Cohu(US:COHU)2026-02-12 21:03Financial Performance - Fourth quarter 2025 net sales were $122.2 million, a 30% increase year-over-year, while full year 2025 net sales reached $453.0 million, up 13% from 2024[2][6] - GAAP net loss for Q4 2025 was $22.5 million or $0.48 per share, compared to a loss of $4.1 million or $0.09 per share in Q3 2025[2][4] - Non-GAAP net loss for Q4 2025 was $7.2 million or $0.15 per share, with a full year non-GAAP loss of $10.1 million or $0.22 per share[3][4] - GAAP net loss for the three months ended December 27, 2025, was $22.488 million, compared to a loss of $21.358 million for the same period in 2024, reflecting a 5.3% increase in losses[19] - Non-GAAP net loss for the three months ended December 27, 2025, was $7.196 million, compared to a loss of $7.076 million for the same period in 2024, indicating a 1.7% increase in losses[19] - The company reported a net loss of $74,273,000 for the twelve months ended December 27, 2025, compared to a net loss of $69,818,000 in the previous year[26] Revenue and Growth - Fourth quarter recurring revenue grew 25% year-over-year, driven by strong demand across services and interface solutions[5][6] - Cohu expects first quarter 2026 sales to be in the range of $122 million +/- $7 million[5] Cash and Investments - Total cash and investments at the end of Q4 2025 were $484.0 million, following the issuance of $287.5 million in convertible senior notes[4] - Cash and investments increased to $483.981 million in December 2025 from $262.092 million in December 2024, representing an increase of 84.5%[18] - The company issued $287.5 million of 1.50% Convertible Senior Notes due 2031, with net proceeds totaling approximately $246.7 million after debt-issuance costs[18] Assets and Liabilities - Total current assets rose to $749.990 million in December 2025, up from $534.307 million in December 2024, a growth of 40.4%[18] - Long-term debt surged to $285.026 million in December 2025 from $7.052 million in December 2024, marking a significant increase of 3,925.5%[18] Operational Performance - Gross margin for full year 2025 was 42.7%, with a non-GAAP gross margin of 43.3%[6] - Non-GAAP income from operations for the twelve months ended December 27, 2025, was $2.130 million, compared to a loss of $6.751 million for the same period in 2024, indicating a turnaround in operational performance[22] - GAAP gross profit for the three months ended December 27, 2025, was $48,929,000, representing 40.0% of net sales[24] - Non-GAAP gross profit for the same period was $49,832,000, or 40.8% of net sales, compared to 44.1% in the previous quarter[24] - Adjusted EBITDA for the three months ended December 27, 2025, was $3,800,000, or 3.1% of net sales, down from 9.2% in the previous quarter[24] - For the twelve months ended December 27, 2025, GAAP gross profit was $193,619,000, or 42.7% of net sales, compared to 44.9% in the previous year[26] - Non-GAAP gross profit for the twelve months was $196,094,000, or 43.3% of net sales, slightly down from 45.0% in the previous year[26] - Adjusted EBITDA for the twelve months ended December 27, 2025, was $17,402,000, representing 3.8% of net sales, up from 1.8% in the previous year[27] Expenses - Operating expenses on a GAAP basis for the twelve months were $263,388,000, compared to $251,962,000 in the previous year[27] - Non-GAAP operating expenses for the twelve months were $193,964,000, an increase from $187,640,000 in the previous year[27] Acquisitions - The company completed the acquisition of Tignis, Inc. on January 7, 2025, integrating its operations into Cohu's results[17] - The company made a cash payment of $34.8 million to acquire Tignis, Inc. on January 7, 2025[18]