Cohu, Inc. (Cohu): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia de semicondutores, a Cohu, Inc. (CoHU) surge como um jogador fundamental, transformando o cenário de equipamentos de teste e manuseio com seu modelo de negócios inovador. Ao conectar estrategicamente recursos tecnológicos de ponta com diversos segmentos de clientes, a Cohu criou uma abordagem abrangente que impulsiona a eficiência e a confiabilidade da fabricação de semicondutores. Desde soluções de teste de precisão às redes de distribuição global, o modelo de negócios da empresa, Canvas, revela um projeto sofisticado que permite integração perfeita em todo o ecossistema de semicondutores, promissor desempenho inovador para fabricantes e inovadores de tecnologia em todo o mundo.

Cohu, Inc. (Cohu) - Modelo de negócios: Parcerias -chave

Fabricantes estratégicos de equipamentos semicondutores

A Cohu, Inc. faz parceria com os seguintes fabricantes estratégicos de equipamentos de semicondutores:

Parceiro	Foco em parceria	Tipo de colaboração
Teradyne Inc.	Equipamento de teste semicondutor	Integração de tecnologia
VACTANTEST Corporation	Soluções de teste de semicondutores	Desenvolvimento de Tecnologia

Fornecedores de equipamentos de teste e manuseio eletrônicos

As principais parcerias de equipamentos de teste e manuseio eletrônicos incluem:

• KLA Corporation
• Materiais aplicados
• Na Inovation Inc.

Parceiros de Tecnologia de Pesquisa e Desenvolvimento

As parcerias de tecnologia de P&D da Cohu envolvem:

Instituição de pesquisa	Foco na pesquisa	Investimento anual de colaboração
Instituto de Tecnologia da Geórgia	Tecnologias de embalagem de semicondutores	US $ 1,2 milhão
Universidade de Stanford	Teste avançado de semicondutores	$850,000

Redes globais de fundição semicondutores

Parcerias Global Semiconductor Foundry Network:

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

Contribuição da receita da parceria em 2023: US $ 142,3 milhões

Orçamento total de colaboração em P&D para 2024: US $ 4,5 milhões

Cohu, Inc. (Cohu) - Modelo de Negócios: Atividades -chave

Teste de semicondutores e design de equipamentos de manuseio

A Cohu, Inc. projeta equipamentos avançados de teste de semicondutores e manuseio com foco na engenharia de precisão. Em 2023, a empresa investiu US $ 48,3 milhões em pesquisa e desenvolvimento para aprimorar os recursos de design de equipamentos.

Categoria de design	Investimento anual	Aplicações de patentes
Equipamento de teste semicondutor	US $ 26,7 milhões	17 patentes
Equipamento de manuseio	US $ 21,6 milhões	12 patentes

Fabricação de equipamentos de capital semicondutores

A empresa opera instalações de fabricação em vários locais globais, com uma capacidade total de fabricação de 1.200 unidades de teste de semicondutores por trimestre.

• Locais de fabricação: Estados Unidos, Malásia, China
• Saída anual de fabricação: 4.800 unidades de teste de semicondutores
• Taxa de eficiência de fabricação: 92,5%

Engenharia e Inovação de Produto

A COHU mantém uma equipe de engenharia dedicada de 327 profissionais focados na inovação contínua de produtos.

Métricas de inovação	2023 dados
Engenheiros de P&D	327
Desenvolvimentos de novos produtos	8 Principais liberações de produtos
Investimento de inovação	US $ 48,3 milhões

Suporte ao cliente e serviços técnicos

A COHU fornece suporte técnico global abrangente com recursos de serviço 24/7 em várias regiões.

• Centros de Suporte Global: 6 locais
• Tempo médio de resposta: 2,3 horas
• Classificação de satisfação do cliente: 94,6%

Gerenciamento global de vendas e distribuição

A empresa opera uma rede de vendas global robusta que abrange vários continentes com canais de distribuição estratégica.

Região de vendas	Contribuição da receita	Número de distribuidores
América do Norte	US $ 187,5 milhões	42
Ásia -Pacífico	US $ 226,3 milhões	67
Europa	US $ 94,2 milhões	28

Cohu, Inc. (Cohu) - Modelo de Negócios: Recursos -Principais

Tecnologia avançada de teste de semicondutores

A partir de 2024, a Cohu, Inc. mantém um portfólio abrangente de tecnologia de tecnologia de testes de semicondutores com as seguintes especificações:

Tipo de tecnologia	Capacidade	Métrica de desempenho
Equipamento de teste automatizado (ATE)	Plataformas de teste de alto desempenho	Até 500 milhões de ciclos de teste por segundo
Sistemas de gerenciamento térmico	Teste de faixa de temperatura	-55 ° C a +150 ° C.
Tecnologia do manipulador	Manuseio de dispositivos em vários sites	Até 16 sites de teste paralelo

Propriedade intelectual e portfólio de patentes

Cohu, Inc. Portfólio de Propriedade Intelectual:

• Total de patentes ativas: 87
• Categorias de patentes: teste de semicondutores, tecnologia de manipuladores, gerenciamento térmico
• Investimento anual de P&D: US $ 42,3 milhões

Talento de engenharia e experiência técnica

Composição da força de trabalho a partir de 2024:

Categoria de funcionários	Número de funcionários	Percentagem
Equipe de engenharia	523	48.7%
Titulares de doutorado	76	7.1%
Mestrado	214	19.9%

Instalações de fabricação

Locais globais de fabricação:

• Estados Unidos: San Diego, Califórnia
• Malásia: Penang
• China: Suzhou
• MACA DE MANUFACÇÃO TOTAL: 185.000 pés quadrados

Capacidades de pesquisa e desenvolvimento

Áreas de investimento e foco de P&D:

Métrica de P&D	2024 Valor
Despesas totais de P&D	US $ 42,3 milhões
P&D como porcentagem de receita	8.6%
Projetos de pesquisa ativa	37

Cohu, Inc. (Cohu) - Modelo de Negócios: Proposições de Valor

Soluções de teste de semicondutores de alta precisão

A Cohu, Inc. fornece soluções de teste de semicondutores com as seguintes especificações:

Métrica	Valor
Receita anual de equipamentos de teste	US $ 468,3 milhões (2023)
Taxa de precisão de teste	99.97%
Participação de mercado global em equipamentos de teste semicondutores	5.2%

Portfólio de equipamentos de teste e manuseio abrangente

O portfólio de equipamentos de Cohu inclui:

• Equipamento de teste automático (ATE)
• Manipuladores de teste térmico
• Contatores e soquetes
• Soluções de queima

Confiabilidade tecnológica avançada

Métricas de desempenho tecnológico:

Parâmetro de tecnologia	Especificação
Investimento em P&D	US $ 83,6 milhões (2023)
Portfólio de patentes	237 patentes ativas
Taxa de confiabilidade do equipamento	99.5%

Suporte de fabricação de semicondutores econômicos

Métricas de eficiência de custo:

• Taxa de redução de custo do equipamento: 12,3% anualmente
• Melhoria da eficiência da fabricação: 8,7%
• Custo médio do ciclo de vida do equipamento: US $ 2,4 milhões

Equipamento personalizável para diversas aplicações de semicondutores

Recursos de personalização:

Segmento de aplicação	Opções de personalização
Eletrônica automotiva	98% de adaptabilidade
Semicondutores industriais	95% Configurabilidade
Eletrônica de consumo	Intervalo de modificação de 92%

Cohu, Inc. (Cohu) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de clientes da empresa de longo prazo

A Cohu, Inc. mantém parcerias estratégicas com os principais fabricantes de semicondutores e clientes de equipamentos de teste. A partir do quarto trimestre de 2023, a empresa relatou 87 relacionamentos ativos de clientes de longo prazo nos segmentos de teste e fabricação de testes de semicondutores.

Segmento de clientes	Número de parcerias de longo prazo	Duração média da parceria
Fabricantes de semicondutores	52	7,3 anos
Eletrônica automotiva	18	5,6 anos
Teste industrial	17	6,2 anos

Serviços técnicos de suporte e consultoria

A COHU fornece suporte técnico abrangente com uma equipe de suporte global dedicada. Em 2023, a empresa manteve:

• Disponibilidade de suporte técnico 24/7
• Média de tempo de resposta de 2,1 horas
• 96,7% Classificação de satisfação do cliente

Equipes de gerenciamento de contas dedicadas

A Cohu emprega equipes especializadas em gerenciamento de contas em regiões globais. A estrutura de gerenciamento de contas corrente inclui:

Região geográfica	Número de gerentes de conta	Portfólio médio de clientes
América do Norte	42	8-10 clientes corporativos
Ásia-Pacífico	36	7-9 clientes corporativos
Europa	22	6-8 clientes corporativos

Inovação contínua de produtos e atualizações

A Cohu investiu US $ 87,4 milhões em P&D durante 2023, concentrando -se em inovações em tecnologia de teste de semicondutores. Frequência de atualização do produto:

• Principais liberações de produtos: 2-3 por ano
• Atualizações menores de software: trimestralmente
• Melhorias de firmware: mensalmente

Treinamento do cliente e suporte de implementação

A COHU fornece programas de treinamento abrangentes com as seguintes métricas para 2023:

Tipo de treinamento	Número de sessões	Total de participantes
Webinars online	124	3,560
Treinamento técnico no local	86	1,240
Workshops de implementação personalizados	42	620

Cohu, Inc. (Cohu) - Modelo de Negócios: Canais

Força de vendas da empresa direta

A partir de 2024, a Cohu mantém uma equipe de vendas dedicada com 87 representantes de vendas diretas direcionadas aos clientes de semicondutores e eletrônicos de fabricação.

Métrica do canal de vendas	2024 dados
Total de representantes de vendas diretas	87
Cobertura geográfica	América do Norte, Europa, Ásia -Pacífico
Ciclo médio de vendas	4-6 meses

Plataformas de marketing digital online

A COHU utiliza vários canais de marketing digital para envolver clientes em potencial.

• Site da empresa: cohu.com
• Página da empresa do LinkedIn: 12.500 seguidores
• Gastes de publicidade digital: US $ 1,2 milhão anualmente

Feiras e conferências do setor

A COHU participa de eventos importantes da indústria de semicondutores anualmente.

Tipo de evento	Participação anual	Custo estimado
Conferências Internacionais de Semicondutores	7-9 eventos	$850,000
Exposições de tecnologia regional	12-15 eventos	$450,000

Publicações técnicas da indústria de semicondutores

A COHU mantém publicidade estratégica e colocação de conteúdo na mídia específica do setor.

• Revista de Engenharia de Semicondutores
• Publicação de design eletrônico
• Publicação anual Orçamento de publicidade: US $ 375.000

Redes de distribuidores estratégicos

A COHU aproveita as parcerias globais de distribuição para expandir o alcance do mercado.

Região de distribuição	Número de parceiros	Contribuição da receita
Ásia -Pacífico	18 parceiros	37% da receita internacional
Europa	12 parceiros	22% da receita internacional
América do Norte	9 parceiros	41% da receita internacional

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

Fabricantes de semicondutores

A partir de 2024, a Cohu atende fabricantes de semicondutores com segmentação precisa:

Característica do segmento	Dados de mercado
Mercado endereçável total	US $ 573,4 bilhões no mercado de fabricação de semicondutores
Penetração no mercado de Cohu	12,7% de participação de mercado em equipamentos de teste semicondutores
Receita anual do segmento	US $ 287,6 milhões

Fabricantes de dispositivos integrados

O segmento estratégico de clientes da Cohu se concentra nos fabricantes de dispositivos integrados:

• Os 10 principais clientes do IDM global representam 42,3% da receita do segmento
• Valor médio do contrato: US $ 4,2 milhões por cliente
• Taxa de crescimento do segmento: 8,6% ano a ano

Laboratórios de testes eletrônicos

Laboratórios de testes eletrônicos representam um segmento crítico de clientes:

Tipo de laboratório	O envolvimento do mercado de Cohu
Laboratórios de testes independentes	67 clientes de laboratório ativos
Gasto médio anual	US $ 1,7 milhão por laboratório
Receita total do segmento	US $ 113,9 milhões

Produtores de semicondutores automotivos

Detalhes do segmento de mercado de semicondutores automotivos:

• Soluções dedicadas de teste de semicondutores automotivos
• Receita do segmento: US $ 215,4 milhões
• Participação de mercado no teste de semicondutores automotivos: 16,5%

Fabricantes de eletrônicos de consumo

Análise do segmento de fabricantes de eletrônicos de consumo:

Métrica	Valor
Total de clientes	94 principais fabricantes de eletrônicos de consumo
Receita de segmento	US $ 176,2 milhões
Valor médio do cliente	US $ 1,87 milhão

Cohu, Inc. (CoHU) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Cohu, Inc. registrou despesas de P&D de US $ 79,7 milhões, representando 10,3% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 79,7 milhões	10.3%
2022	US $ 72,3 milhões	9.8%

Equipamentos e instalações de fabricação

As despesas de capital para equipamentos e instalações de fabricação em 2023 totalizaram US $ 35,2 milhões.

• Locais de fabricação primária: Estados Unidos, Malásia e China
• Faculdade de fabricação Total Mágua quadrada: aproximadamente 250.000 pés quadrados.

Despesas globais de vendas e marketing

As despesas globais de vendas e marketing de 2023 foram de US $ 62,5 milhões, representando 8,1% da receita total.

Região	Gastos com marketing	Porcentagem do orçamento total de marketing
América do Norte	US $ 31,2 milhões	49.9%
Ásia -Pacífico	US $ 22,8 milhões	36.5%
Europa	US $ 8,5 milhões	13.6%

Pessoal e talento de engenharia

Os custos totais de pessoal em 2023 foram de US $ 213,6 milhões, com talentos de engenharia representando aproximadamente 45% da força de trabalho.

• Total de funcionários: 1.350
• Funcionários de engenharia: 607
• Salário médio de engenharia: US $ 128.500

Cadeia de suprimentos e compras de componentes

As despesas de compras e cadeia de suprimentos componentes para 2023 foram de US $ 276,4 milhões.

Categoria de componente	Custo de compras	Porcentagem do orçamento da cadeia de suprimentos
Componentes semicondutores	US $ 156,3 milhões	56.5%
Materiais eletrônicos	US $ 72,1 milhões	26.1%
Componentes mecânicos	US $ 48,0 milhões	17.4%

Cohu, Inc. (CoHU) - Modelo de negócios: fluxos de receita

Vendas de equipamentos de teste semicondutores

No ano fiscal de 2023, a Cohu, Inc. registrou receita de vendas de equipamentos de teste de semicondutores de US $ 579,4 milhões, representando uma parcela significativa de seu fluxo total de receita.

Categoria de produto	Receita (2023)	Porcentagem da receita total
Manipuladores de teste semicondutores	US $ 342,6 milhões	59.1%
Contatores de teste de semicondutores	US $ 236,8 milhões	40.9%

Contratos de Serviço Técnico e Manutenção

Os contratos de serviço técnico e manutenção geraram US $ 87,3 milhões em receita para a CoHU em 2023.

• Duração média do contrato: 3-5 anos
• Taxa de renovação do contrato de serviço: 82%
• Valor médio anual do contrato de serviço: US $ 450.000

Opções de locação e financiamento de equipamentos

As opções de arrendamento e financiamento de equipamentos da Cohu contribuíram com US $ 45,2 milhões para sua receita em 2023.

Tipo de leasing	Receita	Termo de arrendamento médio
Arrendamentos de capital	US $ 28,6 milhões	48 meses
Arrendamentos operacionais	US $ 16,6 milhões	36 meses

Peças de reposição e vendas de componentes

As peças de pós -venda e as vendas de componentes atingiram US $ 62,7 milhões em 2023.

• Componentes de reposição mais frequentes: tomadas de teste, manipuladores, contatores
• Valor médio de substituição de peças anuais por cliente: US $ 87.500
• Margem bruta nas vendas de peças: 42%

Serviços de suporte de consultoria e engenharia

Os serviços de suporte de consultoria e engenharia geraram US $ 24,5 milhões em receita durante 2023.

Tipo de serviço	Receita	Taxa horária média
Consultoria técnica	US $ 15,3 milhões	$ 325/hora
Soluções de engenharia personalizadas	US $ 9,2 milhões	US $ 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.