Cohu, Inc. (COHU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología de semiconductores, Cohu, Inc. (COHU) emerge como un jugador fundamental, transformando el panorama de los equipos de prueba y manejo con su innovador modelo de negocio. Al conectar estratégicamente las capacidades tecnológicas de vanguardia con diversos segmentos de clientes, Cohu ha creado un enfoque integral que impulse la eficiencia y confiabilidad de fabricación de semiconductores. Desde soluciones de prueba de precisión hasta redes de distribución global, el lienzo modelo de negocio de la compañía revela un plan sofisticado que permite una integración perfecta en todo el ecosistema de semiconductores, prometiendo un rendimiento innovador para fabricantes e innovadores tecnológicos en todo el mundo.

Cohu, Inc. (COHU) - Modelo de negocio: asociaciones clave

Fabricantes de equipos de semiconductores estratégicos

Cohu, Inc. se asocia con los siguientes fabricantes de equipos de semiconductores estratégicos:

Pareja	Enfoque de asociación	Tipo de colaboración
Teradyne Inc.	Equipo de prueba de semiconductores	Integración tecnológica
Corporación Advantest	Soluciones de prueba de semiconductores	Desarrollo tecnológico

Proveedores de equipos de pruebas y manipulación electrónica

Las asociaciones clave de pruebas electrónicas y equipos de manejo incluyen:

• KLA Corporation
• Materiales aplicados
• En Innovation Inc.

Socios de tecnología de investigación y desarrollo

Las asociaciones de tecnología de I + D de Cohu implican:

Institución de investigación	Enfoque de investigación	Inversión de colaboración anual
Instituto de Tecnología de Georgia	Tecnologías de empaque de semiconductores	$ 1.2 millones
Universidad de Stanford	Prueba avanzada de semiconductores	$850,000

Redes de fundición de semiconductores globales

Global Semiconductor Foundry Network Asociaciones:

• TSMC (Taiwan Semiconductor Manufacturing Company)
• Samsung Foundry
• GlobalFoundries
• Intel Foundry Services

Contribución de ingresos de la asociación en 2023: $ 142.3 millones

Presupuesto total de colaboración de I + D para 2024: $ 4.5 millones

Cohu, Inc. (Cohu) - Modelo de negocio: actividades clave

Diseño de equipos de prueba y manejo de semiconductores

Cohu, Inc. diseña la prueba de semiconductores avanzados y el equipo de manejo con un enfoque en la ingeniería de precisión. En 2023, la compañía invirtió $ 48.3 millones en investigación y desarrollo para mejorar las capacidades de diseño de equipos.

Categoría de diseño	Inversión anual	Solicitudes de patentes
Equipo de prueba de semiconductores	$ 26.7 millones	17 patentes
Equipo de manejo	$ 21.6 millones	12 patentes

Fabricación de equipos de capital de semiconductores

La compañía opera instalaciones de fabricación en múltiples ubicaciones globales, con una capacidad de fabricación total de 1,200 unidades de prueba de semiconductores por trimestre.

• Ubicaciones de fabricación: Estados Unidos, Malasia, China
• Salida de fabricación anual: 4.800 unidades de prueba de semiconductores
• Tasa de eficiencia de fabricación: 92.5%

Ingeniería e innovación de productos

Cohu mantiene un equipo de ingeniería dedicado de 327 profesionales centrados en la innovación continua de productos.

Métricas de innovación	2023 datos
Ingenieros de I + D	327
Desarrollos de nuevos productos	8 lanzamientos principales de productos
Inversión de innovación	$ 48.3 millones

Atención al cliente y servicios técnicos

Cohu proporciona soporte técnico global integral con capacidades de servicio 24/7 en múltiples regiones.

• Centros de apoyo global: 6 ubicaciones
• Tiempo de respuesta promedio: 2.3 horas
• Calificación de satisfacción del cliente: 94.6%

Gestión global de ventas y distribución

La compañía opera una sólida red global de ventas que abarca múltiples continentes con canales de distribución estratégica.

Región de ventas	Contribución de ingresos	Número de distribuidores
América del norte	$ 187.5 millones	42
Asia Pacífico	$ 226.3 millones	67
Europa	$ 94.2 millones	28

Cohu, Inc. (COHU) - Modelo de negocio: recursos clave

Tecnología avanzada de prueba de semiconductores

A partir de 2024, Cohu, Inc. mantiene una cartera integral de tecnología de pruebas de semiconductores con las siguientes especificaciones:

Tipo de tecnología	Capacidad	Métrico de rendimiento
Equipo de prueba automatizado (ATE)	Plataformas de prueba de alto rendimiento	Hasta 500 millones de ciclos de prueba por segundo
Sistemas de gestión térmica	Prueba de rango de temperatura	-55 ° C a +150 ° C
Tecnología de controladores	Manejo de dispositivos múltiples	Hasta 16 sitios de prueba paralelos

Propiedad intelectual y cartera de patentes

Cohu, Inc. Portafolio de propiedad intelectual:

• Patentes activas totales: 87
• Categorías de patentes: Prueba de semiconductores, tecnología de controladores, gestión térmica
• Inversión anual de I + D: $ 42.3 millones

Talento de ingeniería y experiencia técnica

Composición de la fuerza laboral a partir de 2024:

Categoría de empleado	Número de empleados	Porcentaje
Personal de ingeniería	523	48.7%
Titulares de doctorado	76	7.1%
Maestría	214	19.9%

Instalaciones de fabricación

Ubicaciones de fabricación global:

• Estados Unidos: San Diego, California
• Malasia: Penang
• China: Suzhou
• Manufactura total de pies cuadrados: 185,000 pies cuadrados

Capacidades de investigación y desarrollo

I + D Inversión y áreas de enfoque:

I + D Métrica	Valor 2024
Gastos totales de I + D	$ 42.3 millones
I + D como porcentaje de ingresos	8.6%
Proyectos de investigación activa	37

Cohu, Inc. (COHU) - Modelo de negocio: propuestas de valor

Soluciones de prueba de semiconductores de alta precisión

Cohu, Inc. proporciona soluciones de prueba de semiconductores con las siguientes especificaciones:

Métrico	Valor
Ingresos de equipos de prueba anuales	$ 468.3 millones (2023)
Tasa de precisión de prueba	99.97%
Cuota de mercado global en equipos de prueba de semiconductores	5.2%

Cartera de equipos de prueba y manejo integral

La cartera de equipos de Cohu incluye:

• Equipo de prueba automático (ATE)
• Manejadores de prueba térmica
• Contactores y enchufes
• Soluciones quemadas

Confiabilidad tecnológica avanzada

Métricas de rendimiento de la tecnología:

Parámetro tecnológico	Especificación
Inversión de I + D	$ 83.6 millones (2023)
Cartera de patentes	237 patentes activas
Tasa de confiabilidad del equipo	99.5%

Soporte de fabricación de semiconductores rentables

Métricas de rentabilidad:

• Tasa de reducción de costos del equipo: 12.3% anual
• Mejora de la eficiencia de fabricación: 8.7%
• Costo promedio del ciclo de vida del equipo: $ 2.4 millones

Equipo personalizable para diversas aplicaciones de semiconductores

Capacidades de personalización:

Segmento de aplicación	Opciones de personalización
Electrónica automotriz	98% de adaptabilidad
Semiconductores industriales	95% de configuración
Electrónica de consumo	Rango de modificación del 92%

Cohu, Inc. (Cohu) - Modelo de negocios: relaciones con los clientes

Asociaciones de clientes empresariales a largo plazo

Cohu, Inc. mantiene asociaciones estratégicas con fabricantes de semiconductores clave y clientes de equipos de prueba. A partir del cuarto trimestre de 2023, la compañía reportó 87 relaciones activas de clientes empresariales a largo plazo a través de las pruebas de semiconductores y los segmentos de fabricación.

Segmento de clientes	Número de asociaciones a largo plazo	Duración promedio de la asociación
Fabricantes de semiconductores	52	7.3 años
Electrónica automotriz	18	5.6 años
Pruebas industriales	17	6.2 años

Soporte técnico y servicios de consultoría

Cohu brinda soporte técnico integral con un equipo de soporte global dedicado. En 2023, la compañía mantuvo:

• Disponibilidad de soporte técnico 24/7
• Tiempo de respuesta promedio de 2.1 horas
• 96.7% Calificación de satisfacción del cliente

Equipos de gestión de cuentas dedicados

Cohu emplea equipos especializados de gestión de cuentas en las regiones globales. La estructura de gestión de la cuenta corriente incluye:

Región geográfica	Número de gerentes de cuentas	Cartera promedio de clientes
América del norte	42	8-10 clientes empresariales
Asia-Pacífico	36	7-9 clientes empresariales
Europa	22	6-8 clientes empresariales

Innovación y actualizaciones de productos continuos

Cohu invirtió $ 87.4 millones en I + D durante 2023, centrándose en las innovaciones de tecnología de pruebas de semiconductores. Frecuencia de actualización del producto:

• Lanzamientos principales de productos: 2-3 por año
• Actualizaciones menores de software: trimestralmente
• Mejoras de firmware: mensualmente

Soporte de capacitación e implementación del cliente

Cohu proporciona programas de capacitación integrales con las siguientes métricas para 2023:

Tipo de entrenamiento	Número de sesiones	Participantes totales
Seminarios web en línea	124	3,560
Capacitación técnica en el sitio	86	1,240
Talleres de implementación personalizados	42	620

Cohu, Inc. (Cohu) - Modelo de negocio: canales

Fuerza de ventas empresarial directa

A partir de 2024, Cohu mantiene un equipo de ventas dedicado con 87 representantes de ventas directas dirigidas a clientes de fabricación de semiconductores y electrónicos.

Métrico de canal de ventas	2024 datos
Representantes de ventas directas totales	87
Cobertura geográfica	América del Norte, Europa, Asia Pacífico
Ciclo de ventas promedio	4-6 meses

Plataformas de marketing digital en línea

Cohu utiliza múltiples canales de marketing digital para involucrar a clientes potenciales.

• Sitio web de la compañía: cohu.com
• Página de la empresa de LinkedIn: 12,500 seguidores
• Gasto publicitario digital: $ 1.2 millones anuales

Ferias y conferencias comerciales de la industria

Cohu participa anualmente en eventos clave de la industria de semiconductores.

Tipo de evento	Participación anual	Costo estimado
Conferencias internacionales de semiconductores	7-9 eventos	$850,000
Exposiciones de tecnología regional	12-15 eventos	$450,000

Publicaciones técnicas de la industria de semiconductores

Cohu mantiene publicidad estratégica y colocación de contenido en medios específicos de la industria.

• Revista de ingeniería de semiconductores
• Publicación de diseño electrónico
• Publicación anual Presupuesto de publicidad: $ 375,000

Redes de distribuidores estratégicos

Cohu aprovecha las asociaciones de distribución global para expandir el alcance del mercado.

Región de distribución	Número de socios	Contribución de ingresos
Asia Pacífico	18 socios	37% de los ingresos internacionales
Europa	12 socios	22% de los ingresos internacionales
América del norte	9 socios	41% de los ingresos internacionales

Cohu, Inc. (COHU) - Modelo de negocio: segmentos de clientes

Fabricantes de semiconductores

A partir de 2024, Cohu sirve a fabricantes de semiconductores con una orientación precisa:

Característica de segmento	Datos de mercado
Mercado total direccionable	Mercado de fabricación de semiconductores de $ 573.4 mil millones
Penetración del mercado de Cohu	12.7% de participación de mercado en equipos de prueba de semiconductores
Ingresos anuales del segmento	$ 287.6 millones

Fabricantes de dispositivos integrados

El segmento estratégico de clientes de Cohu se centra en los fabricantes de dispositivos integrados:

• Los 10 principales clientes de IDM global representan el 42.3% de los ingresos del segmento
• Valor promedio del contrato: $ 4.2 millones por cliente
• Tasa de crecimiento del segmento: 8.6% año tras año

Laboratorios de pruebas electrónicas

Los laboratorios de pruebas electrónicas representan un segmento crítico de clientes:

Tipo de laboratorio	Compromiso del mercado de Cohu
Laboratorios de pruebas independientes	67 clientes de laboratorio activos
Gasto anual promedio	$ 1.7 millones por laboratorio
Ingresos de segmento total	$ 113.9 millones

Productores de semiconductores automotrices

Detalles del segmento del mercado de semiconductores automotrices:

• Soluciones de prueba de semiconductores automotrices dedicadas
• Ingresos del segmento: $ 215.4 millones
• Cuota de mercado en pruebas de semiconductores automotrices: 16.5%

Fabricantes de electrónica de consumo

Análisis del segmento de fabricantes de electrónica de consumo:

Métrico	Valor
Total de clientes	94 fabricantes de electrónica de consumo principales
Ingreso de segmento	$ 176.2 millones
Valor promedio del cliente	$ 1.87 millones

Cohu, Inc. (Cohu) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Cohu, Inc. reportó gastos de I + D de $ 79.7 millones, lo que representa el 10.3% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 79.7 millones	10.3%
2022	$ 72.3 millones	9.8%

Equipos e instalaciones de fabricación

Los gastos de capital para equipos e instalaciones de fabricación en 2023 totalizaron $ 35.2 millones.

• Ubicaciones de fabricación primaria: Estados Unidos, Malasia y China
• Total de la instalación de fabricación Fultos cuadrados: aproximadamente 250,000 pies cuadrados.

Gastos globales de ventas y marketing

Los gastos mundiales de ventas y marketing para 2023 fueron de $ 62.5 millones, lo que representa el 8.1% de los ingresos totales.

Región	Gasto de marketing	Porcentaje del presupuesto total de marketing
América del norte	$ 31.2 millones	49.9%
Asia Pacífico	$ 22.8 millones	36.5%
Europa	$ 8.5 millones	13.6%

Personal y talento de ingeniería

Los costos totales del personal en 2023 fueron de $ 213.6 millones, con talento de ingeniería que representa aproximadamente el 45% de la fuerza laboral.

• Total de empleados: 1.350
• Empleados de ingeniería: 607
• Salario promedio de ingeniería: $ 128,500

Adquisición de cadena de suministro y componentes

La adquisición de componentes y los gastos de la cadena de suministro para 2023 fueron de $ 276.4 millones.

Categoría de componentes	Costo de adquisición	Porcentaje del presupuesto de la cadena de suministro
Componentes semiconductores	$ 156.3 millones	56.5%
Materiales electrónicos	$ 72.1 millones	26.1%
Componentes mecánicos	$ 48.0 millones	17.4%

Cohu, Inc. (Cohu) - Modelo de negocio: flujos de ingresos

Venta de equipos de prueba de semiconductores

En el año fiscal 2023, Cohu, Inc. informó que los ingresos por ventas de equipos de prueba de semiconductores de $ 579.4 millones, lo que representa una parte significativa de su flujo de ingresos totales.

Categoría de productos	Ingresos (2023)	Porcentaje de ingresos totales
Manipuladores de prueba de semiconductores	$ 342.6 millones	59.1%
Contactores de prueba de semiconductores	$ 236.8 millones	40.9%

Servicio técnico y contratos de mantenimiento

El servicio técnico y los contratos de mantenimiento generaron $ 87.3 millones en ingresos para CoHU en 2023.

• Duración promedio del contrato: 3-5 años
• Tasa de renovación del contrato de servicio: 82%
• Valor promedio de contrato de servicio anual: $ 450,000

Opciones de arrendamiento y financiamiento de equipos

Las opciones de arrendamiento y financiamiento de equipos de Cohu contribuyeron con $ 45.2 millones a sus ingresos en 2023.

Tipo de arrendamiento	Ganancia	Término de arrendamiento promedio
Arrendamientos de capital	$ 28.6 millones	48 meses
Arrendamientos operativos	$ 16.6 millones	36 meses

Venta de piezas y componentes del mercado de accesorios

Las piezas del mercado de accesorios y las ventas de componentes alcanzaron $ 62.7 millones en 2023.

• Componentes de reemplazo más frecuentes: enchufes de prueba, manejadores, contactores
• Valor de reemplazo de piezas anual promedio por cliente: $ 87,500
• Margen bruto en ventas de piezas: 42%

Servicios de soporte de consultoría e ingeniería

Los servicios de soporte de consultoría e ingeniería generaron $ 24.5 millones en ingresos durante 2023.

Tipo de servicio	Ganancia	Tarifa promedio por hora
Consultoría técnica	$ 15.3 millones	$ 325/hora
Soluciones de ingeniería personalizadas	$ 9.2 millones	$ 425/hora

Cohu, Inc. (COHU) - Canvas Business Model: Value Propositions

You're looking at the core reasons why semiconductor firms buy equipment and services from Cohu, Inc. It's about making their complex chip production cheaper and faster. Here are the hard numbers supporting those claims as of late 2025.

Optimized semiconductor manufacturing yield and productivity

Cohu, Inc. supplies equipment and services designed to optimize yield and productivity across the semiconductor manufacturing process. The company supports a global installed base of nearly 25,000 machines spread across over 100 customers. The focus on operational excellence is a key value driver, reflected in the reported Non-GAAP Gross Margin of 44.4% for the second quarter of 2025.

High-speed, high-accuracy inspection for advanced packaging and HBM

The value proposition here centers on enabling the testing of next-generation components, particularly High Bandwidth Memory (HBM). Cohu, Inc. is accelerating in AI data center markets with its Neon HBM inspection platform. Revenue from the HBM inspection system was guided up to $8 million as customer demand strengthened in the second quarter of 2025.

Thermal solutions for complex, high-power device testing

The Eclipse test handler is a core offering providing advanced thermal control. This platform was selected by a major U.S. semiconductor manufacturer for production testing of next-generation processors. In the second quarter of 2025, Cohu, Inc. secured a significant $28 million design-win order for its Eclipse handler, serving mobile and automotive end-markets.

Recurring revenue stability through consumables and service contracts

Stability comes from repeat business, which includes consumables, service contracts, and software subscriptions like DI-Core data analytics. This stream proved resilient, accounting for 63% of total revenue in the second quarter of 2025. Even as system sales recovered, recurring revenue was expected to remain near this share, approximately 63%, in the third quarter of 2025. For the third quarter of 2025, net sales were reported at $126.2 million, with approximately 55% of that being recurring revenue.

Accelerated time-to-market for new semiconductor devices

Cohu, Inc.'s mission includes enabling customers to deliver innovative and high-quality products to market by helping them reduce costs and accelerate time-to-market. This is supported by the company's investment in R&D, which totaled $84.8 million in fiscal 2024. The company's solutions are designed to enhance the efficiency and reliability of semiconductor manufacturing processes.

Here's a quick look at the recent top-line performance underpinning these value drivers:

Metric	Q2 2025 Result	Q3 2025 Result	Year-over-Year Change (Q2 2025 vs Q2 2024)
Net Sales (GAAP Revenue)	$107.7 million	$126.2 million	2.9%
Net Income (Loss) Per Share (GAAP)	($0.36) (Implied from Q2 2024 data, Q2 2025 was $0.02 Non-GAAP)	($0.09)	N/A
Non-GAAP EPS	$0.02	N/A	N/A
Non-GAAP Gross Margin	44.4%	44.1%	(0.7) pp

The company's cash and investments at the end of the third quarter of 2025 were $198.2 million. Cohu, Inc. provided sales guidance for the fourth quarter of 2025 in the range of $122 million, plus or minus $7 million.

Cohu, Inc. (COHU) - Canvas Business Model: Customer Relationships

You're in the semiconductor equipment space, so you know that relationships aren't just nice-to-have; they dictate the flow of capital equipment orders and the stability of the aftermarket business. Cohu, Inc. (COHU) focuses heavily on embedding itself within the workflows of its major clients.

Dedicated account management for large, global Integrated Device Manufacturers (IDMs)

Cohu, Inc. (COHU) serves semiconductor integrated device manufacturers (IDMs), fabless design houses, and test subcontractors globally, with sales and service offices in Asia across Singapore, Malaysia, Thailand, Philippines, Taiwan, China, South Korea, and Japan. Repeat sales to existing customers represent a significant portion of net sales, and a limited number of customers account for a substantial percentage of consolidated net sales. For instance, in fiscal year 2024, STMicroelectronics comprised 12.0% of consolidated net sales. This concentration necessitates deep, dedicated engagement with these top-tier partners.

Long-term service contracts providing stable, recurring support

The service and aftermarket segment is crucial for buffering the cyclical nature of capital equipment sales. This recurring revenue stream, which includes consumable kits, interface products, and ongoing service contracts, is a key focus area for management. The stability of this revenue is evident in recent quarters:

Period End Date	Net Sales (GAAP)	Recurring Revenue Percentage
Q3 2025	$126.2 million	Approximately 55%
Q2 2025	$107.7 million	Approximately 63%

The goal is to maintain this recurring share near the recent high of 63% as system sales recover. That recurring revenue provides a buffer against swings in capital equipment orders.

Collaborative design-in process for new equipment platforms

Success depends on anticipating market trends, which Cohu, Inc. (COHU) achieves by working closely with its largest customers on product development. This collaboration is critical for ensuring new equipment meets the price, performance, and functionality requirements of advanced semiconductor manufacturing. The tangible result of this close partnership is seen in new business awards; for example, in the second quarter of fiscal 2025, Cohu secured a $28 million design-win order from a customer serving mobile and automotive end-markets.

Technical support and training for complex equipment operation

Supporting complex equipment operation is inherent to the business, especially with advanced solutions like the Tignis software for AI process monitoring demonstrations. The company's focus on optimizing yield and productivity implies a necessary level of post-sale technical engagement. Test cell utilization statistics are a key metric management monitors, with utilization reported as being up a few points across all segments in Q2 2025.

Direct sales and engineering consultation for custom solutions

The sales motion involves more than just transactional equipment delivery; it requires engineering consultation to deliver custom solutions. Cohu landed multiple design-wins with its testers, handlers, inspection systems, and interface products in Q1 2025, indicating a consultative sales approach is necessary to secure these platform integrations. The product portfolio is differentiated and broad, enabling optimized yield and productivity across various customer needs.

• Customers rely on Cohu, Inc. (COHU) for automated test systems, interface products, and inspection metrology solutions.
• New customers were signed in Q1 2025 for AI process monitoring demonstrations of Tignis software.
• The company must attract and retain experienced personnel to support future growth, given the high competition for engineering talent.

Cohu, Inc. (COHU) - Canvas Business Model: Channels

Direct sales force targeting major semiconductor manufacturers globally is supported by a structure that includes key engineering, sales, and administrative personnel located in various international sites. The company markets products worldwide through this direct sales force combined with independent sales representatives. This approach is necessary to remain competitive by maintaining localized customer support and service centers worldwide.

Regional sales offices and field service centers are critical for supporting global sales and services to the semiconductor industry. Cohu, Inc. operates in Asia with sales and service offices in multiple locations.

• North America Locations: San Diego (HQ), Milpitas, Norwood, St. Paul, and Lincoln.
• Europe Locations: Kolbermoor (Germany), Grenoble (France), Agrate (Italy), and La Chaux-de-Fonds (Switzerland).
• Asia Locations: Singapore, Malaysia (Melaka, Penang), Thailand (Bangkok), Philippines (Baguio City, Laguna), Taiwan, China, and Korea.

Select third-party distributors are used for market reach expansion, though the primary model relies on the direct sales force and independent sales representatives. The company outsources manufacturing of many semiconductor automated test equipment products to a contract manufacturing partner, Jabil Circuit, Inc., at its facility in Penang, Malaysia.

Web-based portals are used for customer interaction, including a Customer Portal, Help Center options, and the EducATE Knowledge Center for training. Software updates and technical documentation are accessible through these digital channels.

Direct engagement with test subcontractors for handler sales is evident through specific product wins targeting this segment. For instance, a design-win order of $28,000,000 for the ECLIPSE handler from an existing customer, with $12 million expected in Q3 2025 and $12 million expected in Q4 2025, targets these end-markets. Furthermore, the qualification of the ULTRA-S contactor unlocked approximately $20,000,000 in the precision analog market, which includes sales to subcontractors.

The channel performance and operational scale are reflected in the following 2025 financial and operational metrics:

Metric	Value / Period	Source Context
Q3 FY 2025 Net Sales	$126.2 million	Reported Net Sales for the quarter ending September 27, 2025.
9 Months FY 2025 Net Sales	$330.7 million	Reported Net Sales for the first nine months of 2025.
Q2 FY 2025 Recurring Revenue Share	63%	Percentage of total Q2 2025 revenue ($107.7 million).
Q3 FY 2025 Recurring Revenue Share (Projected)	Approximately 53%	Projected mix of Q3 2025 revenue guidance of $125 million.
Test Cell Utilization (Q2 2025 Estimate)	75%	Reported rise in utilization in Q2 2025.
Test Cell Utilization (Q1 2025 Estimate)	72%	Reported utilization at the end of Q1 2025.
Total Cash and Investments (End of Q3 2025)	$198.2 million	Balance sheet figure as of the end of the third quarter of 2025.
Fiscal 2024 Research and Development Expense	$84.8 million	Total R&D expense for the prior fiscal year.

The company relies on repeat sales to existing customers, though no single customer accounted for 10% or greater of consolidated net sales in Q2 2025. The sales structure supports product lines including Test Handlers, Semiconductor Testers, Interface Solutions, Inspection and Metrology, and the DI-Core Data Intelligence System.

Cohu, Inc. (COHU) - Canvas Business Model: Customer Segments

You're looking at Cohu, Inc.'s customer base as of late 2025, which shows a clear strategic pivot toward high-growth, high-complexity areas like AI and memory, while maintaining foundational support from established sectors.

Cohu, Inc.'s customer base is broadly defined as semiconductor integrated device manufacturers (IDMs), fabless design houses, and test subcontractors throughout the world. The company's recurring revenues, which are more stable, represented about 55% of total revenue for the third quarter of 2025. For context, recurring revenue was 63% of total revenue in the second quarter of 2025.

The expected revenue mix for the third quarter of 2025 was approximately 47% from systems and 53% from recurring revenue. It's important to note that in the second quarter of 2025, no single customer accounted for more than 10% of sales, though STMicroelectronics represented 12.0% of consolidated net sales in 2024.

Global Integrated Device Manufacturers (IDMs)

IDMs form a core part of Cohu, Inc.'s traditional customer base, alongside fabless design houses and test subcontractors. These customers rely on Cohu, Inc.'s equipment for testing and handling their manufactured chips. The company's test cell utilization across all segments saw an increase of three points quarter-over-quarter to reach 75% in the second quarter of 2025.

Large-scale Outsourced Semiconductor Assembly and Test (OSAT) companies

Test subcontractors, which includes OSATs, are a key segment. Cohu, Inc. is targeting share expansion at these subcontractors with the introduction of a new Eclipse handler model. These partners are critical in the outsourced testing and packaging portion of the semiconductor supply chain.

Automotive and industrial semiconductor manufacturers (e.g., Krypton platform focus)

Demand from the automotive segment is a noted area of focus, though recovery was noted as not yet broad-based as of mid-2025, with growth still closely tied to the mobile segment. However, Cohu, Inc. secured a $28 million design-win order from a customer serving mobile and automotive end-markets in Q2 2025, with shipments expected through the fourth quarter of 2025. The company also unlocked new opportunities with the first silicon carbide test system order, which aligns with automotive and industrial needs.

High-Bandwidth Memory (HBM) and AI data center chip producers

This represents a significant strategic growth area, with management explicitly shifting focus toward AI, HBM, and computing market penetration. Cohu, Inc. raised its forecasted revenue from HBM inspection systems for 2025 to between $10 million and $11 million. The company shipped its first system configured for HBM4 inspection, supporting next-generation AI accelerators expected in 2026. The overall HBM market opportunity for this class of inspection metrology systems is estimated to represent more than $100 million in revenue.

Precision analog and power management IC manufacturers

Cohu, Inc. is actively expanding its footprint in precision markets. The company qualified the ULTRA-S contactor for precision analog IC test, which unlocked approximately $20,000,000 in that market segment. This diversification strategy is noted for increasing the resilience of Cohu, Inc.'s revenue base beyond traditional consumer electronics.

The following table summarizes key financial metrics and customer segment highlights as of late 2025 data:

Customer Segment Focus Area	Relevant 2025 Financial/Statistical Data Point	Source of Data
Overall Recurring Revenue	55% of total revenue (Q3 2025)	Q3 2025 Earnings
Overall Systems Revenue	47% of total revenue (Q3 2025 expectation)	Q3 2025 Outlook
HBM/AI Data Center	Forecasted HBM revenue for 2025: $10 million to $11 million	September 2025 Update
HBM Market Opportunity	Estimated opportunity for this class of systems: over $100 million revenue	Late 2024/2025 Data
Automotive/Mobile Design Win	Secured $28 million design-win order (shipping through Q4 2025)	Q2 2025 Results
Precision Analog	Unlocked approximately $20,000,000 in business via Ultra S contactor qualification	Q2 2025 Results
Customer Concentration	No customer over 10% of sales (Q2 2025)	Q2 2025 Results

The company's strategic shift is evident in the product wins, such as the Eclipse handler selected for next-generation AI processor devices by a leading U.S. manufacturer. Also, the first system configured for HBM4 inspection was shipped, signaling readiness for future AI accelerator ramps.

You can see the focus on high-value segments is translating into specific design wins, even if the overall revenue recovery isn't fully broad-based yet. Finance: draft 13-week cash view by Friday.

Cohu, Inc. (COHU) - Canvas Business Model: Cost Structure

The Cost Structure for Cohu, Inc. (COHU) is heavily influenced by the nature of complex semiconductor equipment manufacturing and the ongoing need to fund innovation. You see this reflected in high costs tied directly to production and significant investment in future technology.

High cost of goods sold (COGS) for complex equipment manufacturing is a primary driver. This is evident when looking at the gross margin figures. For the third quarter of fiscal 2025, the GAAP gross margin was reported at 43.8%, meaning COGS represented 56.2% of net sales for that period. Even on a non-GAAP basis, the gross margin for Q3 2025 was 44.1%. This high percentage of revenue consumed by COGS points directly to the expense of materials, labor, and overhead required for building sophisticated test and inspection systems.

Significant R&D investment to maintain technology leadership is non-negotiable in this sector. Cohu, Inc. must spend heavily to keep pace with advanced semiconductor nodes. For the first quarter of 2025, Research and Development expense totaled $23,152 thousand. For context, R&D in the full fiscal year 2024 was $84.8 million.

Regarding Operating expenses, management provided forward-looking guidance that aligns with recent performance. For the third quarter of 2025, operating expenses were projected at about $50 million. The actual reported operating expenses for Q3 2025 were slightly better, coming in at $48 million, which was $2 million lower than guidance, partly due to the timing of R&D material receipts. The projection for Q4 2025 OpEx is also around $50 million. Selling, General, and Administrative (SG&A) for Q1 2025 was $22,336 thousand.

The company also carries costs related to integration and optimization efforts. Amortization of acquired intangible assets, stemming from past deals like the January 7, 2025 acquisition of Tignis, Inc., is a recurring non-cash charge. In the first quarter of 2025, this amortization expense was $30,011 thousand. For comparison, the full fiscal year 2024 amortization was $39.1 million.

Finally, the Costs associated with the 2025 strategic restructuring plan are a specific, discrete cost. Cohu, Inc. initiated this program in February 2025 to lower its cost structure amid an industry downturn. The company expected to incur total pretax charges in the range of $6.1 million to $7.2 million throughout fiscal 2025 related to this plan, primarily for severance and termination benefits.

Here's a quick look at some of these key cost components for recent periods:

Cost Component	Period	Amount (in thousands USD)
R&D Expense	Q1 2025	23,152
Amortization of Purchased Intangible Assets	Q1 2025	30,011
Operating Expenses (Actual)	Q3 2025	48,000
Operating Expenses (Projected)	Q3 2025	~50,000
Restructuring Charges (Total Expected 2025)	Fiscal 2025	6,100 to 7,200 (Pretax)

These costs are managed through several levers. You can see the focus on managing variable costs through the gross margin, and fixed/semi-fixed costs through the restructuring and OpEx management.

• Restructuring involves consolidating operations in Switzerland and Germany.
• Headcount reductions are planned in the U.S. and Asia as part of the 2025 plan.
• Non-GAAP measures are used by management to exclude items like restructuring costs and amortization for assessing core profitability.

Finance: draft 13-week cash view by Friday.

Cohu, Inc. (COHU) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Cohu, Inc. (COHU) as of late 2025. The business model clearly leans on a mix of upfront equipment sales and more stable, ongoing service and product revenue. This balance helps smooth out the cyclical nature of capital equipment spending in the semiconductor industry.

The most recent concrete data point is from the third quarter of fiscal 2025. Cohu, Inc. (COHU) Q3 2025 net sales totaled $126.2 million. Of that total, approximately 55% was recurring revenue. This is a slight dip from the 63% recurring mix seen in Q1 and Q2 2025, but the guidance for Q4 2025 suggests a rebound, projecting the recurring mix to move toward ~60%. For context, the non-recurring system sales component in Q3 2025 would represent the remaining ~45% of the total sales.

Here's a quick look at the key financial snapshot from that period:

Metric	Value	Period
Net Sales	$126.2 million	Q3 FY 2025
Recurring Revenue Percentage	~55%	Q3 FY 2025
Year-over-Year Sales Growth	32%	Q3 FY 2025 vs Q3 FY 2024
Projected Q4 2025 Recurring Mix	~60%	Q4 FY 2025 Guidance
AI/Data Center Systems Revenue Run-Rate	~$40 million	2025 Estimate

The revenue streams break down across the following core areas:

• System sales of test handlers, inspection, and metrology equipment. This includes major equipment like the Eclipse test handler, which supports up to 3,000W device power, and the Neon HBM inspection system, which saw repeat orders in Q3 2025.
• Recurring revenue from consumables (test contactors, interface products). This stream benefits from design wins like the Ultra-S contactor in the precision analog market.
• Service and support contracts for the installed base. This contributes to the stable recurring portion of the revenue base.
• Software licensing and subscription fees. This is exemplified by the company signing new customers for demonstrations of Tignis software in Q1 2025.

The AI/data center segment is a clear growth driver for the systems portion, with the 2025 AI/edge/data center-related systems revenue run-rate estimated around ~$40 million, up from near zero in 2024. Finance: draft 13-week cash view by Friday.