Companies /Technology

Cohu Inc

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

Q3 2025 Earnings

Reported Oct 29, 2025, 4:05pm ET · SEC source
$-0.06
Beat +69.70%
EPS · est. $-0.20
$126.2M
Beat +1.01%
Revenue · est. $125.0M
+0.3%
Beating market
COHU vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%Oct 29Oct 30report 4:05pm ETearnings−0.9%+2.2%
0+3%+6%Oct 29Oct 30earnings−0.9%+2.2%
COHU +2.2%S&P 500 −0.9%
0+3%+6%Oct 29Oct 30report 4:05pm ETearnings−1.3%+2.2%
0+3%+6%Oct 29Oct 30earnings−1.3%+2.2%
COHU +2.2%NASDAQ −1.3%
−9%−6%−3%0Oct 28Nov 6report 4:05pm ETearnings−2.3%−7.0%
−9%−6%−3%0Oct 28Nov 6earnings−2.3%−7.0%
COHU −7.0%S&P 500 −2.3%
−9%−6%−3%0Oct 28Nov 6report 4:05pm ETearnings−3.6%−7.0%
−9%−6%−3%0Oct 28Nov 6earnings−3.6%−7.0%
COHU −7.0%NASDAQ −3.6%
+0.21%
Day of report
−1.12%
Next session
−3.33%
One week
+0.58%
30 days

S&P 500 over the same 30 days: +0.25%.

Did COHU Beat Earnings? Q3 2025 Results

Cohu delivered a notably stronger-than-expected third quarter, with the semiconductor test and inspection specialist posting a non-GAAP loss of just $0.06 per share against a consensus estimate of $0.20, a beat of nearly 70%, while revenue of $126.25 million edged ahead of the $124.98 million Wall Street had anticipated and marked a 32.4% jump from the year-ago period. The key driver behind the improved profitability was a meaningful inflection in non-GAAP operating income, which reached $7.71 million compared to near breakeven a year ago, as higher volumes generated greater operating leverage across the business. Adjusted EBITDA climbed to $11.65 million, or 9.2% of net sales, up from 2.3% in the same quarter of 2024, reflecting the scale benefits of the revenue recovery. CEO Luis Müller pointed to accelerating demand in AI data center markets, citing the Neon HBM inspection system and Eclipse test handler as key contributors. Looking ahead, Cohu guided Q4 2025 revenue to a range of $115 million to $129 million, signaling a modest sequential pullback while broader softness in automotive and industrial end markets remains a near-term overhang.

Key Takeaways
  • Ongoing growth in recurring revenue, approximately 55% of total sales
  • Sequential and year-over-year revenue growth driven by semiconductor test and inspection demand
  • Non-GAAP operating income turned positive at $7.7 million, reflecting improved operational leverage
  • Adjusted EBITDA expanded to 9.2% of net sales from 2.3% in Q3 2024

“Cohu delivered another robust quarter, characterized by ongoing growth in recurring revenue and notable achievements in advanced semiconductor test and inspection. Our growing product portfolio highlights our dedication to innovation and operational excellence. We are confident in our long-term outlook as we advance strategic initiatives, invest in cutting-edge technologies, and consistently deliver unique value to our customers. The proceeds from our recent convertible debt offering will be strategically deployed to support these initiatives and accelerate our innovation roadmap.”

Cohu CEO, on the earnings call

Forward Guidance & Outlook

Cohu expects fourth quarter 2025 sales to be in a range of $122 million +/- $7 million (i.e., $115 million to $129 million). The company expressed confidence in its long-term outlook, noting plans to strategically deploy proceeds from its recent convertible debt offering to support innovation initiatives and accelerate its product roadmap, particularly in AI data center markets.

COHU YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$40.0M$80.0M$120.0M$95.3M$126.2MRevenue$44.7M$55.3MGross Profit$-7,020,738$-9,716,000Operating Income$-2,313,159$-4,101,000Net Income
$0$40.0M$80.0M$120.0MRevenueGross ProfitOperating IncomeNet Income

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