Q4 2025 Cohu Inc Earnings Call Transcript

Feb 12, 2026 / 09:30 PM GMT

Release Date Price: €27.6 (-3.50%)

Transcript 10-K8-K

Key Points

Positve

Recurring business remained strong, representing about 60% of total revenue in the 4th quarter, with recurring bookings up 34% sequentially.
Systems demand increased 47% quarter over quarter, driven by higher equipment orders from major global customers.
Fourth quarter revenue of $122 million is up 30% year over year, with a balanced split of 40% systems and 60% recurring revenue.
Full year revenue of $453 million is up 13% year over year, confirming market recovery and initial design win successes.
Cohu Inc (COHU) has a low direct exposure to China and strong customer diversification across North America, Europe, and the rest of Asia, providing a solid risk balance profile.

Negative

Q4 gross margin of 40.8% was lower than guidance due to one-time inventory charges from discontinuing certain product lines.
The Q4 tax provision was higher than guidance due to a $5 million increase in tax reserves against tax assets.
No stock repurchases were completed during Q4, despite increased cash and investments.
The company faces challenges in aligning engineering and support resources with customer requirements due to product line consolidation.
The repayment structure of the convertible notes could potentially lead to shareholder dilution if the stock price exceeds $41 per share.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

COHU.OQ - Cohu Inc
Q4 2025 Cohu Inc Earnings Call
Feb 12, 2026 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to Khug's 4th quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press 11 on your telephone.

You will then hear an automated message advising your hand is raised to withdraw your question. Please press 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jeff Jones, Chief Financial Officer. Please go ahead.

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Unidentified_2 [2]
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