10-K · February 17, 2026
Cohu positions itself as a diversified supplier of semiconductor test, automation, inspection and software analytics with an installed base exceeding 25,000 systems and a strategy focused on R&D-driven growth into HBM,…
Earnings analysis · 10-Q
COHU earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Cohu reported solid growth in Q1 FY 2026, with net sales of $125.1 million, an increase of 29.3% year-over-year, driven by demand in mobile and AI-based computing. Although the company continued to experience losses…
Read full summary
Cohu reported solid growth in Q1 FY 2026, with net sales of $125.1 million, an increase of 29.3% year-over-year, driven by demand in mobile and AI-based computing. Although the company continued to experience losses totaling $12.1 million, it achieved a gross margin of 46.3%, up from 43.7% in the prior year, and operating cash flows turned positive at $10.3 million, marking improved financial stability.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.01
- Gross margin
- 46.3%
What stood out
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Significant Revenue Increase
Revenue rose 29.3% year-over-year to $125.1 million, up from $96.8 million.
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Improved Gross Margin
Gross margin improved to 46.3%, up from 43.7% compared to the prior year.
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Operating Cash Flows Positive
Cohu generated $10.3 million in operating cash flow for Q1 FY 2026.
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Reduced Restructuring Charges
Restructuring charges decreased significantly to $0.8 million in Q1 2026 from $6.6 million in Q1 2025.
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Lower Interest Expense
Interest expense increased to $1.6 million, but due to larger investment balances, interest income rose to $3.8 million reflecting stronger cash management.
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Capital Expenditures Controlled
Capital expenditures were limited to $2.0 million, despite increased production levels.
What to watch
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Cybersecurity Threats from Geopolitical Conflicts
Ongoing Iran conflict could lead to increased cybersecurity threats, potentially disrupting operations.
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Continued GAAP Losses
Despite revenue growth, net losses narrowed but remained significant at $12.1 million for Q1 2026.
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Macroeconomic Uncertainty
Global interest rates and geopolitical tensions may impact customer capital spending, particularly in automotive and consumer markets.
Management's outlook
Management expects Q2 FY 2026 revenue between $144 million and $151 million, supported by ongoing demand in AI-related markets.
Earlier filings 4
10-Q · October 30, 2025
Cohu reported Q3 net sales of $126,249,000 and a GAAP diluted loss per share of $0.09. Revenue grew materially year-over-year (+$30,907,000; +32.4%), gross margin remained ~43.8%, and operating loss narrowed to…
10-Q · May 2, 2025
Cohu reported Q1 net sales of $96,797,000, down from $107,614,000 in Q1 2024, producing a GAAP operating loss of $27,326,000 (operating margin -28.2%) and a net loss of $30,804,000 (diluted loss per share $0.66). Cash…
10-K · February 20, 2025
Cohu is repositioning its revenue mix toward recurring revenue (65% of net sales in 2024 vs 49% in 2023 and 42% in 2022) while continuing to invest in R&D ($84.8M in 2024). Backlog declined to $138.0 million at December…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.