Cohu, Inc. is a provider of back-end semiconductor manufacturing equipment and services, specializing in test and inspection solutions. The company's business model revolves around selling specialized hardware, software, and recurring service support to semiconductor manufacturers, electronics companies, and outsourced semiconductor assembly and test (OSAT) providers. Cohu's comprehensive product portfolio includes semiconductor automated test equipment (ATE), test handlers, micro-electromechanical system (MEMS) test modules, test contactors, and thermal sub-systems. These tools are essential for checking chip functionality, sorting defective parts, and preparing devices for final shipment.
Cohu operates through a single reportable segment: Semiconductor Test and Inspection Equipment. Its revenue is broadly categorized into systems sales, which consist of capital equipment, and recurring revenue, which includes spares, application kits, interface products like contactors, and services. The recurring revenue stream is supported by a massive global installed base of thousands of handlers and testers. Geographically, Cohu serves a global customer base with significant operations and sales across the United States, China, Taiwan, Malaysia, the Philippines, and other international markets. The company's competitive position is supported by its advanced thermal handling capabilities and its exposure to high-growth end markets, including automotive, industrial, mobility, and high-performance computing (HPC) applications.
