Cohu Q3 Sales Up 37% to $173M; Q4 Guided to $178M and HPC Outlook Raised to ~$120M
COHU has more than doubled off its 52-week low of $21.1.
Summary
Cohu reported Q3 2026 sales of $173.0 million (up 37% year-over-year) and GAAP EPS of $0.22, then guided Q4 to $178 million +/- $7 million and raised its fiscal 2026 AI/HPC revenue outlook to roughly $120 million on bookings up 126%.
Key Events · Earnings and Guidance · COHU
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Q3 Sales Jump 37% to $173M
Net sales reached $173.0 million versus $126.2 million a year ago. GAAP net income was $12.1 million, or $0.22 per diluted share, compared with a $4.1 million loss in Q3 2025. Non-GAAP EPS came in at $0.43.
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Q4 Guided to $178M, Up 46%
For the fourth quarter of 2026, management expects sales of $178 million +/- $7 million, up 46% year-over-year, implying the current ramp continues into the December quarter.
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Bookings Up 126%, HPC Pipeline ~$1B
Bookings rose 126% year-over-year, with systems up 318% and recurring up 36%. The annual AI-driven compute opportunity pipeline grew 18% sequentially to approximately $1.0 billion, and the fiscal 2026 HPC revenue outlook was raised to about $120 million.
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Eclipse Ramp Drives Capacity Spend
Several hundred Eclipse thermal systems are currently forecast for 2027, and Cohu is expanding manufacturing capacity and supply-partner capabilities to support potential customer production ramps — added cost ahead of revenue.
Analysis · COHU · Industrial Applications And Services
The cyclical recovery at Cohu is now tangible: third-quarter sales of $173.0 million rose 37% year-over-year, and GAAP net income turned positive at $12.1 million ($0.22 per share) versus a $4.1 million loss a year ago. More important is what lies ahead. Bookings jumped 126% year-over-year, with systems up 318%, while the AI/high-performance-computing opportunity pipeline grew 18% sequentially to roughly $1.0 billion. Management also raised its fiscal 2026 HPC revenue outlook to about $120 million and guided fourth-quarter sales to $178 million +/- $7 million, up 46% year-over-year. Such guidance implies the ramp continues rather than peaking, and several hundred Eclipse systems are already forecast for 2027. The offset: this is a capital-intensive ramp. Management is expanding manufacturing capacity and supply partners, and the balance sheet carries $285.2 million of long-term debt against $507.9 million of cash and investments. No shares were repurchased in the quarter.
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At the time of this filing, COHU was trading at $53.14 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $21.10 to $75.72. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.