In the first quarter of 2026 I reported revenue of $125.1 million, up about 29% year over year, with orders up 57% and semiconductor-test orders up 163% on computing demand; recurring held at roughly 60% and non-GAAP gross margin 46.5%. On silicon photonics: a first product engagement began as a beachhead. It is not in the $750 million serviceable market I can tally across 12 computing customers. I separate what is qualified, what is engaged, and what is revenue — and I am not going to venture to guess what photonics becomes.
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I make the machines that test chips and the thermal control that keeps them accurate - handlers, testers, and the contactors and spares that keep about 60% of my revenue recurring. Read the AI in that carefully, though. I am a broad-cycle test and inspection company across mobile, automotive, industrial, and computing, and on a full-year basis no single customer is more than 10% of me - about as diffuse a book as you'll find in test equipment. My computing pipeline is a serviceable market I can tally, roughly $750 million, and I've raised my 2026 high-performance-compute outlook to about $80 to $100 million - real, and bounded. My most concrete AI-specific piece, the Tignis software I acquired for $34.9 million, had revenue that was not material last year, and I will say that plainly. 2025 was $453 million with a $74.3 million loss, down about 29% from my 2023 peak - that is the cycle. Silicon photonics is a beachhead, and I am not going to venture to guess what it is worth in 2027.
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Cohu's filings say we are “capitalizing on high‑growth opportunities in HBM inspection, high performance processor test in AI applications,” and we credit stronger AI‑computing demand for 2025 revenue growth – yet we do not provide a number for AI‑specific revenue, identify any AI customer above 10%, or break out end markets to isolate AI revenue. The most concrete AI‑related investment is Tignis, acquired for $34.9 million, whose revenue was described as “not material” in 2025. The broader picture remains a semiconductor‑cycle company with real but bounded AI exposure.
Our filings say we are ‘capitalizing on high‑growth opportunities in HBM inspection, high performance processor test in AI applications’ and we credit stronger AI‑computing demand for 2025 revenue growth, but we never put a number on AI‑specific revenue, name an AI customer above 10%, or break out end markets in a way that would let AI revenue be identified. The most concrete AI investment is Tignis, acquired for $34.9 million, whose revenue was ‘not material’ in 2025.
Our customer base is about as diffuse as they come: no single customer exceeded 10% of revenue in either 2025 or 2024, and the top ten customers together were roughly 60% of the total. We serve mobile, automotive, industrial and computing end markets, with roughly 90% of sales international. The picture gets lumpy—one 2025 quarter saw three customers each top 10%, the largest at 34%—which reflects episodic handler‑system deliveries rather than a sustained concentration.
I reported $125.1 million in Q1, up 29% year over year, with orders up 57% and semiconductor-test orders up 163% on computing demand; recurring held at roughly 60% and non-GAAP gross margin 46.5%. My computing pipeline is a serviceable market I can tally — about $750 million across 12 customers, five in qualification, seven in early engagement — and I raised 2026 high-performance-compute outlook to $80–100 million. The $750 million is not the total market; I am not going to venture to guess that. Silicon photonics is a beachhead, not in the tally.
My filings say I am 'capitalizing on high-growth opportunities in HBM inspection, high performance processor test in AI applications' and credit stronger AI-computing demand for 2025 growth. But I never quantify AI-specific revenue, name an AI customer above 10%, or break out end markets to identify it. The most concrete AI piece is Tignis, acquired for $34.9 million in January 2025; its revenue was not material last year. Mobile revenue fell three years running, auto and industrial swung down before recovering. I am a broad-cycle semiconductor company with real but bounded AI exposure.
My customer base is about as diffuse as they come: no single customer exceeded 10% of revenue in 2025 or 2024, and the top ten together were roughly 60% of the total. Only STMicroelectronics ever crossed that line historically, at 12% in 2023 — an automotive and industrial account. Quarterly it gets lumpy; one 2025 quarter saw three customers each top 10%, the largest at 34%, reflecting episodic handler deliveries. Roughly 90% of sales are international. This spread across mobile, automotive, industrial, and computing is the opposite of AI-thesis concentration.