COHU
Cohu, Inc.23.23
-0.38-1.61%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
HBM $15-20M guide, Eclipse ramp
Q&A delivered fresh HBM Neon details—$11M revenue in 2025, $15-20M targeted for 2026—plus Eclipse handler ramp accelerating Q2 into Q3 with ample capacity. Orders convert swiftly: 70% of Q1 revenue in backlog, balance Q2. Utilization rose to 76% in seasonal Q4, compute strongest at 78%; Q1 flags mobile crossing 75%, OSATs outpacing IDMs. Margins scale to 46.7% at $130M quarterly revenue, nearing 48% normalized. No walk-backs, just color on analog tester expansion to data centers. Management tone upbeat on recovery; watch Eclipse pull, HBM linearity.
Key Stats
Market Cap
1.08BP/E (TTM)
-Basic EPS (TTM)
-1.57Dividend Yield
0%Recent Filings
10-K
FY2025 results
Cohu posted FY2025 net sales of $453M, up 12.7% y/y, with recurring revenue steady at 60% of mix amid AI computing demand offsetting auto/industrial weakness. Q4 momentum built on mobile/AI strength, yet gross margin slipped to 42.7% from unfavorable systems mix and $3.3M one-time inventory charge for discontinued products. R&D rose to $92M on new initiatives including Tignis AI analytics acquisition, while restructuring drove $10M charges but SG&A fell. Backlog hit $165M; $484M liquidity supports $287M convertible notes issuance. Cohu's IS unit risks goodwill impairment from thin headroom. Q4 accelerated resilience.
8-K
Q4 revenue jumps 30% YoY
10-Q
Q3 FY2025 results
Cohu posted Q3 revenue of $126.2M, up 32% y/y from $95.3M yet flat q/q, with systems sales doubling to $56.2M on mobile/AI demand while non-systems grew modestly; gross margin slipped to 43.8% from 46.8% y/y due to mix and manufacturing shifts. Operating loss narrowed to $9.7M from $15.8M y/y, but net loss widened slightly to $4.1M ($0.09/share) versus $18.1M ($0.39/share) as tax benefit flipped; YTD revenue rose 7.5% to $330.7M yet operating loss deepened to $54.3M. Closed Tignis acquisition in Jan 2025 for $34.9M cash (net), recognizing $33.7M goodwill and $2.9M finite-lived intangibles (3-6 years). Cash fell to $150M with $18M debt; operating cash used $8.1M, free cash flow not disclosed in the 10-Q. Balance sheet holds despite restructuring drag. Convertible notes issued post-quarter bolster liquidity. Customer concentration lingers.
8-K
Cohu Q3 sales rise to $126M
Cohu reported third-quarter 2025 net sales of $126.2 million, up from $107.7 million last quarter and $95.3 million a year ago, with recurring revenue at 55% and gross margin at 43.8%. While GAAP net loss narrowed to $4.1 million from $16.9 million, non-GAAP loss was $2.8 million; cash and investments stood at $198.2 million. Sales beat expectations in AI data center markets via Neon HBM inspection and Eclipse test handler. Q4 sales guidance: $122 million ± $7 million. Cohu's innovation push strengthens amid cyclical risks.
8-K
Cohu closes $287.5M notes offering
Cohu issued $287.5 million in 1.50% convertible senior notes due 2031 on September 29, 2025, netting $278.9 million after fees. The notes mature January 15, 2031, with semiannual interest starting January 15, 2026, and an initial conversion rate of 36.7975 shares per $1,000 principal at $27.1758 per share—a 32.5% premium over the $20.51 reference price. Capped call transactions, costing $28.4 million, cap dilution at $41.02 per share. Remaining proceeds fund general corporate purposes. Cohu bolsters its balance sheet.
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