Key Highlights

  • Cohu will release third-quarter 2026 results on 28 October 2026 at 4.00pm Eastern Time.
  • Second-quarter net sales were $149.0 million, up 38 per cent, and third-quarter guidance is $170 million, plus or minus $7 million.
  • Management estimates fiscal 2026 high-performance computing Revenue of $100 million to $110 million and an AI compute pipeline of about $850 million.

The event: third-quarter results on 28 October

Cohu (NASDAQ:COHU), which supplies test and inspection equipment to the semiconductor industry, has said it will release third-quarter 2026 results on Wednesday 28 October 2026 at 1.00pm Pacific Time, which is 4.00pm Eastern Time. A live call with presentation materials is scheduled for 30 minutes later. This article therefore precedes the release and contains no third-quarter figures.

The most recent results are those for the second quarter, published on 30 July 2026. They set the baseline against which the new numbers will be judged. Quarterly sales have stepped up from $107.7 million a year earlier to $149.0 million, and guidance points to $170 million.

What the second quarter showed

Net sales were $149.0 million, up 38 per cent from $107.7 million a year earlier. Gross Margin was 45.4 per cent on a GAAP basis and 45.5 per cent on a non-GAAP basis. On a GAAP basis the company recorded a net loss of $0.2 million, or $0.00 per share, while non-GAAP Net Income was $14.1 million, or $0.26 per share.

Total cash and investments were $498.2 million at quarter-end, and Cohu did not repurchase any shares in the quarter. Cash and investments were therefore equal to about 3.3 times a quarter's net sales.

The AI compute angle

Chief executive Luis Müller said customer momentum in AI compute is accelerating, attributing it to adoption of the Eclipse test handler. The company raised its estimate of fiscal 2026 high-performance computing revenue to between $100 million and $110 million. It also raised its AI-driven compute opportunity pipeline to approximately $850 million and said estimated test cell utilisation had risen to about 80 per cent at the end of June.

These are management estimates and indicators rather than reported sales. A pipeline is not a backlog, and the release did not provide an order Backlog figure, so the conversion of pipeline into revenue is something shareholders will need to track.

Guidance to measure against

For the third quarter, Cohu guided to net sales of $170 million, plus or minus $7 million, giving a range of $163 million to $177 million. The release did not include earnings-per-share guidance.

Because that guidance was issued on 30 July, almost three months earlier, it reflects management's visibility at that time rather than any later developments. Comparing the outcome with the range will be the simplest test. Guidance is a forecast, not a commitment, and the range has a width of $14 million.

What to watch

On 28 October, several items can be checked. First, whether net sales fall within $163 million to $177 million. Second, whether gross margin holds near the 45 per cent level of the second quarter. Third, whether management updates the $100 million to $110 million high-performance computing estimate or the $850 million pipeline. Fourth, whether the company resumes repurchases from its cash and investments of about $498 million, as at 30 June.