Cohu Inc Dossier
Qualitative Analysis
Business overview
Cohu, Inc. (NASDAQ: COHU) is a global technology leader supplying semiconductor test and inspection handlers, micro-electromechanical system (MEMS) test modules, test contactors, thermal sub-systems, and advanced data analytics software. The company operates in a single reportable segment: Semiconductor Test and Inspection Equipment. Cohu's integrated solutions optimize manufacturing yield and productivity, accelerating time-to-market for global semiconductor manufacturers and outsourced semiconductor assembly and test (OSAT) providers. Geographically, the company generates its maximum revenue from the Philippines, followed by Taiwan, China, Malaysia, and the United States.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Targeting the AI-driven semiconductor cycle by expanding the addressable market for test handlers and HBM inspection to an estimated $750 million pipeline across 12 key customers.
Expected impact: Aims to increase HPC-related revenue to approximately $80 million to $100 million in fiscal 2026.
Expanding Cohu's analytics software footprint into broader production deployments by integrating Tignis' AI-powered process control software with Cohu's DI-Core platform.
Expected impact: Aims to more than double annualized software bookings in 2026 and expand high-margin recurring revenue streams.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To expand Cohu's analytics offerings to the estimated $2.6 billion semiconductor process control market and integrate AI/ML-powered predictive and prescriptive automation into Cohu's DI-Core software.
Financial impact: Debt-free transaction funded with cash on hand. Preliminary cash purchase price was $35.1 million (net cash payment of $34.9 million), exclusive of a potential $5.0 million earnout based on achieving targets through December 31, 2025.
To expand Cohu's Interface Solutions Group with mid- to high-power test contactors and consumables, enhancing complex machining capabilities and recurring revenue in automotive and industrial markets.
Financial impact: Accretive to Cohu's fiscal 2024 financial results.