David Dooley

David Dooley asked about the relative growth rates for Onto Innovation's CoWoS® inspection business and HBM inspection business in 2026.

Answer

Michael Plisinski (CEO) indicated that the growth rates for CoWoS® and HBM inspection are expected to be relatively similar, noting that CoWoS® applications have higher capital intensity. He added that stronger adoption of the G5 platform could potentially drive upside for the CoWoS® side. David Dooley also sought clarification on the $504 million advanced packaging and specialty devices revenue for 2025, asking if the 30%+ growth projection applies to this entire number or only a portion. Brian Roberts (CFO) confirmed that the $504 million represented the combined advanced packaging and specialty devices revenue for 2025. Michael Plisinski (CEO) clarified that the 30%+ growth projection applies to 'all of advanced packaging,' including OSATs and panel applications.

David Dooley asked about the relative growth rates for Onto Innovation's CoWoS inspection and HBM inspection businesses in 2026. He also sought clarification on whether the $504 million advanced packaging and specialty devices revenue for 2025 serves as the base for the projected 30%+ growth.

Answer

CEO Michael Plisinski indicated that CoWoS and HBM inspection growth rates are expected to be relatively similar, with the G5 platform potentially driving CoWoS higher. CFO Brian Roberts clarified that the $504 million figure for 2025 encompassed both advanced packaging and specialty devices. Mr. Plisinski then confirmed that the 30%+ growth projection applies to 'all of advanced packaging,' including OSATs and panel applications.

David Dooley asked for a recap of Eclipse handler activity in Q4, its expected ramp throughout 2026, and Cohu's capacity to meet demand. He also inquired about the 2026 revenue profile, specifically the first half versus second half, and how gross margins would trend with higher revenues. Finally, he asked about changes in customer activity over the last month.

Answer

Luis Müller, Cohu's President and CEO, confirmed booking a super high-power Eclipse handler in Q4, with the first production unit shipped in late January, and stated Cohu has the capacity to meet demand for 2026. He noted increased order momentum from traditional auto and industrial customers, alongside strong pull for Eclipse in compute and mobile, expecting a ramp towards mid-year. Jeff Jones, Cohu's CFO, projected gross margins in the high 46% range for $130 million quarterly revenue, approaching 48% at $150 million, and 48% at a normalized $160 million. Luis Müller reiterated improving customer engagement and rising utilization rates as key indicators.