Companies /Technology

Cohu Inc

NASDAQ: COHU Semiconductor Equipment & Materials
$50.72
▲ $4.74 (+10.31%) today
Markets closed · 4:37pm ET

Q2 2025 Earnings

Reported Jul 31, 2025, 4:05pm ET · SEC source
$0.02
Beat +219.76%
EPS · est. $-0.02
$107.7M
Beat +1.59%
Revenue · est. $106.0M
−2.9%
Trailing market
COHU vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0+3%Jul 31Aug 1report 4:05pm ETearnings−1.6%+0.6%
−6%−3%0+3%Jul 31Aug 1earnings−1.6%+0.6%
COHU +0.6%S&P 500 −1.6%
−6%−3%0+3%Jul 31Aug 1report 4:05pm ETearnings−1.9%+0.6%
−6%−3%0+3%Jul 31Aug 1earnings−1.9%+0.6%
COHU +0.6%NASDAQ −1.9%
−9%−6%−3%0Jul 30Aug 8report 4:05pm ETearnings+0.9%−0.6%
−9%−6%−3%0Jul 30Aug 8earnings+0.9%−0.6%
COHU −0.6%S&P 500 +0.9%
−9%−6%−3%0Jul 30Aug 8report 4:05pm ETearnings+1.8%−0.6%
−9%−6%−3%0Jul 30Aug 8earnings+1.8%−0.6%
COHU −0.6%NASDAQ +1.8%
+7.11%
Day of report
−1.36%
Next session
+1.36%
One week
+0.63%
30 days

S&P 500 over the same 30 days: +3.54%.

Did COHU Beat Earnings? Q2 2025 Results

Cohu delivered a cleaner-than-expected second quarter, swinging to a non-GAAP profit of $0.02 per diluted share against a consensus estimate of negative $0.02, a beat of roughly 219.76%, while revenue of $107.68 million edged past the $106.00 million consensus by 1.59% and grew 2.9% year over year. The single most material driver behind the turn to profitability was a sharp sequential improvement in operating leverage, as restructuring charges fell to $1.21 million from $6.63 million in Q1, helping narrow the GAAP operating loss to $17.24 million and push adjusted EBITDA into positive territory at $3.85 million. A $28 million design-win order from a customer serving mobile and automotive end-markets, combined with test cell utilization rising 3 percentage points sequentially to 75%, signaled broadening demand, a trend the company expects to accelerate as it guides Q3 revenue to $125 million, plus or minus $7 million, implying a meaningful sequential step-up from Q2 levels.

Key Takeaways
  • Test cell utilization increased 3 points quarter-over-quarter to 75%
  • Approximately 63% of Q2 revenue was recurring
  • Improvement in GAAP and non-GAAP profitability sequentially from Q1 2025
  • Lower restructuring charges compared to Q1 2025

“Second quarter 2025 results were in line with guidance, test cell utilization is up a few points across all Cohu segments, and we secured a $28 million design-win order from a customer serving mobile and automotive end-markets”

Cohu CEO, on the earnings call

Forward Guidance & Outlook

Cohu expects third quarter 2025 sales to be in a range of $125 million +/- $7 million, implying a meaningful sequential increase from Q2 2025. Test cell utilization is trending upward at 75%, and the $28 million design-win order for mobile and automotive test is expected to ship through Q4 2025. New growth vectors include the first system sold in India, a new Eclipse handler model for test subcontractor share expansion, and qualification of ULTRA-S contactor for precision analog IC test.

COHU YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$40.0M$80.0M$104.7M$107.7MRevenue$46.9M$47.1MGross Profit$-18,287,533$-17,236,000Operating Income$-18,160,301$-16,880,000Net Income
$0$40.0M$80.0MRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.