COHU earnings analysis
What we found in COHU's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Increase
- Revenue rose 29.3% year-over-year to $125.1 million, up from $96.8 million.
- Improved Gross Margin
- Gross margin improved to 46.3%, up from 43.7% compared to the prior year.
- Operating Cash Flows Positive
- Cohu generated $10.3 million in operating cash flow for Q1 FY 2026.
- Reduced Restructuring Charges
- Restructuring charges decreased significantly to $0.8 million in Q1 2026 from $6.6 million in Q1 2025.
- 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.
- Capital Expenditures Controlled
- Capital expenditures were limited to $2.0 million, despite increased production levels.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cybersecurity Threats from Geopolitical Conflicts
- Ongoing Iran conflict could lead to increased cybersecurity threats, potentially disrupting operations.
- Continued GAAP Losses
- Despite revenue growth, net losses narrowed but remained significant at $12.1 million for Q1 2026.
- Macroeconomic Uncertainty
- Global interest rates and geopolitical tensions may impact customer capital spending, particularly in automotive and consumer markets.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.01
- Gross margin
- 46.3%
What they said about what is next.
Management expects Q2 FY 2026 revenue between $144 million and $151 million, supported by ongoing demand in AI-related markets.
The filing reads better than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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