Comet (COTN) Q3 2025 TU earnings summary

Executive summary

• Net sales in Q3 2025 were CHF 102.5 million, down 9.4% year-over-year and 11.6% sequentially from Q2 2025.

• Year-to-date net sales reached CHF 329.6 million, up 9.0% year-over-year.

• Market uncertainty and weaker USD, along with tariffs, negatively impacted Q3 results.

Financial highlights

• Book-to-bill ratio stood at 0.98 year-to-date September.

• Incoming orders totaled CHF 327.4 million year-to-date September.

Outlook and guidance

• No rebound in sales volumes expected until year-end 2025; recovery in memory segment anticipated in 2026.

• Net sales and EBITDA margin guidance refined to the lower end of CHF 460–500 million and 10.0–14.0%, respectively.

• Volatility in semiconductor and electronics markets expected to persist.