Cohu, Inc. Q2 2026 Earnings Recap

Shares surged 22% post-earnings, driven by significantly stronger than expected bookings and revenue growth fueled primarily by robust demand in high performance computing and industrial segments, alongside encouraging capacity expansion plans.

Key Takeaways

• Q2 sales grew 38% year-over-year to $149 million, with recurring revenue representing approximately 53% of total sales.
• High performance computing bookings surged 150% year-over-year, now supporting a raised fiscal 2026 revenue estimate of $100–110 million in this segment.
• Industrial segment orders increased 87% year-over-year, while consumer grew 29%, mobile remained flat, and automotive declined 24%.
• Semiconductor test utilization improved sequentially to 80%, suggesting a positive shift towards capex by core IDM customers.
• Capacity expansion underway in Malaysia aims to double manufacturing output by year-end and further increase capacity by mid-2027 to meet growing demand.