COHU

MKT CAP $2.6BP/E —DIV YIELD —FCF YIELD 1.33%REV TTM —NET INCOME −$38.8MNET DEBT $85.5M52W 21.38 – 73.91NEXT EARNINGS Oct 28SEC XBRL · TTM TO Invalid Date

How COHU rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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(“Cohu”, “we”, “our”, “us” and the “Company”) was founded in 1947 and is a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity.
Our products and services provide enabling capability and technology to customers that deliver connectivity around the globe, autonomous driving to our cities, high-performance computing to enable artificial intelligence (“AI”) applications, advanced medical equipment to improve lives, robotic automation to accelerate productivity, and much more.
Cohu’s recurring revenue consists of interface products, services, spares, upgrades, configuration tooling, and software analytics, supporting a resilient and scalable business model which complements the systems revenue driven by the capital expenditure of our customers.
Our active equipment installed base exceeds 25,000 systems, serving over 280 high-volume manufacturing facilities across 108 customers in 31 countries.
Cohu’s strategy is centered on innovation, with substantial research and development (“R&D”) investments in product development.
Cohu is capitalizing on high-growth opportunities in high-bandwidth memory (“HBM”) inspection, high performance processor test in AI applications (CPUs, embedded-NPUs, discrete and integrated GPUs, ASICs and xPUs), mixed signal devices, silicon carbide (“SiC”) and gallium nitride (“GaN”) wide bandgap test, and AI-driven software analytics.
Our employees around the world are challenged every day to design, build and deliver technology and business solutions to meet our customers’ requirements.
Our Products and Services Cohu is a leading supplier of semiconductor test automation and interface solutions, and a growing provider of semiconductor test equipment, inspection and metrology solutions, and software analytics to optimize semiconductor manufacturing yield and productivity.
We offer a comprehensive suite of equipment, interface solutions, software, spares and services designed to address the evolving requirements of global semiconductor manufacturers.
Our products support customers across computing & networking, automotive, industrial, mobile and consumer electronics markets – consistently delivering high yield, improved productivity, and lower cost of test.
Cohu’s systems are designed to support smart manufacturing initiatives, including interface with robotics, automated guided vehicles (“AGVs”), overhead transport systems (“OHTs”), and automated mobile robots (“AMRs”) to reduce manual handling and enhance workplace safety.
Our energy-efficient product designs are intended to lower test-cell power consumption, reduce operational expenses and thereby support customer sustainability goals.
Our product portfolio is organized into several key lines: Test Automation : Test automation products include equipment and systems used to automate movement of semiconductor devices, control temperature during test, optimize throughput and efficiency, ensure quality and maximize yield in volume production.
These systems use innovative active thermal management (“ATC”) technology which optimizes yield through precise temperature control of high-performance processors during test and CPUs, GPUs, ASIC accelerators, network processors and other high-performance devices.
Inspection and Metrology : Equipment used to provide advanced quality inspection and metrology of molded leaded and leadless devices, post-singulated wafer level chip scale packages (“WLCSP”), and bare dies.
Full six-sided optical inspection with infrared technology provide the ability to inspect the structure underneath the surface for improved production yield.
Deep learning and pattern recognition boosts inspection yield, reduces over rejection, and enhances manufacturing efficiency.
Semiconductor Automated Test Equipment ( “ ATE ” ) : Semiconductor ATE consists of an instrumentation and universal platform for testing semiconductor devices with best-in-class solutions in radio frequency (“RF”), digital, mixed signal and power management applications, delivering faster time to yield.
Our semiconductor ATE are used both for wafer-level and device package testing.
Interface Solutions : Interface products consist of a full suite of test contactors and power probe cards that provide the electrical interface between the semiconductor test equipment and the semiconductor device presented by the test automation; optimizing signal performance via an array of consumable probe pins.
Test interfaces are specific to individual semiconductor device designs, need to be replaced frequently, and increase in size and complexity with the number of devices tested in parallel; test interface is a key contributor to our recurring revenue.
Software Analytics : Software analytics products include an AI-driven digital twin software platform offering a suite of data analytics specializing in process control that turns complexity into clarity – driving smarter decisions, faster automation, and measurable business impact across the factory floor.
These solutions leverage machine learning and proprietary scripting languages (DTQL®) to optimize yield and defect detection.
Our software analytics provide real-time online performance monitoring, prescriptive maintenance, and machine learning process control to improve equipment utilization.
Services : Services include device applications, spares, and board repair, complemented by service agreements, which generate a more stable and consistent revenue stream.
Our global service team consisting of highly skilled field engineers provide virtual and on-site support for our installed base.
Our web-based communication and service customer portal platform is integrated with our enterprise resource planning (“ERP”) system providing customers with 24/7 real-time access.
Cohu’s ongoing investments in R&D and strategic acquisitions, including advanced analytics platforms and test interface technologies, continue to expand our technology portfolio and addressable market, positioning Cohu as a leader in semiconductor test and inspection solutions.
Sales by Product Line During the last three fiscal years, our consolidated net sales were distributed as follows: 2025 2024 2023 Semiconductor test & inspection systems (including kits) % % % Recurring revenues (1) % % % (1) Recurring revenues include interface products, spares, kits (not as part of system sales), software and services Research and Development ( “ R&D ” ) Cohu’s R&D activities focus on advancing technologies that address the increasing complexity of semiconductor devices and evolving requirements of our global customer base.
Our R&D teams comprised of multidisciplinary engineers, scientists, and software developers work closely with customers and industry partners to design solutions that meet stringent quality standards.
Our innovation strategy prioritizes new capabilities in high-precision inspection and metrology, thermal control, automation, signal integrity, and AI-driven analytics.
These investments strengthen Cohu’s intellectual property portfolio and support the introduction of next-generation products and enhancements across our test, interface, inspection, and software product offerings.
Cohu’s total R&D expenditure was $92.2 million in fiscal 2025, $84.8 million in fiscal 2024 and $88.6 million in fiscal 2023.
This investment reflects our commitment to technology leadership and positions the company to capitalize on future growth opportunities in semiconductor markets.
Market Opportunity Cohu serves a broad and growing set of semiconductor applications across automotive, industrial, mobile, consumer, and computing end-markets through our portfolio of products and services.
We continue to invest in research and development to meet rapidly increasing technical requirements across these markets.
Our R&D priorities are aligned with customer needs for stringent quality while addressing ever evolving technical challenges.
These investments, spanning AI-enabled analytics, high-precision inspection and metrology, advanced thermal control, and intelligent automation, expand our serviceable available market (“SAM”) to approximately $3 billion and strengthen our competitive differentiation in high-complexity device segments.
Cohu is well positioned in several of the fastest-growing semiconductor categories, including high-performance computing, HBM, high power semiconductors supporting AI infrastructure, advanced driver assistance systems (“ADAS”), electric vehicles, factory automation, and physical AI.
Growth programs in these segments delivered incremental revenue gains in fiscal 2025, with increased recurring orders and design wins indicating stronger pull-though opportunities across test automation, inspection platforms, semiconductor test and interface products.

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Gone since FY2024

(“Cohu”, “we”, “our”, “us” and the “Company”) is a global technology leader supplying test, interface, automation, inspection and metrology, and software products and related services to the semiconductor industry.
We offer a wide range of products and services, and revenue from our capital equipment products is driven by the capital expenditure budgets and spending patterns of our customers, who often delay or accelerate purchases in reaction to variations in their business.
The level of capital expenditure by these companies depends on the current and anticipated market demand for semiconductor devices and the products that incorporate them.
Our recurring revenues are driven by increases in our product installed base and in the number of semiconductor devices that are tested, and by the continuous introduction of new products and technologies by our customers.
Cohu was incorporated under the laws of California in 1947, as Kalbfell Lab, Inc. and commenced active operations in the same year.
Our name was changed to Kay Lab in 1954.
In 1957, Cohu was reincorporated under the laws of the State of Delaware as Cohu Electronics, Inc. and, in 1972, our name was changed to Cohu, Inc.
On January 7, 2025, we completed the acquisition of Tignis, Inc.
(“Tignis”), a provider of artificial intelligence (AI) process control and analytics-based monitoring software.
This strategic acquisition is intended to enable us to expand our analytics offerings to the semiconductor process control market.
Tignis’ PAICe Monitor and PAICe Maker solutions leverage the insights of physical phenomena with cutting-edge AI, machine learning (ML), and data science to deliver advanced predictive and prescriptive automation solutions for semiconductor manufacturing.
Tignis is also expected to deepen Cohu’s expertise in data science while adding advanced analytics to our DI-Core software.
The acquisition of Tignis was a fiscal 2025 event.
On January 30, 2023, we completed the acquisition of MCT Worldwide, LLC (“MCT”), a U.S.-based company.
MCT provides automated solutions for the semiconductor industry and designs, manufactures, markets, services and distributes strip test handlers, film frame handlers and laser mark handlers.
On October 2, 2023, we acquired Equiptest Engineering Pte.
EQT is a provider of semiconductor test contactors and other test consumables.
MCT and EQT are included in Cohu’s consolidated results from operations as of the date of acquisition.
Our Products We currently sell the following products: Semiconductor Automated Test Equipment (“ATE”) is used both for wafer-level and device package testing.
Our semiconductor ATE solutions consist primarily of two platforms for the system on a chip (“SoC”) device market.
The Diamond x tester offers high-density instrumentation for testing various semiconductors: microcontrollers, application specific standard products (“ASSP”), power management, radio frequency (RF), display drivers, sensors and other mixed signal devices.
The PAx tester is a focused tester for RF Front End IC and Module applications.
Semiconductor Handlers are used in conjunction with semiconductor ATE to automate the testing of packaged semiconductor devices.
Our handlers support a variety of package sizes and device types, including those used in automotive, mobile, industrial and computing applications, among others.
We offer a broad range of test handlers, including pick-and-place, turret, gravity, strip, film frame, laser marker, micro-electromechanical system (MEMS) and thermal sub-systems.
T-Core is our proprietary thermal technology for improving device under test temperature accuracy, enabling higher test yield, particularly for power dissipative devices such as microprocessors, graphic processor units, and high-performance semiconductors used in artificial intelligence data centers.
Interface Products are comprised of test contactors, probe heads and probe pins.
Test contactors serve as the interface between the test handler and the semiconductor device under test (such as digital semiconductor devices utilizing spring probe technology, power management and LED semiconductor devices utilizing cantilever technology) and RF semiconductor devices based on contacts designed to operate at high frequencies.
With the acquisition of EQT, we expanded our interface products in mid- to high-power contactors.
Test contactors and probe heads are specific to individual semiconductor device designs, need to be replaced frequently, and increase in size with the number of devices tested in parallel.
Interface Products are included in our recurring revenues.
Inspection Metrology are products that provide advanced vision capabilities.
We offer a wide range of solutions for inspection of singulated molded leaded and leadless devices, and post-singulated wafer-level chip scale packages (“WLCSP”) and bare dies.
NV-Core is our unique vision technology, enabling advanced inspection metrology, such as 3-dimensional topographic inspection, sidewall micro-crack detection, and infrared inspection for sub-surface defect detection.
DI-Core TM Data Analytics is a comprehensive software suite used to optimize Cohu equipment performance.
DI-Core data analytics provides real-time online performance monitoring and process control to improve utilization, manage predictive maintenance, and link semiconductor tester, handler and test contactor data.
DI-Core data analytics is a software subscription service included in our recurring revenue.
Spares and Kits are consumable, non-consumable and spare items that are used to maintain, sustain or otherwise enable customers’ equipment to meet its performance, availability and production requirements.
We also design and manufacture a wide range of device dedication kits that enable handlers to process different semiconductor packages.
Spares and Kits are included in our recurring revenues.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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