Highlights

  • Cohu scheduled third-quarter results for October and an Investor Day covering strategy and financial targets in November.
  • The company increased second-quarter revenue 38%, while GAAP earnings remained near breakeven despite positive adjusted net income.
  • Management guided third-quarter net sales above the second-quarter result and highlighted accelerating customer momentum in AI compute.
  • Cohu retained nearly USD 500 million of cash and investments and made no share repurchases during the quarter.

Two scheduled disclosures will bring Cohu (NASDAQ:COHU) back into focus after a second quarter of higher sales and near-breakeven GAAP earnings. The company will report third-quarter results on 28 October 2026, followed by an Investor Day on 10 November. The events will address near-term delivery and the longer-term strategy behind its growth platforms.

Results Arrive Before Strategic Update

Cohu announced the earnings timetable on 14 October. The release is scheduled for 1:00 p.m. Pacific time, followed by a conference call and webcast at 1:30 p.m.

The Investor Day, announced on 8 October, will take place in New York City from 9:00 a.m. to noon Eastern time. Its agenda includes strategy, growth platforms, financial targets and capital priorities.

AMD, described as one of Cohu's largest customers, will deliver a keynote. In-person attendance is by invitation, with a webcast to follow. AMD's revenue contribution was not quantified, leaving its precise share of sales unspecified alongside the announced customer participation.

Revenue Rebounds While Earnings Diverge

Second-quarter results released on 30 July showed revenue of USD 149.0 million, up 38% year on year. GAAP results were effectively breakeven, with a net loss of USD 0.2 million and reported earnings per share of USD 0.00.

Non-GAAP income was USD 14.1 million, or USD 0.26 per share. Gross margin was 45.4% on a GAAP basis and 45.5% non-GAAP.

The earnings presentations therefore differed materially despite very similar gross-margin figures. The positive adjusted result contrasts with the small net loss on the GAAP basis.

Chief executive Luis Müller said customer momentum in AI compute was accelerating. That commentary adds context to the sales recovery but does not provide a separately quantified AI revenue figure.

Guidance Anticipates Further Sales Growth

For the third quarter, management guided net sales of USD 170 million, plus or minus USD 7 million. That establishes a range of USD 163 million to USD 177 million, above the second-quarter revenue result.

The midpoint implies a sequential increase of about 14%, based on the disclosed quarterly figures. The guidance remains an expectation; the October announcement will disclose actual performance.

Gross margin will provide another comparison with the second quarter's level near 45%. The relationship between higher sales and earnings will also matter given the gap between the GAAP and non-GAAP results already reported.

Capital Priorities Await Further Detail

Cash and investments totalled USD 498.2 million at quarter-end. Cohu repurchased no shares during the second quarter.

The Investor Day includes capital priorities, but no new commitment for those funds was identified. Financial targets also feature on the agenda, leaving the presentation as the next scheduled discussion of longer-term objectives.

The sequence of events gives the company an opportunity to place current performance alongside its strategic plans. The results will establish delivery against the quarterly sales range; the later presentation is intended to explain growth platforms and priorities. Customer concentration remains relevant, although no specific concentration percentage was provided.