COHU INC: directors' dealings · United States · SEC (Form 4)

About COHU INC

Cohu Inc. (NASDAQ: COHU) is a U.S.-based industrial technology company focused on semiconductor test, automation, inspection, metrology, and related services. Founded in 1947, the company has developed a long-standing position in the test and handling chain used by semiconductor manufacturers and outsourced test providers. For investors, Cohu is best understood as a mission-critical equipment supplier whose demand profile is tied to semiconductor capital spending cycles, but whose product set remains essential across many generations of chips. The company is headquartered in the United States, in California, and its shares trade on the NASDAQ market. Cohu also maintains an international operating footprint, with sales, service, engineering, and manufacturing activity spread across Asia, Europe, and North America, reflecting the global nature of the semiconductor supply chain. Cohu’s business model is built around several complementary product and service categories. Historically, the company has been a leading supplier of semiconductor test handlers and contactors—equipment used to automate the movement, temperature control, and interface connection of devices during test. It also provides automated test equipment, inspection and metrology solutions, spare parts, kits, warranties, software, and consulting/support services. In recent years, Cohu has increasingly emphasized data analytics and software tools designed to improve manufacturing yield, equipment uptime, and overall productivity. This combination of hardware, consumables, and recurring service relationships gives the company exposure not only to new equipment demand, but also to installed-base revenue and longer-duration customer engagement. From a competitive standpoint, Cohu operates in a technically demanding and highly cyclical market. Its differentiation comes from deep specialization, a broad portfolio, and the ability to serve both legacy and advanced semiconductor test environments. The company’s addressable markets include automotive electronics, consumer devices, industrial applications, and advanced compute infrastructure, including AI-related data centers. Cohu’s position is typically strongest where reliability, throughput, and precision matter, particularly in high-volume production flows. Because the semiconductor industry is concentrated and technologically fast-moving, Cohu must continue to invest in product development, automation, and process optimization to defend share. Geographically, Cohu has meaningful operations in Asia, where much of the world’s semiconductor assembly, test, and manufacturing ecosystem is concentrated. The company has also been restructuring its manufacturing footprint. In late fiscal 2024, it initiated a transition of remaining volume manufacturing out of Poway, California, into Asian factories to improve efficiency and scalability. That shift is important strategically, as it underscores management’s effort to align production with end-market geography and cost structure. Recent company updates have highlighted demand tied to artificial intelligence and next-generation power devices. In 2025 and 2026, Cohu announced orders related to high-bandwidth memory testing and GaN power devices for AI data centers, suggesting exposure to some of the sector’s most attractive growth vectors. At the same time, quarterly results have remained uneven, reflecting the broader semiconductor cycle and customer inventory dynamics. For international equity investors, Cohu represents a specialized U.S. semiconductor equipment name with secular technology exposure, cyclical earnings sensitivity, and a growing emphasis on software-enabled productivity solutions.