Cohu, Inc.
cohu.comWhat Do They Do?
Supplies semiconductor test and automation equipment, inspection systems, and related interface products and services to semiconductor manufacturers and test subcontractors.
10-K for FY2025, filed Feb 17, 2026
How Do They Make Money?
Cohu earns money by selling equipment and other products, with sales generally tied to shipment or customer acceptance; service agreements span the contract period, while short services are completed when the work is done.
10-K for FY2025, filed Feb 17, 2026
$453M
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10-K for FY2025, filed Feb 17, 2026
$453M ↗
Who Are Their Customers?
Chipmakers that design and manufacture their own devices and outsourced chip assembly and test firms buy Cohu products; fabless chip designers collaborate directly or through test partners. Cohu sells mainly through its own sales force, supported by independent representatives.
10-K for FY2025, filed Feb 17, 2026Integrated Device Manufacturers (“IDMs”). IDMs design, manufacture, and test their own semiconductor devices. They depend on Cohu’s…View ↗
Outsourced Semiconductor Assembly and Test (“OSATs”). OSATs provide contract assembly and test services for a diverse mix of fabless…View ↗
Fabless Semiconductor Companies. Fabless companies design semiconductor devices and typically outsource manufacturing and test to OSATs.…View ↗
Cohu markets its solutions globally through a direct sales organization and technical marketing managers focused on expanding our presence…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $74.3M in FY2025, but brought in more cash than it spent: $10.7M of free cash flow.
10-K for FY2025, filed Feb 17, 2026
−$69.8MView ↗
10-K for FY2025, filed Feb 17, 2026
−$74.3MView ↗
10-K for FY2025, filed Feb 17, 2026
$10.7MView ↗
How Are They Changing?
Shrinking. Revenue fell 49% in 4 years, from $887.2M in FY2021 to $453M in FY2025, about 15% a year.
A broader software role
The older report described software for monitoring and controlling Cohu equipment; the latest describes software that analyzes factory processes and supports process control across the factory floor.
10-K for FY2022, filed Feb 17, 2023 10-K for FY2025, filed Feb 17, 2026Data Analytics (“DI-Core”) is a comprehensive software suite used to optimize Cohu equipment performance. DI-Core provides real-time online…View ↗
Software Analytics: Software analytics products include an AI-driven digital twin software platform offering a suite of data analytics…View ↗
Who Do They Compete With?
Competes with Advantest, Teradyne, Hon Precision, and KLA
10-K for FY2025, filed Feb 17, 2026Cohu’s primary competitors include established global players in semiconductor test and inspection, such as Advantest, Teradyne, Hon…View ↗
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