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美国

证券交易委员会

华盛顿特区 20549

10-Q 表

（勾选一项）

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

☑

\n\t\t\t

根据《1934年证券交易法》第13条或第15(d)条提交的季度报告

\n\t\t\t

截至2026年9月26日的季度

或

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

☐

\n\t\t\t

根据《1934年证券交易法》第13条或第15(d)条提交的过渡报告

\n\t\t\t

过渡期自至

委员会档案编号 001-04298

COHU, INC.

（注册人章程中规定的注册人确切名称）

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t 特拉华州 \n\t\t\t	\n\t\t\t 95-1934119 \n\t\t\t
\n\t\t\t （州或其他司法管辖区） \n\t\t\t	\n\t\t\t （美国国税局雇主识别号码） \n\t\t\t
\n\t\t\t （注册成立或组织地） \n\t\t\t

\n\t\t\t 加利福尼亚州圣迭戈市 Via Del Campo 17087 号 \n\t\t\t	\n\t\t\t 92127-1711 \n\t\t\t
\n\t\t\t （主要行政办公室地址） \n\t\t\t	\n\t\t\t （邮政编码） \n\t\t\t

注册人’的电话号码（含区号）：(858) 848-8100

根据该法第12(b)条登记的证券：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t 各类证券名称 \n\t\t\t	\n\t\t\t 交易代码 \n\t\t\t	\n\t\t\t 上市交易所名称 \n\t\t\t
\n\t\t\t 普通股，面值 $1.00 \n\t\t\t	\n\t\t\t COHU \n\t\t\t	\n\t\t\t 纳斯达克股票市场有限责任公司 \n\t\t\t

通过勾选标记说明注册人是否 (1) 在过去 12 个月内（或注册人须提交此类报告的较短期间内）已提交《1934年证券交易法》第13条或第15(d)条要求提交的所有报告，以及 (2) 在过去 90 天内是否一直受此类提交要求约束。是 ☑ 否 ☐

通过勾选标记说明注册人是否在过去 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交了根据 S-T 条例第405条（本章§232.405）要求提交的每一份交互式数据文件。是 ☑ 否 ☐

通过勾选标记说明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长公司”的定义。

大型加速申报公司 ☑ 加速申报公司 ☐ 非加速申报公司 ☐

较小申报公司 ☐ 新兴成长公司 ☐

如果是新兴成长公司，通过勾选标记说明注册人是否选择不使用《交易法》第13(a)条规定的、遵守任何新的或修订后的财务会计准则的延长过渡期。 ☐

通过勾选标记说明注册人是否为空壳公司（定义见该法规则 12b-2）。是 ☐ 否 ☑

截至2026年10月20日，注册人有47,346,050 股面值 $1.00 的普通股发行在外。

COHU, INC.

10-Q 表

2026年9月26日

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t 第一部分 \n\t\t\t	\n\t\t\t 财务信息 \n\t\t\t	\n\t\t\t 页码 \n\t\t\t

\n\t\t\t 第1项。 \n\t\t\t	\n\t\t\t 财务报表： \n\t\t\t

	\n\t\t\t 简明合并资产负债表：截至2026年9月26日（未经审计）和2025年12月27日 \n\t\t\t	\n\t\t\t 3 \n\t\t\t

	\n\t\t\t 简明合并经营报表（未经审计）截至2026年9月26日和2025年9月27日的三个月和九个月 \n\t\t\t	\n\t\t\t 4 \n\t\t\t

	\n\t\t\t 简明合并综合收益（亏损）报表（未经审计）截至2026年9月26日和2025年9月27日的三个月和九个月 \n\t\t\t	\n\t\t\t 5 \n\t\t\t

	\n\t\t\t 简明合并股东权益报表（未经审计）截至2026年9月26日和2025年9月27日的三个月和九个月 \n\t\t\t	\n\t\t\t 6 \n\t\t\t

	\n\t\t\t 简明合并现金流量表（未经审计）截至2026年9月26日和2025年9月27日的九个月 \n\t\t\t	\n\t\t\t 7 \n\t\t\t

	\n\t\t\t 未经审计简明合并财务报表附注 \n\t\t\t	\n\t\t\t 8 \n\t\t\t

\n\t\t\t 第2项。 \n\t\t\t	\n\t\t\t 管理层对财务状况和经营业绩的讨论与分析 \n\t\t\t	\n\t\t\t 31 \n\t\t\t

\n\t\t\t 第3项。 \n\t\t\t	\n\t\t\t 关于市场风险的定量和定性披露 \n\t\t\t	\n\t\t\t 42 \n\t\t\t

\n\t\t\t 第4项。 \n\t\t\t	\n\t\t\t 控制与程序 \n\t\t\t	\n\t\t\t 43 \n\t\t\t

\n\t\t\t 第二部分 \n\t\t\t	\n\t\t\t 其他信息 \n\t\t\t

\n\t\t\t 第1项。 \n\t\t\t	\n\t\t\t 法律诉讼 \n\t\t\t	\n\t\t\t 44 \n\t\t\t

\n\t\t\t 第1A项。 \n\t\t\t	\n\t\t\t 风险因素 \n\t\t\t	\n\t\t\t 44 \n\t\t\t

\n\t\t\t 第2项。 \n\t\t\t	\n\t\t\t 未注册股权证券的销售及所得款项用途 \n\t\t\t	\n\t\t\t 44 \n\t\t\t

\n\t\t\t 第3项。 \n\t\t\t	\n\t\t\t 优先证券违约 \n\t\t\t	\n\t\t\t 44 \n\t\t\t

\n\t\t\t 第4项。 \n\t\t\t	\n\t\t\t 矿山安全披露 \n\t\t\t	\n\t\t\t 44 \n\t\t\t

\n\t\t\t 第5项。 \n\t\t\t	\n\t\t\t 其他信息 \n\t\t\t	\n\t\t\t 44 \n\t\t\t

\n\t\t\t 第6项。 \n\t\t\t	\n\t\t\t 附件 \n\t\t\t	\n\t\t\t 45 \n\t\t\t

\n\t\t\t 签名 \n\t\t\t	\n\t\t\t 46 \n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

第1项。

\n\t\t\t

COHU, INC.

\n\t\t\t

简明合并资产负债表

\n\t\t\t

（单位：千，面值除外）

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 2026年9月26日 \n\t\t\t			\n\t\t\t 2025年12月27日 \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 * \n\t\t\t
	\n\t\t\t （未经审计） \n\t\t\t
资产
\n\t\t\t 流动资产： \n\t\t\t
\n\t\t\t 现金及现金等价物 \n\t\t\t	$	272,303			$	227,053
\n\t\t\t 短期投资 \n\t\t\t		235,645				256,928
\n\t\t\t 应收账款净额 \n\t\t\t		145,243				108,754
\n\t\t\t 存货 \n\t\t\t		149,049				129,006
\n\t\t\t 预付费用及其他流动资产 \n\t\t\t		27,676				24,356
\n\t\t\t 应收税款 \n\t\t\t		6,419				3,893
\n\t\t\t 流动资产总额 \n\t\t\t		836,335				749,990

\n\t\t\t 不动产、厂房及设备净额 \n\t\t\t		75,312				76,987
\n\t\t\t 商誉 \n\t\t\t		278,721				283,027
\n\t\t\t 无形资产净额 \n\t\t\t		57,013				79,272
\n\t\t\t 其他资产 \n\t\t\t		23,429				24,435
\n\t\t\t 经营租赁使用权资产 \n\t\t\t		26,913				29,271
	$	1,297,723			$	1,242,982

\n\t\t\t 负债和股东’权益 \n\t\t\t
\n\t\t\t 流动负债： \n\t\t\t
\n\t\t\t 短期借款 \n\t\t\t	$	15,636			$	9,807
\n\t\t\t 长期债务的流动部分 \n\t\t\t		1,213				1,244
\n\t\t\t 应付账款 \n\t\t\t		76,598				40,708
\n\t\t\t 客户预付款 \n\t\t\t		3,818				2,802
\n\t\t\t 应计薪酬及福利 \n\t\t\t		32,577				22,463
\n\t\t\t 递延利润 \n\t\t\t		9,546				8,626
\n\t\t\t 应计保修费用 \n\t\t\t		6,163				4,179
\n\t\t\t 应付所得税 \n\t\t\t		2,865				2,789
\n\t\t\t 其他应计负债 \n\t\t\t		13,816				16,460
\n\t\t\t 流动负债总额 \n\t\t\t		162,232				109,078

\n\t\t\t 长期债务 \n\t\t\t		285,212				285,026
\n\t\t\t 递延所得税 \n\t\t\t		14,644				15,469
\n\t\t\t 非流动所得税负债 \n\t\t\t		3,917				3,975
\n\t\t\t 应计退休福利 \n\t\t\t		5,209				5,472
\n\t\t\t 长期租赁负债 \n\t\t\t		30,033				31,693
\n\t\t\t 其他应计负债 \n\t\t\t		5,496				6,730

\n\t\t\t 股东权益 \n\t\t\t
\n\t\t\t 优先股，每股面值$1；授权发行1,000股，已发行无 \n\t\t\t		-				-
\n\t\t\t 普通股，每股面值$1；授权发行150,000股；2026年已发行并流通50,347股，2025年授权发行90,000股，已发行49,875股 \n\t\t\t		50,347				49,875
\n\t\t\t 实收资本 \n\t\t\t		693,820				681,509
\n\t\t\t 库存股，按成本计价；2026年2,997股，2025年3,030股 \n\t\t\t		(86,865	)			(87,842	)
\n\t\t\t 留存收益 \n\t\t\t		174,369				174,467
\n\t\t\t 累计其他综合亏损 \n\t\t\t		(40,691	)			(32,470	)
\n\t\t\t 股东权益总额 \n\t\t\t		790,980				785,539
	$	1,297,723			$	1,242,982

\n\n\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

* 根据2025年12月27日经审计的财务报表计算

\n\t\t\t

随附附注是本报表不可分割的一部分。

\n\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

COHU, INC.

\n\t\t\t

简明合并经营报表

\n\t\t\t

（未经审计）

\n\t\t\t

（单位：千，每股金额除外）

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至三个月 \n\t\t\t			\n\t\t\t 截至九个月 \n\t\t\t
	\n\t\t\t 9月26日 \n\t\t\t			\n\t\t\t 9月27日 \n\t\t\t			\n\t\t\t 9月26日 \n\t\t\t		\n\t\t\t 9月27日 \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t

\n\t\t\t 净销售额 \n\t\t\t	$	172,956			$	126,249		$	447,077		$	330,726
\n\t\t\t 成本和费用： \n\t\t\t
\n\t\t\t 销售成本⁽¹⁾ \n\t\t\t		94,237				70,985			242,863			186,036
\n\t\t\t 研发费用 \n\t\t\t		25,558				22,454			76,888			68,794
\n\t\t\t 销售、一般及行政费用 \n\t\t\t		32,748				31,768			101,794			91,645
\n\t\t\t 购入无形资产摊销 \n\t\t\t		7,177				10,249			21,754			30,182
\n\t\t\t 重组费用 \n\t\t\t		435				509			1,839			8,347
		160,155				135,965			445,138			385,004
\n\t\t\t 经营收入（亏损） \n\t\t\t		12,801				(9,716	)		1,939			(54,278	)
\n\t\t\t 其他（费用）收入： \n\t\t\t
\n\t\t\t 利息费用 \n\t\t\t		(1,813	)			(110	)		(5,054	)		(434	)
\n\t\t\t 利息收入 \n\t\t\t		3,854				1,335			11,564			4,334
\n\t\t\t 外汇交易损失 \n\t\t\t		(519	)			(111	)		(1,150	)		(551	)
\n\t\t\t 养老金缩减收益 \n\t\t\t		-				787			-			2,317
\n\t\t\t 税前收入（亏损） \n\t\t\t		14,323				(7,815	)		7,299			(48,612	)
\n\t\t\t 所得税费用（收益） \n\t\t\t		2,194				(3,714	)		7,397			3,173
\n\t\t\t 净利润（亏损） \n\t\t\t	$	12,129			$	(4,101	)	$	(98	)	$	(51,785	)

\n\t\t\t 每股收益（亏损）： \n\t\t\t
\n\t\t\t 基本 \n\t\t\t	$	0.26			$	(0.09	)	$	(0.00	)	$	(1.11	)
\n\t\t\t 稀释 \n\t\t\t	$	0.22			$	(0.09	)	$	(0.00	)	$	(1.11	)

\n\t\t\t 计算每股收益（亏损）所用加权平均股数： \n\t\t\t
\n\t\t\t 基本 \n\t\t\t		47,410				46,748			47,245			46,685
\n\t\t\t 稀释 \n\t\t\t		54,366				46,748			47,245			46,685

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

(1)

\n\t\t\t

不包括截至2026年9月26日和2025年9月27日的三个月以及截至2026年9月26日和2025年9月27日的九个月内，分别为4,830和7,873，以及14,677和23,171的已购无形资产摊销。

\n\t\t\t

随附附注是这些报表不可分割的一部分。

\n\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

COHU, INC.

\n\t\t\t

简明合并综合收益（亏损）表

\n\t\t\t

（未经审计）

\n\t\t\t

（单位：千）

\n\t\t\t

	\n\t\t\t 截至三个月 \n\t\t\t			\n\t\t\t 9月26日， \n\t\t\t
	\n\t\t\t 9月27日， \n\t\t\t			\n\t\t\t 截至九个月 \n\t\t\t			\n\t\t\t 9月26日， \n\t\t\t		\n\t\t\t 9月27日， \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t

\n\t\t\t 净利润（亏损） \n\t\t\t	$	12,129			$	(4,101	)	$	(98	)	$	(51,785	)
\n\t\t\t 其他综合收益（亏损），扣除税项： \n\t\t\t
\n\t\t\t 外币折算调整 \n\t\t\t		558				(622	)		(7,128	)		18,933
\n\t\t\t 退休后福利相关调整 \n\t\t\t		(3	)			(355	)		8			(1,392	)
\n\t\t\t 投资未实现收益/亏损变动 \n\t\t\t		(608	)			38			(1,101	)		39
\n\t\t\t 其他综合收益（亏损），扣除税项 \n\t\t\t		(53	)			(939	)		(8,221	)		17,580
\n\t\t\t 综合收益（亏损） \n\t\t\t	$	12,076			$	(5,040	)	$	(8,319	)	$	(34,205	)

随附附注是这些报表不可分割的一部分。

\n\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

COHU, INC.

\n\t\t\t

股东权益简明合并报表’ 权益

\n\t\t\t

（单位：千，面值和每股金额除外）

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\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

												\n\t\t\t 累计 \n\t\t\t
	\n\t\t\t 普通 \n\t\t\t										\n\t\t\t 其他 \n\t\t\t
	\n\t\t\t 股 \n\t\t\t			\n\t\t\t 实收 \n\t\t\t			\n\t\t\t 留存 \n\t\t\t		\n\t\t\t 综合 \n\t\t\t			\n\t\t\t 库存 \n\t\t\t
截至2026年9月26日的三个月	\n\t\t\t 面值1美元 \n\t\t\t			\n\t\t\t 资本 \n\t\t\t			\n\t\t\t 收益 \n\t\t\t		\n\t\t\t 亏损 \n\t\t\t			\n\t\t\t 股 \n\t\t\t			\n\t\t\t 总计 \n\t\t\t
\n\t\t\t 2026年6月27日余额 \n\t\t\t	$	50,339			$	689,512		$	162,240			$	(40,638	)		$	(86,865	)	$	774,588
\n\t\t\t 净利润 \n\t\t\t		-				-			12,129				-				-			12,129
\n\t\t\t 累计折算调整变动 \n\t\t\t		-				-			-				558				-			558
\n\t\t\t 退休后福利相关调整，扣除税项 \n\t\t\t		-				-			-				(3	)			-			(3	)
\n\t\t\t 投资未实现收益和亏损变动，扣除税项 \n\t\t\t		-				-			-				(608	)			-			(608	)
\n\t\t\t 限制性股票单位归属时发行的股份 \n\t\t\t		14				(14	)		-				-				-			-
\n\t\t\t 回购并注销股票 \n\t\t\t		(6	)			(303	)		-				-				-			(309	)
\n\t\t\t 股份薪酬费用 \n\t\t\t		-				4,625			-				-				-			4,625
\n\t\t\t 2026年9月26日余额 \n\t\t\t	$	50,347			$	693,820		$	174,369			$	(40,691	)		$	(86,865	)	$	790,980

\n\t\t\t 截至2026年9月26日的九个月 \n\t\t\t
\n\t\t\t 2025年12月27日余额 \n\t\t\t	$	49,875			$	681,509		$	174,467			$	(32,470	)		$	(87,842	)	$	785,539
\n\t\t\t 净亏损 \n\t\t\t		-				-			(98	)			-				-			(98	)
\n\t\t\t 累计折算调整变动 \n\t\t\t		-				-			-				(7,128	)			-			(7,128	)
\n\t\t\t 退休后福利相关调整，扣除税项 \n\t\t\t		-				-			-				8				-			8
\n\t\t\t 投资未实现收益和亏损变动，扣除税项 \n\t\t\t		-				-			-				(1,101	)			-			(1,101	)
\n\t\t\t 根据员工股票购买计划（ESPP）发行的股份 \n\t\t\t		89				1,715			-				-				-			1,804
\n\t\t\t 限制性股票单位归属时发行的股份 \n\t\t\t		573				(1,577	)		-				-				1,004			-
\n\t\t\t 回购并注销股票 \n\t\t\t		(190	)			(5,321	)		-				-				(27	)		(5,538	)
\n\t\t\t 股份薪酬费用 \n\t\t\t		-				17,494			-				-				-			17,494
\n\t\t\t 2026年9月26日余额 \n\t\t\t	$	50,347			$	693,820		$	174,369			$	(40,691	)		$	(86,865	)	$	790,980


\n\t\t\t 截至2025年9月27日的三个月 \n\t\t\t
\n\t\t\t 2025年6月28日余额 \n\t\t\t	$	49,745			$	700,763		$	201,056			$	(32,636	)		$	(88,385	)	$	830,543
\n\t\t\t 净亏损 \n\t\t\t		-				-			(4,101	)			-				-			(4,101	)
\n\t\t\t 累计折算调整变动 \n\t\t\t		-				-			-				(622	)			-			(622	)
\n\t\t\t 退休后福利相关调整，扣除税项 \n\t\t\t		-				-			-				(355	)			-			(355	)
\n\t\t\t 投资未实现收益和亏损变动，扣除税项 \n\t\t\t		-				-			-				38				-			38
\n\t\t\t 限制性股票单位归属时发行的股份 \n\t\t\t		-				(287	)		-				-				287			-
\n\t\t\t 回购并注销股票 \n\t\t\t		-				22			-				-				(78	)		(56	)
\n\t\t\t 普通股回购 \n\t\t\t		-				-			-				-				(17	)		(17	)
\n\t\t\t 股份薪酬费用 \n\t\t\t		-				5,659			-				-				-			5,659
\n\t\t\t 2025年9月27日余额 \n\t\t\t	$	49,745			$	706,157		$	196,955			$	(33,575	)		$	(88,193	)	$	831,089

\n\t\t\t 截至2025年9月27日的九个月 \n\t\t\t
\n\t\t\t 2024年12月28日余额 \n\t\t\t	$	49,601			$	697,489		$	248,740			$	(51,155	)		$	(87,784	)	$	856,891
\n\t\t\t 净亏损 \n\t\t\t		-				-			(51,785	)			-				-			(51,785	)
\n\t\t\t 累计折算调整变动 \n\t\t\t		-				-			-				18,933				-			18,933
\n\t\t\t 退休后福利相关调整，扣除税项 \n\t\t\t		-				-			-				(1,392	)			-			(1,392	)
\n\t\t\t 投资未实现收益和亏损变动，扣除税项 \n\t\t\t		-				-			-				39				-			39
\n\t\t\t 根据员工股票购买计划（ESPP）发行的股份 \n\t\t\t		144				1,813			-				-				-			1,957
\n\t\t\t 限制性股票单位归属时发行的股份 \n\t\t\t		-				(12,555	)		-				-				12,555			-
\n\t\t\t 回购并注销股票 \n\t\t\t		-				1,846			-				-				(4,377	)		(2,531	)
\n\t\t\t 普通股回购 \n\t\t\t		-				-			-				-				(8,587	)		(8,587	)
\n\t\t\t 股份薪酬费用 \n\t\t\t		-				17,564			-				-				-			17,564
\n\t\t\t 2025年9月27日余额 \n\t\t\t	$	49,745			$	706,157		$	196,955			$	(33,575	)		$	(88,193	)	$	831,089

随附附注是这些报表不可分割的一部分。

\n\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

COHU, INC.

\n\t\t\t

简明合并现金流量表

\n\t\t\t

（未经审计）

\n\t\t\t

（单位：千）

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 截至九个月 \n\t\t\t
	\n\t\t\t 9月26日， \n\t\t\t			\n\t\t\t 9月27日， \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 经营活动产生的现金流： \n\t\t\t
\n\t\t\t 净利润（亏损） \n\t\t\t	$	(98	)		$	(51,785	)
\n\t\t\t 将净亏损调节为经营活动提供（使用）的净现金的调整项目： \n\t\t\t
\n\t\t\t 投资净增值 \n\t\t\t		(2,577	)			(547	)
\n\t\t\t 出售不动产、厂房和设备的收益（损失） \n\t\t\t		64				(45	)
\n\t\t\t 折旧和摊销 \n\t\t\t		31,117				40,135
\n\t\t\t 养老金缩减收益 \n\t\t\t		-				(2,317	)
\n\t\t\t 股份支付薪酬费用 \n\t\t\t		17,494				17,564
\n\t\t\t 非现金存货相关费用 \n\t\t\t		7,792				4,327
\n\t\t\t 递延所得税 \n\t\t\t		(1,057	)			(4,659	)
\n\t\t\t 应计退休人员医疗福利变动 \n\t\t\t		(453	)			(4	)
\n\t\t\t 其他应计负债变动 \n\t\t\t		(1,237	)			(113	)
\n\t\t\t 其他资产变动 \n\t\t\t		(806	)			(470	)
\n\t\t\t 云端软件实施成本摊销 \n\t\t\t		2,169				2,127
\n\t\t\t 或有对价按市值调整 \n\t\t\t		-				(1,700	)
\n\t\t\t 债务折价和发行成本摊销 \n\t\t\t		1,280				-
\n\t\t\t 经营租赁使用权资产 \n\t\t\t		3,679				5,317
\n\t\t\t 资产和负债变动，不包括收购的影响： \n\t\t\t
\n\t\t\t 客户预付款 \n\t\t\t		1,177				247
\n\t\t\t 应收账款 \n\t\t\t		(40,236	)			(28,521	)
\n\t\t\t 存货 \n\t\t\t		(29,195	)			3,588
\n\t\t\t 其他流动资产 \n\t\t\t		(6,824	)			(13,009	)
\n\t\t\t 应付账款 \n\t\t\t		35,663				17,985
\n\t\t\t 递延利润 \n\t\t\t		1,875				2,860
\n\t\t\t 应付所得税 \n\t\t\t		(168	)			(59	)
\n\t\t\t 应计薪酬、保修及其他负债 \n\t\t\t		8,855				6,260
\n\t\t\t 流动及长期经营租赁负债 \n\t\t\t		(2,160	)			(5,325	)
\n\t\t\t 经营活动提供（使用）的现金净额 \n\t\t\t		26,354				(8,144	)
\n\t\t\t 投资活动现金流量，不包括收购的影响： \n\t\t\t
\n\t\t\t 购买短期投资 \n\t\t\t		(183,960	)			(40,319	)
\n\t\t\t 出售及到期短期投资 \n\t\t\t		206,678				48,378
\n\t\t\t 结算净投资套期 \n\t\t\t		2,336				(3,059	)
\n\t\t\t 购买不动产、厂房和设备 \n\t\t\t		(6,961	)			(17,583	)
\n\t\t\t 出售不动产、厂房和设备收到的现金 \n\t\t\t		12				79
\n\t\t\t 购买 Tignis 支付的款项，扣除收到的现金 \n\t\t\t		-				(34,935	)
\n\t\t\t 投资活动提供（使用）的现金净额 \n\t\t\t		18,105				(47,439	)
\n\t\t\t 融资活动现金流量： \n\t\t\t
\n\t\t\t 支付流动及长期融资租赁负债 \n\t\t\t		-				(7	)
\n\t\t\t 回购普通股，净额 \n\t\t\t		(3,734	)			(575	)
\n\t\t\t 循环信贷额度及循环信贷安排所得款项 \n\t\t\t		6,025				8,730
\n\t\t\t 偿还债务 \n\t\t\t		(1,044	)			(1,090	)
\n\t\t\t 回购库存股 \n\t\t\t		-				(8,586	)
\n\t\t\t 融资活动提供（使用）的现金净额 \n\t\t\t		1,247				(1,528	)
\n\t\t\t 汇率变动对现金及现金等价物的影响 \n\t\t\t		(456	)			648
\n\t\t\t 现金及现金等价物净增加（减少）额 \n\t\t\t		45,250				(56,463	)
\n\t\t\t 期初现金及现金等价物 \n\t\t\t		227,053				206,407
\n\t\t\t 期末现金及现金等价物 \n\t\t\t	$	272,303			$	149,944
\n\t\t\t 现金流量信息补充披露： \n\t\t\t
\n\t\t\t 支付的所得税现金 \n\t\t\t	$	11,910			$	20,904
\n\t\t\t 资本化为不动产、厂房和设备的存货 \n\t\t\t	$	1,716			$	639
\n\t\t\t 计入应付账款的不动产、厂房和设备采购额 \n\t\t\t	$	574			$	672
\n\t\t\t 支付的利息现金 \n\t\t\t	$	3,965			$	417	\n\t\t\t\n\t\t\t

随附附注是这些报表的组成部分。

Cohu, Inc.

未经审计的简明合并财务报表附注

2026年9月26日

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

重要会计政策摘要

\n\t\t\t

列报基础

我们的财政年度按52周或53周计算，截止于12月的最后一个星期六。2025年12月27日的简明合并资产负债表源自我们截至该日的经审计财务报表。截至2026年9月26日（亦称“2026财年第三季度”和“2026财年前九个月”）及2025年9月27日（亦称“2025财年第三季度”和“2025财年前九个月”）的中期简明合并财务报表未经审计。然而，管理层认为，这些财务报表反映了为公允列报所示期间的财务状况、经营成果和现金流量所需的所有调整（仅包括正常的经常性项目）。截至2026年9月26日和2025年9月27日的三个月及九个月期间分别包含13周和39周。

我们的中期业绩不一定代表全年预期业绩。本文所列简明合并财务报表反映了管理层在2026年9月26日以及截至2026年9月26日的三个月和九个月期间作出的估计和假设。为更好地了解 Cohu, Inc. 及其财务报表，我们建议将这些中期简明合并财务报表与截至2025年12月27日止年度的经审计财务报表一并阅读，该财务报表载于我们于美国证券交易委员会（“SEC”）提交的2025年年度报告 Form 10-K 中。在以下中期简明合并财务报表附注中，Cohu, Inc. 称为“Cohu”、“本公司”、“我们”及“我们的”。

所有重大公司间交易和余额均已在合并时抵销。

信用风险集中度

可能使我们面临重大信用风险的金融工具主要包括现金等价物、短期投资和应收贸易账款。我们投资于各种金融工具，并根据政策限制对任何单一发行人的信用风险敞口金额。

我们的应收贸易账款按扣除信用损失准备后的金额列报，该准备根据《会计准则汇编》（“ASC”）第326主题《金融工具——信用损失》（“ASC 326”）所提供的指引确定。截至2026年9月26日和2025年12月27日，我们的信用损失准备分别为0.5 百万美元和0.1 百万美元。我们的客户包括世界各地的半导体制造商和半导体测试分包商。尽管我们认为截至2026年9月26日的信用损失准备充足且代表我们的最佳估计，但我们将继续监控客户流动性及其他经济状况，这可能导致我们调整对预期信用损失的估计。

存货

存货按成本与可变现净值孰低计价，成本采用先进先出法确定。成本包括人工、材料和间接费用。确定存货的可变现净值涉及众多估计和判断，包括预测未来期间的平均售价和销售量。根据这些分析，当预计市场价值低于我们的成本时，我们会在存货售出期间之前将相关费用计入销售成本。

按类别划分的存货如下（千美元）：

	\n\t\t\t 9月26日， \n\t\t\t		\n\t\t\t 12月27日， \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 原材料和外购零部件 \n\t\t\t	$	93,850		$	84,797
\n\t\t\t 在制品 \n\t\t\t		30,979			23,388
\n\t\t\t 制成品 \n\t\t\t		24,220			20,821
\n\t\t\t 存货总额 \n\t\t\t	$	149,049		$	129,006

Cohu, Inc.

未经审计简明合并财务报表附注

2026年9月26日

不动产、厂房和设备

自有及融资租赁的不动产、厂房和设备的折旧和摊销主要采用直线法计算，基于以下预计使用年限：建筑物为三十至四十年，建筑物改良为五至十五年，机器、设备和软件为三至十年，融资租赁则按租赁期限计提。土地不计提折旧。按成本计量的不动产、厂房和设备包括以下项目（千美元）：

	\n\t\t\t 9月26日， \n\t\t\t			\n\t\t\t 12月27日， \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 土地及土地改良 \n\t\t\t	$	11,946			$	12,364
\n\t\t\t 建筑物及建筑物改良 \n\t\t\t		48,713				49,469
\n\t\t\t 机械和设备 \n\t\t\t		107,593				103,273
		168,252				165,106
\n\t\t\t 减：累计折旧和摊销 \n\t\t\t		(92,940	)			(88,119	)
\n\t\t\t 不动产、厂房及设备净额 \n\t\t\t	$	75,312			$	76,987

基于云的企业资源规划实施成本

我们根据 ASC Topic 350《无形资产—商誉及其他》（“ASC 350”），将与实施基于云的企业资源规划（“ERP”）系统相关的某些成本资本化。资本化成本仅包括开发系统过程中耗用的材料和服务的外部直接成本，以及开发系统期间发生的利息成本（如金额重大）。

截至2026年9月26日和2025年12月27日，未摊销的云计算实施资本化成本总额分别为$4.9 million和$7.0 million。这些金额计入我们简明合并资产负债表中的其他流动资产和其他资产。实施成本采用直线法在七年内摊销；截至2026年9月26日的三个月和九个月，我们分别确认摊销费用$0.7 million和$2.2 million；截至2025年9月27日的三个月和九个月，我们分别确认摊销费用$0.7 million和$2.1 million。

分部信息

我们遵循 ASC Topic 280《分部报告》（“ASC 280”）的规定。该准则采用管理层方法进行分部报告，并要求按季度报告选定的分部信息，以及每年披露实体范围内的产品、主要客户，以及实体持有重大资产并确认收入的地理区域。经营分部是指从事业务活动、其经营业绩由首席经营决策者（“CODM”）审阅且有单独财务信息可供使用的组成部分。我们认定的三个经营分部为：测试分选机（“TH”）、半导体测试机（“ST”）和接口解决方案（“IS”）。由于 TH、ST 和 IS 经营分部的客户、经济特征以及所提供产品和服务的性质相似，因此符合 ASC 280 规定的合并条件。因此，我们将其报告为一个分部，即半导体测试与检测设备（“Semiconductor Test & Inspection”）。

商誉、无形资产及其他长期资产

我们每年评估商誉是否减值；每当事件或情况变化表明账面价值可能无法收回时，也会进行评估。商誉减值测试在报告单位层面进行，方法是比较报告单位的估计公允价值与其账面价值（包括商誉）。如果账面价值超过公允价值，则确认减值费用，金额为账面价值超过公允价值的部分，但不超过商誉的账面金额。

我们采用收益法和市场法加权的方式估算各报告单位的公允价值。收益法采用折现现金流法，需要对多项因素作出重大判断和估计，包括预测收入、毛利率、营业利润率、营运资本现金流、永续增长率和长期折现率。市场法采用可比上市公司法，将具有相似经营和投资特征的可比上市公司的估值倍数应用于报告单位的经营业绩指标。收益法和市场法得出的估值结果各占50%，用于确定各报告单位的估计公允价值。

Cohu, Inc.

未经审计的简明合并财务报表附注

2026年9月26日

未来现金流预测基于管理层对未来净销售额和营业费用的最佳估计，并考虑客户预测、行业贸易组织数据以及总体经济和市场状况。公允价值计量本质上具有主观性，并且对假设的变化十分敏感。预测业绩、折现率、长期增长假设、宏观经济状况、客户需求、竞争态势或其他因素的不利变化，可能导致一个或多个报告单位的估计公允价值下降。

我们于2025年10月1日进行了年度商誉减值测试，并确定各报告单位的估计公允价值均高于其各自的账面价值。正如我们在2025财年10-K表格年度报告中披露的，截至年度评估日，我们的IS报告单位的公允价值超过账面价值的幅度低于其他报告单位。年度评估日，与IS报告单位相关的商誉约占商誉总额的39%。根据我们的分析（包括所有相关的定性和定量因素），我们得出结论，截至年度评估日，不存在减值。

此外，如果年度测试日期之间出现减值迹象，则必须对商誉进行减值评估。截至2026年9月26日，我们确定未发生此类触发事件。如果情况发生变化，需要进行中期减值评估，则可能产生非现金减值费用，金额可能重大，并会对我们的经营业绩和财务状况造成不利影响。

每当事件或情况变化表明长期资产的账面金额可能无法收回时，我们都会对其进行减值审查。需要进行减值评估的情形包括资产的可观察市场价值大幅下降、资产的使用范围或方式发生重大变化，或任何其他表明资产或资产组的账面金额可能无法收回的重大不利变化。对于长期资产，只有在资产账面金额无法通过其未折现的未来现金流收回时，才会确认减值损失。减值损失按账面金额与估计公允价值之间的差额计量。

在 2026 和 2025 财年最初的九个月内，没有发生任何表明长期资产发生减值的事件或情况。

产品保修

产品保修成本在确认销售收入的期间计提。我们的产品通常附有标准保修期，因产品而异，期限为 12 至 36 个月。保修协议条款通常涵盖零部件和人工。我们的保修费用应计额基于按产品和配置划分的历史成本及估计成本。我们有时会向客户提供超出标准保修期的延长保修。在这种情况下，延长保修相关收入按估计的相对独立售价递延，并在延长保修期内按直线法确认。延长保修合同相关成本在发生时计入费用。

重组成本

我们根据 ASC Topic 420（退出或处置成本义务）（“ASC 420”）记录重组活动，包括一次性解雇福利成本。根据 ASC 420 核算的遣散成本，其确认时间取决于员工是否必须持续提供服务直至被解雇，才能获得解雇福利。如果员工必须持续提供服务直至被解雇才能获得解雇福利，则在未来服务期内按比例确认负债。否则，当管理层承诺实施重组计划并已向员工传达相关行动时确认负债。现有福利安排涵盖的员工解雇福利根据 ASC Topic 712（非退休后雇佣福利）入账。当管理层承诺实施重组计划，且遣散成本很可能发生并可估计时，即确认这些成本。更多信息请参阅附注 4“重组费用”。

Cohu, Inc.

未经审计的简明合并财务报表附注

2026年9月26日

债务发行成本

我们递延与债务发行相关的成本。与可转换票据（“票据”）直接相关的债务发行成本，在合并资产负债表中列为非流动负债，并冲减长期债务。此类成本的摊销采用实际利率法，在相应债务发行的期限内确认为利息费用。截至 2026 年 9 月 26 日的三个月和九个月，递延债务发行成本及原始折价成本相关摊销分别为 0.4 百万美元和 1.3 百万美元。

外币重新计量和货币折算

对于以美元作为功能货币的全资外国子公司，其资产和负债按期末有效汇率重新计量，但存货以及不动产、厂房和设备等非货币性资产按历史汇率重新计量。收入和成本按该期间的平均汇率重新计量，但与按历史汇率重新计量的资产负债表项目相关的成本除外。外币交易产生的收益和损失在发生时确认。截至2026年9月26日的三个月和九个月内，扣除外汇衍生品合约的影响后，我们分别确认了0.5 百万美元和1.2 百万美元的外汇损失。截至2025年9月27日的三个月和九个月内，扣除外汇衍生品合约的影响后，我们分别确认了0.1 百万美元和0.6 百万美元的外汇损失。

我们的一些外国子公司指定当地货币为其功能货币，因此，其资产和负债按资产负债表日的汇率折算，收入和费用则按该期间的平均汇率折算。财务报表折算产生的累计外币折算调整作为股东权益的单独组成部分列示。

外汇衍生品合约

我们在全球多个市场运营并销售产品。因此，我们面临外汇汇率变动的风险。为降低外汇波动性，我们与一家金融机构签订外币远期合约，以对冲未来汇率变动。我们不将衍生金融工具用于投机或交易目的。衍生品公允价值变动的会计处理取决于衍生品的预期用途，以及我们是否选择将衍生品指定为套期关系并采用套期会计。所有衍生工具均按公允价值在简明合并资产负债表中确认，其公允价值变动均计入净收益，或通过累计其他综合损失（AOCL）计入简明合并股东权益报表。

对于符合套期会计处理条件的合约，套期合约必须能有效降低与被套期风险敞口相关的风险，并且必须在合约开始时指定为套期工具。我们定期评估套期有效性。出于会计处理目的，我们的某些外币远期合约未被指定为套期工具，因此，我们在报告期末将这些合约的公允价值计入简明合并资产负债表，并将公允价值变动（包括已实现和未实现的收益与损失）计入简明合并经营报表中的外币交易收益（损失）。

更多信息请参见附注7“衍生金融工具”。

股份支付

我们采用公允价值法计量并确认所有股份支付。已报告的股份支付在简明合并财务报表中的分类如下 （单位：千）:

	\n\t\t\t 截至三个月 \n\t\t\t		\n\t\t\t 截至九个月 \n\t\t\t
	\n\t\t\t 9月26日， \n\t\t\t		\n\t\t\t 9月27日， \n\t\t\t			\n\t\t\t 9月26日， \n\t\t\t		\n\t\t\t 9月27日， \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 销售成本 \n\t\t\t	$	274		$	341		$	767	$	1,064
\n\t\t\t 研发 \n\t\t\t		1,094			1,356			3,135		4,089
\n\t\t\t 销售、一般及行政费用 \n\t\t\t		3,257			3,962			13,592		12,411
\n\t\t\t 股份薪酬总额 \n\t\t\t		4,625			5,659			17,494		17,564
\n\t\t\t 所得税影响 \n\t\t\t		5			98			48		(293	)
\n\t\t\t 股份薪酬净额 \n\t\t\t	$	4,630		$	5,757		$	17,542	$	17,271

Cohu, Inc.

未经审计的简明合并财务报表附注

2026年9月26日

每股收益（亏损）

基本每股普通股收益（亏损）按报告期内净收益（亏损）除以发行在外普通股加权平均数计算。稀释每股收益（亏损）包括采用库存股法计算的潜在可发行普通股的稀释影响，这些普通股可能因行使股票期权、已发行限制性股票和绩效股票单位归属，以及根据员工股票购买计划发行股票而产生。在亏损期间，由于潜在稀释性证券具有反稀释作用，因此不计入每股计算。计算稀释每股收益（亏损）时，不包括某些限制性股票单位、绩效股票单位以及行权价格高于本期普通股平均公允市价的股票期权。票据的稀释影响采用假设转换法计算。在普通股加权平均公允市价低于转换价格的季度，可转换票据发行后可发行的股份不计入稀释每股普通股收益（亏损）。年初至今净收益期间，稀释每股收益会在具有稀释作用的范围内反映潜在稀释性证券的影响。年初至今净亏损期间，由于潜在稀释性证券会产生反稀释作用，因此不予计入。计入年初至今稀释每股收益的增量普通股数量，反映了年初至今期间所包含各中期确定的稀释影响加权平均值。

截至2026年9月26日的三个月期间，具有稀释作用的潜在稀释性证券已计入稀释每股收益的计算。截至2026年9月26日的九个月期间，由于潜在稀释性证券会产生反稀释作用，因此未计入稀释每股亏损的计算。截至2026年9月26日的九个月期间，此类证券主要包括可转换票据发行后可发行的股份，约为350万股；同期员工股权奖励的影响并不重大。截至2025年9月27日的三个月和九个月期间，由于潜在稀释性证券会产生反稀释作用，因此未计入稀释每股亏损的计算。截至2025年9月27日的三个月和九个月期间，员工股权奖励可发行约488,000股和588,000股普通股，分别未计入计算。所有回购并作为库存股持有的股份，均根据回购交易日作为基本加权平均流通股数的减项反映。

下表对计算基本和稀释每股收益（亏损）时使用的分母进行了调节（单位：千股）：

	\n\t\t\t 截至三个月 \n\t\t\t		\n\t\t\t 截至九个月 \n\t\t\t
	\n\t\t\t 9月26日， \n\t\t\t		\n\t\t\t 9月27日， \n\t\t\t		\n\t\t\t 9月26日， \n\t\t\t	\n\t\t\t 9月27日， \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t		\n\t\t\t 2026 \n\t\t\t	\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 普通股加权平均数 \n\t\t\t		47,410		46,748		47,245	46,685
\n\t\t\t 稀释性证券的影响 \n\t\t\t		6,956		-		-	-
		54,366		46,748		47,245	46,685

租赁

我们在合同开始日判断合同是否包含租赁。经营租赁计入我们简明合并资产负债表中的经营租赁使用权（“ROU”）资产、流动其他应计负债和长期租赁负债。融资租赁计入我们简明合并资产负债表中的财产、厂房及设备、其他流动应计负债和长期租赁负债。

经营租赁 ROU 资产和经营租赁负债按未来最低租赁付款额在租赁期内的现值确认，计量日为 2019 年 1 月 1 日（采用 ASU 2016-02，租赁（主题 842）之日），或采用日之后签订的租赁的开始日。由于我们大多数租赁未提供隐含利率，我们根据采用日或开始日可获得的信息，使用剩余租赁期限对应的增量借款利率来确定未来付款额的现值。

经营租赁 ROU 资产还包括已支付的租赁款、租赁激励，以及在业务收购中确认的有利和不利租赁条款，并扣除已发生的初始直接成本和可变租赁付款额。可变租赁付款额包括租赁期内需进行对账的估计付款额、因指数或利率变化导致的合同租金付款额增减，以及根据现行税率计算的税款。若我们合理确定将行使续租选择权，租赁期限可能包括延长租赁的续租期。此外，若我们合理确定将行使购买选择权，则在计算中计入购买选择权金额。经营租赁最低付款额的租金费用在租赁期内按直线法确认。

Cohu, Inc.

未经审计的简明合并财务报表附注

2026 年 9 月 26 日

初始期限为 12 个月或以下的租赁不计入合并资产负债表，而是在合并经营报表中按租赁期直线法确认。我们将租赁和非租赁组成部分作为单一租赁组成部分进行会计处理，并将两者均纳入 ROU 资产和租赁负债的计算。

我们将部分租赁资产转租给第三方，主要是由于设施空间闲置。我们的转租均不包含续租选择权。转租中的可变租赁付款额包括根据现行税率计算的税款。我们将租赁和非租赁组成部分作为单一租赁组成部分进行会计处理。

收入确认

我们的净销售额来自产品和服务的销售，并扣除了预计退货和折让；历史上这些金额均不重大。我们在履行与客户合同条款所规定的义务时确认收入；通常，这发生在我们的系统产品和非系统产品控制权转移时，或服务完成时。如果控制权要到货物送达目的地或获得验收后才转移，我们会将收入确认递延至此类事件发生时。

对于此前已满足客户验收要求的成熟产品，通常在发货时确认收入。如果无法证明客户过去曾验收产品，或对于新产品，则递延确认收入和销售成本，直至收到客户验收结果。发货后的义务通常包括标准质保。服务收入随着我们将相关合同的控制权转移给客户而随时间确认；如果服务期限较短，则在服务完成时确认。备件、接触器和套件收入通常在发货时确认。

某些设备销售包含多项履约义务，这些义务可能在不同时间点发生或在不同期间内履行。对于包含多项履约义务的安排，未交付履约义务对应的收入将采用相对单独售价法递延，并在履约义务得到满足前使用估计售价计量。

未履行的履约义务主要指未来交付产品的合同。截至2026年9月26日，对于原预计期限超过一年的合同中尚未履行（或部分未履行）的履约义务，预计未来确认的收入为460万美元。根据ASC Topic 606《与客户签订的合同收入》（“ASC 606”）的规定，我们选择不披露原预计期限少于一年的合同中未履行的履约义务。

我们的设备通常附带产品质保。产品质保向客户保证交付的产品符合合同规定（“保证型质保”）。因此，我们根据ASC Topic 460《担保》（“ASC 460”）对这类产品质保进行会计处理，而不将其视为单独的履约义务。

交易价格反映我们对有权从客户处取得的对价的预期，可能包括固定金额或可变金额。固定对价主要包括在报告期末对价金额已知的客户销售。可变对价包括在报告期末我们将收到的对价金额尚不确定的销售。这类对价主要包括向某些客户销售产品时提供的累计阶梯式批量折扣。可变对价安排较为少见；但若发生，我们会估计预期有权取得的可变对价金额。交易价格估计中包括的金额，须满足以下条件：与可变对价相关的不确定性消除后，累计已确认收入很可能不会发生重大转回。不符合收入确认标准的可变对价将予以递延。

对于期限少于一年的合同，我们选择使用ASC 606提供的实务简便方法，在取得合同的成本发生时将其计入费用，因为这些成本的摊销期限少于一年。

应收账款代表我们无条件向客户收取对价的权利。付款期限自发票日期起不超过一年，因此不包含重大融资成分。截至目前，应收账款未发生重大减值损失。在列报的各期间，我们的简明合并资产负债表中均未记录重大合同资产或合同负债。

Cohu, Inc.

未经审计的简明合并财务报表附注

2026年9月26日

对于未确认销售收入的发货，毛利作为递延利润记入我们的简明合并资产负债表，代表已记录的应收款与已发出存货之间的差额。在某些情况下，若客户在产品发货前付款，则将客户付款记为客户预付款。截至2026年9月26日，我们的递延收入总额约为$14.4 million，流动递延利润为$9.5 million，预计一年后确认并计入非流动其他应计负债的递延利润为$3.3 million。截至2025年12月27日，我们的递延收入总额约为$15.3 million，流动递延利润为$8.6 million，预计一年后确认并计入非流动其他应计负债的递延利润为$3.7 million。

按类型划分的净销售额如下 （单位：千）：

	\n\t\t\t 截至三个月 \n\t\t\t		\n\t\t\t 截至九个月 \n\t\t\t
\n\t\t\t 分类净销售额 \n\t\t\t	\n\t\t\t 9月26日， \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 9月27日， \n\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 9月26日， \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 9月27日， \n\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 系统 \n\t\t\t	$	90,694		$	56,245		$	210,796	$	131,530
\n\t\t\t 非系统 \n\t\t\t		82,262			70,004			236,281		199,196
\n\t\t\t 净销售额总额 \n\t\t\t	$	172,956		$	126,249		$	447,077	$	330,726

按产品发货目的地划分的地理区域收入如下 （单位：千）：

	\n\t\t\t 截至三个月 \n\t\t\t		\n\t\t\t 截至九个月 \n\t\t\t
\n\t\t\t 分类净销售额 \n\t\t\t	\n\t\t\t 9月26日， \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 9月27日， \n\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 9月26日， \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 9月27日， \n\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 中国 \n\t\t\t	$	46,109		$	14,162		$	77,233	$	45,261
\n\t\t\t 马来西亚 \n\t\t\t		26,842			12,397			74,228		41,406
\n\t\t\t 台湾 \n\t\t\t		19,613			23,369			54,339		52,237
\n\t\t\t 菲律宾 \n\t\t\t		18,680			20,416			53,170		49,405
\n\t\t\t 世界其他地区 \n\t\t\t		61,712			55,905			188,107		142,417
\n\t\t\t 净销售额总额 \n\t\t\t	$	172,956		$	126,249		$	447,077	$	330,726

历史上，少数客户占我们净销售额的很大比例。重要客户集中度信息如下：

\n\t\t\t

截至三个月

\n\t\t\t

截至九个月

\n\t\t\t

9月26日，

\n\t\t\t

9月27日，

\n\t\t\t

9月26日，

\n\t\t\t

9月27日，

\n\t\t\t

2026

\n\t\t\t

2025

\n\t\t\t

2026

\n\t\t\t

2025

\n\t\t\t

单独占净销售额10%或以上的客户

\n\t\t\t

一

\n\t\t\t

三

\n\t\t\t

一

\n\t\t\t

占净销售额的百分比

\n\t\t\t

15%

34%

10%

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

没有任何单一客户占合并净销售额的10%以上。

\n\t\t\t

累计其他综合亏损

截至2026年9月26日和2025年12月27日，我们的累计其他综合亏损余额分别约为$40.7 million和$32.5 million，归因于股东权益中所有非所有者变动；在适用的情况下按税后金额计，包括因某些子公司的功能货币并非美元而产生的外币折算调整、投资未实现亏损以及与退休后福利相关的调整。2026和2025财年前九个月，累计其他综合亏损的重分类调整并不重大。

退休人员医疗福利

我们通过一项非缴费计划，向部分已退休高管、一名董事（曾任高管）及其符合条件的受抚养人提供退休后健康福利。我们不再向其他已退休的 Cohu 员工提供这些福利。2026 和 2025 财年前九个月发生的定期福利净成本并不重大。

Cohu, Inc.

未经审计的简明合并财务报表附注

2026年9月26日

近期会计公告

近期发布的会计公告

2024年11月，FASB 发布了 ASU 2024-03，利润表——报告综合收益——费用分类披露（子主题 220-40）：利润表费用分类，要求上市实体在中期和年度财务报表附注中披露特定费用类别的更多信息。随后，FASB 发布了 ASU 2025-01，利润表——报告综合收益——费用分类披露（子主题 220-40）：生效日期说明，以明确 ASU 2024-03 的生效日期。该指南适用于2026年12月15日之后开始的财年，以及2027年12月15日之后开始的中期，允许提前采用。我们目前正在评估采用新准则的影响；但除披露内容有所增强外，我们预计该准则不会对 Cohu 的财务报表产生重大影响。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

业务收购、商誉及购入无形资产

\n\t\t\t

Tignis, Inc.

2025年1月7日，我们完成了对 Tignis, Inc.（“Tignis”）的收购。Tignis 是一家人工智能（“AI”）过程控制及基于分析的监控软件提供商。此次战略收购旨在帮助我们将分析产品拓展至半导体过程控制市场。Tignis 的 PAICe Monitor 和 PAICe Maker 解决方案将物理现象方面的洞察与创新的 AI、机器学习和数据科学相结合，为半导体制造提供先进的预测性和规范性自动化解决方案。预计 Tignis 还将深化 Cohu 在数据科学方面的专业知识，并为我们的 DI-Core 软件增添先进分析功能。此次对 Tignis 的收购为无债务交易，并受营运资本调整条款约束；我们已于2025财年第三季度完成该调整。我们为收购 Tignis 支付了总额约 34.9 百万美元的现金（扣除收到的现金），款项来自现有现金。

除支付初始对价外，Tignis 股东还有权获得额外 5.0 百万美元的或有对价，前提是 Tignis 在截至 2025 年 12 月期间达到某些销售和费用目标。应付或有对价在公允价值层级中归类为第 3 级。有关三级公允价值层级的更多信息，请参见附注 5“以公允价值计量的金融工具”。或有对价计入我们简明合并资产负债表中的其他应计负债。或有对价公允价值的调整反映在我们简明合并经营报表中的销售、一般及行政费用中。收购日确认的或有对价初始公允价值为 1.7 百万美元。在 2025 财年第一季度，我们根据管理层当时的当前估计将或有对价公允价值更新为零，该估计与截至 2025 年 1 月 7 日采用的估计不同。Tignis 未能在 2025 财年达到销售和费用目标，因此无需向其股东支付额外款项。

计入已支付现金、营运资金调整的影响以及或有对价的公允价值后，Tignis 的购买价格为 36.6 百万美元。在截至 2025 年 9 月 27 日的九个月内，我们发生了约 0.4 百万美元的收购相关成本，并将其计入销售、一般及行政费用。截至 2025 年 9 月 27 日的三个月内发生的成本并不重大。

Cohu, Inc.

未经审计的简明合并财务报表附注

2026 年 9 月 26 日

Tignis 的收购按照 ASC 第 805 主题《企业合并》（“ASC 805”）进行会计处理。Tignis 收购的资产和承担的负债按各自的公允价值入账，其中包括商誉，代表支付的对价与可辨认净资产公允价值之间的差额。购买价分摊于 2025 年第三季度完成。下表汇总了截至 2025 年 1 月 7 日收购的资产和承担的负债（单位：千）：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t 流动资产，包括收到的现金 \n\t\t\t	$	293
\n\t\t\t 不动产、厂房及设备 \n\t\t\t		19
\n\t\t\t 其他资产 \n\t\t\t		56
\n\t\t\t 无形资产 \n\t\t\t		2,900
\n\t\t\t 商誉 \n\t\t\t		33,688
\n\t\t\t 收购资产总额 \n\t\t\t		36,956
\n\t\t\t 承担的负债 \n\t\t\t		(349	)
\n\t\t\t 收购净资产 \n\t\t\t	$	36,607

需摊销的无形资产分配如下（单位：千）：

	\n\t\t\t 估计 \n\n\t\t\t 公允价值 \n\t\t\t		\n\t\t\t 加权 \n\n\t\t\t 平均 \n\n\t\t\t 使用年限 \n\n\t\t\t （年） \n\t\t\t
\n\t\t\t 开发技术 \n\t\t\t	$	2,300		3.0
\n\t\t\t 客户关系 \n\t\t\t		500		6.0
\n\t\t\t 商标和商品名称 \n\t\t\t		100		4.0
\n\t\t\t 无形资产总额 \n\t\t\t	$	2,900

上述收购的无形资产采用直线法，在其预计使用年限内摊销，这与预期经济利益的使用模式大致相符。尽管半导体资本设备行业通常客户留存率较高，但由于 Tignis 业务处于早期阶段且历史上客户流失率较高，分配给客户关系的金额将在其预计使用年限内采用加速法摊销。

开发技术的价值采用收益法下的特许权使用费节省法确定，其中包括与收入增长率、特许权使用费率和折现率相关的假设。开发技术包含已达到技术可行性的产品，包括 Tignis 产品线中的产品。用于评估开发技术的收入估算基于相关市场规模和增长因素、技术预期趋势，以及 Tignis 和竞争对手新产品推出的性质和预期时间。估算的税后现金流基于对开发技术收入应用假设特许权使用费率得出。用于将开发技术净现金流折算为现值的折现率，是根据相关现金流的风险确定的，并考虑了相对于其他收购资产而言对该技术的感知风险、加权平均资本成本、内部收益率和加权平均资产回报率。

客户关系的价值采用收益法下的多期超额收益法确定。估算现金流基于现有客户带来的收入，扣除运营费用和贡献资产费用。用于将客户关系净现金流折算为现值的折现率，是根据相关现金流并考虑其感知风险确定的。

根据 ASC Topic 820 公允价值计量（“ASC 820”）提供的指引，或有对价协议按公允价值计量。ASC 820 将公允价值定义为在计量日市场参与者之间的有序交易中，出售资产可收取或转移负债需支付的价格。在确定要求按公允价值入账的资产和负债的公允价值计量时，我们会考虑我们将进行交易的主要市场或最有利市场，并考虑市场参与者在为资产或负债定价时会采用的假设，例如固有风险、转让限制和不履约风险。

Cohu, Inc.

未经审计的简明合并财务报表附注

2026年9月26日

Tignis 的经营业绩自 2025 年 1 月 7 日起纳入合并范围。Tignis 对我们的简明合并经营报表和综合收益（亏损）表的影响并不重大。

商誉和无形资产

截至 2025 年 12 月 27 日止年度及截至 2026 年 9 月 26 日止九个月期间，商誉账面价值的变动如下（千美元）：

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t 商誉 \n\t\t\t
\n\t\t\t 2024年12月28日余额 \n\t\t\t	$	234,639
\n\t\t\t 新增 \n\t\t\t		33,688
\n\t\t\t 汇率变动影响 \n\t\t\t		14,700
\n\t\t\t 2025年12月27日余额 \n\t\t\t		283,027
\n\t\t\t 汇率变动影响 \n\t\t\t		(4,306	)
\n\t\t\t 2026年9月26日余额 \n\t\t\t	$	278,721

需摊销的购入无形资产如下（千美元）：

	\n\t\t\t 2026年9月26日 \n\t\t\t		\n\t\t\t 2025年12月27日 \n\t\t\t
								\n\t\t\t 剩余 \n\t\t\t
								\n\t\t\t 加权 \n\t\t\t
	\n\t\t\t 总额 \n\t\t\t						\n\t\t\t 平均 \n\t\t\t			\n\t\t\t 总额 \n\t\t\t
	\n\t\t\t 账面 \n\t\t\t		\n\t\t\t 累计 \n\t\t\t			\n\t\t\t 摊销 \n\t\t\t			\n\t\t\t 账面 \n\t\t\t		\n\t\t\t 累计 \n\t\t\t
	\n\t\t\t 金额 \n\t\t\t		\n\t\t\t 摊销 \n\t\t\t			\n\t\t\t 期限（年） \n\t\t\t			\n\t\t\t 金额 \n\t\t\t		\n\t\t\t 摊销 \n\t\t\t
\n\t\t\t 开发技术 \n\t\t\t	$	238,081		$	211,708				3.5		$	241,038	$	199,776
\n\t\t\t 客户关系 \n\t\t\t		74,941			49,091				4.8			75,677		44,210
\n\t\t\t 商品名称 \n\t\t\t		21,933			17,150				4.4			22,366		15,845
\n\t\t\t 竞业禁止契约 \n\t\t\t		224			217				0.3			225		203
\n\t\t\t 无形资产总额 \n\t\t\t	$	335,179		$	278,166						$	339,306	$	260,034

上述购入无形资产账面价值的变动是汇率波动影响所致。

与无形资产相关的摊销费用在2026财年第三季度约为7.2 百万美元，在2026财年前九个月约为21.8 百万美元。与无形资产相关的摊销费用在2025财年第三季度约为10.2 百万美元，在2025财年前九个月约为30.2 百万美元。

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

借款和信贷协议

\n\t\t\t

以下表格汇总了我们的借款（单位：千）：

	\n\t\t\t 9月26日， \n\t\t\t			\n\t\t\t 12月27日， \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t
\n\t\t\t 可转换票据 \n\t\t\t	$	287,500			$	287,500
\n\t\t\t 循环信贷额度 \n\t\t\t		15,318				9,360
\n\t\t\t Construction loan-Cohu GmbH \n\t\t\t		5,278				6,252
\n\t\t\t Bank Term Loans-Kita \n\t\t\t		1,390				1,530
\n\t\t\t 信贷额度 \n\t\t\t		318				447
\n\t\t\t 债务总额 \n\t\t\t		309,804				305,089
\n\t\t\t 减：融资费用和折价 \n\t\t\t		(7,743	)			(9,012	)
\n\t\t\t 减：流动部分 \n\t\t\t		(16,849	)			(11,051	)
\n\t\t\t 长期债务总额 \n\t\t\t	$	285,212			$	285,026

Cohu, Inc.

未经审计的简明合并财务报表附注

2026年9月26日

2031年到期的可转换优先票据

2025年9月29日，我们发行了本金总额为2.875亿美元、票面利率为1.50%、于2031年到期的可转换优先票据。该批票据包括初始购买方于2025年9月25日全额行使其额外购买最多2,750万美元本金票据的选择权。票据为优先无担保债务，年票面利率为1.50%，利息每半年期末支付一次，支付日为每年1月15日和7月15日，首次支付日为2026年1月15日。除非根据票据条款提前转换、赎回或回购，否则票据将于2031年1月15日到期。

在2030年10月15日前一个营业日营业时间结束之前，票据持有人仅可在发生某些特定事件时转换票据。自2030年10月15日起，票据持有人可自行选择随时转换全部或部分票据，直至到期日前第二个预定交易日营业时间结束。由于在截至2026年6月28日的财季开始后前20个交易日内，我们普通股的最后报告售价至少有五个交易日（无论是否连续）超过票据转换价格的130%，持有人可选择在2026年7月28日至2026年9月8日期间转换票据。2026财年第三季度没有票据被转换，截至2026年9月26日，未偿还票据本金总额为2.875亿美元。在截至2026年9月27日的财季开始后前20个交易日内，市场价格转换条件也已满足，因此持有人可选择在2026年10月26日至2026年12月7日期间转换票据。

转换时，我们将通过支付不超过待转换票据本金总额的现金，履行转换义务；对于转换义务中超出待转换票据本金总额的剩余部分（如有），我们可自行选择支付和/或交付现金、普通股或现金与普通股的组合。票据的初始转换率为每1,000美元票据本金可转换为36.7975股普通股（相当于每股普通股初始转换价格约为27.18美元），较2025年9月24日我们普通股在纳斯达克股票市场最后报告的每股20.51美元售价溢价约32.5%。发生某些事件时，转换率（以及相应的转换价格）可能会调整。此外，在发生某些公司事件或发出赎回通知（如下所述）时，在某些情况下，对于因相关公司事件而转换票据，或在相关赎回期间转换被通知（或视为被通知）赎回的票据的持有人，我们将提高转换率。

The Notes will not be redeemable before January 22, 2029. The Notes will be redeemable, in whole or in part, for cash at our option at any time, and from time to time, on or after January 22, 2029 and prior to the 51st scheduled trading day immediately preceding the maturity date, if (i) the Notes are “freely tradable” (as defined in the indenture governing the Notes), and certain accrued and unpaid additional interest, if any, has been paid in full, as of the first interest payment date occurring on or before the date we send such notice and (ii) the last reported sale price per share of our common stock has been at least 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If a “fundamental change” (as defined in the indenture governing the Notes) occurs, then, subject to certain conditions, noteholders may require us to repurchase their Notes for cash. The repurchase price will be equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

Our net proceeds from the offering were approximately $278.9 million, after deducting the initial purchasers’ discounts and commissions but before offering expenses. We used approximately $31.4 million of the net proceeds to enter into the capped call transactions that are described in Note 8, “Equity”. We intend to use the remaining net proceeds for general corporate purposes.

The Notes are recorded as liabilities in accordance with ASC Topic 470, Debt (“ASC 470”). Issuance costs will be amortized to interest expense over the term of the Notes using the effective interest method. Upon issuance, we evaluated the conversion feature for potential separation as an embedded derivative under ASC 815, Derivatives and Hedging (“ASC 815”) and determined that the conversion feature did not meet the criteria for derivative accounting.

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Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

The effective interest rate for the Notes is 2.2% after considering the effect of the accretion of the related debt discount over the term of the Notes. For the three months ended September 26, 2026, total interest expense related to the Notes was $1.5 million, with coupon interest expense of $1.1 million and amortization of debt discount of $0.4 million. For the nine months ended September 26, 2026, total interest expense related to the Notes was $4.5 million, with coupon interest expense of $3.2 million and amortization of debt discount of $1.3 million. As of September 26, 2026, the remaining unamortized debt discount of the Notes was $7.7 million. At September 26, 2026, the outstanding Notes balance, net of discount, was $279.8 million. At December 27, 2025, the outstanding Notes balance, net of discount, was $278.5 million.

As of September 26, 2026, the fair value of the Notes was $747.7 million. The measurement of the fair value of Notes is based on the last traded price of the Notes as of September 26, 2026 and is considered a Level 2 fair value measurement.

Kita Term Loans

We have a series of term loans with Japanese financial institutions primarily related to the expansion of our facility in Osaka, Japan. The loans are collateralized by the facility and land, carry interest at rates ranging from 0.05% to 1.53%, and expire at various dates through 2034. At September 26, 2026, the outstanding loan balance was $1.4 million and $0.2 million of the outstanding balance is presented as current installments of long-term debt in our condensed consolidated balance sheets. At December 27, 2025, the outstanding loan balance was $1.5 million and $0.2 million of the outstanding balance is presented as current installments of long-term debt in our condensed consolidated balance sheets. The fair value of the debt approximates the carrying value at September 26, 2026.

The term loans are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates.

Construction Loans

In July 2019 and June 2020, one of our wholly owned subsidiaries located in Germany entered into a series of construction loans (“Loan Facilities”) with a German financial institution initially providing it with total borrowings of up to €10.1 million. The Loan Facilities were utilized to finance the expansion of our facility in Kolbermoor, Germany and are secured by the land and the existing building on the site. The Loan Facilities bear interest at agreed upon rates based on the facility amounts as discussed below.

The first facility totaling €3.4 million has been fully drawn and is payable over 10 years at a fixed annual interest rate of 0.8%. Principal and interest payments are due each quarter over the duration of the facility ending in September 2029. The second facility totaling €5.2 million has been fully drawn and is payable over 15 years at an annual interest rate of 1.05%, which is fixed until April 2027. Principal and interest payments are due each month over the duration of the facility ending in January 2034. The third facility totaling €0.9 million has been fully drawn and is payable over 10 years at an annual interest rate of 1.2%. Principal and interest payments are due each month over the duration of the facility ending in May 2030.

At September 26, 2026, total outstanding borrowings under the Loan Facilities was $5.3 million with $1.0 million of the total outstanding balance being presented as current installments of long-term debt in our condensed consolidated balance sheets. At December 27, 2025, total outstanding borrowings under the Loan Facilities was $6.3 million with $1.1 million of the total outstanding balance being presented as current installments of long-term debt in our condensed consolidated balance sheets. The loans are denominated in Euros and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates. The fair value of the debt approximates the carrying value at September 26, 2026.

Revolving Credit Facility

On December 30, 2024, our wholly owned subsidiary in Malaysia entered into a revolving credit facility with a Malaysian financial institution that provides up to MYR 40.0 million, all of which has been drawn. The revolving credit facility was utilized to finance the purchase of our leased facility in Melaka, Malaysia. Interest is due monthly and is calculated based on the lender's Effective Cost of Funds plus a spread of 0.5%.

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Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

During the third quarter of fiscal 2026, we entered into a separate revolving credit facility with the same Malaysian financial institution that provides up to $20.0 million of borrowing capacity denominated in U.S. dollars. As of September 26, 2026, $5.5 million was drawn under the U.S. dollar facility. Proceeds from borrowings under the U.S. dollar facility are being used for general corporate purposes. Interest is due monthly and is calculated based on the lender's Effective Cost of Funds plus a spread of 1.25%.

The revolving credit facilities are secured by the land and building in Melaka, Malaysia, and by a fixed and floating charge over Cohu Malaysia’s assets. At September 26, 2026, $9.8 million was outstanding under the MYR-denominated revolving credit facility and the applicable interest rate was 4.07%. In addition, $5.5 million was outstanding under the U.S. dollar-denominated revolving credit facility and the applicable interest rate was 5.60%. As these revolving credit facility agreements renew monthly, they have been included in short-term borrowings in our condensed consolidated balance sheets. The revolving credit facilities are denominated in Malaysian Ringgits and U.S. dollars and, as a result, amounts disclosed herein will fluctuate due to changes in foreign currency exchange rates.

Lines of Credit

As a result of our acquisition of Kita, we assumed a series of revolving credit facilities with various financial institutions in Japan. The credit facilities renew monthly and provide Kita with access to working capital totaling up to 660 million Japanese Yen of which 50 million Japanese Yen was drawn as of September 26, 2026. At September 26, 2026, total borrowings outstanding under the revolving lines of credit were $0.3 million. As these credit facility agreements renew monthly, they have been included in short-term borrowings in our condensed consolidated balance sheets.

The revolving lines of credit are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates.

Our wholly owned subsidiary in Switzerland has one available line of credit which provides borrowings of up to a total of 2.0 million Swiss Francs, a portion of which is reserved for tax guarantees. On September 26, 2026 and December 27, 2025 no amounts were outstanding under this line of credit.

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

Restructuring Charges

\n\t\t\t

Proposed German Organizational Realignment

Subsequent to quarter end, Cohu initiated consultation with the German Works Council regarding a proposed organizational realignment of certain engineering activities. The proposed initiative may result in restructuring charges; however, the nature, timing and amount of any such charges will depend on the outcome of the consultation process.

Poway Volume Manufacturing Transition

During the fourth quarter of fiscal 2024, we made the decision to transition all remaining volume manufacturing out of Poway, CA, and consolidate it into our factories in Asia. These changes have allowed us to better utilize our corporate infrastructure, drive improvements in inventory management, optimize our warehousing and better support our long-term goals. Total pretax charges related to the Poway volume manufacturing transition for the first nine months ended September 27, 2025 were $1.5 million. The Poway volume manufacturing transition was substantially complete as of the first quarter of fiscal 2026, and costs incurred during the nine months ended September 26, 2026, were insignificant. The following table summarizes the activity within the restructuring related accounts for the Poway volume manufacturing transition during the first nine months ended September 27, 2025 (in thousands):

	\n\t\t\t Severance and \n\t\t\t			\n\t\t\t Other Exit \n\t\t\t
	\n\t\t\t Other Payroll \n\t\t\t			\n\t\t\t Costs \n\t\t\t			\n\t\t\t Total \n\t\t\t
\n\t\t\t Balance, December 28, 2024 \n\t\t\t	$	-			$	-		$	-
\n\t\t\t Costs accrued \n\t\t\t		948				555			1,503
\n\t\t\t Amounts paid or charged \n\t\t\t		(948	)			(542	)		(1,490	)
\n\t\t\t Balance, September 27, 2025 \n\t\t\t	$	-			$	13		$	13

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Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

2025 Strategic Restructuring

On February 19, 2025, we approved and began executing a strategic restructuring program designed to reposition our organization and improve our cost structure (the “2025 Restructuring Program”). As part of this program, we consolidated certain of our operations in La Chaux-de-Fonds, Switzerland, and Kolbermoor, Germany, into lower‑cost locations, and we also implemented headcount reductions in those areas and in the U.S. and across Asia. Relating to the operations consolidation actions, we notified certain impacted employees of the corresponding reduction in force program at those locations which required negotiation with the microtechnology and Swiss watch trade union and the German labor organization which represent certain of the employees at their respective locations. During the second quarter of 2025, headcount reductions we implemented in Switzerland as part of the 2025 Restructuring Program resulted in a change to our defined benefit pension plan, resulting in a curtailment of future benefits for affected employees. In accordance with ASC Topic 715, Compensation-Retirement Benefits (“ASC 715”), during the three months ended June 28, 2025, we recognized a pension curtailment gain of $1.5 million. During the three months ended September 27, 2025, we recognized an additional pension curtailment gain of $0.8 million. This gain reflects the reduction in the projected benefit obligation due to the termination of future service accruals for impacted plan participants and is included in the condensed consolidated statements of operations. The 2025 Restructuring Program, as implemented over time, will reduce headcount and enable us to optimize the facilities of our operations, as well as transition certain manufacturing to other lower cost regions. The 2025 Restructuring Program is being implemented as part of a comprehensive review of our operations with the goal of reducing costs during the extended downturn in the semiconductor test and inspection equipment industry.

In the fourth quarter of 2025, management identified additional restructuring actions under Cohu’s previously communicated 2025 Restructuring Program to further optimize our cost structure and operational footprint. These additional actions were announced and commenced on January 13, 2026, and include the further consolidation of certain operations within our IS and ST business segments in the U.S. and Asia, as well as workforce reductions across select functions.

As a result of the activities described above, we recognized total pretax charges of $1.8 million and $6.8 million during the first nine months ended September 26, 2026 and September 27, 2025, respectively, that are within the scope of ASC 420. The following table summarizes the activity within the restructuring related accounts for the 2025 Restructuring Program during the first nine months ended September 26, 2026 and September 27, 2025 (in thousands):

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t Severance and \n\t\t\t			\n\t\t\t Other Exit \n\t\t\t
	\n\t\t\t Other Payroll \n\t\t\t			\n\t\t\t Costs \n\t\t\t			\n\t\t\t Total \n\t\t\t
\n\t\t\t Balance, December 28, 2024 \n\t\t\t	$	-			$	-		$	-
\n\t\t\t Costs accrued \n\t\t\t		6,742				103			6,845
\n\t\t\t Amounts paid or charged \n\t\t\t		(5,598	)			(103	)		(5,701	)
\n\t\t\t Impact of currency exchange \n\t\t\t		405				-			405
\n\t\t\t Balance, September 27, 2025 \n\t\t\t	$	1,549			$	-		$	1,549

\n\t\t\t Balance, December 27, 2025 \n\t\t\t	$	2,132			$	-		$	2,132
\n\t\t\t Costs accrued \n\t\t\t		1,366				473			1,839
\n\t\t\t Amounts paid or charged \n\t\t\t		(3,348	)			(473	)		(3,821	)
\n\t\t\t Impact of currency exchange \n\t\t\t		(3	)			-			(3	)
\n\t\t\t Balance, September 26, 2026 \n\t\t\t	$	147			$	-		$	147

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

Financial Instruments Measured at Fair Value

\n\t\t\t

Our cash, cash equivalents, and short-term investments consisted primarily of cash and other investment grade securities. We do not hold investment securities for trading purposes. All short-term investments in debt securities are classified as available-for-sale and recorded at fair value. Investment securities are exposed to market risk due to changes in interest rates and credit risk and we monitor credit risk and attempt to mitigate exposure by making high-quality investments and through investment diversification.

We assess whether unrealized loss positions on available-for-sale debt securities are due to credit-related factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in earnings through an allowance account. Unrealized gains and losses that are not due to credit-related factors are included in accumulated other comprehensive loss. Factors that could indicate an impairment exists include, but are not limited to, earnings performance, changes in credit rating or adverse changes in the regulatory or economic environment of the asset. Gross realized gains and losses on sales of short-term investments are included in interest income. Realized gains and losses for the periods presented were not significant.

Table of Contents

Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

Investments that we have classified as short-term, by security type, are as follows (in thousands):

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t September 26, 2026 \n\t\t\t
				\n\t\t\t Gross \n\t\t\t			\n\t\t\t Gross \n\t\t\t			\n\t\t\t Estimated \n\t\t\t
	\n\t\t\t Amortized \n\t\t\t		\n\t\t\t Unrealized \n\t\t\t			\n\t\t\t Unrealized \n\t\t\t			\n\t\t\t Fair \n\t\t\t
	\n\t\t\t Cost \n\t\t\t		\n\t\t\t Gains \n\t\t\t			\n\t\t\t Losses⁽¹⁾ \n\t\t\t			\n\t\t\t Value \n\t\t\t
\n\t\t\t Corporate debt securities⁽²⁾ \n\t\t\t	$	118,318		$	4			$	544		$	117,778
\n\t\t\t Bank certificates of deposit \n\t\t\t		70,100			1				94			70,007
\n\t\t\t U.S. treasury securities \n\t\t\t		31,650			-				257			31,393
\n\t\t\t Asset-backed securities \n\t\t\t		15,809			-				50			15,759
\n\t\t\t Foreign government security \n\t\t\t		708			-				-			708
	$	236,585		$	5			$	945		$	235,645

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

				\n\t\t\t December 27, 2025 \n\t\t\t
				\n\t\t\t Gross \n\t\t\t			\n\t\t\t Gross \n\t\t\t			\n\t\t\t Estimated \n\t\t\t
	\n\t\t\t Amortized \n\t\t\t		\n\t\t\t Unrealized \n\t\t\t			\n\t\t\t Unrealized \n\t\t\t			\n\t\t\t Fair \n\t\t\t
	\n\t\t\t Cost \n\t\t\t		\n\t\t\t Gains \n\t\t\t			\n\t\t\t Losses⁽¹⁾ \n\t\t\t			\n\t\t\t Value \n\t\t\t
\n\t\t\t Corporate debt securities⁽²⁾ \n\t\t\t	$	150,314		$	60			$	13		$	150,361
\n\t\t\t Bank certificates of deposit \n\t\t\t		58,130			26				-			58,156
\n\t\t\t U.S. treasury securities \n\t\t\t		37,584			68				-			37,652
\n\t\t\t Asset-backed securities \n\t\t\t		10,038			18				-			10,056
\n\t\t\t Foreign government security \n\t\t\t		703			-				-			703
	$	256,769		$	172			$	13		$	256,928

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

(1)

\n\t\t\t

As of September 26, 2026, the cost and fair value of investments with loss positions were approximately $207.0 million and $206.0 million, respectively. As of December 27, 2025, the cost and fair value of investments with loss positions were both approximately $58.3 million. We evaluated the nature of these investments, creditworthiness of the issuer and the duration of these impairments to determine if a credit-related decline in fair value had occurred and concluded that these losses were temporary and we have the ability and intent to hold these investments to maturity.

\n\t\t\t

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

(2)

\n\t\t\t

Corporate debt securities include investments in financial and other corporate institutions. No single issuer represents a significant portion of the total corporate debt securities portfolio.

\n\t\t\t

Effective maturities of short-term investments are as follows (in thousands):

	\n\t\t\t September 26, 2026 \n\t\t\t		\n\t\t\t December 27, 2025 \n\t\t\t
	\n\t\t\t Amortized \n\t\t\t		\n\t\t\t Estimated \n\t\t\t			\n\t\t\t Amortized \n\t\t\t		\n\t\t\t Estimated \n\t\t\t
	\n\t\t\t Cost \n\t\t\t		\n\t\t\t Fair Value \n\t\t\t			\n\t\t\t Cost \n\t\t\t		\n\t\t\t Fair Value \n\t\t\t
\n\t\t\t Due in one year or less \n\t\t\t	$	162,055		$	161,769		$	200,379	$	200,436
\n\t\t\t Due after one year through five years \n\t\t\t		74,530			73,876			56,390		56,492
	$	236,585		$	235,645		$	256,769	$	256,928

Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. When available, we use quoted market prices to determine the fair value of our investments, and they are included in Level 1. When quoted market prices are unobservable, we use quotes from independent pricing vendors based on recent trading activity and other relevant information, and they are included in Level 2.

Table of Contents

Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

The following table summarizes, by major security type, our financial instruments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t Fair value measurements at September 26, 2026 using: \n\t\t\t
									\n\t\t\t Total Estimated \n\t\t\t
	\n\t\t\t Level 1 \n\t\t\t		\n\t\t\t Level 2 \n\t\t\t			\n\t\t\t Level 3 \n\t\t\t		\n\t\t\t Fair Value \n\t\t\t
\n\t\t\t Cash \n\t\t\t	$	136,566		$	-		$	-	$	136,566
\n\t\t\t Corporate debt securities \n\t\t\t		-			138,091			-		138,091
\n\t\t\t Money market funds \n\t\t\t		-			115,424			-		115,424
\n\t\t\t Bank certificates of deposit \n\t\t\t		-			70,007			-		70,007
\n\t\t\t U.S. treasury securities \n\t\t\t		-			31,393			-		31,393
\n\t\t\t Asset-backed securities \n\t\t\t		-			15,759			-		15,759
\n\t\t\t Foreign government security \n\t\t\t		-			708			-		708
	$	136,566		$	371,382		$	-	$	507,948

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t Fair value measurements at December 27, 2025 using: \n\t\t\t
									\n\t\t\t Total Estimated \n\t\t\t
	\n\t\t\t Level 1 \n\t\t\t		\n\t\t\t Level 2 \n\t\t\t			\n\t\t\t Level 3 \n\t\t\t		\n\t\t\t Fair Value \n\t\t\t
\n\t\t\t Cash \n\t\t\t	$	142,091		$	-		$	-	$	142,091
\n\t\t\t Corporate debt securities \n\t\t\t		-			183,611			-		183,611
\n\t\t\t Bank certificates of deposit \n\t\t\t		-			58,156			-		58,156
\n\t\t\t Money market funds \n\t\t\t		-			51,712			-		51,712
\n\t\t\t U.S. treasury securities \n\t\t\t		-			37,652			-		37,652
\n\t\t\t Asset-backed securities \n\t\t\t		-			10,056			-		10,056
\n\t\t\t Foreign government security \n\t\t\t		-			703			-		703
	$	142,091		$	341,890		$	-	$	483,981

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\n\t\t\t

Employee Stock Benefit Plans

\n\t\t\t

On May 15, 2026, our stockholders approved the Cohu, Inc. 2026 Equity Incentive Plan (“2026 Plan”). The 2026 Plan replaced the Cohu, Inc. 2005 Equity Incentive Plan (“2005 Plan”), under which no further awards may be granted. Outstanding awards under the 2005 Plan remain in effect under their original terms, and any shares that return to the share reserve through forfeiture, expiration, or cash settlement become available for issuance under the 2026 Plan. The initial number of common shares that are reserved for issuance pursuant to equity awards granted under the 2026 Plan shall not exceed 3.4 million plus any Returning Shares (as defined in the 2026 Plan). On May 15, 2026, our stockholders also approved an amendment to our 1997 Employee Stock Purchase Plan (“ESPP”), which increased the number of ESPP shares that may be issued by 600,000.

Our 2026 Plan and our ESPP are broad-based, long-term retention programs intended to attract, motivate, and retain talented employees as well as align stockholder and employee interests. Awards that may be granted under the 2026 Plan include, but are not limited to, non-qualified and incentive stock options, restricted stock units, and performance stock units. We settle employee stock option exercises, employee stock purchase plan purchases, and the vesting of restricted stock units and performance stock units with newly issued common shares. On September 26, 2026, there were 3.4 million shares available for future equity grants under the 2026 Plan and 0.9 million shares available for purchase under the ESPP.

Stock Options

Stock options may be granted to employees, consultants and non-employee directors to purchase a fixed number of shares of our common stock. The exercise prices of options granted are at least equal to the fair market value of our common stock on the dates of grant and options vest and become exercisable in annual increments that range from one to four years from the date of grant. Stock options granted under the 2026 Plan have a maximum contractual term of ten years. In the first nine months of fiscal 2026, we did not grant any stock options and as of September 26, 2026, no stock options were outstanding.

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Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

Restricted Stock Units

We grant restricted stock units (“RSUs”) to certain employees, consultants and directors. RSUs vest in annual increments that range from one to four years from the date of grant. Prior to vesting, RSUs do not have dividend equivalent rights, do not have voting rights and the shares underlying the RSUs are not considered issued and outstanding. Shares of our common stock or treasury shares will be issued on the date the RSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the number of RSUs outstanding on September 26, 2026.

In the first nine months of fiscal 2026, we awarded 561,348 RSUs and issued 597,633 shares of our common stock on vesting of previously granted awards and 120,255 RSUs were forfeited. On September 26, 2026, we had 1,183,608 RSUs outstanding with an aggregate intrinsic value of approximately $79.3 million and the weighted average remaining vesting period was approximately 1.1 years.

Performance Stock Units

We grant performance stock units (“PSUs”) to certain senior executives as a part of our long-term equity compensation program. The number of shares of common stock that will ultimately be issued to settle PSUs granted ranges from 0% to 200% of the number granted and is determined based on certain performance criteria over a three-year measurement period. The performance criteria for the PSUs are based on a combination of our annualized Total Shareholder Return (“TSR”) for the performance period and, for PSUs granted to senior executives in 2024 and 2025, the relative performance of our TSR compared with the Russell 2000 Index (RUT) for the performance period, and for PSUs granted to senior executives in 2026, the percentile performance of our TSR within the members of the RUT as of the first day of the performance period. Granted PSUs will vest 100% on the third anniversary of their grant, assuming achievement of the applicable performance criteria.

We estimate the fair value of the PSUs using a Monte Carlo simulation model on the date of grant. Compensation expense is recognized over the requisite service period. To the extent applicable performance conditions are satisfied, shares of our common stock or treasury shares are issued on the date the PSUs vest net of the minimum statutory tax withholding requirements to be paid by us on behalf of our employees. As a result, the actual number of shares issued will be fewer than the actual number of PSUs outstanding on September 26, 2026.

In the first nine months of fiscal 2026, we awarded 261,552 PSUs, we issued 10,135 shares of our common stock on vesting of previously granted awards and 213,702 awarded shares were forfeited. On September 26, 2026, we had 784,554 PSUs outstanding with an aggregate intrinsic value of approximately $52.6 million and the weighted average remaining vesting period was approximately 1.5 years.

Employee Stock Purchase Plan

The ESPP provides for the issuance of shares of our common stock. Under the ESPP, eligible employees may purchase shares of Cohu common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of Cohu common stock at the beginning or end of each 6-month purchase offering period, subject to certain limits. The two offering periods run from November 1 through April 30 and May 1 through October 31, respectively. During the first nine months of fiscal 2026, 89,222 shares of our common stock were sold to our employees under the ESPP.

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\n\t\t\t

Derivative Financial Instruments

\n\t\t\t

Economic (Non-Designated) Hedges

We enter into foreign currency forward contracts to manage our foreign exchange exposure related to intercompany transactions and other balance sheet items that are subject to revaluation. For accounting purposes, our foreign currency forward contracts that are not designated as hedging instruments are recorded at fair value as of the end of our reporting period in our condensed consolidated balance sheets with changes in fair value recorded within foreign transaction gain (loss) in our condensed consolidated statements of operations for both realized and unrealized gains and losses. The gain or loss recorded on these instruments is substantially offset by the remeasurement adjustment on the foreign currency denominated asset or liability.

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Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

The location and amount of gains and losses related to non-designated derivative instruments in the condensed consolidated statements of operations were as follows (in thousands):

		\n\t\t\t Three Months Ended \n\t\t\t			\n\t\t\t Nine Months Ended \n\t\t\t
\n\t\t\t Derivatives not designated \n\t\t\t	\n\t\t\t Location of gain (loss) \n\t\t\t	\n\t\t\t Sep. 26, \n\t\t\t			\n\t\t\t Sep. 27, \n\t\t\t			\n\t\t\t Sep. 26, \n\t\t\t		\n\t\t\t Sep. 27, \n\t\t\t
\n\t\t\t as hedging instruments \n\t\t\t	\n\t\t\t recognized on derivatives \n\t\t\t	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Foreign exchange forward contracts \n\t\t\t	\n\t\t\t Foreign transaction gain (loss) \n\t\t\t	$	(584	)		$	(701	)	$	(3,935	)	$	4,594

Net Investment Hedges

We have implemented an ongoing program to hedge foreign currency risk associated with our net investment positions in certain foreign subsidiaries. These exposures are managed through the use of foreign currency forward contracts, which are designated as net investment hedges.

The location and amount of gains and losses from net investment hedges recorded in the foreign currency translation component of AOCL were as follows (in thousands):

\n\t\t\t

Three Months Ended

\n\t\t\t

Nine Months Ended

\n\t\t\t

Derivatives designated

\n\t\t\t

Location of gain (loss)

\n\t\t\t

Sep. 26,

\n\t\t\t

Sep. 27,

\n\t\t\t

Sep. 26,

\n\t\t\t

Sep. 27,

\n\t\t\t

as hedging instruments

\n\t\t\t

recognized on derivatives

\n\t\t\t

2026

\n\t\t\t

2025

\n\t\t\t

2026

\n\t\t\t

2025

\n\t\t\t

Foreign exchange forward contracts

\n\t\t\t

AOCL

\n\t\t\t

620

457

2,186

(8,214

)

Gains recognized in foreign transaction loss, in the condensed consolidated statements of operations for the portion of the net investment hedges excluded from the assessment of hedge effectiveness was $0.4 million and $0.5 million for the three months ended September 26, 2026, and September 27, 2025, and $1.1 million and $1.2 million for the nine months ended September 26, 2026, and September 27, 2025, respectively.

Cash flows associated with settlements of our non-designated foreign currency forward contracts are reported in net cash provided by operating activities and our net investment hedges are included in investing activities in our condensed consolidated statements of cash flows.

Fair Value

The fair value of our foreign currency forward contracts was determined based on current foreign currency exchange rates and forward points. All our foreign currency forward contracts outstanding on September 26, 2026, will mature during the fourth quarter of fiscal 2026.

The following table provides information about our foreign currency forward contracts outstanding as of September 26, 2026 (in thousands):

		\n\t\t\t Contract Amount \n\t\t\t		\n\t\t\t Contract Amount \n\t\t\t
\n\t\t\t Currency \n\t\t\t	\n\t\t\t Contract Position \n\t\t\t	\n\t\t\t (Local Currency) \n\t\t\t		\n\t\t\t (U.S. Dollars) \n\t\t\t
\n\t\t\t Euro \n\t\t\t	\n\t\t\t Buy \n\t\t\t		47,546		$	54,250
\n\t\t\t Swiss Franc \n\t\t\t	\n\t\t\t Buy \n\t\t\t		18,004			21,820
\n\t\t\t South Korean Won \n\t\t\t	\n\t\t\t Buy \n\t\t\t		1,808,335			1,330
\n\t\t\t Japanese Yen \n\t\t\t	\n\t\t\t Buy \n\t\t\t		691,356			4,410
\n\t\t\t Malaysian Ringgit \n\t\t\t	\n\t\t\t Buy \n\t\t\t		26,700			6,566
\n\t\t\t Euro \n\t\t\t	\n\t\t\t Sell \n\t\t\t		50,400			57,768
\n\t\t\t Swiss Franc \n\t\t\t	\n\t\t\t Sell \n\t\t\t		15,700			19,618

Our foreign currency contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that utilize observable market inputs. The fair values of foreign currency contracts outstanding on September 26, 2026, and December 27, 2025, were immaterial.

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8.	\n\t\t\t Equity \n\t\t\t

Common Stock

On May 15, 2026, our stockholders approved an amendment to Cohu’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 90,000,000 to 150,000,000 shares. Accordingly, on May 15, 2026, we filed with the Secretary of State of the State of Delaware an Amended and Restated Certificate of Incorporation implementing the approved changes (the “Restated Certificate”), and the Restated Certificate was effective as of that date.

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Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

Capped Call Transactions

In connection with the Notes offering described in Note 3, “Borrowings and Credit Agreements”, on September 24, 2025, we entered into privately negotiated capped call transactions (the “Base Capped Call Transactions”) with an affiliate of one or more of the initial purchasers of the Notes and certain other financial institutions (the “Option Counterparties”). In addition, on September 25, 2025, in connection with the initial purchasers’ exercise in full of their option to purchase additional Notes, we entered into additional capped call transactions (the “Additional Capped Call Transactions,” and, together with the Base Capped Call Transactions, the “Capped Call Transactions”) with each of the Option Counterparties. The Capped Call Transactions are separate from the Notes and do not change the holders' rights under the Notes. Holders of the Notes do not have any rights with respect to the Capped Call Transactions. The Capped Call Transactions are generally expected to reduce the potential dilution to our common stock upon any conversion of the Notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap.

The Capped Call Transactions are for an aggregate of 10.58 million shares of our common stock, subject to certain anti-dilution adjustments. Each capped call option has an initial strike price of approximately $27.18 per share, which corresponds to the initial conversion price of the Notes, and an initial cap price of approximately $41.02 per share, representing a premium of approximately 100% above the reference price of $20.51, which was the last reported sale price of our common stock on September 24, 2025. The strike and cap prices are subject to certain adjustments. The Capped Call Transactions are intended to offset some or all of the potential dilution to our common stock caused by any conversion of the Notes up to the cap price. The capped call options can be settled in either net shares or cash at our option in components commencing October 15, 2030, and ending January 15, 2031, which could be extended under certain circumstances.

The capped call options are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting us, including a merger, tender offer, nationalization, insolvency or delisting. In addition, certain events may result in a termination of the capped call options, including changes in law and hedging disruptions. The Capped Call Transactions are recorded at their aggregate cost of $31.4 million as a reduction to paid-in capital stock in the shareholders’ equity section of our consolidated balance sheet.

Share Repurchase Program

On October 28, 2021, we announced that our Board of Directors authorized a $70 million share repurchase program. This share repurchase program was effective as of November 2, 2021, and has no expiration date. On October 25, 2022, our Board of Directors authorized an additional $70 million under the share repurchase program. The timing of share repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases under this program will be made using our existing cash resources and may be commenced or suspended from time to time at our discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, or in privately negotiated transactions at prevailing market rates in accordance with federal securities laws. We did not repurchase any common shares of our stock during the three and nine months ended September 26, 2026. We did not repurchase any common shares of our stock during the three months ended September 27, 2025. During the nine months ended September 27, 2025, we repurchased 432,288 shares of our common stock for $8.6 million to be held as treasury stock. As of September 26, 2026, $22.8 million remained available for us to repurchase shares of our common stock under our share repurchase program.

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Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

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Income Taxes

\n\t\t\t

We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). The provision or benefit for income taxes is attributable to U.S. federal, state, and foreign income taxes. Our effective tax rate (“ETR”) used for interim periods is based on an estimated annual effective tax rate adjusted for the tax effect of items required to be recorded discretely in the interim periods in which those items occur. Our ETR is different than the statutory rate in the U.S. due to foreign income taxed at different rates than in the U.S., changes in uncertain tax benefit positions, changes to valuation allowances, the accrual of taxes on unremitted income of our foreign subsidiaries, state taxes, and foreign withholding taxes. In addition, we have numerous tax holidays related to our manufacturing operations in Malaysia and the Philippines. The tax holiday periods expire at various times in the future; however, we actively seek to obtain new tax holidays.

We conduct business globally and, as a result, Cohu or one or more of its subsidiaries files income tax returns in the US and various state and foreign jurisdictions. In the normal course of business, we are subject to examinations by taxing authorities throughout the world and are currently under examination in Germany, the Philippines, Malaysia, Taiwan, Japan, and California. We believe our financial statement accruals for income taxes are appropriate.

Companies are required to assess whether a valuation allowance should be recorded against their deferred tax assets (“DTAs”) based on the consideration of all available evidence, using a “more likely than not” realization standard. The four sources of taxable income that must be considered in determining whether DTAs will be realized are, (1) future reversals of existing taxable temporary differences (i.e. offset of gross deferred tax assets against gross deferred tax liabilities); (2) taxable income in prior carryback years, if carryback is permitted under the tax law; (3) tax planning strategies and (4) future taxable income exclusive of reversing temporary differences and carryforwards.

In assessing whether a valuation allowance is required, significant weight is to be given to evidence that can be objectively verified. We have evaluated our DTAs at each reporting period, including an assessment of our cumulative income or loss over the prior three-year period and future periods, to determine if a valuation allowance was required.

Based on the evidence available, including a lack of sustainable earnings and history of expiring unused NOLs, and tax credits, we continue to maintain our judgment that previously recorded valuation allowances against substantially all net deferred tax assets are required in the United States and Malaysia. If a change in judgment regarding this valuation allowance were to occur in the future, we will record a potentially material deferred tax benefit, which could result in a favorable impact on the effective tax rate in that period.

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

10.

\n\t\t\t

Segment and Geographic Information

\n\t\t\t

We applied the provisions of ASC 280, which sets forth a management approach to segment reporting and establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the CODM, which is our Chief Executive Officer Luis A. Müller, and for which discrete financial information is available. We have determined that our three identified operating segments are: TH, ST and IS. Our three operating segments qualify for aggregation under ASC 280 due to similarities in their customers, their economic characteristics, and the nature of products and services provided. As a result, we report in one segment, Semiconductor Test & Inspection, which derives revenue from the design and manufacture of equipment and components used in the testing of semiconductors.

Table of Contents

Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

The CODM assesses performance of the Semiconductor Test & Inspection segment and decides how to allocate resources based on income (loss) before taxes. The table below summarizes selected financial information for our single reportable segment.

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

	\n\t\t\t Three Months \n\n\t\t\t Ended \n\t\t\t			\n\t\t\t Three Months \n\n\t\t\t Ended \n\t\t\t			\n\t\t\t Nine Months \n\n\t\t\t Ended \n\t\t\t		\n\t\t\t Nine Months \n\n\t\t\t Ended \n\t\t\t
	\n\t\t\t September 26, \n\t\t\t			\n\t\t\t September 27, \n\t\t\t			\n\t\t\t September 26, \n\t\t\t		\n\t\t\t September 27, \n\t\t\t
\n\t\t\t (in thousands) \n\t\t\t	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Net sales \n\t\t\t	$	172,956			$	126,249		$	447,077		$	330,726
\n\t\t\t Cost of sales \n\t\t\t		93,963				70,644			242,096			184,971
\n\t\t\t Research and development \n\t\t\t		24,464				21,098			73,753			64,705
\n\t\t\t Selling \n\t\t\t		13,892				13,274			43,121			39,719
\n\t\t\t General & administrative \n\t\t\t		15,599				14,532			45,081			39,516
\n\t\t\t Amortization of purchased intangible assets \n\t\t\t		7,177				10,249			21,754			30,182
\n\t\t\t Share-based compensation \n\t\t\t		4,625				5,659			17,494			17,564
\n\t\t\t Other segment items⁽¹⁾ \n\t\t\t		(1,087	)			(1,392	)		(3,521	)		2,681
\n\t\t\t Income (loss) before taxes \n\t\t\t	$	14,323			$	(7,815	)	$	7,299		$	(48,612	)

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

(1)

\n\t\t\t

Other segment items include restructuring charges as well as miscellaneous non-operating items.

\n\t\t\t

For revenues by geography and information on customer concentration, see Note 1, “Summary of Significant Accounting Policies”.

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

11.

\n\t\t\t

Leases

\n\t\t\t

We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms of 12 months or less are not recorded on the condensed consolidated balance sheet, but we recognize those lease payments in the condensed consolidated statements of operations on a straight-line basis over the lease term. Lease and non-lease components are included in the calculation of the ROU asset and lease liabilities.

Our leases have remaining lease terms of up to 31 years, some of which include one or more options to extend the lease for up to 25 years. Our lease terms include renewal terms when we are reasonably certain that we will exercise the renewal options. We sublease certain leased assets to third parties, mainly as a result of unused space in our facilities.

Supplemental balance sheet information related to leases was as follows:

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t (in thousands) \n\t\t\t	\n\t\t\t Classification \n\t\t\t		\n\t\t\t September 26, \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t December 27, 2025 \n\t\t\t
\n\t\t\t Assets \n\t\t\t
\n\t\t\t Operating lease assets \n\t\t\t	\n\t\t\t Operating lease right-of-use assets \n\t\t\t		$	26,913		$	29,271
\n\t\t\t Finance lease assets \n\t\t\t	\n\t\t\t Property, plant and equipment, net \n\t\t\t			32			68
\n\t\t\t Total lease assets \n\t\t\t		$	26,945		$	29,339
\n\t\t\t Liabilities \n\t\t\t
\n\t\t\t Current \n\t\t\t
\n\t\t\t Operating \n\t\t\t	\n\t\t\t Other accrued liabilities \n\t\t\t		$	3,795		$	3,100
\n\t\t\t Noncurrent \n\t\t\t
\n\t\t\t Operating \n\t\t\t	\n\t\t\t Long-term lease liabilities \n\t\t\t			30,033			31,693
\n\t\t\t Total lease liabilities \n\t\t\t		$	33,828		$	34,793

\n\t\t\t Weighted-average remaining lease term (years) \n\t\t\t
\n\t\t\t Operating leases \n\t\t\t			8.6			9.0

\n\t\t\t Weighted-average discount rate \n\t\t\t
\n\t\t\t Operating leases \n\t\t\t			6.5	%		6.5	%

Table of Contents

Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

The components of lease expense were as follows:

	\n\t\t\t Three Months Ended \n\t\t\t		\n\t\t\t Nine Months Ended \n\t\t\t
\n\t\t\t (in thousands) \n\t\t\t	\n\t\t\t September 26, \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t September 27, \n\n\t\t\t 2025 \n\t\t\t			\n\t\t\t September 26, \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t September 27, \n\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Operating leases \n\t\t\t	$	1,566		$	2,429		$	4,941	$	5,449
\n\t\t\t Variable lease expense \n\t\t\t		500			654			1,914		1,950
\n\t\t\t Short-term operating leases \n\t\t\t		8			18			24		47
\n\t\t\t Finance leases \n\t\t\t
\n\t\t\t Amortization of leased assets \n\t\t\t		14			10			39		51
\n\t\t\t Interest on lease liabilities \n\t\t\t		-			-			-		1
\n\t\t\t Net lease cost \n\t\t\t	$	2,088		$	3,111		$	6,918	$	7,498

Supplemental cash flow information related to leases was as follows:

	\n\t\t\t Nine Months Ended \n\t\t\t
\n\t\t\t (in thousands) \n\t\t\t	\n\t\t\t September 26, \n\n\t\t\t 2026 \n\t\t\t		\n\t\t\t September 27, \n\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Cash paid for amounts included in the measurement of lease liabilities: \n\t\t\t
\n\t\t\t Operating cash flows from operating leases \n\t\t\t	$	4,879		$	4,690
\n\t\t\t Financing cash flows from finance leases \n\t\t\t	$	-		$	7
\n\t\t\t Leased assets obtained in exchange for new operating lease liabilities \n\t\t\t	$	1,366		$	21,854

Future minimum lease payments on September 26, 2026, are as follows:

	\n\t\t\t Operating \n\t\t\t			\n\t\t\t Finance \n\t\t\t
\n\t\t\t (in thousands) \n\t\t\t	\n\t\t\t leases \n\t\t\t			\n\t\t\t leases \n\t\t\t			\n\t\t\t Total \n\t\t\t
\n\t\t\t 2026 \n\t\t\t	$	1,515			$	-		$	1,515
\n\t\t\t 2027 \n\t\t\t		5,631				-			5,631
\n\t\t\t 2028 \n\t\t\t		4,664				-			4,664
\n\t\t\t 2029 \n\t\t\t		4,762				-			4,762
\n\t\t\t 2030 \n\t\t\t		4,907				-			4,907
\n\t\t\t Thereafter \n\t\t\t		23,520				-			23,520
\n\t\t\t Total lease payments \n\t\t\t		44,999				-			44,999
\n\t\t\t Less: Interest \n\t\t\t		(11,171	)			-			(11,171	)
\n\t\t\t Present value of lease liabilities \n\t\t\t	$	33,828			$	-		$	33,828

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

12.

\n\t\t\t

Contingencies

\n\t\t\t

From time to time we are involved in various legal proceedings, examinations by various tax authorities and claims that have arisen in the ordinary course of our business. The outcome of any litigation is inherently uncertain. While there can be no assurance, we do not believe at the present time that the resolution of these matters will have a material adverse effect on our assets, financial position or results of operations.

\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

13.

\n\t\t\t

Guarantees

\n\t\t\t

Product Warranty

Our products are generally sold with warranty periods that range from 12 to 36 months following sale or acceptance. The product warranty promises customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, and not as a separate performance obligation. Parts and labor are covered under the terms of the warranty agreement. The warranty provision is based on historical and projected experience by product and configuration.

Table of Contents

Cohu, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 26, 2026

Changes in accrued warranty were as follows (in thousands):

	\n\t\t\t Three Months Ended \n\t\t\t			\n\t\t\t Nine Months Ended \n\t\t\t
	\n\t\t\t September 26, \n\t\t\t			\n\t\t\t September 27, \n\t\t\t			\n\t\t\t September 26, \n\t\t\t		\n\t\t\t September 27, \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t			\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Balance at beginning of period \n\t\t\t	$	5,878			$	3,236		$	4,402		$	3,093
\n\t\t\t Warranty expense accruals \n\t\t\t		3,136				2,209			6,997			4,300
\n\t\t\t Warranty payments \n\t\t\t		(2,540	)			(1,060	)		(4,925	)		(3,008	)
\n\t\t\t Balance at end of period \n\t\t\t	$	6,474			$	4,385		$	6,474		$	4,385

Accrued warranty amounts expected to be incurred after one year are included in noncurrent other accrued liabilities in the condensed consolidated balance sheet. These amounts totaled $0.3 million and $0.2 million at September 26, 2026, and December 27, 2025, respectively.

Table of Contents

Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Form 10-Q contains certain forward-looking statements including expectations of market conditions, challenges and plans, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the Safe Harbor provisions created by that statute. Such forward-looking statements are based on management’s current expectations and beliefs, including estimates and projections about our business and include, but are not limited to, statements concerning financial position, business strategy, our industry environment, market growth expectations, and plans or objectives for future operations. Forward-looking statements are not guarantees of future performance, and are subject to certain risks, uncertainties, and assumptions that are difficult to predict and may cause actual results to differ materially from management’s current expectations. Such risks and uncertainties include those set forth in this Quarterly Report on Form 10-Q and our 2025 Annual Report on Form 10-K under the heading “Item 1A. Risk Factors”. The forward-looking statements in this report speak only as of the time they are made, and do not necessarily reflect management’s outlook at any other point in time. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or for any other reason, however, readers should carefully review the risk factors set forth in other reports or documents we file from time to time with the SEC after the date of this Quarterly Report. This Form 10-Q also contains estimates, projections and other information concerning our industry, our business, and the markets for certain of our products. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by market research firms and other third parties, industry, and general publications, government data, and similar sources.

OVERVIEW

Cohu was founded in 1947 and is a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity. We serve global semiconductor manufacturers and test subcontractors with a broad portfolio of products and services.

For the three months ended September 26, 2026, net sales increased 16.1% sequentially to $173.0 million from $149.0 million in the second quarter of fiscal 2026. Revenue from our capital equipment products is primarily driven by customers’ capital expenditures and operating budgets, which depend on capacity utilization, inventory levels, and anticipated end market demand and may fluctuate significantly with industry conditions, with capital spending related to artificial intelligence (“AI”) and high-performance computing currently remaining a strong area of investment, while automotive, industrial and consumer markets continue to recover at varying rates. In contrast, revenue from our recurring products, such as test consumables, services, and subscription software, is influenced by the volume of semiconductor devices tested and customers’ ongoing technology transitions, and because this revenue is tied to the installed base and production activity rather than discrete capital purchase decisions, it is generally more stable and less cyclical than capital equipment revenue.

Global macroeconomic and geopolitical factors continue to influence the semiconductor industry. While elevated interest rates and ongoing geopolitical uncertainty have moderated capital spending in certain end markets, industry conditions continue to be bifurcated. While automotive, industrial and consumer-oriented semiconductor markets have shown signs of improvement, customers continue to manage inventory levels closely and remain cautious with capacity investments, leading many semiconductor companies to maintain cost controls and carefully manage expansion plans.

By contrast, demand related to AI, high-performance computing, and data center applications has remained comparatively strong and continues to support investment in advanced semiconductor testing and inspection solutions. Demand across industrial and automotive semiconductor markets remained stronger during the third quarter, contributing to increased customer activity and investment levels. During the third quarter of fiscal 2026, our net sales benefited from increased customer activity associated with AI-driven computing applications, as well as higher demand in industrial and automotive semiconductor markets, which helped offset continued softness in certain consumer-oriented markets. These trends are broadly consistent with market conditions and customer spending patterns specific to our end markets.

In response to economic conditions, in fiscal 2025, we initiated a global restructuring program designed to improve profitability while maintaining investments in product development. We continue to manage our cost structure with discipline while preserving flexibility to support anticipated growth opportunities, particularly in AI-related applications. We remain focused on building a well-balanced and resilient business model, executing on customer design wins, and developing innovative products. We are expanding our addressable market with new test, inspection, automation, and AI-driven software solutions and are encouraged by increasing customer adoption of semiconductor test and inspection equipment used in AI-enabled data centers. Despite continued near-term variability across certain semiconductor end markets, we believe our long-term market drivers remain intact, supported by increasing semiconductor complexity, higher quality and reliability requirements, test intensity, automation, smart manufacturing initiatives including AI-driven data analytics, and the proliferation of electronics across automotive, mobile, industrial, computing, and consumer markets.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

Application of Critical Accounting Estimates and Policies

Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. We base our estimates on historical experience, forecasts and on various other assumptions that are believed to be reasonable under the circumstances, however actual results may differ from those estimates under different assumptions or conditions. The methods, estimates and judgments we use in applying our accounting policies have a significant impact on the results we report in our financial statements. Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain.

Our critical accounting estimates that we believe are the most important to investors’ understanding of our financial results and condition require complex management judgment and include:

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revenue recognition, including the deferral of revenue on sales to customers, which impacts our results of operations;

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estimation of valuation allowances and accrued liabilities, specifically inventory reserves, which impact gross margin or operating expenses;

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the recognition and measurement of current and deferred income tax assets and liabilities, unrecognized tax benefits, the valuation allowance on deferred tax assets and accounting for the impact of the change to U.S. tax law as described herein, which impact our tax provision; and

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the assessment of recoverability of goodwill, which primarily impacts gross margin or operating expenses if we are required to record impairments.

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Below, we discuss these policies further, as well as the estimates and judgments involved. We also have other policies that we consider key accounting policies; however, these policies typically do not require us to make estimates or judgments that are difficult or subjective.

Revenue Recognition: Our net sales are derived from the sale of products and services and are adjusted for estimated returns and allowances, which historically have been insignificant. We recognize revenue when the obligations under the terms of a contract with our customers are satisfied; generally, this occurs with the transfer of control of our systems and non-system products or the completion of services. In circumstances where control is not transferred until destination or acceptance, we defer revenue recognition until such events occur. Revenue for established products that have previously satisfied a customer’s acceptance requirements is generally recognized upon shipment. In cases where a prior history of customer acceptance cannot be demonstrated and in the case of new products, revenue and cost of sales are deferred until customer acceptance has been received. Our post-shipment obligations typically include standard warranties. Service revenue is recognized over time as the transfer of control is completed for the related contract or upon completion of the services if they are short-term in nature. Spares and contactor and kit revenue are generally recognized upon shipment. Certain of our equipment sales have multiple performance obligations. These arrangements involve the delivery or performance of multiple performance obligations that may occur at different points in time or over different periods of time. For arrangements containing multiple performance obligations, the revenue relating to the undelivered performance obligation is deferred using the relative standalone selling price method utilizing estimated sales prices until satisfaction of the deferred performance obligation. Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. On September 26, 2026, we had $4.6 million of revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) with expected durations of over one year. As allowed under ASC 606, we have opted not to disclose unsatisfied performance obligations for contracts with original expected durations of less than one year. We generally sell our equipment with a product warranty. The product warranty provides assurance to customers that delivered products are as specified in the contract (an “assurance-type warranty”). Therefore, we account for such product warranties under ASC 460, and not as a separate performance obligation. The transaction price reflects our expectations about the consideration we will be entitled to receive from the customer and may include fixed or variable amounts. Fixed consideration primarily includes sales to customers in which the amount of consideration is known as of the end of the reporting period. Variable consideration includes sales in which the amount of consideration that we will receive is unknown as of the end of a reporting period. Such consideration primarily relates to sales made to certain customers with cumulative tier volume discounts offered. Variable consideration arrangements are rare; however, when they occur, we estimate variable consideration as the expected value to which we expect to be entitled. Included in the transaction price estimate are amounts for which it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. This estimate is based on information available for projected future sales. Variable consideration that does not meet revenue recognition criteria is deferred. Accounts receivable represents our unconditional right to receive consideration from our customer. Payments terms do not exceed one year from the invoice date and therefore do not include a significant financing component. To date, there have been no material impairment losses on accounts receivable. There were no material contract assets or contract liabilities recorded on the condensed consolidated balance sheet in any of the periods presented. On shipments where sales are not recognized, gross profit is generally recorded as deferred profit in the condensed consolidated balance sheet representing the difference between the receivable recorded and the inventory shipped.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

Accounts Receivable: We maintain an allowance for estimated credit losses resulting from the inability of our customers to make required payments. If the financial condition of our customers deteriorates, resulting in an impairment of their ability to make payments, additional allowances may be required. Our customers include semiconductor manufacturers and semiconductor test subcontractors throughout many areas of the world. While we believe that our allowance for credit losses is adequate and represents our best estimate of future losses, we will continue to monitor customer liquidity and other economic conditions, which may result in changes to our estimates.

Inventory: The valuation of inventory requires us to estimate obsolete or excess inventory as well as inventory that is not of saleable quality. The determination of obsolete or excess inventory requires us to estimate the future demand for our products. The demand forecast is a direct input in the development of our short-term manufacturing plans. We record valuation reserves on our inventory for estimated excess and obsolete inventory and lower of cost or net realizable value concerns equal to the difference between the cost of inventory and the estimated realizable value based upon assumptions about future product demand, market conditions and product selling prices. If future product demand, market conditions or product selling prices are less than those projected by management or if continued modifications to products are required to meet specifications or other customer requirements, increases to inventory reserves may be required which would have a negative impact on our gross margin.

Income Taxes: We estimate our liability for income taxes based on the various jurisdictions where we conduct business. This requires us to estimate our (i) current taxes; (ii) temporary differences that result from differing treatment of certain items for tax and accounting purposes; and (iii) unrecognized tax benefits. Temporary differences result in deferred tax assets and liabilities that are reflected in the condensed consolidated balance sheet. The deferred tax assets are reduced by a valuation allowance if, based upon all available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. Establishing, reducing or increasing a valuation allowance in an accounting period generally results in an increase or decrease in tax expense in the statement of operations. We must make significant judgments to determine the provision for income taxes, deferred tax assets and liabilities, unrecognized tax benefits and any valuation allowance to be recorded against deferred tax assets. Our deferred tax assets consist primarily of research and development costs that were required to be capitalized under IRC Section 174, net of related amortization, reserves and accruals that are not yet deductible for tax, and tax credit and net operating loss carryforwards.

Segment Information: We apply the provisions of ASC 280, which sets forth a management approach to segment reporting and establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the CODM and for which discrete financial information is available. We have determined that our three identified operating segments are: TH, ST and IS. Our three operating segments qualify for aggregation under ASC 280 due to similarities in their customers, their economic characteristics, and the nature of products and services provided. As a result, we report in one segment, Semiconductor Test & Inspection.

Goodwill, Intangible Assets and Other Long-lived Assets: We evaluate goodwill for impairment annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Goodwill impairment testing is performed at the reporting unit level by comparing the estimated fair value of the reporting unit to its carrying value, including goodwill. If the carrying value exceeds fair value, an impairment charge is recognized for the amount by which the carrying value exceeds the fair value, limited to the carrying amount of goodwill.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

We estimate the fair values of our reporting units using a weighting of the income and market approaches. Under the income approach, we use a discounted cash flow methodology, which requires significant judgment and estimates related to, among other things, forecasted revenues, gross profit margins, operating income margins, working capital cash flows, perpetual growth rates, and long‑term discount rates. The market approach utilizes the guideline public company method, under which valuation multiples derived from comparable publicly traded companies with similar operating and investment characteristics are applied to the reporting unit’s operating performance metrics. The indicated values derived from the income and market approaches are equally weighted to determine the estimated fair value of each reporting unit.

Forecasts of future cash flows are based on management’s best estimates of future net sales and operating expenses, taking into account customer forecasts, industry trade organization data, and general economic and market conditions. Fair value measurements are inherently subjective and sensitive to changes in assumptions. Adverse changes in forecasted results, discount rates, long‑term growth assumptions, macroeconomic conditions, customer demand, competitive dynamics, or other factors could result in a reduction in the estimated fair value of one or more reporting units.

We performed our annual goodwill impairment test as of October 1, 2025, and determined that the estimated fair values of our reporting units exceeded their respective carrying values. As disclosed in our Annual Report on Form 10‑K for fiscal 2025, our IS reporting unit had less excess fair value over carrying value relative to our other reporting units as of the annual assessment date. Goodwill associated with the IS reporting unit represented approximately 39% of total goodwill as of the annual assessment date. Based on our analysis, including all relevant qualitative and quantitative factors, we concluded that no impairment existed as of the annual assessment date.

Goodwill is also required to be evaluated for impairment between annual testing dates if indicators of impairment arise. Based on our evaluation of events, including operating results and market conditions through September 26, 2026, we determined that no such triggering events had occurred. If circumstances change and an interim impairment assessment is required, it could result in a non‑cash impairment charge, which could be material and would adversely affect our results of operations and financial condition.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. For long-lived assets, impairment losses are only recorded if the asset’s carrying amount is not recoverable through its undiscounted future cash flows. We measure the impairment loss based on the difference between the carrying amount and estimated fair value.

During the first nine months of fiscal 2026, no events or conditions occurred suggesting an impairment in our long-lived assets.

Warranty: We provide for the estimated costs of product warranties in the period sales are recognized. Our warranty obligation estimates are affected by historical product shipment levels, product performance and material and labor costs incurred in correcting product performance problems. Should product performance, material usage or labor repair costs differ from our estimates, revisions to the estimated warranty liability would be required.

Contingencies: We are subject to certain contingencies that arise in the ordinary course of our businesses which require us to assess the likelihood that future events will confirm the existence of a loss or an impairment of an asset. If a loss or asset impairment is probable and the amount of the loss or impairment is reasonably estimable, we accrue a charge to operations in the period such conditions become known.

Share-based Compensation: Compensation expense for restricted stock unit (RSU) awards is calculated based on the market price of our common stock on the grant date. As Cohu doesn’t currently pay dividends, no reduction for expected dividends is applied. Compensation expense for performance stock units (PSUs) with market-based goals is determined using a Monte Carlo simulation model as of the grant date. When granted, compensation expense for stock options is measured based on the fair value of the award on its grant date, which we estimate using the Black-Scholes valuation model.

Recent Accounting Pronouncements

For a description of accounting changes and recent accounting pronouncements, including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements, see “Recent Accounting Pronouncements”, in Note 1 located in Part I, Item 1 of this Form 10-Q.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

RESULTS OF OPERATIONS

The following table summarizes certain operating data as a percentage of net sales:

	\n\t\t\t Three Months Ended \n\t\t\t			\n\t\t\t Nine Months Ended \n\t\t\t
	\n\t\t\t September 26, \n\t\t\t			\n\t\t\t September 27, \n\t\t\t		\n\t\t\t September 26, \n\t\t\t	\n\t\t\t September 27, \n\t\t\t
	\n\t\t\t 2026 \n\t\t\t			\n\t\t\t 2025 \n\t\t\t		\n\t\t\t 2026 \n\t\t\t	\n\t\t\t 2025 \n\t\t\t
\n\t\t\t Net sales \n\t\t\t		100.0	%		100.0	%	100.0	%	100.0	%
\n\t\t\t Cost of sales \n\t\t\t		(54.5	)%		(56.2	)%	(54.3	)%	(56.3	)%
\n\t\t\t Gross margin \n\t\t\t		45.5	%		43.8	%	45.7	%	43.7	%
\n\t\t\t Research and development \n\t\t\t		(14.8	)%		(17.8	)%	(17.2	)%	(20.8	)%
\n\t\t\t Selling, general and administrative \n\t\t\t		(18.9	)%		(25.2	)%	(22.8	)%	(27.7	)%
\n\t\t\t Amortization of purchased intangible assets \n\t\t\t		(4.1	)%		(8.1	)%	(4.9	)%	(9.1	)%
\n\t\t\t Restructuring charges \n\t\t\t		(0.3	)%		(0.4	)%	(0.4	)%	(2.5	)%
\n\t\t\t Income (loss) from operations \n\t\t\t		7.4	%		(7.7	)%	0.4	%	(16.4	)%

Third Quarter of Fiscal 2026 Compared to Third Quarter of Fiscal 2025

Net Sales

Our consolidated net sales increased 37.0% to $173.0 million in 2026, compared to $126.2 million in 2025. Net sales for the third quarter of fiscal 2026 increased compared to the same period in fiscal 2025, primarily driven by stronger demand across AI‑based computing applications, industrial and automotive semiconductor markets. Meanwhile, demand in mobile and consumer end markets remained relatively consistent year-over-year.

Gross Margin (exclusive of amortization of acquisition-related intangible assets described below)

Gross margin consists of net sales less cost of sales. Cost of sales consists primarily of materials, assembly, test labor, and overhead from operations. Our gross margin can fluctuate due to a number of factors, including, but not limited to, the mix and volume of products sold, product support costs, changes in inventory reserves, the sale of previously reserved inventory, manufacturing cost structure, and business volume which impacts the utilization of our manufacturing capacity. Our gross margin, as a percentage of net sales for the third quarter, was 45.5% in fiscal 2026 and 43.8% in fiscal 2025. Gross margin in the third quarter of fiscal 2026 was higher due to a more favorable mix of systems sold to customers, as well as higher overall business volume, which enabled improved utilization of our existing manufacturing cost structure.

We compute the majority of our excess and obsolete inventory reserve requirements using inventory usage forecasts. During the third quarter of fiscal 2026 and 2025, we recorded charges to cost of sales of $2.3 million and $0.9 million for excess and obsolete inventory, respectively. We believe our reserves for excess and obsolete inventory and lower of cost or net realizable value are adequate to cover known exposures as of September 26, 2026. Reductions in customer forecasts, continued modifications to products, or our failure to meet specifications or other customer requirements, may result in additional charges to operations that could negatively impact our gross margin in future periods.

Research and Development Expense (“R&D Expense”)

R&D expense consists primarily of salaries and related costs of employees engaged in ongoing research, product design and development activities, costs of engineering materials and supplies and professional consulting expenses. R&D expense was $25.6 million in fiscal 2026 and $22.5 million in fiscal 2025, representing 14.8% and 17.8% of net sales, respectively. During the third quarter of fiscal 2026, R&D expenses increased primarily due to higher material costs incurred for new products under development, reflecting continued investment in our product roadmap.

Selling, General and Administrative Expense (“SG&A Expense”)

SG&A expense consists primarily of salaries and benefit costs of employees, commission expense for independent sales representatives, product promotion and costs of professional services. SG&A expense was $32.7 million or 18.9% of net sales in fiscal 2026, compared to $31.8 million or 25.2% in fiscal 2025. SG&A expense during the third fiscal quarter of 2026 increased on a year-over-year basis, primarily driven by higher business volume and the associated increase in selling and administrative activity. These increases were partially offset by improved operating leverage as SG&A declined as a percentage of net sales.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

Amortization of Purchased Intangible Assets

Amortization of purchased intangibles is the process of expensing the cost of an intangible asset acquired through a business combination over the projected life of the asset. Amortization of acquisition-related intangible assets was $7.2 million and $10.2 million in the third fiscal quarter of 2026 and 2025, respectively. The decrease in amortization expense during the third quarter of fiscal 2026 was primarily due to certain acquisition‑related intangible assets becoming fully amortized during fiscal 2025.

Restructuring Charges

We initiated a broad strategic restructuring program during the first quarter of fiscal 2025 aimed at repositioning our global organization and optimizing our cost structure. During the third fiscal quarters of 2026 and 2025, restructuring activity resulted in charges of $0.4 million and $0.5 million, respectively. The year-over-year decrease primarily reflects the timing and level of restructuring-related activities during the respective periods.

See Note 4, “Restructuring Charges” in Part I, Item 1 of this Form 10-Q for additional information with respect to restructuring charges.

Interest Expense and Income

Interest expense was $1.8 million and $0.1 million in the third fiscal quarter of 2026 and 2025, respectively. The increase in interest expense compared to the prior year was primarily attributable to interest expense associated with the convertible notes issued during the fourth quarter of fiscal 2025.

Interest income was $3.9 million and $1.3 million in the third quarter of fiscal 2026 and 2025, respectively. The increase in interest income compared to the prior year was primarily driven by higher average investment balances during the third fiscal quarter of 2026, reflecting the investment of proceeds from the issuance of the convertible notes in the fourth quarter of fiscal 2025. The higher invested balances resulted in increased interest income during the period.

Income Taxes

We account for income taxes in accordance with ASC 740. The provision or benefit for income taxes is attributable to U.S. federal, state, and foreign income taxes. Our effective tax rate (“ETR”) used for interim periods is based on an estimated annual effective tax rate, adjusted for the tax effect of items required to be recorded discretely in the interim periods in which those items occur. Our ETR is different than the statutory rate in the U.S. due to foreign income taxed at different rates than in the U.S., changes in uncertain tax benefit positions, changes to valuation allowances, the accrual of taxes on unremitted income of our foreign subsidiaries, state taxes, and foreign withholding taxes. In addition, we have numerous tax holidays related to our manufacturing operations in Malaysia and the Philippines. The tax holiday periods expire at various times in the future; however, we actively seek to obtain new tax holidays.

Our third quarter 2026 tax provision is higher than the third quarter 2025 tax provision, primarily due to a change in mix of income between tax jurisdictions.

We conduct business globally, and as a result, Cohu or one or more of its subsidiaries files income tax returns in the U.S. and various state and foreign jurisdictions. In the normal course of business, we are subject to examinations by taxing authorities throughout the world and are currently under examination in Germany, the Philippines, Malaysia, Taiwan, Japan, and California. We believe our financial statement accruals for income taxes are appropriate.

In accordance with the disclosure requirements as described in ASC 740, we have classified unrecognized tax benefits as non-current income tax liabilities, or a reduction in non-current deferred tax assets, unless expected to be paid within one year. Our continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense.

Net Income (Loss)

As a result of the factors set forth above, our net income was $12.1 million for the three months ended September 26, 2026, as compared to a net loss of $4.1 million for the three months ended September 27, 2025.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

First Nine Months of Fiscal 2026 Compared to First Nine Months of Fiscal 2025

Net Sales

Our consolidated net sales increased 35.2% to $447.1 million in 2026, compared to $330.7 million in 2025. Net sales for the first nine months of fiscal 2026 increased compared to fiscal 2025, driven by stronger demand across our semiconductor end markets, particularly AI-based computing applications, as well as improved activity in industrial and automotive markets.

Gross Margin (exclusive of amortization of acquisition-related intangible assets described below)

Our gross margin, as a percentage of net sales, increased to 45.7% in 2026 from 43.7% in 2025. Gross margin during the first nine months of fiscal 2026 was higher due to a more favorable mix of systems sold to customers, as well as higher overall business volume, which enabled improved utilization of our existing manufacturing cost structure.

In the first nine months of fiscal 2026 and 2025, we recorded charges to cost of sales for excess and obsolete inventory of approximately $7.8 million and $4.1 million, respectively. We believe our reserves for excess and obsolete inventory and lower of cost or net realizable value are adequate to cover known exposures as of September 26, 2026. Reductions in customer forecasts or continued modifications to products, or our failure to meet specifications or other customer requirements may result in additional charges to operations that could negatively impact our results of operations and gross margin in future periods.

R&D Expense

R&D expense was $76.9 million or 17.2% of net sales in fiscal 2026, compared to $68.8 million or 20.8% in fiscal 2025. R&D expense increased during the first nine months of fiscal 2026 due to higher material costs associated with new product development during the current year.

SG&A Expense

SG&A expense was $101.8 million or 22.8% of net sales in 2026, compared to $91.6 million or 27.7% in 2025. The increase in SG&A expense was primarily attributable to higher business volume and the associated increase in selling activity. However, SG&A expense as a percentage of net sales decreased due to improved operating leverage resulting from higher sales volumes. In addition, SG&A expense during the first nine months of fiscal 2025 was lower due to ongoing cost control measures, lower incentive compensation resulting from business conditions and a $1.7 million benefit from an adjustment made to contingent consideration related to the acquisition of Tignis.

Amortization of Purchased Intangible Assets

Amortization of acquisition-related intangible assets was $21.8 million and $30.2 million for the first nine months of fiscal 2026 and fiscal 2025, respectively. The decrease in amortization expense during the first nine months of fiscal 2026 was primarily due to certain acquisition‑related intangible assets becoming fully amortized during fiscal 2025.

Restructuring Charges

We initiated a broad strategic restructuring program during the first quarter of fiscal 2025 aimed at repositioning our global organization and optimizing our cost structure. As a result of this program, during the first nine months of fiscal 2026 and fiscal 2025, we incurred restructuring charges totaling $1.8 million and $8.3 million, respectively. The year-over-year decrease primarily reflects the timing and level of restructuring-related activities during the respective periods.

See Note 4, “Restructuring Charges” in Part I, Item 1 of this Form 10-Q for additional information with respect to restructuring charges.

Interest Expense and Income

Interest expense was $5.1 million and $0.4 million in the first nine months of fiscal 2026 and fiscal 2025, respectively. The increase in interest expense compared to the prior year was primarily attributable to interest expense associated with the convertible notes issued during the fourth quarter of fiscal 2025.

Interest income was $11.6 million and $4.3 million in the first nine months of fiscal 2026 and fiscal 2025, respectively. The increase in interest income compared to the prior year was primarily driven by higher average investment balances during fiscal 2026, reflecting the investment of proceeds from the issuance of the convertible notes in the fourth quarter of fiscal 2025.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

Income Taxes

We account for income taxes in accordance with ASC 740. The provision or benefit for income taxes is attributable to U.S. federal, state, and foreign income taxes. Our ETR used for interim periods is based on an estimated annual effective tax rate, adjusted for the tax effect of items required to be recorded discretely in the interim periods in which those items occur. Our ETR is different than the statutory rate in the U.S. due to foreign income taxed at different rates than in the U.S., changes in uncertain tax benefit positions, changes to valuation allowances, the accrual of taxes on unremitted income of our foreign subsidiaries, state taxes, and foreign withholding taxes. In addition, we have numerous tax holidays related to our manufacturing operations in Malaysia and the Philippines. The tax holiday periods expire at various times in the future; however, we actively seek to obtain new tax holidays.

The tax provision for the nine months ended September 26, 2026, is higher than the tax provision for the nine months ended September 27, 2025, primarily due to a change in mix of income between tax jurisdictions.

We conduct business globally and as a result, Cohu or one or more of its subsidiaries files income tax returns in the U.S. and various state and foreign jurisdictions. In the normal course of business, we are subject to examinations by taxing authorities throughout the world and are currently under examination in Germany, the Philippines, Malaysia, Taiwan, Japan, and California. We believe our financial statement accruals for income taxes are appropriate.

In accordance with the disclosure requirements in ASC 740, we have classified unrecognized tax benefits as non-current income tax liabilities, or a reduction in non-current deferred tax assets, unless expected to be paid within one year. Our continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. There were no material changes to our unrecognized tax benefits and interest accrued related to unrecognized tax benefits during the nine months ended September 26, 2026.

Net Loss

As a result of the factors set forth above, our net loss was $0.1 million for the nine months ended September 26, 2026. For the nine months ended September 27, 2025, our net loss was $51.8 million.

LIQUIDITY AND CAPITAL RESOURCES

Our business is generally dependent on capital expenditures by semiconductor manufacturers and test subcontractors that are, in turn, dependent on the current and anticipated market demand for semiconductors. The cyclical, seasonal and volatile nature of demand for semiconductor equipment, our primary industry, makes estimates of future revenues, results of operations and net cash flows difficult.

Our primary historical source of liquidity and capital resources has been cash flow generated by operations and we manage our business to maximize operating cash flows as our primary source of liquidity. We use cash to fund growth in our operating assets and to fund new products and product enhancements primarily through research and development. As of September 26, 2026, $175.8 million or 64.6% of our cash and cash equivalents was held by our foreign subsidiaries. If these funds are needed for our operations in the U.S., we may be required to accrue and pay foreign withholding taxes if we repatriate these funds. Except for working capital requirements in certain jurisdictions, we provide for all withholding and other residual taxes related to unremitted earnings of our foreign subsidiaries.

On September 26, 2026, our total indebtedness, net of deferred financing costs included $279.8 million outstanding under the Notes, $1.4 million outstanding under Kita’s term loans, $5.3 million outstanding under Cohu GmbH’s construction loan, $15.3 million outstanding under Cohu Malaysia’s revolving credit facilities and $0.3 million outstanding under Kita’s lines of credit.

Management believes that, based on current and anticipated market conditions, our existing cash, cash equivalents, short-term investments, and available credit facilities will be sufficient to meet our anticipated operating and capital requirements for at least the next 12 months. However, our liquidity position could be adversely affected by a decline in demand for our products or services. Additionally, we may pursue strategic acquisitions or increase capital expenditures, which could require additional financing. There can be no assurance that such financing will be available on favorable terms, or at all.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

Liquidity

Working Capital: The following summarizes our cash, cash equivalents, short-term investments and working capital:

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	\n\t\t\t September 26, \n\t\t\t		\n\t\t\t December 27, \n\t\t\t						\n\t\t\t Percentage \n\t\t\t
\n\t\t\t (in thousands) \n\t\t\t	\n\t\t\t 2026 \n\t\t\t		\n\t\t\t 2025 \n\t\t\t			\n\t\t\t Increase \n\t\t\t		\n\t\t\t Change \n\t\t\t
\n\t\t\t Cash, cash equivalents and short-term investments \n\t\t\t	$	507,948		$	483,981		$	23,967		5.0	%
\n\t\t\t Working capital \n\t\t\t	$	674,103		$	640,912		$	33,191		5.2	%

Cash Flows

Operating Activities: Operating cash flows for the first nine months of fiscal 2026 consisted of our net loss, adjusted for non-cash expenses and changes in operating assets and liabilities. Significant non-cash adjustments included depreciation and amortization, share-based compensation expense, non-cash inventory-related charges, amortization of debt discounts and issuance costs, and amortization of cloud-based software implementation costs. Our net cash provided by operating activities in the first nine months of fiscal 2026 totaled $26.4 million. Net cash provided by operations was impacted by working capital changes, including a $35.7 million increase in accounts payable, a $8.9 million increase in accrued compensation, warranty, and other liabilities, a $1.2 million increase in customer advances; partially offset by a $40.2 million increase in accounts receivable and a $29.2 million increase in inventories. The increase in accounts payable was primarily due to the timing of supplier payments, the increase in accrued compensation, warranty, and other liabilities reflects the timing of payments and settlements during the period, and the increase in customer advances reflects timing of customer payments received in advance of performance obligations. The increase in accounts receivable was primarily due to higher business volume as well as the timing of cash collections during the quarter. Inventory increased during the nine months ended September 26, 2026, reflecting higher production levels to support anticipated customer demand and changes in product mix, partially offset by continued efforts to manage inventory and working capital efficiently across global operations.

Investing Activities: Investing cash flows consist primarily of cash used for capital expenditures in support of our business, purchases of investments, and proceeds from investment maturities and sales. Our net cash provided by investing activities in the first nine months of fiscal 2026 totaled $18.1 million. We generated $206.7 million from sales and maturities and used $184.0 million of cash for purchases of short-term investments in the first nine months of fiscal 2026. We invest our excess cash to seek the highest available return while preserving capital, in short-term investments since excess cash may be required for a business-related purpose. Additions to property, plant and equipment in the first nine months of fiscal 2026 were $7.0 million, and were made to support our operating and development activities.

Financing Activities: Financing cash flows consist primarily of net proceeds from the issuance of common stock under our employee stock purchase plan and repayments of debt. We issue restricted stock units, including performance stock units, and maintain an employee stock purchase plan as components of our overall employee compensation. In the first nine months of fiscal 2026, cash used to settle the minimum statutory tax withholding requirements on behalf of our employees upon vesting of restricted and performance stock awards, net of proceeds from shares issued under our employee stock purchase plan, was $3.7 million. We did not repurchase shares under our share repurchase program to be held as treasury stock during the period. Repayments of debt during the first nine months of fiscal 2026 totaled $1.0 million. Financing cash flows were also impacted by borrowings of $6.0 million under our Malaysian revolving credit facility.

Share Repurchase Program

On October 28, 2021, we announced that our Board of Directors authorized a $70 million share repurchase program. This share repurchase program was effective as of November 2, 2021, and has no expiration date. On October 25, 2022, our Board of Directors authorized an additional $70 million under the share repurchase program. The timing of share repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases under this program will be made using our existing cash resources and may be commenced or suspended from time to time at our discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, or in privately negotiated transactions at prevailing market rates in accordance with federal securities laws. For the nine months ended September 26, 2026, we did not repurchase any shares of our common stock and, as of September 26, 2026, $22.8 million remained available for us to repurchase shares of our common stock under our share repurchase program.

Capital Resources

We have access to credit facilities and other borrowings provided by financial institutions to finance acquisitions, capital expenditures and our operations if needed. A summary of our borrowings and available credit is as follows.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

Convertible Senior Notes Due 2031

On September 29, 2025, we issued $287.5 million aggregate principal amount of 1.50% convertible senior notes due 2031. The Notes include the full exercise by the initial purchasers on September 25, 2025, of their option to purchase up to an additional $27.5 million principal amount of the Notes. The Notes are senior unsecured obligations and bear interest at a coupon rate of 1.50% per annum, with interest payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. The Notes will mature on January 15, 2031, unless earlier converted, redeemed or repurchased in accordance with their terms.

Prior to the close of business on the business day immediately preceding October 15, 2030, noteholders will have the right to convert their Notes only upon the occurrence of certain events. On or after October 15, 2030, noteholders may convert all or any portion of their Notes at any time at their election until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes were convertible at the option of holders from July 28, 2026, through September 8, 2026, as a result of the last reported sale price of our common stock exceeding 130% of the conversion price of the Notes for at least five trading days (whether or not consecutive) during the first 20 trading days of the fiscal quarter commencing June 28, 2026. No Notes were converted during the third quarter of fiscal 2026, and $287.5 million aggregate principal amount of the Notes remained outstanding as of September 26, 2026. The market-price conversion condition was also satisfied during the first 20 trading days of the fiscal quarter commencing September 27, 2026, resulting in the Notes becoming convertible at the option of holders from October 26, 2026, through December 7, 2026.

Upon conversion, we will satisfy the conversion obligations by paying cash up to the aggregate principal amount of the Notes to be converted and paying and/or delivering cash, shares of common stock or a combination of cash and shares of common stock, at our election, in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the Notes being converted. The initial conversion rate for the Notes is 36.7975 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $27.18 per share of common stock), which represents an approximately 32.5% conversion premium over the last reported sale price of $20.51 per share of our common stock on The Nasdaq Stock Market on September 24, 2025. The conversion rate (and accordingly the conversion price) is subject to adjustment upon the occurrence of certain events. In addition, upon certain corporate events or upon a notice of redemption (as described below), we will, under certain circumstances, increase the conversion rate for noteholders who convert Notes in connection with such a corporate event or convert their Notes called (or deemed called) for redemption during the related redemption period, as the case may be.

The Notes are recorded as liabilities in accordance with ASC 470. Issuance costs will be amortized to interest expense over the term of the Notes using the effective interest method. Upon issuance, we evaluated the conversion feature for potential separation as an embedded derivative under ASC 815 and determined that the conversion feature did not meet the criteria for derivative accounting.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

Kita Term Loans

We have a series of term loans with Japanese financial institutions primarily related to the expansion of our facility in Osaka, Japan. The loans are collateralized by the facility and land, carry interest at rates ranging from 0.05% to 1.53%, and expire at various dates through 2034. At September 26, 2026, the outstanding loan balance was $1.4 million and $0.2 million of the outstanding balance is presented as current installments of long-term debt in our condensed consolidated balance sheets. At December 27, 2025, the outstanding loan balance was $1.5 million and $0.2 million of the outstanding balance is presented as current installments of long-term debt in our condensed consolidated balance sheets. The term loans are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates.

Construction Loans

In July 2019 and June 2020, one of our wholly owned subsidiaries located in Germany entered into a series of Loan Facilities with a German financial institution providing it with total borrowings of up to €10.1 million. The Loan Facilities were utilized to finance the expansion of our facility in Kolbermoor, Germany and are secured by the land and the existing building on the site. The Loan Facilities bear interest at agreed upon rates based on the facility amounts as discussed below.

Revolving Credit Facility

During the third quarter of fiscal 2026, we entered into a separate revolving credit facility with the same Malaysian financial institution that provides up to $20.0 million of borrowing capacity denominated in U.S. dollars. As of September 26, 2026, $5.5 million was drawn under the U.S. dollar-denominated facility. Proceeds from borrowings under the U.S. dollar facility are being used for general corporate purposes. Interest is due monthly and is calculated based on the lender's Effective Cost of Funds plus a spread of 1.25%.

Lines of Credit

As a result of our acquisition of Kita, we assumed a series of revolving credit facilities with various financial institutions in Japan. The credit facilities renew monthly and provide Kita with access to working capital totaling up to 660 million Japanese Yen of which 50 million Japanese Yen is drawn. At September 26, 2026, total borrowings outstanding under the revolving lines of credit were $0.3 million. As these credit facility agreements renew monthly, they have been included in short-term borrowings in our condensed consolidated balance sheets.

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Cohu, Inc.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

September 26, 2026

The revolving lines of credit are denominated in Japanese Yen and, as a result, amounts disclosed herein will fluctuate because of changes in currency exchange rates.

Our wholly owned subsidiary in Switzerland has one available line of credit which provides it with borrowings of up to a total of 2.0 million Swiss Francs, a portion of which is reserved for tax guarantees. On September 26, 2026, and December 27, 2025, no amounts were outstanding under this line of credit.

We also have a letter of credit facility (“LC Facility”) under which Bank of America, N.A., has agreed to administer the issuance of letters of credit on our behalf. The LC Facility requires us to maintain deposits of cash or other approved investments in amounts that approximate our outstanding letters of credit and contains customary restrictive covenants. In addition, our wholly owned subsidiary, Xcerra, has arrangements with various financial institutions for the issuance of letters of credit and bank guarantees. On September 26, 2026, $0.5 million was outstanding under standby letters of credit and bank guarantees.

We expect that we will continue to make capital expenditures to support our business and we anticipate that present working capital will be sufficient to meet our operating requirements for at least the next twelve months.

Contractual Obligations and Off-Balance Sheet Arrangements

Contractual Obligations: Our significant contractual obligations consist of liabilities for debt, operating leases, unrecognized tax benefits, pensions, post-retirement benefits, and warranties. There were no material changes to these obligations outside the ordinary course of business from those disclosed in our Annual Report on Form 10-K for the year ended December 27, 2025.

Commitments to contract manufacturers and suppliers: From time to time, we enter into commitments with our vendors and outsourcing partners to purchase inventory at fixed prices or in guaranteed quantities. We are not able to determine the aggregate amount of such purchase orders that represent contractual obligations, as purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current manufacturing needs and are fulfilled by our vendors within relatively short time horizons. We typically do not have significant agreements for the purchase of raw materials or other goods specifying minimum quantities or set prices that exceed our expected requirements for the next three months.

Off-Balance Sheet Arrangements: During the ordinary course of business, we provide standby letters of credit to certain parties as required. As of September 26, 2026, $0.3 million was outstanding under standby letters of credit.

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\n\t\t\t

Item 3.

\n\t\t\t

Quantitative and Qualitative Disclosures About Market Risk.

\n\t\t\t

Investment and Interest Rate Risk.

At September 26, 2026, our investment portfolio included short-term fixed-income investment securities with a fair value of approximately $235.6 million, and we did not hold or issue financial instruments for trading purposes. These securities are subject to interest rate risk and will likely decline in value if interest rates increase. Our future investment income may fall short of expectations due to changes in interest rates or we may suffer losses in principal if we are forced to sell securities that decline in market value due to changes in interest rates. As we classify our short-term securities as available-for-sale, no gains or losses are recognized due to changes in interest rates unless such securities are sold prior to maturity or declines in fair value are determined to be credit-related. Due to the relatively short duration of our investment portfolio, an immediate ten percent change in interest rates would have no material impact on our financial condition or results of operations.

We evaluate our investments periodically for possible other-than-temporary losses by reviewing factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and our ability and intent to hold the investment for a period of time sufficient for anticipated recovery of market value. As of September 26, 2026, the cost and fair value of investments we held with loss positions were approximately $207.0 million and $206.0 million, respectively. We evaluated the nature of these investments, credit worthiness of the issuer and the duration of these impairments to determine if a credit loss exists. We have the ability and intent to hold these investments to maturity.

Foreign Currency Exchange Risk.

We have operations in several foreign countries and conduct business in the local currency in these countries. As a result, we have risk associated with currency fluctuations as the value of foreign currencies fluctuate against the U.S. Dollar, in particular the Swiss Franc, Euro, Malaysian Ringgit, Chinese Yuan, Philippine Peso and Japanese Yen. These fluctuations can impact our reported earnings.

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We enter into foreign currency forward contracts with a financial institution to hedge against future movements in foreign exchange rates that affect certain existing U.S. Dollar denominated assets and liabilities at our subsidiaries whose functional currency is the local currency. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts to mitigate the risks and volatility associated with foreign currency transaction gains or losses.

Fluctuations in currency exchange rates also impact the U.S. Dollar amount of our net investment in foreign operations and in the third quarter of fiscal 2024 we began hedging foreign currency risk associated with net investment positions in certain of our foreign subsidiaries by entering foreign currency forward contracts that are designated as hedges of net investment. The assets and liabilities of our foreign subsidiaries are translated into U.S. Dollars at the exchange rates in effect at the balance sheet date. Income and expense accounts are translated at an average exchange rate during the period which approximates the rates in effect at the transaction dates. The resulting translation adjustments are recorded in stockholders’ equity as a component of accumulated other comprehensive loss. As a result of fluctuations in certain foreign currency exchange rates in relation to the U.S. Dollar as of September 26, 2026, compared to December 27, 2025, our stockholders’ equity decreased by $7.1 million as a result of the foreign currency translation.

Based upon the current levels of net foreign assets, a hypothetical 10% devaluation of the U.S. Dollar as compared to these currencies as of September 26, 2026, would result in an approximate $34.1 million positive translation adjustment recorded in other comprehensive loss within stockholders’ equity. Conversely, a hypothetical 10% appreciation of the U.S. Dollar as compared to these currencies as of September 26, 2026, would result in an approximate $34.1 million negative translation adjustment recorded in other comprehensive income within stockholders’ equity.

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\n\t\t\t

Item 4.

\n\t\t\t

Controls and Procedures.

\n\t\t\t

(a) Evaluation of Disclosure Controls and Procedures. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we evaluated the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives and our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level.

(b) Changes in Internal Control over Financial Reporting. During the three months ended September 26, 2026, we did not make any changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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\n\t\t\t

Part II

\n\t\t\t

OTHER INFORMATION

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\n\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\n

\n\t\t\t

Item 1.

\n\t\t\t

Legal Proceedings.

\n\t\t\t

The information set forth above under Note 12 contained in the “Notes to Unaudited Condensed Consolidated Financial Statements” of this Form 10-Q is incorporated herein by reference.

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\n\t\t\t

Item 1A.

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Risk Factors.

\n\t\t\t

Our business, financial condition and results of operations are affected by a number of factors, whether currently known or unknown, including risks specific to us or our industry, as well as risks that affect businesses in general. You should carefully consider the risk factors described in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 27, 2025 (the “Annual Report”), as supplemented by the risk factors described in Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 28, 2026, filed with the SEC on May 1, 2026 (the “Q1 Quarterly Report”). We believe there have been no material changes from the risk factors disclosed in the Annual Report and the Q1 Quarterly Report. However, additional risks and uncertainties not currently known or which we currently deem to be immaterial may also materially adversely affect our business, financial condition, or results of operations.

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Item 2.

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Unregistered Sales of Equity Securities and Use of Proceeds.

\n\t\t\t

Recent Sales of Unregistered Securities

There were no unregistered sales of equity securities during the period covered by this report.

Issuer Purchases of Equity Securities

On October 28, 2021, we announced that our Board of Directors authorized a $70 million share repurchase program. This share repurchase program was effective as of November 2, 2021, and has no expiration date. On October 25, 2022, our Board of Directors authorized an additional $70 million under the share repurchase program. The timing of share repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases under this program will be made using our existing cash resources and may be commenced or suspended from time to time at our discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, or in privately negotiated transactions at prevailing market rates in accordance with federal securities laws. All such repurchased shares and related costs are held as treasury stock and accounted for at trade date using the cost method. We did not repurchase any shares of our common stock during the three and nine months ended September 26, 2026. We did not repurchase any shares of our stock during the three months ended September 27, 2025. During the nine months ended September 27, 2025, we repurchased 432,288 shares of our common stock for $8.6 million to be held as treasury stock. As of September 26, 2026, $22.8 million remained available for us to repurchase shares of our common stock under our share repurchase program.

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Item 3.

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Defaults Upon Senior Securities.

\n\t\t\t

None.

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Item 4.

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Mine Safety Disclosures

\n\t\t\t

Not applicable.

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Item 5.

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Other Information.

\n\t\t\t

Rule 10b5-1 Trading Plans

Our directors and executive officers may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act and in compliance with guidelines specified by our insider trading policy. In accordance with Rule 10b5-1 and our insider trading policy, directors, officers and certain employees who, at such time, are not in possession of material non-public information are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of our stock, including shares acquired pursuant to our equity incentive plans. Under a Rule 10b5-1 trading plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The use of these trading plans permits asset diversification as well as personal financial and tax planning. Our directors and executive officers may also buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information, subject to compliance with SEC rules, the terms of our insider trading policy and certain minimum holding requirements. During the third quarter of 2026, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each term as defined in Item 408 of Regulation S-K).

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\n\t\t\t Item 6. \n\t\t\t	\n\t\t\t Exhibits. \n\t\t\t

\n\t\t\t 31.1 \n\t\t\t	\n\t\t\t Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 \n\t\t\t

\n\t\t\t 31.2 \n\t\t\t	\n\t\t\t Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 \n\t\t\t

\n\t\t\t 32.1 \n\t\t\t	\n\t\t\t Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 \n\t\t\t

\n\t\t\t 32.2 \n\t\t\t	\n\t\t\t Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 \n\t\t\t

\n\t\t\t 101.INS \n\t\t\t	\n\t\t\t Inline XBRL Instance Document \n\t\t\t

\n\t\t\t 101.SCH \n\t\t\t	\n\t\t\t Inline XBRL Taxonomy Extension Schema Document \n\t\t\t

\n\t\t\t 101.CAL \n\t\t\t	\n\t\t\t Inline XBRL Taxonomy Extension Calculation Linkbase Document \n\t\t\t

\n\t\t\t 101.DEF \n\t\t\t	\n\t\t\t Inline XBRL Taxonomy Extension Definition Linkbase Document \n\t\t\t

\n\t\t\t 101.LAB \n\t\t\t	\n\t\t\t Inline XBRL Taxonomy Extension Label Linkbase Document \n\t\t\t

\n\t\t\t 101.PRE \n\t\t\t	\n\t\t\t Inline XBRL Taxonomy Extension Presentation Linkbase Document \n\t\t\t

\n\t\t\t 104 \n\t\t\t	\n\t\t\t Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) \n\t\t\t

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	\n\t\t\t COHU, INC. \n\t\t\t
	\n\t\t\t (Registrant) \n\t\t\t


\n\t\t\t Date: October 29, 2026 \n\t\t\t	\n\t\t\t /s/ Luis A. Müller \n\t\t\t
	\n\t\t\t Luis A. Müller \n\t\t\t
	\n\t\t\t President & Chief Executive Officer \n\t\t\t


\n\t\t\t Date: October 29, 2026 \n\t\t\t	\n\t\t\t /s/ Jeffrey D. Jones \n\t\t\t
	\n\t\t\t Jeffrey D. Jones \n\t\t\t
	\n\t\t\t Senior Vice President, Finance & Chief Financial Officer \n\t\t\t
	\n\t\t\t (Principal Financial & Accounting Officer) \n\t\t\t

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