The strong beat and raised HPC revenue outlook, combined with a $1B pipeline and 318% systems bookings growth, point to accelerating demand for Eclipse thermal solutions. Monitor Q4 guidance execution and any further pipeline expansion as key catalysts for the stock.
Price Chart
Executive Summary
Cohu reported Q3 2026 revenue of $173.0M, up 37% YoY and above the $170.2M consensus, with GAAP EPS of $0.22 and non-GAAP EPS of $0.43, well above the Street consensus of $0.34. The company raised its FY26 high-performance computing revenue outlook to ~$120M and guided Q4 2026 revenue of $178M +/- $7M, representing 46% YoY growth, signaling continued strong demand driven by AI and HPC adoption of its Eclipse thermal solutions.
Key Financial Metrics
Key Facts
- Q3 2026 net sales of $173.0M, up 37% year-over-year from $126.2M
- GAAP net income of $12.1M or $0.22 per diluted share, vs a loss of $4.1M or ($0.09) in Q3 2025
- Non-GAAP net income of $23.3M or $0.43 per diluted share, vs a loss of $2.8M or ($0.06) in Q3 2025
- Bookings increased 126% year-over-year with systems up 318% and recurring up 36%
- Estimated test cell utilization increased 200 bps sequentially to 82%
- Annual AI-driven compute opportunity pipeline grew 18% sequentially to ~$1.0 billion
- Raised FY26 high-performance computing revenue outlook to approximately $120 million
- Q4 2026 revenue guidance of $178M +/- $7M, representing 46% year-over-year growth
- Total cash and investments at end of Q3 2026 were $507.9M, up from $483.98M at year-end 2025
- No shares repurchased during Q3 2026
Financial Impact
Revenue beat consensus by $2.8M (1.6%), non-GAAP EPS of $0.43 beat consensus of $0.34 by 26.5%. Revenue growth of 37% YoY and a swing to GAAP profitability from a loss in the prior year.
Risk Factors
- Semiconductor industry cyclicality and potential demand normalization
- Execution risk in expanding manufacturing capacity to meet 2027 system forecasts
- Geopolitical and tariff risks given international operations
- High customer concentration and rapid technology change
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-033788 |
| Document: cohu20261026_8k.htm | 0001437749-26-033788 |
| Document: 0001437749-26-033788-index-headers.html | 0001437749-26-033788 |
| Document: 0001437749-26-033788-index.html | 0001437749-26-033788 |
| Document: 0001437749-26-033788.txt | 0001437749-26-033788 |
| 8-K Data (Synthetic) | 0001437749-26-033788 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $54.46 | awaiting T+60 | awaiting T+60 | $50.79 (−6.74%) |
Aug 6, 2026 12w ago | Insider Cluster | $52.88 | awaiting T+60 | awaiting T+60 | $50.79 (−3.95%) |
Jun 20, 2026 18w ago | Institutional Cluster | $70.07 $49.97 | ▼ −28.69% | ▼ −30.43% | $50.79 (−27.52%) |
May 26, 2026 22w ago | Insider Cluster | $54.94 $54.11 | ▼ −1.51% | ▼ −3.39% | $50.79 (−7.55%) |
May 22, 2026 22w ago | Insider Cluster | $49.93 $55.19 | ▲ +10.53% | ▲ +7.81% | $50.79 (+1.72%) |
May 18, 2026 23w ago | Insider Cluster | $44.20 $56.14 | ▼ −27.01% | ▼ −22.16% | $50.79 (−14.91%) |
May 18, 2026 23w ago | Insider Cluster | $44.20 $56.14 | ▲ +27.01% | ▲ +22.16% | $50.79 (+14.91%) |
May 18, 2026 23w ago | Insider Cluster | $44.20 $56.14 | ▲ +27.01% | ▲ +22.16% | $50.79 (+14.91%) |
May 11, 2026 24w ago | Insider Cluster | $51.28 $51.73 | ▲ +0.88% | ▼ −3.51% | $50.79 (−0.96%) |
US Market Status
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