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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 27, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4298 COHU, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of Incorporation ...

Cohu's Q4 report arrived with a surprise that's causing investors to sell the stock.Cohu (COHU 6.89%) stock is losing ground in Friday's daily trading session. The tech company's share price was down 7.2% as of 3:20 p.m. ET amid roughly flat trading for the S&P 500 and the Nasdaq Composite. Cohu reported its fourth-quarter results after the market closed yesterday and delivered sales in line with Wall Street's expectations. On the other hand, the business reported a loss that was far larger than anticipated ...

Cohu Inc (NASDAQ:COHU) reported worse-than-expected fourth-quarter adjusted EPS results on Thursday.Cohu reported quarterly losses of 15 cents per share which missed the analyst consensus estimate of earnings of 6 cents per share. The company reported quarterly sales of $122.230 million which beat the analyst consensus estimate of $122.092 million.Cohu said it sees first-quarter sales of $115.000 million-$129.000 million versus estimates of $120.136 million.Cohu shares fell 4.6% to trade at $31.30 on Friday ...

分组1 - Cohu reported a quarterly loss of $0.15 per share, which was worse than the Zacks Consensus Estimate of $0.07, marking an earnings surprise of -324.89% [1] - The company posted revenues of $122.23 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 0.19% and showing a year-over-year increase from $94.12 million [2] - Cohu has surpassed consensus EPS estimates three times over the last four quarters, indicating a positive trend in earnings performance [2] 分组2 - Cohu shares have increased approximately 46.8% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.4% [3] - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $120.25 million, while for the current fiscal year, it is $0.76 on revenues of $513 million [7] - The Electronics - Manufacturing Machinery industry, to which Cohu belongs, is currently ranked in the top 13% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this sector [8]

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $122 million, a 30% increase year-over-year, with 40% from systems and 60% from recurring revenue [5][10] - Full year revenue for 2025 was $453 million, up 13% year-over-year, indicating a market recovery trajectory [6][10] - Gross margin for Q4 was 40.8%, lower than guidance due to one-time inventory charges [11] - Cash and investments increased by $286 million during Q4, totaling $484 million at year-end [12] Business Line Data and Key Metrics Changes - Recurring revenue grew 4% quarter-over-quarter and 25% year-over-year, representing about 60% of total revenue in Q4 [4][5] - Systems demand increased 47% quarter-over-quarter, driven by higher equipment orders from major global customers [4] - The top ten customers accounted for approximately 63% of Q4 bookings, indicating healthy diversification [5] Market Data and Key Metrics Changes - Test utilization trends improved, with estimated utilization at 76% by the end of December, with computing at 78% and automotive at 75% [7] - Increased activity noted in automotive and industrial semiconductor sectors, alongside strong demand from RF and connectivity device customers [4][9] Company Strategy and Development Direction - The company is focusing on high-performance computing, HBM memory, and AI-related high-growth opportunities [11][12] - A strategic convertible notes offering was completed to strengthen the balance sheet and support strategic initiatives [12] - The company aims to support R&D investments enabling design wins in compute markets, including AI data center infrastructure [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating regional shifts and aligning with customers investing in long-term technology transitions [9] - The outlook for Q1 2026 anticipates revenue to be seasonally flat with Q4, with recurring revenue expected to represent about 60% of total revenue [14] - Management expects continued growth in 2026, building on the 13% revenue growth in 2025 [35] Other Important Information - The company secured significant orders for new products, including a high-performance thermal configuration of the Eclipse handler and a multi-unit order for a new handler targeting automotive and AI device tests [8][9] - The company has a solid risk balance profile due to low direct exposure to China and strong customer diversification across North America, Europe, and Asia [9] Q&A Session Summary Question: Order activity in Q4 - Management noted systems orders were up 47% quarter-over-quarter, with recurring orders up 34% quarter-over-quarter, indicating strong demand [18][20] Question: Revenue from Neon high bandwidth memory - The company exited 2025 with $11 million in HBM revenue and forecasts $15 million to $20 million for 2026 [22] Question: Eclipse activity and capacity - Management confirmed capacity to meet demand for the Eclipse handler, with expectations for increased shipments in the second quarter [25][26] Question: Customer activity changes - Management observed increased demand from traditional customers and strong forecasts for the Eclipse product line in compute and mobile applications [34] Question: IDM vs. OSAT performance - Utilization rates for IDMs were slightly higher than OSATs in Q4, with expectations that OSATs may see faster growth in the first quarter [50]

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $122 million, a 30% increase year-over-year, with 40% from systems and 60% from recurring revenue [5][10] - Full year revenue for 2025 was $453 million, up 13% year-over-year, indicating a market recovery trajectory [6][10] - Gross margin for Q4 was 40.8%, lower than guidance due to one-time inventory charges, with expectations for Q1 gross margin to return to approximately 45% [11][14] Business Line Data and Key Metrics Changes - Recurring business accounted for about 60% of total revenue in Q4, with recurring bookings up 34% sequentially [4][10] - Systems demand increased by 47% quarter-over-quarter, driven by higher equipment orders from major global customers [4][10] - Recurring revenue grew 4% quarter-over-quarter and 25% year-over-year, reflecting strong customer reliance on Cohu [5][10] Market Data and Key Metrics Changes - Test serialization trends improved, with estimated test serialization at 76% by the end of December, particularly strong in computing (78%) and automotive (75%) segments [7][10] - The top ten customers accounted for approximately 63% of Q4 bookings, indicating a healthy level of diversification [5][10] Company Strategy and Development Direction - Cohu is focusing on high-performance computing, HBM memory, and AI-related high-growth opportunities, streamlining offerings to better align with customer needs [11][12] - The company aims to support R&D investments enabling design wins in compute markets, including AI data center infrastructure [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating regional shifts and aligning with customers investing in long-term technology transitions [9][10] - The company anticipates a balanced mix of recurring and system revenue, with positive momentum entering 2026 [10][15] Other Important Information - Cash and investments increased by $286 million during Q4, totaling $484 million at year-end, primarily due to proceeds from convertible debt and operational cash generation [12] - Total debt stands at $305 million, including $288 million from the Q4 convertible debt offering [12] Q&A Session Summary Question: Order activity in Q4 - Management noted systems orders were up 47% quarter-over-quarter, with recurring orders up 34% [18][20] Question: Revenue from Neon high bandwidth memory - The company exited 2025 with $11 million in HBM revenue and forecasts $15 million to $20 million for 2026 [22][23] Question: Eclipse activity and capacity - Management confirmed capacity to meet demand for the Eclipse handler, with production ramping expected in the second quarter [25][26] Question: Customer activity changes - Management observed increased demand from traditional customers and strong pull for the Eclipse product line in compute and mobile applications [34][36] Question: IDM versus OSAT performance - Utilization rates for IDMs were slightly higher than OSATs in Q4, with expectations for OSATs to potentially increase faster in Q1 [49][50]

Financial Data and Key Metrics Changes - Fourth quarter revenue reached $122 million, a 30% increase year-over-year, with 40% from systems and 60% from recurring revenue [5][10] - Full year revenue for 2025 was $453 million, up 13% year-over-year, indicating a market recovery trajectory [5][10] - Gross margin for Q4 was 40.8%, lower than guidance due to one-time inventory charges [11] - Cash and investments increased by $286 million during Q4, totaling $484 million at year-end [12] Business Line Data and Key Metrics Changes - Recurring business represented about 60% of total revenue in Q4, with recurring bookings up 34% sequentially [4][5] - Systems demand increased by 47% quarter-over-quarter, driven by higher equipment orders from major global customers [4][5] - Recurring revenue grew 4% quarter-over-quarter and 25% year-over-year, reflecting strong customer reliance [5] Market Data and Key Metrics Changes - Test serialization trends improved, with overall utilization reaching 76% by the end of December, with computing at 78% and automotive at 75% [6][9] - The top ten customers accounted for approximately 63% of Q4 bookings, indicating healthy diversification [5] Company Strategy and Development Direction - The company is focusing on high-performance computing, HBM memory, and AI-related high-growth opportunities [11][12] - A strategic convertible notes offering was completed, raising gross proceeds of $287.5 million to strengthen the balance sheet and support strategic initiatives [12][14] - The company aims to support R&D investments enabling design wins in compute markets, including AI data center infrastructure [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating regional shifts while aligning with customers investing in long-term technology transitions [9] - The outlook for Q1 2026 anticipates seasonally flat revenue with recurring revenue expected to represent about 60% of total revenue [15] - Management noted an increase in customer engagement and design win traction, entering 2026 with positive momentum [10][16] Other Important Information - The company secured multiple design wins across various sectors, including automotive ADAS and AI device testing [8][9] - The company has a balanced mix of recurring and system revenue, which is expected to support growth in 2026 [10] Q&A Session Summary Question: Order activity in Q4 - Management noted systems orders were up 47% quarter-over-quarter, with recurring orders up 34% [19][20] Question: Revenue from Neon high bandwidth memory - The company exited 2025 with $11 million in HBM revenue and forecasts $15 million to $20 million for 2026 [22][23] Question: Eclipse activity and capacity - The company confirmed it has the capacity to meet demand for the Eclipse handler, with production ramping expected in the second quarter [25][26] Question: Customer activity changes - Management observed increased demand from traditional customers and strong pull for the Eclipse product line in compute and mobile applications [33] Question: IDM versus OSAT performance - Utilization rates for IDMs were slightly higher than OSATs in Q4, with expectations that OSATs may see faster growth in Q1 [46][47]

Q4'25 FINANCIAL RESULTS February 12, 2026 © Cohu, Inc. All rights reserved. Page 1 Cautionary Statement Regarding Forward-Looking Statements Forward-Looking Statements: Certain statements contained in this presentation may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding order and market trends, design wins, new product introductions or new market opportunities; progress and impact of manufacturing infras ...

Exhibit 99.1 COHU, INC. 17087 VIA DEL CAMPO SAN DIEGO, CA 92127 FAX (858) 848-8185 PHONE (858) 858-8100 www.cohu.com Cohu Reports Fourth Quarter 2025 Results SAN DIEGO, Calif., February 12, 2026 – Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, today reported fiscal 2025 fourth quarter net sales of $122.2 million and GAAP loss of $22.5 million or $0.48 per share. Net sales for full year 2025 were $453.0 million with GAAP l ...