Cohu earnings date
Cohu (CU3) Q3 2026 Earnings Report
DE:CU3 Q3 2026 EPS Results
- Actual EPS
- EUR 0.38
- Consensus EPS
- EUR 0.31
- Beat/Miss
- Beat by +EUR 0.08
- One Year Ago EPS
- -EUR 0.05
DE:CU3 Q3 2026 Revenue Results
- Actual Revenue
- EUR 153.87M
- Expected Revenue
- EUR 151.45M
- Beat/Miss
- Beat by +EUR 2.41M
- YoY Revenue Growth
- +37.00%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
Cohu's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, supported by 37% year-over-year revenue growth, 126% bookings growth, record software analytics performance, improving utilization, expanding HPC qualifications and a raised 2026 and 2027 growth outlook. The main challenges were specialty-component tightness, higher input costs, qualification and production-ramp timing, a small seasonal mobile business and a projected fourth-quarter gross margin decline to approximately 44%.
Cohu raised its fiscal year 2026 high-performance computing revenue outlook to approximately $120 million and expects to deliver approximately 3x as many Eclipse handlers in 2027 as in 2026; Q4 revenue is expected to be approximately $178 million, plus or minus $7 million, representing year-over-year growth of 46%, with Q4 gross margin of approximately 44%, operating expenses of approximately $57 million, net interest income of approximately $1.4 million at current interest rates, a tax provision of about $3.3 million and diluted shares of approximately 55 million, including 5.8 million shares attributable to the convertible debt, of which 2.4 million shares will be fully offset by the capped call; full year 2026 revenue growth is expected to be approximately 38% over 2025, gross margin approximately 45% and total capital expenditures approximately 2% of revenue; for 2027, revenue growth is expected to be 30% to 40% over 2026, gross margin 46% to 48%, quarterly operating expenses $54 million to $56 million and approximately 50% of incremental revenue falling to operating income, with the high end of the range depending on the timing of customer qualifications and production ramps provided market conditions remain strong.
- Strong Third-Quarter Revenue and Bookings GrowthThird-quarter revenue increased 37% year-over-year to $173 million. Book-to-bill was solidly above 1, total bookings grew 126% year-over-year, systems bookings increased 318%, and recurring bookings grew 36%. Systems represented 59% of bookings and recurring business represented 41%.
- Raised 2026 Revenue and HPC OutlookCohu raised its fiscal year 2026 high-performance computing revenue outlook to approximately $120 million and raised full-year 2026 revenue growth guidance to approximately 38% over 2025. Fourth-quarter revenue is expected to be approximately $178 million, plus or minus $7 million, representing 46% year-over-year growth.
- Expanded High-Performance Computing Opportunity PipelineThe annual high-performance computing opportunity pipeline expanded approximately 18% to about $1 billion. The funnel includes 13 ranked customer programs, $230 million of qualified annual revenue potential, and another $440 million in active qualification across server and data center processors, CPUs, GPUs, networking devices, custom accelerators, silicon photonics, HBM inspection and related services.
- Eclipse Qualification and Production ExpansionAn initial device at a major networking customer qualified on Eclipse in the third quarter, with a production-configuration thermal head scheduled to ship in the fourth quarter for higher-power-device validation. Five additional programs are scheduled to reach major qualification milestones between late November and the first quarter of next year, with two more targeted to start during the same period; together, these seven programs represent approximately $340 million of annual systems revenue based on current customer planning.
- Tripling Planned Eclipse System OutputCohu is scaling manufacturing capacity and working with supply partners with the goal of delivering approximately three times as many Eclipse handlers in 2027 as in 2026. The company expects output to ramp through 2027, with capacity continuing to increase through June, and stated that total handler capacity could exceed 2,000 systems next year if fully utilized.
- Improved Semiconductor Test UtilizationEstimated semiconductor test stabilization improved to 82% at the end of the third quarter, up 2 percentage points sequentially and 7.5 percentage points year-over-year. Utilization was approximately 84% in computing, 83% in industrial and 80% in automotive.
- HBM and Neon Inspection MomentumCohu continued shipping final inspection systems for HBM3 and HBM4 to a U.S.-based customer that designated Cohu as a strategic supplier. Neon inspection systems shipped in volume to integrated device manufacturers, with backlog growing and booked deep into the first quarter of 2027. The advanced packaging and HBM inspection opportunity represents a $330 million addressable market.
- Interface Solutions Growth and Hyperscaler WinsInterface solutions delivered another quarter of sequential growth. Cohu secured first interface orders with two leading hyperscale customers for processor test, won additional co-packaged-optics interface applications, and delivered its first interface production solution for a major HPC customer. These design wins position Cohu to participate in an estimated $200 million annual market for computing final-test and system-level-test interface solutions.
- Diamondx Power Management Design WinA leading customer is ramping production with Cohu's Diamondx platform for testing power-management ICs used in server boards. Diamondx is replacing an incumbent supplier, and Cohu remains on track to release new high-current and high-voltage capabilities in December ahead of anticipated production ramps in the first half of 2027. These applications represent an approximately $290 million serviceable addressable market.
- Record Software Analytics PerformanceAnnual recurring revenue in software analytics increased 85% sequentially, contributing to record bookings and revenue. Growth was led by expanding production deployments, including a large repeat order from a leading HPC customer and an expanded AI-based HBM inspection software deployment at a leading memory manufacturer. Cohu also booked its first volume license for prescriptive-maintenance software on earlier-generation handlers.
- Recurring Revenue and Profitability ContributionRecurring revenue, driven primarily by consumables, represented 48% of third-quarter revenue. Gross margin was 45.7%, above guidance, reflecting improved cost leverage in interface-product manufacturing. Non-GAAP EPS was $0.43 and adjusted EBITDA margin was 16.6%.
- Strong Liquidity and Positive Operating Cash FlowCash and investments increased approximately $10 million during the third quarter to $508 million, and cash from operations was approximately $6 million. Capital expenditures were approximately $3 million, and Cohu continues to target 2026 total capital expenditures of approximately 2% of revenue.
- Favorable 2027 Growth and Margin FrameworkCohu's preliminary 2027 outlook calls for revenue growth of 30% to 40% over 2026, driven primarily by conversion of the HPC opportunity funnel and continued recovery in core business segments. The company expects 2027 gross margin of 46% to 48%, quarterly operating expenses of $54 million to $56 million, and approximately 50% of incremental revenue falling to operating income.
- Industrial and Automotive Booking RecoveryIndustrial system orders increased 52% quarter-over-quarter and automotive system orders increased 23%. Industrial bookings are now nearly the same size as automotive bookings, compared with automotive historically being twice the size of industrial, and Cohu expects industrial to surpass automotive in the coming quarters.
- Broad Customer and Product EngagementThe HPC opportunity spans hyperscalers, fabless companies and an integrated device manufacturer, covering CPUs, custom ASICs, network processors and GPUs. Cohu stated that, in its limited experience to date, it has sometimes taken the entirety of a device family when it wins a customer program.
- Planned Expansion Beyond Final TestCohu stated that, in addition to the approximately $1 billion final-test opportunity pipeline and approximately $1.5 billion final-test serviceable addressable market, it is evaluating another vertical in the test space that could broaden its product and service offering. Further discussion is expected deeper into 2027.
DE:CU3 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 0.32- | -0.13 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 0.310.38 | -0.05 | 816.67% (+0.44) | |
| Jul 30, 2026 | 2026 (Q2) | 0.120.23 | 0.02 | 1200.00% (+0.21) | |
| Apr 30, 2026 | 2026 (Q1) | 0.030.01 | -0.02 | 150.00% (+0.03) | |
| Feb 12, 2026 | 2025 (Q4) | 0.06-0.13 | -0.13 | 0.00% (+0.00) | |
| Oct 29, 2025 | 2025 (Q3) | -0.18-0.05 | -0.07 | 25.00% (+0.02) | |
| Jul 31, 2025 | 2025 (Q2) | -0.010.02 | -0.01 | 300.00% (+0.03) | |
| May 01, 2025 | 2025 (Q1) | -0.15-0.02 | 0.01 | -300.00% (-0.03) | |
| Feb 13, 2025 | 2024 (Q4) | -0.10-0.13 | 0.2 | -165.22% (-0.34) | |
| Oct 31, 2024 | 2024 (Q3) | -0.05-0.07 | 0.31 | -122.86% (-0.38) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
