COHU earnings call summary

Prepared Highlights

• Q2 2025 revenue was $107.7 million, in line with guidance (CFO).
• Non-GAAP gross margin in Q2 was 44.4%, in line with guidance (CFO).
• Recurring revenue represented 63% of total Q2 revenue; systems revenue comprised the balance (CEO, CFO).
• Q2 operating expenses were $47.7 million, in line with guidance (CFO).
• Q2 non-GAAP EPS was $0.02 (CFO).
• Q2 cash flow from operations was $16 million; total cash and investments increased by $8 million to $209 million (CFO).
• Q2 CapEx was $2.7 million; annual CapEx target maintained at $20 million (CFO).
• No customer accounted for more than 10% of Q2 sales (CFO).
• Q2 estimated test cell utilization increased 3 points quarter-over-quarter to 75% (CEO).
• Orders improved quarter-over-quarter, driven primarily by the mobile end market (CEO).
• Secured a $28 million design win order for the Eclipse handler from an existing customer for mobile and automotive end markets (CEO).
• Landed $3.5 million in new customer wins in Q2 across testers, handlers, and inspection systems (CEO).
• Software business booked $360,000 in Q2 with annual recurring revenue (ARR) of $530,000 (CEO).
• Interface business secured a design win with qualification of the Ultra-S contactor from a leading IDM customer, with a revenue stream opportunity of approximately $20 million in the precision analog market (CEO).
• Official guidance: Q3 2025 revenue approximately $125 million, plus or minus $7 million (CFO). Q3 gross margin projected at approximately 44% (CFO). Q3 operating expenses projected at about $50 million (CFO). Q3 revenue mix expected to be 47% systems and 53% recurring (CFO). Q3 interest income net of interest expense and foreign currency impacts approximately $900,000 (CFO). Q3 tax provision approximately $15 million due to a onetime year-to-date true-up (CFO). Q4 2025 effective tax rate expected in the 30% to 35% range (CFO). Basic share count for Q3 expected to be approximately 46.8 million shares (CFO).

Mgmt quotes:

• "Our estimated test cell utilization increased by 3 points quarter-over-quarter to 75%, which historically indicates the industry is entering a recovery cycle." (CEO)
• "We also secured our first system order from a customer in India for silicon carbide test, opening a new geographical opportunity for our products." (CEO)
• "We're introducing the new Eclipse handler model, a configurable platform targeting share expansion at test subcontractors." (CEO)
• "We recognize the market recovery will not be linear, and we're likely to see some seasonal slowdown again in Q4 this year, but we're optimistic about our prospects, especially with our growing exposure in computing with service and data center processor test and HBM inspection." (CEO)
• "Recent system orders for mobile and automotive test are driving a 16% increase in revenue quarter-over-quarter." (CFO)

Prepared Metrics

Q&A Batch (1-4 of 4)

Q1 — Brian Edward Chin

• Topic: $28M订单季度分布与业务来源；行业复苏信号
• Key points:
  • 订单Q2已确认收入约$4M；Q3、Q4各约$12M。
  • 该订单为移动领域数字测试业务，属现有客户设计扩展；客户自身市场表现良好。
  • Q2订单全板块环比改善（计算除外）：移动显著增长（受该订单驱动），汽车/工业增幅超100%，消费微增，计算微降。
  • 汽车市场出现“绿芽”订单（客户近2年基本休眠）；管理层预计有典型Q4季节性放缓，但整体处于复苏轨道。
• Mgmt stance: 乐观（利用率提升 + 订单回暖 + 设计扩展，但复苏非直线）。

Q2 — Yu Shi

• Topic: $28M订单驱动因素（关税/产品周期）；Q4季节性指引
• Key points:
  • 订单无关税影响；主要驱动力为移动领域边缘AI部署，及汽车领域ADAS/信息娱乐扩展。
  • 剔除该订单影响，管理层预计Q4其余业务环比下降中个位数百分比。
• Mgmt stance: 谨慎乐观（订单由技术需求驱动；Q4季节性回落属正常预期，但仍处早期）。

Q3 — Craig Andrew Ellis

• Topic: 客户对2026年展望；Eclipse Gen 2.5新平台机会
• Key points:
  • 最大客户（汽车/工业）库存天数持续下降；部分客户已确认汽车市场Q1/Q2触底，预计2026年逐步、环比改善，非V型复苏。
  • 移动领域：Q1见订单回升，Q3加速，Q4后随2026年新品发布节奏变化。
  • Eclipse 2.5两个核心升级：单一平台覆盖被动元件到三温汽车ADAS/计算等4种配置；功耗测试能力达3,000瓦（适用于最新GPU）。
  • 目标客户为无晶圆厂（fabless），最终流向OSAT；OSAT倾向灵活平台以优化资本使用。
• Mgmt stance: 乐观（客户复苏共识明确；新产品打开高端计算测试机会）。

Q4 — David Duley

• Topic: Eclipse在GPU/ASIC热控处理市场的竞争进展；区域利用率差异
• Key points:
  • 当前评估主要在无晶圆厂端，将扩展到OSAT；预计1-2个季度内可见GPU领域更实质性进展。
  • 客户寻求“面向未来的平台”以避免短期过时，非因竞争产品升级，而是为优化多年资本投资。
  • 整体利用率环比+3个百分点至75%；其中IDM利用率环比+5个百分点，OSAT利用率环比+1个百分点。
• Mgmt stance: 乐观（客户需求驱动的窗口期；产品性能满足未来多代需求）。