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Cohu (COHU) investor relations material

Cohu Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary29 Oct, 2025

Executive summary

  • Q3 2025 revenue reached $126.2 million, up 32.4% year-over-year and sequentially, with recurring revenue comprising 55% and systems 45%, driven by mobile and AI-based computing demand.

  • Recurring revenue grew for the third consecutive quarter, and systems revenue improved for the fourth straight quarter.

  • Convertible notes offering closed post-quarter, raising $287.5 million at 1.5% interest and 32.5% conversion premium to support growth and strategic initiatives.

  • The acquisition of Tignis, an AI process control software provider, was completed in January 2025, expanding analytics offerings.

  • A global restructuring program was implemented to improve profitability, targeting $2.0 million in quarterly cost savings by 2025.

Financial highlights

  • Q3 2025 revenue was $126.2 million, up 32.4% year-over-year, exceeding guidance, with gross margin at 43.8% GAAP and 44.1% non-GAAP.

  • Adjusted EBITDA for Q3 2025 was $11.7 million (9.2% of net sales), up from $2.1 million in Q3 2024.

  • Q3 2025 net loss was $4.1 million GAAP ($0.09 per share); non-GAAP net loss was $2.8 million ($0.06 per share).

  • Cash and investments at quarter-end were $198.2 million, down due to the Tignis acquisition and operational support.

  • No share repurchases in Q3 2025; $22.8 million remains authorized.

Outlook and guidance

  • Q4 2025 revenue is expected to be $122 million plus or minus $7 million, reflecting a seasonal decline.

  • Recurring revenue is forecasted to increase for the fourth straight quarter, representing about 60% of Q4 revenue.

  • Q4 gross margin projected at 45%; operating expenses expected at $50 million; tax provision at $4 million.

  • Management expects the restructuring program to yield $2.0 million in quarterly cost savings by 2025.

  • Liquidity is expected to be sufficient for at least the next 12 months, with flexibility for strategic acquisitions or increased capital expenditures.

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Frequently asked questions

Cohu, Inc. provides semiconductor test equipment and services. The company's test and inspection services consist of test fixtures and probe card assemblies, microelectromechanical systems-based test handler products, MEMS component handling systems and post probe/leveling systems, MEMS burn-in/test system products, as well as wafer-level MEMS component test products. Cohu, Inc. was incorporated in 1947 and is headquartered in Poway, California.

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