COHU INC
For the period ended Sep 27, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 27, 2025 · Filed Oct 30, 2025
COHU$43.40+12.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
| Condensed Consolidated Balance Sheets September 27, 2025 (unaudited) and December 28, 2024 | 3 | |
| Condensed Consolidated Statements of Operations (unaudited) Three and Nine Months Ended September 27, 2025 and September 28, 2024 | 4 | |
| Condensed Consolidated Statements of Comprehensive Loss (unaudited) Three and Nine Months Ended September 27, 2025 and September 28, 2024 | 5 | |
| Condensed Consolidated Statements of Stockholders’ Equity (unaudited) Three and Nine Months Ended September 27, 2025 and September 28, 2024 | 6 | |
| Condensed Consolidated Statements of Cash Flows (unaudited) Nine Months Ended September 27, 2025 and September 28, 2024 | 7 | |
| Notes to Unaudited Condensed Consolidated Financial Statements | 8 | |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 30 |
|---|---|---|
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 41 |
| Item 4. | Controls and Procedures | 43 |
| Part II | Other Information | 44 |
| Item 1. | Legal Proceedings | 44 |
| Item 1A. | Risk Factors | 44 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 46 |
| Item 3. | Defaults Upon Senior Securities | 46 |
| Item 4. | Mine Safety Disclosures | 46 |
| Item 5. | Other Information | 46 |
| Item 6. | Exhibits | 47 |
| Signatures | 48 |
Item 1.
COHU, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value amounts)
| September 27, | December 28, | |
|---|---|---|
| 2025 | 2024 * | |
| (Unaudited) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $149,944 | $206,407 |
| Short-term investments | 48,213 | 55,685 |
| Accounts receivable, net | 123,895 | 91,619 |
| Inventories | 134,246 | 141,861 |
| Prepaid expenses | 25,686 | 19,293 |
| Other current assets | 31,532 | 19,442 |
| Total current assets | 513,516 | 534,307 |
| Property, plant and equipment, net | 77,122 | 74,786 |
| Goodwill | 282,293 | 234,639 |
| Intangible assets, net | 86,442 | 110,717 |
| Other assets | 31,199 | 31,058 |
| Operating lease right of use assets | 30,699 | 13,908 |
| $1,021,271 | $999,415 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Short-term borrowings | $9,714 | $633 |
| Current installments of long-term debt | 1,244 | 1,115 |
| Accounts payable | 51,341 | 30,554 |
| Customer advances | 3,246 | 2,764 |
| Accrued compensation and benefits | 24,652 | 20,023 |
| Deferred profit | 8,162 | 3,589 |
| Accrued warranty | 4,173 | 2,971 |
| Income taxes payable | 1,697 | 2,394 |
| Other accrued liabilities | 12,683 | 21,141 |
| Total current liabilities | 116,912 | 85,184 |
| Long-term debt | 6,881 | 7,052 |
| Deferred income taxes | 16,300 | 19,402 |
| Noncurrent income tax liabilities | 3,545 | 5,691 |
| Accrued retirement benefits | 7,679 | 8,481 |
| Long-term lease liabilities | 32,059 | 9,893 |
| Other accrued liabilities | 6,806 | 6,821 |
| Stockholders’ equity | ||
| Preferred stock, $1 par value; 1,000 shares authorized, none issued | - | - |
| Common stock, $1 par value; 90,000 shares authorized, 49,745 shares issued and outstanding in 2025 and 49,601 shares in 2024 | 49,745 | 49,601 |
| Paid-in capital | 706,157 | 697,489 |
| Treasury stock, at cost; 3,043 shares in 2025 and 2,891 shares in 2024 | (88,193) | (87,784) |
| Retained earnings | 196,955 | 248,740 |
| Accumulated other comprehensive loss | (33,575) | (51,155) |
| Total stockholders’ equity | 831,089 | 856,891 |
| $1,021,271 | $999,415 | |
*Derived from December 28, 2024, audited financial statements
COHU, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 27, | September 28, | September 27, | September 28, | |
| 2025 | 2024 | 2025 | 2024 | |
| Net sales | $126,249 | $95,342 | $330,726 | $307,657 |
| Cost and expenses: | ||||
| Cost of sales (1) | 70,985 | 50,685 | 186,036 | 166,829 |
| Research and development | 22,454 | 20,324 | 68,794 | 64,002 |
| Selling, general and administrative | 31,768 | 30,297 | 91,645 | 97,497 |
| Amortization of purchased intangible assets | 10,249 | 9,791 | 30,182 | 29,334 |
| Restructuring charges | 509 | 14 | 8,347 | 36 |
| 135,965 | 111,111 | 385,004 | 357,698 | |
| Loss from operations | (9,716) | (15,769) | (54,278) | (50,041) |
| Other (expense) income: | ||||
| Interest expense | (110) | (86) | (434) | (519) |
| Interest income | 1,335 | 2,609 | 4,334 | 7,651 |
| Foreign transaction loss | (111) | (1,579) | (551) | (2,493) |
| Pension curtailment gain | 787 | - | 2,317 | - |
| Loss on extinguishment of debt | - | - | - | (241) |
| Loss before taxes | (7,815) | (14,825) | (48,612) | (45,643) |
| Income tax provision (benefit) | (3,714) | 3,231 | 3,173 | 2,817 |
| Net loss | $(4,101) | $(18,056) | $(51,785) | $(48,460) |
| Loss per share: | ||||
| Basic | $(0.09) | $(0.39) | $(1.11) | $(1.03) |
| Diluted | $(0.09) | $(0.39) | $(1.11) | $(1.03) |
| Weighted average shares used in computing loss per share: | ||||
| Basic | 46,748 | 46,815 | 46,685 | 46,971 |
| Diluted | 46,748 | 46,815 | 46,685 | 46,971 |
| (1) | Excludes amortization of purchased intangibles of $7,873 and $7,518 for the three months ended September 27, 2025, and September 28, 2024, respectively, and $23,171 and $22,526 for the nine months ended September 27, 2025, and September 28, 2024, respectively. |
COHU, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(in thousands)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 27, | September 28, | September 27, | September 28, | |
| 2025 | 2024 | 2025 | 2024 | |
| Net loss | $(4,101) | $(18,056) | $(51,785) | $(48,460) |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation adjustments | (622) | 9,476 | 18,933 | (2,947) |
| Adjustments related to postretirement benefits | (355) | (389) | (1,392) | (38) |
| Change in unrealized gain/loss on investments | 38 | 263 | 39 | 161 |
| Other comprehensive income (loss), net of tax | (939) | 9,350 | 17,580 | (2,824) |
| Comprehensive loss | $(5,040) | $(8,706) | $(34,205) | $(51,284) |
COHU, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except par value and per share amounts)
| Accumulated | ||||||
|---|---|---|---|---|---|---|
| Common · other | ||||||
| stock · Paid-in · Retained · comprehensive · Treasury | ||||||
| Three Months Ended September 27, 2025) | $1 par value | capital | earnings | loss | stock | Total |
| Balance at June 28, 2025 | $49,745 | $700,763 | $201,056 | $(32,636) | $(88,385) | $830,543 |
| Net loss | - | - | (4,101) | - | - | (4,101) |
| Changes in cumulative translation adjustment | - | - | - | (622) | - | (622) |
| Adjustments related to postretirement benefits, net of tax | - | - | - | (355) | - | (355) |
| Changes in unrealized gains and losses on investments, net of tax | - | - | - | 38 | - | 38 |
| Shares issued for restricted stock units vested | - | (287) | - | - | 287 | - |
| Repurchase and retirement of stock | - | 22 | - | - | (78) | (56) |
| Common stock repurchases | - | - | - | - | (17) | (17) |
| Share-based compensation expense | - | 5,659 | - | - | - | 5,659 |
| Balance at September 27, 2025 | $49,745 | $706,157 | $196,955 | $(33,575) | $(88,193) | $831,089 |
| Balance at December 28, 2024 | $49,601 | $697,489 | $248,740 | $(51,155) | $(87,784) | $856,891 |
| Net loss | - | - | (51,785) | - | - | (51,785) |
| Changes in cumulative translation adjustment | - | - | - | 18,933 | - | 18,933 |
| Adjustments related to postretirement benefits, net of tax | - | - | - | (1,392) | - | (1,392) |
| Changes in unrealized gains and losses on investments, net of tax | - | - | - | 39 | - | 39 |
| Shares issued under ESPP | 144 | 1,813 | - | - | - | 1,957 |
| Shares issued for restricted stock units vested | - | (12,555) | - | - | 12,555 | - |
| Repurchase and retirement of stock | - | 1,846 | - | - | (4,377) | (2,531) |
| Common stock repurchases | - | - | - | - | (8,587) | (8,587) |
| Share-based compensation expense | - | 17,564 | - | - | - | 17,564 |
| Balance at September 27, 2025 | $49,745 | $706,157 | $196,955 | $(33,575) | $(88,193) | $831,089 |
| Balance at June 29, 2024 | $49,507 | $685,522 | $288,154 | $(46,953) | $(80,020) | $896,210 |
| Net loss | - | - | (18,056) | - | - | (18,056) |
| Changes in cumulative translation adjustment | - | - | - | 9,476 | - | 9,476 |
| Adjustments related to postretirement benefits, net of tax | - | - | - | (389) | - | (389) |
| Changes in unrealized gains and losses on investments, net of tax | - | - | - | 263 | - | 263 |
| Shares issued for restricted stock units vested | - | (369) | - | - | 369 | - |
| Repurchase and retirement of stock | - | 23 | - | - | (114) | (91) |
| Common stock repurchases | - | - | - | - | (8,123) | (8,123) |
| Share-based compensation expense | - | 5,248 | - | - | - | 5,248 |
| Balance at September 28, 2024 | $49,507 | $690,424 | $270,098 | $(37,603) | $(87,888) | $884,538 |
| Balance at December 30, 2023 | $49,429 | $686,146 | $318,558 | $(34,779) | $(69,184) | $950,170 |
| Net loss | - | - | (48,460) | - | - | (48,460) |
| Changes in cumulative translation adjustment | - | - | - | (2,947) | - | (2,947) |
| Adjustments related to postretirement benefits, net of tax | - | - | - | (38) | - | (38) |
| Changes in unrealized gains and losses on investments, net of tax | - | - | - | 161 | - | 161 |
| Shares issued under ESPP | 78 | 1,924 | - | - | - | 2,002 |
| Shares issued for restricted stock units vested | - | (13,045) | - | - | 13,045 | - |
| Repurchase and retirement of stock | - | (60) | - | - | (4,602) | (4,662) |
| Common stock repurchases | - | - | - | - | (27,147) | (27,147) |
| Share-based compensation expense | - | 15,459 | - | - | - | 15,459 |
| Balance at September 28, 2024 | $49,507 | $690,424 | $270,098 | $(37,603) | $(87,888) | $884,538 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.