Cohu, Inc. Earnings Call Transcripts
Fiscal Year 2026
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The meeting covered strong 2025 financial results, ambitious growth targets for 2026, and approval of all six shareholder proposals, including director elections and equity plans. Strategic focus remains on AI, high-performance computing, and expanding recurring revenue.
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Orders surged 57% year-over-year, with Q1 revenue at $125.1 million and gross margin at 46.5%. HPC and inspection segments drove growth, and full-year revenue is expected to rise 20%-25%. Recurring revenue and software subscriptions are expanding rapidly.
Fiscal Year 2025
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Q4 2025 revenue rose 30% year-over-year to $122M, with strong recurring and systems demand. Gross margin was impacted by one-time charges but is expected to recover in Q1. Market recovery, increased utilization, and robust design wins support a positive 2026 outlook.
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Recurring revenue and new business in AI and high bandwidth memory drove sequential growth, with Q3 revenue at $126.2M and gross margin at 44.1%. Q4 guidance anticipates a seasonal dip in systems but continued recurring revenue strength, supported by a $287.5M convertible notes raise.
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Q2 2025 saw revenue of $107.7M and a 44.4% gross margin, with strong order growth in mobile and automotive. Q3 revenue is guided up 16% sequentially to $125M, driven by a major $28M Eclipse Handler order, while a typical seasonal slowdown is expected in Q4.
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Q1 2025 revenue met guidance at $96.8M with a 44.2% gross margin, and recurring orders rose 28% quarter over quarter, mainly in mobile. Q2 revenue is guided up 10% sequentially to $106M, with restructuring benefits and strong cash supporting growth and M&A.
Fiscal Year 2024
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2024 revenue reached $401.8 million with a 45% gross margin, while Q4 results were impacted by a $2.1 million inventory charge. New product wins in HBM, silicon carbide, and automotive are expected to add $25–$30 million in 2025, with software revenue targeted for rapid growth.
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Q3 revenue was $95.3M with strong gross margin and growth in mobile, automotive, and industrial segments. New product wins in HBM and silicon carbide, plus expanding AI software, position the company for sequential growth in Q1 2025 and improved market conditions ahead.
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Q2 results met guidance with $104.7M revenue and 45.1% gross margin, driven by stable recurring revenue. New product wins and customer qualifications support midterm growth, while market recovery is expected to begin in computing and mobile in late 2024, with automotive lagging.