Cohu Q2 Sales Beat Expectations: $107.7M Revenue, Q3 Guidance $118.0M - $132.0M

Cohu, Inc. reported Q2 sales of $107.7M, beating expectations of $106.0M. The company also announced Q3 revenue guidance of $118.0M-$132.0M. B. Riley raised its price target on Cohu to $25 from $23 and maintained a "Buy" rating.

Cohu, Inc. (NASDAQ: COHU) reported strong financial results for the second quarter of 2025, exceeding market expectations and raising its revenue guidance for the third quarter. The company's net sales for the quarter reached $107.7 million, surpassing the estimated $106.0 million. This performance was driven by a 63% recurring gross margin of 43.7% and a non-GAAP gross margin of 44.4%. Cohu also reported a GAAP loss of $16.9 million or $0.36 per share, with non-GAAP income of $0.7 million or $0.02 per share [1].

The company's test cell utilization increased by 3 percentage points quarter-over-quarter to 75%, indicating strong operational efficiency. Additionally, Cohu secured a $28 million design-win order for Mobile and Automotive test, which is expected to ship through the fourth quarter of 2025. These developments have bolstered Cohu's cash position, with total cash and investments increasing by $8.6 million to $209.4 million at the end of the second quarter [1].

Cohu's President and CEO, Luis Müller, commented on the quarter's performance, stating, "Second quarter 2025 results were in line with guidance, test cell utilization is up a few points across all Cohu segments, and we secured a $28 million design-win order from a customer serving mobile and automotive end-markets" [1].

Looking ahead, Cohu expects its third quarter 2025 sales to be in a range of $125 million +/- $7 million, with the company's revenue guidance for the third quarter raised to $118.0 million-$132.0M. B. Riley & Co. raised its price target on Cohu to $25 from $23 and maintained a "Buy" rating, reflecting investor confidence in the company's prospects [2].

References:
[1] https://finance.yahoo.com/news/cohu-reports-second-quarter-2025-200000168.html
[2] https://www.nasdaq.com/articles/mgm-mgm-q2-revenue-tops-estimates-2