Cohu (NASDAQ:COHU) held its virtual 2026 annual meeting of stockholders, with Chairperson James A. Donahue presiding and shareholders approving all six proposals presented at the meeting, according to the company’s meeting transcript.
Donahue said the meeting was held pursuant to the notice sent to shareholders on or around April 2, 2026. Emily Lough, Cohu’s vice president, general counsel and secretary, served as secretary of the meeting and inspector of elections.
Shareholders Approve Board Nominees and Governance Items
Shareholders elected William E. Bendush, Karen M. Rapp and Nina L. Richardson as Class 1 directors for three-year terms. Donahue said the company did not receive any stockholder nominations for director under the advance notice provisions in Cohu’s bylaws.
Preliminary voting results showed that shareholders also approved the advisory vote on named executive officer compensation and an amendment to Cohu’s amended and restated certificate of incorporation to increase the number of authorized shares of common stock from 90 million to 150 million shares.
In addition, shareholders approved the Cohu, Inc. 2026 equity incentive plan and the amended and restated Cohu, Inc. 1997 employee stock purchase plan. They also ratified Ernst & Young LLP as Cohu’s independent registered public accounting firm for fiscal year 2026.
Lough said the final vote would be included in the meeting records and in a Form 8-K to be filed within four business days.
CEO Highlights 2025 Growth and Recurring Revenue
During a brief business update, President and Chief Executive Officer Luis A. Müller said Cohu is a “leading technology company in semiconductor capital equipment” and pointed to fiscal 2025 results as evidence of early success expanding sales in high-performance computing and memory markets.
Müller said fiscal 2025 revenue was $453 million, up 13% year over year, marking a return to growth. He said recurring business remained strong at 60% of consolidated revenue, supported by a large installed base of equipment at customers’ factories.
The company ended 2025 with $454 million in cash and investments, Müller said. He added that Cohu supports approximately 25,000 systems at customer sites worldwide through its field service team, which he said was key to the company delivering approximately $270 million in recurring revenue last year.
Company Points to AI, HBM and Software Opportunities
Müller said Cohu is targeting an expansion of its addressable market by $1.6 billion across four key growth areas. He cited growing exposure to AI computing, high-bandwidth memory inspection, power semiconductors and software-enabled recurring revenue.
According to Müller, Cohu finished 2025 with strong momentum in high-performance computing, supported by the expansion of AI workloads and inference processing. He said the company’s new products are gaining traction in testing high-performance processors and inspecting HBM memory, aligned with customer roadmaps in a $750 million addressable market.
Müller also said the company’s software initiative is gaining traction as analytics moves from pilot deployments into broader production environments within a $600 million addressable market. He noted that Cohu’s tester was recently qualified for testing power devices used in the latest generation of rack-scale servers.
2026 Outlook Calls for 20% to 25% Revenue Growth
Based on current engagements and design activity, Müller said Cohu now sees a computing segment opportunity pipeline of approximately $750 million. For fiscal 2026, he said the company is increasing its high-performance computing revenue outlook to about $80 million to $100 million.
Müller said the pipeline spans 12 customers, including five in qualification and seven in early-stage engagement. He said Cohu expects fiscal 2026 revenue to grow 20% to 25% year over year, which he described as validating the company’s business strategy.
Over the midterm, Cohu is targeting a 15% compound annual growth rate, Müller said. He also said the company is seeking margin expansion, with adjusted EBITDA scaling to 18% to 26% as Cohu leverages its operating model.
“We have the products, the pipeline, and the operating leverage to deliver substantial value creation for shareholders over the midterm,” Müller said.
After the voting results were announced, Donahue concluded the meeting and said the company looked forward to seeing shareholders in 2027.
About Cohu (NASDAQ:COHU)
Cohu, Inc is a global provider of semiconductor test and inspection solutions, offering a broad portfolio of products designed to support chip manufacturers, outsourced semiconductor assembly and test (OSAT) providers, and electronics original equipment manufacturers (OEMs). The company’s product lineup includes automatic test handlers, wafer probers, test sockets, thermal subassembly systems and burn-in boards, all engineered to optimize throughput, accuracy and reliability in semiconductor production and final test.
Founded in 1947 and headquartered in Poway, California, Cohu has grown through both organic development and targeted acquisitions to become a recognized leader in test handling and interconnect technologies.
