Denis Pyatchanin • Stifel Financial Corp.

Question 1

Denis Pyatchanin's questions to Penguin Solutions Inc (PENG) leadership • Q3 2025

Jul 8, 2025

Question

Denis Pyatchanin, on behalf of Brian Chin at Stifel, asked about the five new Advanced Compute customers, inquiring if the hardware and software mix is expected to change over the customer lifecycle. He also asked about the drivers of the memory segment's strength, the impact of DRAM pricing on margins, and the attach rate of Penguin's memory products to its Advanced Computing systems.

Answer

Mark Adams, President & CEO, explained that the typical customer lifecycle begins with hardware-heavy revenue recognition, followed by software and services revenue over time, and that the company avoids hardware-only deals. CFO Nate Olmstead confirmed the vast majority of services revenue is from Advanced Computing. Regarding memory, Adams noted that DRAM pricing was relatively stable and that while rising prices can slightly compress gross margin percentages, the quarter's growth was also driven by a substantial increase in unit volume. He added that attaching their own memory to Penguin systems is a priority, with ongoing development in advanced solutions like CXL and OMA.

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Question 2

Denis Pyatchanin's questions to Cohu Inc (COHU) leadership • Q4 2024

Feb 13, 2025

Question

On behalf of Brian Chin, Denis Pyatchanin asked about the stability of the recurring revenue run rate, whether the outlook for the mobile market has changed, and if the recent strength in the industrial segment can be sustained.

Answer

Executive Jeffrey Jones affirmed that the recurring revenue stream is historically stable, with about one-third the volatility of systems revenue. President and CEO Luis Müller clarified that while the overall mobile market outlook is for low single-digit growth, specific share shifts within the Android ecosystem could create opportunities for Cohu in the second half of the year. He also noted that the industrial segment has the potential to recover ahead of automotive.

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Question 3

Denis Pyatchanin's questions to Cohu Inc (COHU) leadership • Q3 2024

Oct 31, 2024

Question

Denis Pyatchanin of Stifel asked for details on the new HBM opportunity, including the specific process steps won and revenue timing. He also requested an update on the previously announced design win with a major analog and embedded semiconductor customer.

Answer

President and CEO Luis Müller clarified the HBM win is for stacked die inspection and metrology, a final-stage process, and does not compete with wafer-level inspection firms. Regarding the prior win, Müller confirmed it was with a top-5 automotive semi manufacturer for a complete test cell solution—including the Diamondx tester, handlers, and contactors—with initial revenue expected in Q4. He noted this win was enabled by the new VI100 instrument, strengthening Cohu's position in the mixed-signal market. CFO Jeffrey Jones reiterated that it is too soon to project revenue timing for the HBM win.

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Question 4

Denis Pyatchanin's questions to FormFactor Inc (FORM) leadership • Q3 2024

Oct 30, 2024

Question

Denis Pyatchanin of Stifel asked about management's confidence in HBM revenue growth for 2025 over 2024 and the timeline for other HBM customers to become significant revenue contributors. He also requested color on the lower Q4 gross margin guidance.

Answer

CEO Mike Slessor indicated a 'reasonable case' for HBM growth in 2025, dependent on AI spending and tech transitions. He noted that while a second DRAM customer is becoming more significant in Q4, revenue will likely stay concentrated with the market leader. CFO Shai Shahar attributed the lower Q4 gross margin guide primarily to reduced overall revenue volume compared to Q3's record, rather than a major shift in product mix.