Cohu reported higher third-quarter revenue and bookings, while the market reaction was roughly flat at +0.5%. The company raised its 2026 high-performance computing revenue outlook, but much of the HPC opportunity remains in qualification rather than production.
- Revenue rose 37% year over year to $173 million; bookings grew 126%, with systems bookings up 318% and recurring bookings up 36%.
- Book-to-bill was above 1. Systems made up 59% of bookings and recurring business 41%.
- Cohu raised its 2026 HPC revenue outlook to approximately $120 million. Its annual HPC opportunity pipeline reached about $1 billion, including $230 million in qualified annual revenue potential and $440 million in active qualification.
- The company is targeting delivery of roughly three times as many Eclipse handlers in 2027 as in 2026, while working to scale manufacturing and supply capacity.
- Semiconductor test stabilization reached 82%, up 2 percentage points sequentially and 7.5 points year over year. Neon inspection backlog extended into the first quarter of 2027.
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