Cohu, Inc. (COHU) SEC Filings & Earnings Calls

Continued net loss and cyclical demand

“Net loss was $12.2 million for the six months ended June 27, 2026. The cyclical nature of semiconductor equipment demand could lead to future volatility.” · word for word

High debt from convertible notes

“$279.3 million outstanding under 1.50% convertible senior notes due 2031 as of June 27, 2026.”

GAAP net loss of $0.2M despite strong revenue growth, due to amortization and other charges.

“GAAP loss of $0.2 million or $0.00 per share” · word for word

Semiconductor industry cyclicality and rapid technology changes pose risks.

“rapid technology changes and product transition and investment risks” · word for word

Extended semiconductor downturn

“The 2025 Restructuring Program is being implemented as part of a comprehensive review of our operations with the goal of reducing costs during the extended downturn in the semiconductor test and inspection equipment industry.” · word for word

Goodwill impairment risk

“Our IS reporting unit had less excess fair value over carrying value relative to our other reporting units as of the annual assessment date.” · word for word

Prolonged Semiconductor Downturn

“the extended downcycle of the semiconductor industry” · word for word

Severe Shareholder Value Destruction

“COHU TSR compared to RUT TSR where RUT = +41.3%, COHU = -28.2%” · word for word

Dilution from Authorized Share Increase

“increase the number of authorized shares of common stock from 90,000,000 to 150,000,000 shares” · word for word

Weak Profitability and Operating Leverage

“2025 GAAP pre-tax loss was $62,407 (in thousands) which is (13.8)% of net sales” · word for word

Export control risk on China sales

“These export controls include restrictions on certain semiconductor integrated circuits, commodities containing such integrated circuits, and semiconductor manufacturing equipment.” · word for word

Goodwill impairment risk in IS reporting unit

“For fiscal 2025, our IS reporting unit had limited headroom, meaning fair value only narrowly exceeded carrying value.” · word for word

Continued GAAP and non-GAAP losses despite revenue growth; profitability remains elusive.

“GAAP net loss $22.5M in Q4, $74.3M for FY2025; non-GAAP net loss $7.2M in Q4, $10.1M for FY2025.”

Cyclical Semiconductor Downturn

“In response to the higher cost of capital, slowing customer demand, and inventory levels higher than target, many semiconductor companies have been cutting costs, reducing employee headcount, and pushing out capital expenditures for additional capacity.” · word for word

Goodwill Impairment Risk

“a sustained decline in Cohu’s market capitalization below its book value could lead us to determine, in a future period, that an interim goodwill impairment review is required and may result in an impairment charge” · word for word

Continued net losses despite revenue growth; GAAP net loss $4.1M in Q3.

“GAAP loss of $4.1 million or $0.09 per share” · word for word

Dependence on AI data center market for growth; any slowdown could impact results.

“Accelerating in AI data center markets with Neon HBM inspection and Eclipse test handler” · word for word