Cohu, Inc. reported a significant increase in financial performance for the second quarter of fiscal 2026, with net sales reaching $149.0 million, a 38.4% increase from $107.7 million in the same period last year. For the first six months of fiscal 2026, net sales totaled $274.1 million, up 34.1% from $204.5 million in the prior year. The growth was primarily driven by strong demand in artificial intelligence (AI) and industrial semiconductor markets, despite ongoing challenges in automotive and consumer sectors. The company reported a net loss of $0.2 million for the quarter, a notable improvement compared to a net loss of $16.9 million in the second quarter of fiscal 2025.
Cohu's gross margin improved to 45.4% in the second quarter of fiscal 2026, compared to 43.7% in the same quarter of the previous year. This increase was attributed to a favorable product mix and higher overall business volume, which enhanced the utilization of existing manufacturing capabilities. Research and development expenses rose to $24.9 million, reflecting continued investment in product development, while selling, general, and administrative expenses increased to $34.4 million, driven by higher business activity.
The company has also been actively managing its operational structure through a strategic restructuring program initiated in fiscal 2025, aimed at optimizing costs and improving profitability. Restructuring charges for the first six months of fiscal 2026 totaled $1.4 million, down from $7.8 million in the same period last year, indicating progress in the program's implementation. Cohu's total debt as of June 27, 2026, was approximately $304.4 million, with $279.3 million attributed to convertible senior notes due in 2031.
Cohu's cash and cash equivalents, along with short-term investments, totaled $498.2 million as of June 27, 2026, reflecting a slight increase from $484.0 million at the end of the previous fiscal year. The company reported net cash provided by operating activities of $20.8 million for the first six months of fiscal 2026, supported by favorable working capital changes. Looking ahead, Cohu remains focused on expanding its addressable market through innovative products and solutions, particularly in AI-driven applications, while navigating the complexities of the semiconductor industry.
About COHU INC
Cohu, Inc. is a global provider of semiconductor test, interface, automation, inspection, and metrology equipment and related services. Its product portfolio supports semiconductor manufacturing and testing, serving integrated device manufacturers, fabless design houses, and test subcontractors worldwide. The company focuses on innovative hardware and software solutions to enhance yield, productivity, and time-to-market in the highly competitive semiconductor industry.
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