total revenue in 2024 [146][147]. - Operating expenses increased by 9% to $510,729,000 in 2024, maintaining a consistent percentage of total revenue at 56% [145]. - The total operating lease expense increased to $14,131,000 in 2024 from $11,598,000 in 2023, representing a rise of approximately 21.8% [283]. Cash Flow and Investments - Net cash provided by operating activities totaled $149,081,000 in 2024, driven by growth in logistics revenue [158]. - Net cash used in investing activities was $38,969,000, primarily for capital expenditures of $15,043,000 related to new product introductions [159]. - The company reported cash dividends per common share of $0.305 in 2024, up from $0.286 in 2023 and $0.265 in 2022 [196]. - As of December 31, 2024, the company had an accumulated cash and investment balance of $586,948,000, indicating strong liquidity [157]. - The Company’s total investments amounted to $586,948,000 as of December 31, 2024, compared to $576,277,000 in 2023, indicating a slight increase [275]. Tax and Non-Operating Income - Income before income tax expense decreased by $3,859,000, or 3%, to $131,489,000 in 2024, while income tax expense increased by $3,204,000, or 14%, to $25,318,000 [155]. - The effective income tax rate rose to 19% in 2024 from 16% in 2023, with discrete tax net expenses recorded at $5,731,000 in 2024 [155]. - For the twelve months ended December 31, 2024, total non-operating income increased by $11,778,000, or 254%, to $16,424,000 compared to $4,646,000 in 2023 [151]. Shareholder Returns - The company repurchased 1,711,000 shares at a cost of $67,085,000 in 2024, leaving a remaining balance of $265,807,000 under the stock repurchase program [161]. - Cash dividends totaled $52,329,000 in 2024, with $0.075 per share in the first three quarters and $0.080 per share in the fourth quarter [162]. - The Company declared a cash dividend of $0.080 per share in the fourth quarter of 2024, an increase from $0.075 per share in the previous quarter [310]. Assets and Liabilities - Total assets decreased from $2,017,812 in 2023 to $1,992,850 in 2024, a decline of approximately 1.2% [200]. - Total current liabilities increased from $151,884 in 2023 to $169,380 in 2024, an increase of approximately 11.5% [200]. - Shareholders' equity rose from $1,504,752 in 2023 to $1,517,505 in 2024, an increase of about 0.8% [202]. - The total inventory as of December 31, 2024, was $157,527,000, a decrease from $162,285,000 in 2023, reflecting a reduction of approximately 2.3% [280]. Accounting and Reporting - The Company recognizes revenue in accordance with ASC 606, reflecting the transfer of promised goods or services to customers [237]. - The consolidated financial statements include accounts of Cognex Corporation and its wholly owned subsidiaries, with all intercompany transactions eliminated [207]. - The Company adopted new accounting guidance in 2024 related to the disclosure of segment information, which was retrospectively applied to 2023 and 2022 [187]. - The Company adopted ASU 2023-07 for segment reporting, effective for fiscal years beginning after December 15, 2023, requiring disclosure of segment profit or loss measures used by the chief operating decision maker [269]. Risk Management and Supply Chain - The company has faced disruptions in the supply of key components due to global supply chain challenges, resulting in higher purchase costs and manufacturing delays [266]. - The company sources components from preferred vendors, and disruptions may lead to higher costs and delays if alternative vendors are required [267]. - The Company does not currently hedge interest rate exposures due to the relatively short maturities and investment-grade quality of its portfolio [180].