Cohu Inc Sees 57% Order Growth, $750M Pipeline and $80–$100M HPC Forecast
Cohu Inc reported a 57% year-over-year jump in orders for Q1 2026, driven by test handlers up 54% and inspection orders rising 64% for its NEON HBM platform. The firm sees a $750 million computing pipeline and raised its HPC revenue outlook to $80–$100 million, while operating expenses hit $55 million.
1. Earnings and Order Growth
Cohu Inc reported a strong start to 2026 with total orders rising 57% year-over-year in Q1. Test handler orders increased 54%, driven by AI data center applications, while inspection and metrology orders for the NEON HBM platform surged 64%.
2. $750M Pipeline and HPC Forecast
The company identified a $750 million opportunity pipeline in computing, including $650 million in test handlers and $100 million in HBM inspection. High-performance computing revenue guidance was raised to $80–$100 million for 2026, reflecting robust customer engagement and new wins.
3. Expenses and Margin Outlook
Operating expenses reached $55 million, exceeding guidance due to ramp-up investments for Eclipse supply chain and production. Management expects gross margins to finish H2 2026 in the mid-40% range, while addressing 14-week lead times for thermal handlers and maintaining $489 million in cash and investments.