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Jun 28, 2025
Cohu Q2 2025 Earnings Report
Cohu reported its second quarter 2025 results, with net sales of $107.7 million and a GAAP loss of $16.9 million, or $0.36 per share. The company also reported non-GAAP income of $0.7 million, or $0.02 per share.
Key Takeaways
Cohu's second quarter 2025 results were in line with guidance, showing increased test cell utilization across all segments and securing a significant design-win order. The company reported a GAAP net loss but achieved non-GAAP net income, indicating underlying operational improvements despite a challenging market.
Net sales for the second quarter of 2025 were $107.7 million, with approximately 63% recurring revenue.
GAAP net loss for the quarter was $16.9 million, or $0.36 per share.
Non-GAAP net income for the quarter was $0.7 million, or $0.02 per share.
Cash and investments increased by $8.6 million to $209.4 million at the end of the second quarter.
Forward Guidance
Cohu expects third quarter 2025 sales to be in a range of $125 million +/- $7 million, indicating anticipated growth.
Positive Outlook
- Anticipated increase in sales for Q3 2025, with a guidance range of $125 million +/- $7 million.
- Test cell utilization is up across all Cohu segments, indicating improved operational efficiency.
- Secured a significant $28 million design-win order for Mobile and Automotive test, with shipments through Q4 2025.
- Expansion into new markets with the first system sold in India.
- Introduction of a new Eclipse handler model aimed at expanding market share at test subcontractors.
Challenges Ahead
- The semiconductor industry is seasonal, cyclical, volatile, and unpredictable.
- Recent erosion in mobile, automotive, and industrial market sales.
- Ongoing inflationary pressures on material and operational costs coupled with rising interest rates.
Historical Earnings Impact
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