COMPANY FILINGS

COHU INC

COHU

Cohu supplies semiconductor test equipment, automated handlers, inspection and metrology products, electrical interfaces, software analytics and services. Its customers include chip manufacturers, fabless designers and outsourced assembly-and-test providers.

Business description: FY2025CIK 0000021535Source: SEC EDGAR

Annual reports: 3
Report coverage: 2023–2025
Financial statement focus: Balance sheet

UNDERSTAND THE COMPANY

Company summary

AI summary

Filings reflected through 2026-10-24 · About 1 min for the overview

Cohu’s recovery is becoming more visible, but sustained GAAP profitability is not yet established. Fiscal 2025 sales recovered to $453.0 million after the sharp 2024 downturn, while weaker product margins and higher tax expense left a $74.3 million net loss. Subsequent first-half 2026 sales reached $274.1 million, and second-quarter operations narrowly returned to profit, although taxes left a small net loss. Management attributes much of the recovery to AI computing, with industrial demand also improving. Cash generation remains sensitive to working-capital timing, and the enlarged investment balance largely reflects convertible financing rather than accumulated profits. Those notes introduce possible cash settlement before their 2031 maturity. The supplied evidence extends through July 31, 2026; later conversion outcomes and achievement of management’s outlook are not established as of October 24.

Sources: 10-K · 2025-12-27 · 10-Q · 2026-06-27 · EX-99.1 · 2026-07-30

Company details

An installed-base business with cyclical equipment demand

Cohu earns revenue both from customers’ capacity investments and from supporting semiconductor production. Handlers automate testing; testers measure device performance; interfaces and replaceable contactors connect devices to test equipment. Its recurring category includes interfaces, spares, separately sold kits, DI-Core software and services—not just subscriptions or committed future revenue. The 2025 installed base exceeded 25,000 active systems. Three operating groups are aggregated into one Semiconductor Test & Inspection reportable segment, so their individual profitability cannot be assessed from the consolidated segment disclosure.

Sources: 10-K · 2025-12-27 · 10-K · 2024-12-28

The annual recovery did not restore profitability

Fiscal 2025 revenue rose to $452.956 million from $401.779 million, still below 2023’s $636.322 million. Systems led the recovery; non-systems revenue also increased. Management principally cited AI-computing demand, while traditional markets remained pressured. Reported gross margin fell to 42.7% from 44.9% because of systems mix and a product-discontinuation charge. These margins exclude purchased-intangible amortization, which is deducted separately in operating expenses. Operating loss narrowed only modestly to $69.769 million, while higher tax expense widened the net loss to $74.273 million. The filing reports positive mobile-demand commentary alongside a 17% annual mobile-sales decline without explaining their relationship. Demand and recognized sales are different measures; these disclosures do not establish a contradiction or support a uniformly strong demand narrative.

Sources: 10-K · 2025-12-27

Positive operating cash flow is not the same as profit

Operating cash flow improved to $31.692 million in 2025, versus $2.778 million in 2024, but included substantial noncash expense addbacks, tax-receivable collections and supplier-payment support. Cash capital expenditure was $20.958 million. Year-end cash of $227.053 million was separate from $256.928 million of short-term investments. The enlarged combined balance was predominantly financing-supported. In first-half 2026, operating cash flow reached $20.754 million and cash capex was $4.328 million; increasing payables helped fund inventory and receivables growth. This timing benefit should not be extrapolated as permanent cash conversion.

Sources: 10-K · 2025-12-27 · 10-Q · 2026-06-27

Convertible financing strengthens resources but adds cash-settlement exposure

Cohu issued $287.5 million of 1.50% convertible notes on September 29, 2025, maturing January 15, 2031. Converted principal requires cash settlement, with cash or shares available for excess value. Separate capped calls provide limited protection, not cancellation of that obligation. The July 31, 2026 filing disclosed a holder conversion window from July 28 through September 8; it did not establish actual elections or settlements. June-end gross debt was $304.403 million, excluding leases. The Malaysian revolver was fully drawn and renewed monthly. Unused facilities elsewhere are borrowing capacity, not cash or assured covenant headroom.

Sources: 10-K · 2025-12-27 · 10-Q · 2026-06-27

Concentration and valuation risk remain material

The ten largest customers supplied 60% of 2025 revenue, and Cohu depends on Asian manufacturing and Jabil for most semiconductor test systems. Export controls, limited-source components, customer spending cycles and lengthy product qualifications can disrupt sales or leave obsolete inventory. Regulatory changes actually delayed test-socket components in 2025. Interface Solutions had limited goodwill valuation headroom, despite no recorded impairment. The first-quarter 2026 report added Iran-conflict risks involving energy, the Strait of Hormuz, logistics, inflation, customer investment and cyberattacks. These warnings do not establish realized conflict losses or a material cyber incident.

Sources: 10-K · 2025-12-27 · 10-Q · 2026-03-28

After the annual filing: stronger sales, near-break-even GAAP earnings

Following the February 17, 2026 annual filing, first-quarter sales reached $125.119 million and second-quarter sales $149.002 million. Higher volume and favorable mix improved manufacturing absorption. Second-quarter operating income was $0.292 million, but tax expense left a $0.159 million net loss; rounded negative $0.00 EPS was not a profit. Lower amortization and restructuring also helped. On July 30, management forecast third-quarter sales of $170 million plus or minus $7 million and full-year HPC revenue of $100–110 million. Its approximately $850 million AI opportunity pipeline is neither revenue nor firm backlog. May governance changes increased authorized common shares and introduced exclusive-forum provisions; authorization itself did not issue shares.

Sources: 10-Q · 2026-03-28 · 10-Q · 2026-06-27 · EX-99.1 · 2026-07-30 · 8-K · 2026-05-15

Financial context

Net sales

USD 636.322 m

FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency

Net sales: annual values and year-over-year changes
Fiscal year	Value	YoY
2023	USD 636.322 m	—

What this measure includes

Consolidated GAAP net sales; 52-week fiscal year.

Sources: 10-K · 2023-12-30

Net sales

USD 452.956 m

FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency

Net sales: annual values and year-over-year changes
Fiscal year	Value	YoY
2025	USD 452.956 m	12.7%
2024	USD 401.779 m	—

What this measure includes

Consolidated annual net sales.

Sources: 10-K · 2025-12-27

Net income

USD 28.156 m

FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency

Net income: annual values and year-over-year changes
Fiscal year	Value	YoY
2023	USD 28.156 m	—

What this measure includes

Consolidated GAAP net income after income taxes.

Sources: 10-K · 2023-12-30

Net income (loss)

USD -74.273 m

FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency

Net income (loss): annual values and year-over-year changes
Fiscal year	Value	YoY
2025	USD -74.273 m	Loss widened
2024	USD -69.818 m	—

What this measure includes

Consolidated net income after income tax provision; losses negative.

Sources: 10-K · 2025-12-27

Net cash provided by operating activities

USD 101.47 m

FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency

Net cash provided by operating activities: annual values and year-over-year changes
Fiscal year	Value	YoY
2023	USD 101.47 m	—

What this measure includes

GAAP operating cash flow after noncash adjustments and working-capital movements.

Sources: 10-K · 2023-12-30

Net cash provided by operating activities

USD 31.692 m

FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency

Net cash provided by operating activities: annual values and year-over-year changes
Fiscal year	Value	YoY
2025	USD 31.692 m	1040.8%
2024	USD 2.778 m	—

What this measure includes

Consolidated operating cash flow, including working-capital movements.

Sources: 10-K · 2025-12-27

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Company summary

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FINANCIAL STATEMENTS

Balance sheet

A snapshot of what COHU INC owns and owes at a point in time.

The original comes first.

Read the company’s balance sheet in the original annual reports below.

Browse original filings

Assets: What the company owns
Liabilities: What the company owes
Equity: Assets less liabilities

See the original statement for its reporting period, currency, and unit.

SOURCE LIBRARY

Annual reports & SEC 10-K filings

SEC EDGAR

3 reports in this collection

Report year

Original SEC annual reports, with report period and filing date
Report period	Filed with SEC	Form	Source
Dec 30, 20230001437749-24-004596	Feb 16, 2024	10-K	Open 10-Ksec.gov
Dec 28, 20240001437749-25-004612	Feb 20, 2025	10-K	Open 10-Ksec.gov
Dec 27, 20250001437749-26-004339	Feb 17, 2026	10-K	Open 10-Ksec.gov

Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.

Net sales: annual values and year-over-year changes

Fiscal year

Value

YoY

2023

USD 636.322 m

—

Net sales: annual values and year-over-year changes

Fiscal year

Value

YoY

2025

USD 452.956 m

12.7%

2024

USD 401.779 m

—

Net income: annual values and year-over-year changes

Fiscal year

Value

YoY

2023

USD 28.156 m

—

Net income (loss): annual values and year-over-year changes

Fiscal year

Value

YoY

2025

USD -74.273 m

Loss widened

2024

USD -69.818 m

—

Net cash provided by operating activities: annual values and year-over-year changes

Fiscal year

Value

YoY

2023

USD 101.47 m

—

Net cash provided by operating activities: annual values and year-over-year changes

Fiscal year

Value

YoY

2025

USD 31.692 m

1040.8%

2024

USD 2.778 m

—