COGNEX CORP 10-Q

ITEM 1: FINANCIAL STATEMENTS COGNEX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 (unaudited) (unaudited) Revenue $ 276,892 $ 234,742 $ 742,021 $ 684,831 Cost of revenue 89,602 75,343 242,532 216,896 Gross profit 187,290 159,399 499,489 467,935 Research, development, and engineering expenses 35,081 35,210 102,910 107,277 Selling, general, and administrative expenses 94,444 92,625 269,289 276,433 Operating income 57,765 31,564 127,290 84,225 Foreign currency gain (loss) 840 1,221 ( 3,116 ) 1,086 Investment income 4,197 3,561 12,227 9,797 Other income (expense) 61 209 2,322 581 Income before income tax expense 62,863 36,555 138,723 95,689 Income tax expense 45,199 6,964 56,945 17,864 Net income $ 17,664 $ 29,591 $ 81,778 $ 77,825 Net income per weighted-average common and common-equivalent share: Basic $ 0.11 $ 0.17 $ 0.49 $ 0.45 Diluted $ 0.10 $ 0.17 $ 0.48 $ 0.45 Weighted-average common and common-equivalent shares outstanding: Basic 167,840 171,519 168,324 171,588 Diluted 169,323 172,753 169,507 172,733 Cash dividends per common share $ 0.080 $ 0.075 $ 0.240 $ 0.225 The accompanying notes are an integral part of these consolidated financial statements. 3 COGNEX CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 (unaudited) (unaudited) Net income $ 17,664 $ 29,591 $ 81,778 $ 77,825 Other comprehensive income (loss), net of tax Available-for-sale investments: Net unrealized gain (loss), net of tax of $ 232 and $ 2,040 in the three-month periods, respectively, and net of tax of $ 1,667 and $ 2,493 in the nine-month periods, respectively 805 6,252 5,258 7,631 Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations ( 96 ) — ( 150 ) 8 Net change related to available-for-sale investments 709 6,252 5,108 7,639 Foreign currency translation adjustments: Foreign currency translation adjustments ( 9,112 ) 26,511 21,489 108 Net change related to foreign currency translation adjustments ( 9,112 ) 26,511 21,489 108 Other comprehensive income (loss), net of tax ( 8,403 ) 32,763 26,597 7,747 Total comprehensive income (loss) $ 9,261 $ 62,354 $ 108,375 $ 85,572 The accompanying notes are an integral part of these consolidated financial statements. 4 COGNEX CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) September 28, 2025 December 31, 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 245,898 $ 186,094 Current investments, allowance for credit losses of $ 0 in 2025 and 2024 54,368 59,956 Accounts receivable, allowance for credit losses of $ 732 and $ 827 in 2025 and 2024, respectively 154,612 143,359 Unbilled revenue 16,909 3,055 Inventories 143,679 157,527 Prepaid expenses and other current assets 55,453 63,376 Total current assets 670,919 613,367 Non-current investments, allowance for credit losses of $ 0 in 2025 and 2024 300,078 340,898 Property, plant, and equipment, net 89,868 98,445 Operating lease assets 74,182 67,326 Goodwill 392,084 384,937 Intangible assets, net 86,751 90,684 Deferred income taxes 383,611 392,166 Other assets 5,257 5,027 Total assets 2,002,750 1,992,850 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 45,480 $ 38,046 Accrued expenses 86,708 71,760 Accrued income taxes 2,705 25,685 Deferred revenue and customer deposits 23,767 25,035 Operating lease liabilities 10,613 8,854 Total current liabilities 169,273 169,380 Non-current operating lease liabilities 68,312 61,363 Deferred income taxes 249,082 217,155 Reserve for income taxes 26,359 26,365 Other liabilities 88 1,082 Total liabilities 513,114 475,345 Commitments and contingencies (Note 8) Shareholders’ equity: Preferred stock, $ .01 par value – Authorized: 400 shares in 2025 and 2024, respectively; no shares issued and outstanding — — Common stock, $ .002 par value – Authorized: 300,000 shares in 2025 and 2024, respectively; issued and outstanding: 167,549 and 170,434 shares in 2025 and 2024, respectively 335 341 Additional paid-in capital 1,123,134 1,090,638 Retained earnings 412,347 499,303 Accumulated other comprehensive loss, net of tax ( 46,180 ) ( 72,777 ) Total shareholders’ equity 1,489,636 1,517,505 Total liabilities and shareholders' equity $ 2,002,750 $ 1,992,850 The accompanying notes are an integral part of these consolidated financial statements. 5 COGNEX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Nine-months Ended September 28, 2025 September 29, 2024 (unaudited) Cash flows from operating activities: Net income $ 81,778 $ 77,825 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Stock-based compensation expense 34,649 39,367 Depreciation of property, plant, and equipment 15,521 15,904 (Gain) loss on disposal of property, plant, and equipment 6 — Amortization of intangible assets 7,945 8,926 Excess and obsolete inventory charges 2,582 1,968 Fair value adjustment on acquired inventories — 1,224 Amortization of discounts or premiums on investments ( 439 ) 437 Realized (gain) loss on sale of investments ( 150 ) 8 Change in deferred income taxes 37,741 ( 13,440 ) Change in operating assets and liabilities: Accounts receivable ( 9,414 ) ( 43,669 ) Unbilled revenue ( 13,816 ) 298 Inventories 11,878 3,424 Prepaid expenses and other current assets 8,855 ( 1,420 ) Accounts payable 6,927 9,567 Accrued expenses 10,529 5,342 Accrued income taxes ( 23,238 ) ( 11,060 ) Deferred revenue and customer deposits ( 1,500 ) ( 1,703 ) Other 758 4,679 Net cash provided by (used in) operating activities 170,612 97,677 Cash flows from investing activities: Purchases of investments ( 249,471 ) ( 649,020 ) Maturities and sales of investments 303,242 622,240 Purchases of property, plant, and equipment ( 6,147 ) ( 12,970 ) Net payments related to business acquisitions — ( 1,444 ) Net cash provided by (used in) investing activities 47,624 ( 41,194 ) Cash flows from financing activities: Net payments from issuance of common stock under stock plans ( 2,152 ) ( 205 ) Repurchase of common stock ( 126,233 ) ( 23,841 ) Payment of excise tax on prior year common stock repurchases ( 388 ) — Payment of dividends ( 40,424 ) ( 38,619 ) Net cash provided by (used in) financing activities ( 169,197 ) ( 62,665 ) Effect of foreign exchange rate changes on cash and cash equivalents 10,765 602 Net change in cash and cash equivalents 59,804 ( 5,580 ) Cash and cash equivalents at beginning of period 186,094 202,655 Cash and cash equivalents at end of period $ 245,898 $ 197,075 The accompanying notes are an integral part of these consolidated financial statements. 6 COGNEX CORPORATION CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands, except unit and per unit data) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shareholders’ Equity Shares Par Value Balance as of June 29, 2025 167,899 $ 336 $ 1,110,458 $ 433,040 $ ( 37,777 ) $ 1,506,057 Net issuance of common stock under stock plans 197 — 260 — — 260 Repurchase of common stock ( 547 ) ( 1 ) — ( 23,999 ) — ( 24,000 ) Excise tax on repurchase of common stock — — — ( 915 ) — ( 915 ) Stock-based compensation expense — — 12,416 — — 12,416 Payment of dividends ($ 0.080 per common share) — — — ( 13,443 ) — ( 13,443 ) Net income — — — 17,664 — 17,664 Net unrealized gain (loss) on available-for-sale investments, net of tax of $ 232 — — — — 805 805 Reclassification of net realized (gain) loss on the sale of available-for-sale investments — — — — ( 96 ) ( 96 ) Foreign currency translation adjustment — — — — ( 9,112 ) ( 9,112 ) Balance as of September 28, 2025 (unaudited) 167,549 $ 335 $ 1,123,134 $ 412,347 $ ( 46,180 ) $ 1,489,636 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shareholders’ Equity Shares Par Value Balance as of June 30, 2024 171,501 $ 343 $ 1,061,597 $ 515,142 $ ( 70,352 ) $ 1,506,730 Net issuance of common stock under stock plans 96 1 1,665 — — 1,666 Repurchase of common stock ( 82 ) ( 1 ) — ( 3,961 ) — ( 3,962 ) Stock-based compensation expense — — 13,101 — — 13,101 Payment of dividends ($ 0.075 per common share) — — — ( 12,863 ) — ( 12,863 ) Net income — — — 29,591 — 29,591 Net unrealized gain (loss) on available-for-sale investments, net of tax of $ 2,040 — — — — 6,252 6,252 Foreign currency translation adjustment — — — — 26,511 26,511 Balance as of September 29, 2024 (unaudited) 171,515 $ 343 $ 1,076,363 $ 527,909 $ ( 37,589 ) $ 1,567,026 The accompanying notes are an integral part of these consolidated financial statements. 7 COGNEX CORPORATION CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands of dollars, except unit and per unit data) Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shareholders’ Equity Shares Par Value Balance as of December 31, 2024 170,434 $ 341 $ 1,090,638 $ 499,303 $ ( 72,777 ) $ 1,517,505 Net issuance of common stock under stock plans 709 1 ( 2,153 ) — — ( 2,152 ) Repurchase of common stock ( 3,594 ) ( 7 ) — ( 126,226 ) — ( 126,233 ) Excise tax on repurchase of common stock — — — ( 2,084 ) — ( 2,084 ) Stock-based compensation expense — — 34,649 — — 34,649 Payment of dividends ($ 0.240 per common share) — — — ( 40,424 ) — ( 40,424 ) Net income — — — 81,778 — 81,778 Net unrealized gain (loss) on available-for-sale investments, net of tax of $ 1,667 — — — — 5,258 5,258 Reclassification of net realized (gain) loss on the sale of available-for-sale investments — — — — ( 150 ) ( 150 ) Foreign currency translation adjustment — — — — 21,489 21,489 Balance as of September 28, 2025 (unaudited) 167,549 $ 335 $ 1,123,134 $ 412,347 $ ( 46,180 ) $ 1,489,636 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Shareholders’ Equity Shares Par Value Balance as of December 31, 2023 171,599 $ 343 $ 1,037,202 $ 512,543 $ ( 45,336 ) $ 1,504,752 Net issuance of common stock under stock plans 471 1 ( 206 ) — — ( 205 ) Repurchase of common stock ( 555 ) ( 1 ) — ( 23,840 ) — ( 23,841 ) Stock-based compensation expense — — 39,367 — — 39,367 Payment of dividends ($ 0.225 per common share) — — — ( 38,619 ) — ( 38,619 ) Net income — — — 77,825 — 77,825 Net unrealized gain (loss) on available-for-sale investments, net of tax of $ 2,493 — — — — 7,631 7,631 Reclassification of net realized (gain) loss on the sale of available-for-sale investments — — — — 8 8 Foreign currency translation adjustment — — — — 108 108 Balance as of September 29, 2024 (unaudited) 171,515 $ 343 $ 1,076,363 $ 527,909 $ ( 37,589 ) $ 1,567,026 The accompanying notes are an integral part of these consolidated financial statements. 8 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1: Summary of Significant Accounting Policies As permitted by the rules of the Securities and Exchange Commission applicable to Quarterly Reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by accounting principles generally accepted in the United States ("GAAP"). Reference should be made to the consolidated financial statements and related notes included in Cognex Corporation's ("Cognex" or the "Company") Annual Report on Form 10-K for the year ended December 31, 2024 for a full description of other significant accounting policies. In the opinion of the management of the Company, the accompanying consolidated unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments and financial statement reclassifications necessary to present fairly the Company’s financial position as of September 28, 2025 , and the results of its operations for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024, and changes in shareholders’ equity, comprehensive income, and cash flows for the periods presented. The results disclosed in the Consolidated Statements of Operations for the three-month and nine-month periods ended September 28, 2025 are not necessarily indicative of the results to be expected for the full year. NOTE 2: New Pronouncements Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" The amendments in this ASU apply to all entities that are subject to Topic 740, Income Taxes. The amendments require public business entities to disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. They also require all entities to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, are equal to or greater than five percent of total income taxes paid. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis. Management does not expect ASU 2023-09 to have a material impact on the Company's financial statements and disclosures. Accounting Standards Update (ASU) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) This ASU aims to enhance transparency for users of financial statements by requiring public business entities to disaggregate specific expense categories. This ASU mandates disclosures in the notes to financial statements detailing the composition and trends of key expense categories within major income statement captions. These enhanced disclosures are intended to help investors more effectively assess the entity’s performance, understand its cost structure, and make more accurate forecasts of future cash flows. For public business entities, this ASU is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The adoption will result in disclosure changes only. Accounting Standards Update (ASU) 2025-05 - Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets This ASU provides a practical expedient to simplify the measurement of credit losses for certain receivables and contract assets. The amendments allow entities to assume that current conditions at the balance sheet date will persist over the life of these assets, eliminating the need to develop forward-looking forecasts required under the current expected credit loss ("CECL") model. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. Management does not expect ASU 2025-05 to have a material impact on the Company's financial statements and disclosures. Accounting Standards Update (ASU) 2025-06 - Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software The amendments in this ASU updates the accounting and disclosure guidance for internal-use software to better reflect modern, iterative development practices. The amendments replace the former “development stage” model with a judgment-based framework and require entities to evaluate whether significant development uncertainty exists before capitalizing costs. The ASU also incorporates website development guidance into Subtopic 350-40 9 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) and aligns disclosures for capitalized software with those for property, plant, and equipment. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. Management is currently evaluating the impact that adopting ASU 2025-06 would have on the Company's financial statements and disclosures. NOTE 3: Financial Instruments Cash, Cash Equivalents, and Investments The following table summarizes the Company’s cash, cash equivalents, and investments as of September 28, 2025 (in thousands): Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Current Investments Non-current Investments Cash $ 152,453 $ — $ — $ 152,453 $ 152,453 $ — $ — Money market instruments Level 1 57,023 — — 57,023 57,023 — — Certificates of deposit Level 2 36,422 — — 36,422 36,422 — — Corporate bonds Level 2 315,660 2,697 ( 592 ) 317,765 — 51,879 265,886 Treasury notes Level 2 29,604 113 ( 7 ) 29,710 — — 29,710 Asset-backed securities Level 2 4,822 — ( 340 ) 4,482 — — 4,482 Treasury bills Level 2 1,489 — — 1,489 — 1,489 — Sovereign bonds Level 2 1,000 — — 1,000 — 1,000 — Total $ 598,473 $ 2,810 $ ( 939 ) $ 600,344 $ 245,898 $ 54,368 $ 300,078 The following table summarizes the Company’s cash, cash equivalents, and investments as of December 31, 2024 (in thousands): Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Current Investments Non-current Investments Cash $ 170,852 $ — $ — $ 170,852 $ 170,852 $ — $ — Money market instruments Level 1 15,242 — — 15,242 15,242 — — Corporate bonds Level 2 344,804 411 ( 4,299 ) 340,916 — 55,742 285,174 Treasury notes Level 2 46,071 2 ( 439 ) 45,634 — 2,487 43,147 Asset-backed securities Level 2 13,870 — ( 556 ) 13,314 — 737 12,577 Sovereign bonds Level 2 1,013 — ( 23 ) 990 — 990 — Total $ 591,852 $ 413 $ ( 5,317 ) $ 586,948 $ 186,094 $ 59,956 $ 340,898 The Company’s money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1. The Company’s debt securities are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. Management is responsible for estimating the fair value of these financial instruments, and in doing so, considers valuations provided by a large, third-party pricing service. This service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations. Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $ 3,268,000 and $ 4,144,000 as of September 28, 2025 and December 31, 2024, respectively. 10 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Realized Gains (Losses) on Debt Securities The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Gross realized gains $ 116 $ — $ 173 $ 8 Gross realized losses ( 20 ) — ( 23 ) ( 16 ) Net realized gains (losses) $ 96 $ — $ 150 $ ( 8 ) Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive income (loss). Unrealized Losses on Debt Securities The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 28, 2025 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 72,812 $ ( 190 ) $ 33,955 $ ( 403 ) $ 106,767 $ ( 593 ) Treasury notes 11,075 ( 6 ) — — 11,075 ( 6 ) Asset-backed securities — — 4,483 ( 340 ) 4,483 ( 340 ) Sovereign bonds — — 1,000 — 1,000 — $ 83,887 $ ( 196 ) $ 39,438 $ ( 743 ) $ 123,325 $ ( 939 ) The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2024 (in thousands): Unrealized Loss Position For: Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 172,049 $ ( 2,227 ) $ 87,815 $ ( 2,071 ) $ 259,864 $ ( 4,298 ) Treasury notes 42,149 ( 425 ) 2,487 ( 14 ) 44,636 ( 439 ) Asset-backed securities 11,024 ( 547 ) 2,290 ( 10 ) 13,314 ( 557 ) Sovereign bonds — — 990 ( 23 ) 990 ( 23 ) $ 225,222 $ ( 3,199 ) $ 93,582 $ ( 2,118 ) $ 318,804 $ ( 5,317 ) Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of September 28, 2025 or December 31, 2024. Management currently intends to hold these securities to full value recovery at maturity. 11 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Debt Securities Maturities The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 28, 2025 (in thousands): <1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5-8 Years Total Corporate bonds $ 51,879 $ 73,474 $ 93,202 $ 70,619 $ 28,591 $ — $ 317,765 Treasury notes — 18,690 11,020 — — — 29,710 Asset-backed securities — — — 1,713 — 2,769 4,482 Treasury bills 1,489 — — — — — 1,489 Sovereign bonds 1,000 — — — — — 1,000 $ 54,368 $ 92,164 $ 104,222 $ 72,332 $ 28,591 $ 2,769 $ 354,446 Derivative Instruments The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities that do not exceed twelve months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment. The Company had the following outstanding forward contracts (in thousands): September 28, 2025 December 31, 2024 Currency Notional Value USD Equivalent Notional Value USD Equivalent Derivatives Not Designated as Hedging Instruments: Singapore Dollar 38,000 $ 29,317 40,000 $ 29,457 Chinese Renminbi 90,000 12,628 95,000 12,990 Mexican Peso 100,000 5,417 220,000 10,701 Hungarian Forint 2,500,000 7,466 2,360,000 5,951 British Pound 4,000 5,362 3,200 4,008 Japanese Yen 200,000 1,341 2,000,000 12,789 Euro — — 25,000 26,029 Swiss Franc — — 2,200 2,432 Canadian Dollar — — 2,000 1,390 12 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Information regarding the fair value of the outstanding forward contracts was as follows (in thousands): Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location Fair Value Level September 28, 2025 December 31, 2024 Balance Sheet Location Fair Value Level September 28, 2025 December 31, 2024 Derivatives Not Designated as Hedging Instruments: Economic hedge forward contracts Prepaid expenses and other current assets Level 2 $ 262 $ 689 Accrued expenses Level 2 $ 316 $ 757 Activity: Gross amounts recognized $ 262 $ 689 $ 316 $ 757 Gross amounts offset — — — — Net amounts presented on the Consolidated Balance Sheets $ 262 $ 689 $ 316 $ 757 The Company’s forward contracts are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. The Company's forward contracts are typically traded or executed in over-the-counter markets with a high degree of pricing transparency. The market participants are generally large commercial banks. Information regarding the effect of derivative instruments on the Consolidated Statements of Operations was as follows (in thousands): Statement of Operations Location Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Derivatives Not Designated as Hedging Instruments: Gains (losses) recognized in current operations Foreign currency gain (loss) $ ( 447 ) $ 944 $ ( 1,414 ) $ 1,575 Activities related to derivative instruments are reflected within "Net cash provided by (used in) operating activities" on the Consolidated Statements of Cash Flows. NOTE 4: Inventories Inventories consisted of the following (in thousands): September 28, 2025 December 31, 2024 Raw materials $ 79,683 $ 86,917 Work-in-process 5,011 5,544 Finished goods 58,985 65,066 $ 143,679 $ 157,527 13 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 5: Leases The Company's leases are primarily leased properties across different worldwide locations where the Company conducts its business. All of these leases are classified as operating leases. Certain leases may contain options to extend or terminate the lease at the Company's sole discretion. As of September 28, 2025 , there were no options to terminate and nineteen options to extend that were accounted for in the determination of the applicable lease term for the Company's outstanding leases. Certain leases contain leasehold improvement incentives, retirement obligations, escalating clauses, rent holidays, and variable payments tied to a consumer price index. There were no restrictions or covenants for outstanding leases as of September 28, 2025 . The Company did not have any leases that had not yet commenced but that created significant rights and/or obligations as of September 28, 2025 . The components of lease expense were as follows (in thousands): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Operating lease expense $ 3,637 $ 3,610 $ 10,629 $ 10,647 Short-term lease expense (1) 290 $ 52 710 $ 191 (1) Leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability Supplemental balance sheet information related to leases was as follows: September 28, 2025 December 31, 2024 Weighted average remaining lease term 9.2 years 9.9 years Weighted average discount rate 6.3 % 5.9 % Supplemental cash flow information related to leases was as follows (in thousands): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,594 $ 3,516 $ 10,428 $ 10,130 Maturities of lease liabilities as of September 28, 2025 were as follows (in thousands): Amount Remainder of fiscal 2025 $ 4,044 2026 14,688 2027 13,063 2028 11,650 2029 9,846 2030 8,774 Thereafter 42,171 Total undiscounted lease payments $ 104,236 Less: imputed interest 25,311 Total operating lease liabilities $ 78,925 14 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company leases a building in Singapore that serves as a distribution center for customers in Asia. The lease contains two components: an 88,000 square-foot premises that had a commencement date in June of 2023 and a second 27,000 square-foot premises that does not commence until the fourth quarter of 2025. Accordingly, the second component of the lease has not yet been recorded on the Consolidated Balance Sheets, nor has it created any significant rights and obligations as of September 28, 2025 . This second lease component has an original term of eight years . Undiscounted lease payment obligations associated with this lease component total $ 8,420,000 , $ 169,000 of which is payable in the remainder of 2025. Undiscounted lease payment obligations related to this lease component are not included in the lease liability maturity table above as the lease component has not yet commenced. The Company has entered into a lease for a 6,500 square-foot building in Aachen, Germany for a term of ten years . The lease was recorded on the Consolidated Balance Sheet upon commencement in June of 2025. The Company has the right and option to extend the term of this lease for an additional period of five years , commencing upon the expiration of the original term. Undiscounted lease payment obligations associated with this lease are included in the lease liability maturity table above and total $ 9,128,000 , $ 223,000 of which is payable in the remainder of 2025. NOTE 6: Goodwill and Intangible Assets The changes in the carrying value of goodwill were as follows (in thousands): Balance as of December 31, 2024 $ 384,937 Foreign exchange rate changes 7,147 Balance as of September 28, 2025 $ 392,084 Amortized intangible assets as of September 28, 2025 consisted of the following (in thousands): Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships $ 70,730 $ ( 14,058 ) $ 56,672 Completed technologies 59,843 ( 30,058 ) 29,785 Trademarks 851 ( 567 ) 284 Non-compete agreements 340 ( 330 ) 10 Balance as of September 28, 2025 $ 131,764 $ ( 45,013 ) $ 86,751 Amortized intangible assets as of December 31, 2024 consisted of the following (in thousands): Gross Carrying Value Accumulated Amortization Net Carrying Value Customer relationships $ 67,781 $ ( 10,229 ) $ 57,552 Completed technologies 58,373 ( 25,766 ) 32,607 Trademarks 810 ( 337 ) 473 Non-compete agreements 340 ( 288 ) 52 Balance as of December 31, 2024 $ 127,304 $ ( 36,620 ) $ 90,684 15 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Future amortization expense related to intangible assets as of September 28, 2025 is as follows (in thousands): Amount Remainder of fiscal 2025 $ 2,596 2026 10,145 2027 9,210 2028 8,480 2029 8,480 2030 7,937 Thereafter 39,903 $ 86,751 NOTE 7: Warranty Obligations The Company records the estimated cost of fulfilling product warranties at the time of sale based upon historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or changes in circumstances impacting product quality become known that would not have been taken into account using historical data. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers and third-party contract manufacturers, the Company’s warranty obligation is affected by product failure rates, material usage, and service delivery costs incurred in correcting a product failure. An adverse change in any of these factors may result in the need for additional warranty provisions. Warranty obligations are included in “Accrued expenses” on the Consolidated Balance Sheets. The changes in the warranty obligation were as follows (in thousands): Balance as of December 31, 2024 $ 5,140 Provisions for warranties issued during the period 2,771 Fulfillment of warranty obligations ( 2,457 ) Foreign exchange rate changes 10 Balance as of September 28, 2025 $ 5,464 NOTE 8: Commitments and Contingencies As of September 28, 2025 , the Company had outstanding purchase orders totaling $ 42,597,000 to procure inventory from various vendors. Certain of these purchase orders may be canceled by the Company, subject to cancellation penalties. These purchase commitments relate primarily to expected sales in the next twelve months. A significant portion of the Company's outstanding inventory purchase orders as of September 28, 2025 , as well as additional preauthorized commitments to procure strategic components based on the Company's expected customer demand, are placed with the Company's primary contract manufacturer for the Company's assembled products. The Company has the obligation to purchase any non-cancelable and non-returnable components that have been purchased by the contract manufacturer with the Company's preauthorization, when these components have not been consumed within the period defined in the terms of the Company's agreement with this contract manufacturer. While the Company typically expects such purchased components to be used in future production of Cognex finished goods, these components are considered in the Company's reserve estimate for excess and obsolete inventory. Furthermore, the Company accrues for losses on commitments for the future purchase of non-cancelable and non-returnable components from this contract manufacturer at the time that circumstances, such as changes in demand, indicate that the value of the components may not be recoverable, the loss is probable, and management has the ability to reasonably estimate the amount of the loss. Various claims and legal proceedings generally incidental to the normal course of business are pending or threatened on behalf of or against the Company. While we cannot predict the outcome of these matters, we believe that any liability arising from them will not have a material adverse effect on our financial position, liquidity, or results of operations. 16 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 9: Stockholders' Equity Stock Repurchase Program In March 2022, the Company's Board of Directors (the "Board") authorized a program providing for the repurchase of $ 500,000,000 of the Company's common stock (the "Program"). Under the Program, in addition to repurchases made in other periods, the Company repurchased 555,000 shares at a total cost of $ 23,841,000 during the nine-month period ended September 29, 2024 and 3,594,000 shares at a total cost of $ 126,233,000 during the nine-month period ended September 28, 2025 , leaving a remaining balance of $ 140,020,000 as of September 28, 2025 . The Company may repurchase shares under the Program in future periods depending on a variety of factors, including, among other things, the impact of dilution from employee stock awards, stock price, share availability, and cash requirements. The Company is authorized to make repurchases of its common stock through open market purchases, pursuant to Rule 10b5-1 trading plans, or in privately negotiated transactions. Stock-Based Compensation Expense The Company’s stock-based awards that result in compensation expense consist of stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs"). The following table summarizes the number of stock-based awards granted by the Company and the weighted-average grant-date fair value per unit for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024: Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Stock-Based Awards Granted (in thousands) Weighted- Average Grant-Date Fair Value Stock-Based Awards Granted (in thousands) Weighted- Average Grant-Date Fair Value Stock-Based Awards Granted (in thousands) Weighted- Average Grant-Date Fair Value Stock-Based Awards Granted (in thousands) Weighted- Average Grant-Date Fair Value Stock options 30 $ 17.03 21 $ 14.75 1,669 $ 12.14 1,641 $ 14.89 Restricted stock units 54 $ 43.51 41 $ 36.40 1,313 $ 32.77 838 $ 38.90 Performance restricted stock units — $ — — $ — 184 $ 32.14 55 $ 39.05 84 62 3,166 2,534 During the first quarter of 2025, the Company granted PRSUs that vest upon the achievement of (1) a service condition of three years of continuous employment and (2) a performance condition established by the Compensation Committee of the Board as of the grant date. The number of shares earned could range between 0 % and 120 % based on achievement of the performance condition, which includes certain financial targets over the three-year measurement period. The fair value of these PRSUs is calculated based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. Compensation expense for these PRSUs is recognized based on the probable outcome of the performance condition with a cumulative catch-up adjustment for prior periods in the period that the probable outcome changes. During the three-month and nine-month periods ended September 28, 2025 , the Company recorded $ 345,000 and $ 841,000 in compensation expense based on the probable three-year financial target outcome for the PRSUs granted during the first quarter of 2025. The Company stratifies its employee population into two groups: one consisting of senior management and another consisting of all other employees. The Company currently applies an estimated annual forfeiture rate of 11 % to all stock-based awards for senior management and a rate of 13 % for all other employees. Each year during the first quarter, the Company revises its forfeiture rate based on updated estimates of employee turnover. Credits of $ 4,789,000 and $ 1,832,000 were recorded in 2025 and 2024, respectively, to true up previously recorded compensation expense for this forfeiture rate revision. As of September 28, 2025 , total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $ 59,613,000 , which is expected to be recognized over a weighted-average period of 1.7 years. 17 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Cost of revenue $ 489 $ 442 $ 1,694 $ 1,460 Research, development, and engineering 3,794 3,707 11,933 11,636 Selling, general, and administrative 8,133 8,952 21,022 26,271 Total stock-based compensation expense $ 12,416 $ 13,101 $ 34,649 $ 39,367 No compensation expense was capitalized as of September 28, 2025 or December 31, 2024. 18 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 10: Revenue Recognition The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Americas $ 104,513 $ 82,293 $ 296,499 $ 250,590 Europe 74,687 57,246 190,640 166,751 Greater China 49,708 45,301 121,502 129,760 Other Asia 47,984 49,902 133,380 137,730 276,892 234,742 742,021 684,831 The following table summarizes disaggregated revenue information by revenue type (in thousands): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Standard products and services (1) 232,619 203,182 653,164 591,670 Application-specific customer solutions 44,273 31,560 88,857 93,161 276,892 234,742 742,021 684,831 (1) In July 2025, the Company entered into a commercial partnership with a strategic channel partner (the “Partner”) to better serve Original Equipment Manufacturer (OEM) customers in the specialized field of medical lab automation. Through 2030, the Partner has exclusive rights to sell machine vision hardware into these applications in combination with licensed Company software, in exchange for annual minimum license fees paid to the Company. The contract includes a substantive termination penalty if the contract is cancelled by the Partner. As such, the Company recognized the minimum license fees as revenue in the third quarter of 2025, at the point in time when the Partner received access to the software. Although the license revenue was recognized upfront, payments are expected to be received over the duration of the partnership, resulting in unbilled revenue. Also in the third quarter of 2025, the Company transferred related inventories at cost to the Partner. As a result of the upfront recognition of the license revenue and transfer of inventories, the Company recognized one-time revenue of approximately $ 13 million in the third quarter of 2025, which is included in the "Standard products and services" amount in the table above for the three-month and nine-month periods ended September 28, 2025. Costs to Fulfill a Contract Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $ 11,467,000 and $ 10,705,000 as of September 28, 2025 and December 31, 2024, respectively. Accounts Receivable, Contract Assets, and Contract Liabilities Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition. The following table summarizes the allowance for credit losses activity for the nine-month period ended September 28, 2025 (in thousands): Balance as of December 31, 2024 $ 827 Increases to the allowance for credit losses 227 Write-offs, net of recoveries ( 303 ) Foreign exchange rate changes ( 19 ) Balance as of September 28, 2025 $ 732 19 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following table summarizes the deferred revenue and customer deposits activity for the nine-month period ended September 28, 2025 (in thousands): Balance as of December 31, 2024 $ 25,035 Deferral of revenue billed in the current period, net of recognition 18,103 Recognition of revenue deferred in prior period ( 19,956 ) Foreign exchange rate changes 585 Balance as of September 28, 2025 $ 23,767 As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations for our contracts that have an original expected duration of less than one year. The remaining unsatisfied performance obligations for our contracts that have an original expected duration of more than one year, primarily related to extended warranties, are not material. NOTE 11: Income Taxes The Company's effective tax rate was 72 % and 41 % for the three-month and nine-month periods ended September 28, 2025 , respectively, and 19 % for the three-month and nine-month periods ended September 29, 2024, respectively. The Company has defined its major tax jurisdictions as the United States, Ireland, China, Japan, and Korea, and within the United States, Massachusetts. The statutory tax rate is 12.5 % in Ireland, 25 % in China, 34.7 % in Japan, and 21 % in Korea, compared to the U.S. federal statutory corporate tax rate of 21 %. These foreign tax rate differences resulted in a favorable impact to the effective tax rate for both the three-month and nine-month periods ended September 28, 2025 and September 29, 2024. The Company recorded a net discrete tax expense totaling $ 33,650,000 and $ 33,132,000 for the three-month and nine-month periods ended September 28, 2025 , respectively, and a net discrete tax expense totaling $ 889,000 and $ 3,511,000 for the three-month and nine-month periods ended September 29, 2024, respectively. Discrete tax items for the nine-month period ended September 28, 2025 included (1) an increase in tax expense accrual of $ 33,265,000 related to changes in the accrual of the Company's deferred tax position upon a change in tax rates from the newly enacted One Big Beautiful Bill Act ("OBBBA"); (2) an increase in tax expense of $ 2,955,000 related to stock-based compensation; (3) an increase in tax expense of $ 1,286,000 for interest expense related to tax reserves; (4) an increase in tax expense of $ 669,000 related to taxability of payroll tax credit refunds received during the year; (5) a decrease in tax expense of $ 2,748,000 for release of tax reserves related to statute of limitation lapse; (6) a net decrease in tax expense of $ 2,013,000 related to an adjustment to the Company's deferred tax position; and (7) a net decrease in tax expense of $ 282,000 related to return-to-provision adjustments. Discrete tax items for the nine-month period ended September 29, 2024 included (1) an increase in tax expense of $ 1,645,000 related to stock-based compensation; (2) an increase in tax expense of $ 320,000 related to state tax matters; (3) an increase in tax expense of $ 1,270,000 for interest expense related to tax reserves; (4) a net decrease in tax expense of $ 854,000 related to return-to-provision adjustments; and (5) an increase in tax expense of $ 1,130,000 for other tax matters. The Company’s reserve for income taxes, including gross interest and penalties, was $ 28,478,000 as of September 28, 2025 , of which $ 26,359,000 was classified as a non-current liability and $ 2,119,000 was classified as an offset to deferred tax assets. If the Company’s tax positions were sustained or the statutes of limitations related to certain positions expired, these reserves would be released and income tax expense would be reduced in a future period. Within the United States, the tax years 2021 through 2024 remain open to examination by the Internal Revenue Service, and 2020 through 2024 remain open to examination by various state tax authorities. The tax years 2013 through 2024 remain open to examination by various international taxing authorities in other jurisdictions in which the Company operates. 20 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On July 4, 2025, tax legislation known as the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. OBBBA modifies certain international tax provisions such as the tax on Global Intangible Low Taxed Income ("GILTI") and renames GILTI as Net CFC Tested Income ("NCTI"). The Company records NCTI taxes on a deferred basis, and as a result of OBBBA's enactment, accrued a discrete tax expense of approximately $ 33,265,000 to increase its deferred tax liability during the third quarter of 2025. The legislation is expected to result in a full-year cash tax benefit estimated between $ 12 million and $ 15 million, primarily driven by the Company's ability to immediately expense research and development costs. However, this benefit does not directly impact the Company's effective tax rate. NOTE 12: Earnings per Share The following table shows the computation of basic and diluted earnings per share for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands, except per share amounts): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Net income 17,664 29,591 $ 81,778 $ 77,825 Basic weighted-average common shares outstanding 167,840 171,519 168,324 171,588 Effect of dilutive stock-based awards 1,483 1,234 1,183 1,145 Diluted weighted-average common shares outstanding 169,323 172,753 169,507 172,733 Earnings per share Basic 0.11 0.17 0.49 0.45 Diluted 0.10 0.17 0.48 0.45 The computation of diluted weighted-average common shares outstanding excludes the following weighted average anti-dilutive stock-based awards outstanding for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Stock options 9,352 8,640 10,206 8,490 Restricted stock units 9 — 4 — Performance restricted stock units — — — — Total weighted average anti-dilutive stock-based awards outstanding 9,361 8,640 10,210 8,490 NOTE 13: Segment Information The Company operates in one segment, machine vision technology. The Company has a single, company-wide management team that administers operations as a whole rather than as discrete operating segments. The Company’s chief operating decision maker is the chief executive officer, who assesses performance and allocates resources at the corporate level, as compared to the geography, product line, or end market levels. The Company offers a variety of machine vision products that have similar economic characteristics and are distributed by the same sales channels to the same types of customers. 21 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The measure of segment profit or loss for the Company's single segment is net income. Segment expenses were disaggregated based on the information the chief operating decision maker uses to assess performance and allocate resources considering both quantitative and qualitative factors. The following table summarizes significant segment expenses, which represents the difference between segment revenue and segment net income (in thousands): Three-months Ended Nine-months Ended September 28, 2025 September 29, 2024 September 28, 2025 0 September 29, 2024 Revenue $ 276,892 $ 234,742 $ 742,021 $ 684,831 Less: Cost of revenue (1) 89,602 75,343 242,532 216,896 Gross profit 187,290 159,399 499,489 467,935 Less: Research, development, and engineering expenses Salaries and fringe benefits 18,921 19,789 56,752 59,843 Incentive compensation (2) 3,350 1,492 6,789 4,277 Stock-based compensation 3,794 3,707 11,933 11,636 Depreciation and amortization 612 828 2,104 2,446 Other segment expenses (3) 8,404 9,394 25,332 29,075 Total research, development, and engineering expenses 35,081 35,210 102,910 107,277 Selling, general, and administrative expenses Salaries and fringe benefits 43,645 44,803 130,280 134,697 Incentive compensation (2) 15,747 11,994 40,487 35,060 Stock-based compensation 8,133 8,952 21,022 26,271 Depreciation and amortization 3,816 4,616 12,095 12,872 Other segment expenses (3) 23,103 22,260 65,405 67,533 Total selling, general, and administrative expenses 94,444 92,625 269,289 276,433 Operating income 57,765 31,564 127,290 84,225 Foreign currency gain (loss) 840 1,221 ( 3,116 ) 1,086 Investment income 4,197 3,561 12,227 9,797 Other income (expense) 61 209 2,322 581 Income before income tax expense 62,863 36,555 138,723 95,689 Income tax expense 45,199 6,964 56,945 17,864 Net income $ 17,664 $ 29,591 $ 81,778 $ 77,825 (1) Cost of revenue includes depreciation and amortization expense (including amortization of acquired technologies) of $ 3,105,000 and $ 9,267,000 for the three-month and nine-month periods ended September 28, 2025 , respectively, and $ 3,374,000 and $ 9,512,000 for the three-month and nine-month periods ended September 29, 2024, respectively. (2) Incentive compensation includes company bonus and sales commissions. (3) Other segment expenses include outside services, prototyping materials, sales demonstration equipment, travel and entertainment, marketing programs, and rent, among other less significant expenses. Segment assets amounted to $ 2,002,750 and $ 1,992,850 as of September 28, 2025 and December 31, 2024, respectively. 22 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 14: Subsequent Events On October 29, 2025, the Board declared a cash dividend of $ 0.085 per share. The dividend is payable on November 28, 2025 to all shareholders of record as of the close of business on November 13, 2025. 23