Revenue: As of FY2025, the actual value is USD 452.96 M, beating the estimate of USD 452.8 M.EPS: As of FY2025, the actual value is USD -1.59, missing the estimate of USD -1.35.EBIT: As of FY2025, the actual value is USD -75.76 M.<h4>Segment: Semiconductor Test &amp; Inspection Equipment</h4><h4>Segment Revenue</h4><ul><li>Consolidated Net Sales: Cohu, Inc.’s consolidated net sales increased by 12.7% year-over-year to $453.0 million in fiscal 2025, up from $401.8 million in fiscal 2024 and $636.3 million in fiscal 2023 . This increase was primarily driven by stronger demand for AI-based computing applications .</li><li>Sales by Product Line (Semiconductor Test &amp; Inspection):<ul><li>Systems (including kits) accounted for 40% of net sales in 2025, 35% in 2024, and 51% in 2023 .</li><li>Recurring Revenues (interface products, spares, kits, software, and services) comprised 60% of net sales in 2025, 65% in 2024, and 49% in 2023 .</li></ul></li><li>Geographic Revenue: International sales, based on ship-to location, represented 90% in fiscal 2025, 86% in fiscal 2024, and 88% in fiscal 2023 .</li></ul><h4>Operational Metrics</h4><ul><li>Gross Margin: The gross margin, as a percentage of net sales, decreased to 42.7% in fiscal 2025 from 44.9% in fiscal 2024 and 47.6% in fiscal 2023 . The decline in 2025 was mainly due to the product mix of systems delivered and a one-time charge of $3.3 million related to ending manufacturing of certain products .</li><li>Cost of Sales: Cost of sales was $259.3 million in fiscal 2025, $221.5 million in fiscal 2024, and $333.5 million in fiscal 2023 . Net charges for excess and obsolete inventory were $7.5 million in fiscal 2025 (including the $3.3 million one-time charge) and $5.4 million in fiscal 2024 .</li><li>Research and Development (R&amp;D) Expense: R&amp;D expenditure was $92.2 million (20.4% of net sales) in fiscal 2025, $84.8 million (21.1% of net sales) in fiscal 2024, and $88.6 million (13.9% of net sales) in fiscal 2023 . The increase in 2025 was due to higher material costs for new product development initiatives and $3.9 million in incremental costs related to Tignis integration .</li><li>Selling, General and Administrative (SG&amp;A) Expense: SG&amp;A expense decreased to $123.6 million (27.3% of net sales) in fiscal 2025 from $128.0 million (31.9% of net sales) in fiscal 2024 and $132.2 million (20.8% of net sales) in fiscal 2023 . The decrease in 2025 was due to cost control initiatives and savings from restructuring activities . SG&amp;A in fiscal 2025 included $1.8 million in incremental costs from Tignis operations, $0.4 million in transaction costs, a -$1.7 million adjustment to contingent consideration, and a -$0.4 million gain from the sale of FTZ . SG&amp;A in fiscal 2024 included $3.5 million in severance and other costs for manufacturing transition, and $0.9 million impairment of FTZ investment .</li><li>Amortization of Purchased Intangible Assets: Amortization expense was $37.5 million in fiscal 2025, down from $39.1 million in fiscal 2024 and $36.4 million in fiscal 2023 . The decrease in 2025 was due to certain assets becoming fully amortized, partially offset by amortization from acquired Tignis intangible assets .</li><li>Restructuring Charges: Cohu, Inc. incurred $10.1 million in restructuring charges in fiscal 2025, compared to $0.0 million in fiscal 2024 and $2.4 million in fiscal 2023 . These charges included $8.3 million for employee severance costs and $1.7 million related to the Poway volume manufacturing transition in 2025 .</li><li>Income (Loss) from Operations: The company reported -$69.8 million in fiscal 2025, -$71.7 million in fiscal 2024, and $43.3 million in fiscal 2023 .</li><li>Net Income (Loss): Cohu, Inc. reported a net loss of -$74.3 million in fiscal 2025, compared to a net loss of -$69.8 million in fiscal 2024, and a net income of $28.2 million in fiscal 2023 .</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: Cash provided by operating activities totaled $31.7 million in fiscal 2025, an increase from $2.8 million in fiscal 2024 . This improvement was attributed to better business conditions .</li><li>Net Cash Used in Investing Activities: Net cash used in investing activities was -$257.0 million in fiscal 2025, compared to $21.9 million provided by investing activities in fiscal 2024 . In 2025, this included -$263.4 million for short-term investments, $63.8 million from sales and maturities of short-term investments, -$21.0 million for property, plant, and equipment, and -$34.8 million for the acquisition of Tignis .</li><li>Net Cash Provided by Financing Activities: Cash provided by financing activities was $246.3 million in fiscal 2025, compared to -$59.0 million used in fiscal 2024 .</li></ul><h4>Unique Metrics</h4><ul><li>Backlog: The backlog of unfilled orders for products was $165.1 million at December 27, 2025, and $138.0 million at December 28, 2024 .</li><li>Customer Concentration: In 2025, the ten largest customers represented 60% of total revenue . STMicroelectronics accounted for 12.0% of consolidated net sales in 2023, but less than 10% in 2025 and 2024 .</li><li>Employee Headcount: As of December 27, 2025, Cohu, Inc. employed approximately 2,857 people across 25 countries, with roughly 75% in Asia-Pacific .</li><li>Goodwill: Goodwill and other intangibles comprised 29% of total assets as of December 27, 2025, with approximately $283.0 million allocated to goodwill .</li></ul><h4>Outlook / Guidance</h4>Cohu, Inc. expects international sales to continue to account for a significant percentage of its revenues, and anticipates demand for its systems will fluctuate with industry investment cycles, customer utilization rates, and market conditions . However, the company believes its long-term market drivers remain intact, supported by increasing semiconductor complexity and smart manufacturing initiatives .

Cohu | 10-K: FY2025 Revenue Beats Estimate at USD 452.96 M