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Cohu
Cohu (COHU) investor relations material
Cohu Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 revenue reached $122.2 million, up 30% year-over-year, with 60% from recurring business and 40% from systems; recurring orders increased 34% quarter-over-quarter and systems demand rose 47% quarter-over-quarter, driven by major global customers in analog, automotive, RF, and computing sectors.
Full year 2025 revenue was $453.0 million, a 13% increase year-over-year, with growth driven by service agreements, interface solutions, and test handler spares.
Design-win momentum was strong in automotive ADAS, power devices, computing AI, and HBM inspection metrology, with new product launches and expanded tester penetration in analog and connectivity markets.
Business focus shifted to high-performance computing and AI markets, with key handler and inspection system wins and a one-time end-of-manufacturing charge.
Entering 2026 with a balanced revenue mix, expanding AI and data center opportunities, and positive market signals across strategic verticals.
Financial highlights
Q4 2025 revenue was $122.2 million, with non-GAAP gross margin at 40.8% (down from 44.1% in Q3 due to one-time inventory charges); adjusted EBITDA was 3.1%.
Full year 2025 GAAP net loss was $74.3 million ($1.59 per share); non-GAAP net loss was $10.1 million ($0.22 per share).
Q4 2025 operating expenses were $49.8 million, in line with guidance; non-GAAP EPS was $(0.06).
Cash and investments at year-end 2025 totaled $484 million, up from $198 million in Q3, mainly from convertible debt proceeds and operations.
Total debt increased to $305 million, including $288 million from convertible debt issuance at 1.5% interest.
Outlook and guidance
Q1 2026 revenue expected to be seasonally flat at ~$122 million ±$7 million, with recurring revenue at 60% and systems at 40%.
Q1 gross margin projected to return to ~45%, with no repeat of Q4 inventory charges.
Operating expenses for Q1 expected to remain flat at ~$50 million; Q1 tax provision forecasted at $5.5 million.
HBM revenue forecasted at $15–$20 million for 2026, with shipments expected to be linear through the year.
Gross margin expected to rise to 46.7–46.8% at $130 million quarterly revenue, and up to 48% at $160 million; another year of revenue growth is projected for 2026.
Breakdown recurring revenue growth drivers
Capital allocation strategy for cash and debt
Impact of design wins on 2026 revenue outlook?
HBM4 inspection intensity impact on process time?
Eclipse handler ramp and capacity for AI devices?
Impact of Q4 inventory charges on gross margin?
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Next Cohu earnings date
Q1 202630 Apr, 2026
Cohu
Next Cohu earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Cohu, Inc. provides semiconductor test equipment and services. The company's test and inspection services consist of test fixtures and probe card assemblies, microelectromechanical systems-based test handler products, MEMS component handling systems and post probe/leveling systems, MEMS burn-in/test system products, as well as wafer-level MEMS component test products. Cohu, Inc. was incorporated in 1947 and is headquartered in Poway, California.
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