Cohu, Inc. reported fiscal 2025 fourth-quarter net sales of $122.2 million and a GAAP loss of $22.5 million ($0.48 per share).

Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, today reported fiscal 2025 fourth quarter net sales of $122.2 million and GAAP loss of $22.5 million or $0.48 per share. Net sales for full year 2025 were $453.0 million with GAAP loss of $74.3 million or $1.59 per share.

The Company also reported non-GAAP results, with fourth quarter 2025 loss of $7.2 million or $0.15 per share and loss of $10.1 million or $0.22 per share for full year 2025.

Total cash and investments at the end of fourth quarter 2025 were $484.0 million. On September 29, 2025, the Company issued $287.5 million of 1.50% Convertible Senior Notes due 2031, including the full $27.5 million over-allotment option. Net proceeds totaled approximately $246.7 million after debt-issuance costs and capped-call transactions. Cohu did not repurchase any shares of its common stock during fourth quarter 2025.

"Cohu delivered Q4 revenue of $122 million, up 30% year over year, supported by improving market fundamentals with estimated test cell utilization increasing to 76% in December. Fourth quarter recurring revenue is up 25% year-over-year driven by strong demand across services, interface solutions, and handler-related spares business," said Cohu President and CEO Luis Müller. "Design-win momentum remains robust, spanning automotive ADAS, power devices, computing AI, and HBM inspection metrology solutions."

Cohu expects first quarter 2026 sales to be in a range of $122 million +/- $7 million.

Conference Call Information:

The Company will host a live conference call and webcast with slides to discuss fourth quarter 2025 results at 1:30 p.m. Pacific Time/4:30 p.m.

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