Revenue: As of FY2026 Q2, the actual value is USD 149 M, beating the estimate of USD 144.08 M.

EPS: As of FY2026 Q2, the actual value is USD 0, beating the estimate of USD -0.116.

EBIT: As of FY2026 Q2, the actual value is USD -1.956 M.

Net Sales

Cohu, Inc. reported net sales of $149.0 million for the second quarter of fiscal year 2026, marking a 38% increase year-over-year compared to $107.7 million in Q2 FY 2025. For the first six months of 2026, net sales reached $274.1 million, up from $204.5 million for the same period in 2025.

Net Income (Loss)

GAAP net loss for Q2 FY 2026 was -$0.2 million, or -$0.00 per share, which is a significant improvement from a net loss of -$16.9 million, or -$0.36 per share, in Q2 FY 2025. For the first six months of 2026, GAAP net loss was -$12.2 million, or -$0.26 per share, compared to -$47.7 million, or -$1.02 per share, for the first six months of 2025. Non-GAAP net income for Q2 FY 2026 was $14.1 million, or $0.26 per share, compared to $0.7 million, or $0.02 per share, in Q2 FY 2025. The non-GAAP net income for the first six months of 2026 was $14.6 million, or $0.29 per share, contrasting with a non-GAAP net loss of -$0.1 million, or -$0.00 per share, for the first six months of 2025.

Gross Margin

GAAP gross margin for Q2 FY 2026 was 45.4%, while non-GAAP gross margin was 45.5%. This compares to GAAP gross margin of 43.7% and non-GAAP gross margin of 44.4% in Q2 FY 2025. For the first six months of 2026, the GAAP gross profit percentage was 45.8%, and the non-GAAP gross profit percentage was 46.0%.

Income (Loss) from Operations

GAAP income from operations for Q2 FY 2026 was $292 thousand, an improvement from a loss of -$17,236 thousand in Q2 FY 2025. Non-GAAP income from operations for Q2 FY 2026 was $15,074 thousand, up from $147 thousand in Q2 FY 2025. For the first six months of 2026, GAAP loss from operations was -$10,862 thousand, while non-GAAP income from operations was $18,283 thousand.

Operating Expenses

GAAP operating expenses for Q2 FY 2026 were $67,298 thousand, and non-GAAP operating expenses were $52,734 thousand. For the six months ended June 27, 2026, GAAP operating expenses totaled $136,357 thousand, and non-GAAP operating expenses were $107,700 thousand.

Adjusted EBITDA

Adjusted EBITDA for Q2 FY 2026 was $18,392 thousand, representing 12.3% of net sales, compared to $3,848 thousand, or 3.6% of net sales, in Q2 FY 2025. For the first six months of 2026, Adjusted EBITDA was $25,353 thousand, or 9.2% of net sales.

Cash and Investments

Total cash and investments at the end of Q2 FY 2026 were $498.2 million, an increase from $483.981 million at December 27, 2025.

Operational Metrics

Estimated test cell utilization increased sequentially to 80% at the end of June. Cohu, Inc. is raising its annual AI-driven compute opportunity pipeline to approximately $850 million.

Outlook / Guidance

Cohu, Inc. anticipates third-quarter fiscal year 2026 sales to range between $170 million and $177 million. The company has increased its FY26 high-performance computing revenue estimate to between $100 million and $110 million, driven by accelerating customer momentum in AI compute. While the report contains forward-looking statements about potential effects of revenue growth and new product introductions, it also notes that actual results could differ materially due to various factors.