Cohu Inc. Advances HBM Revenue Outlook Amid Growing Neon Platform Demand

Cohu Inc. (NASDAQ: COHU) is reinforcing its bullish stance on high‑bandwidth memory (HBM) testing revenue following a flurry of new orders for its Neon platform. On September 16, the company announced that it has secured additional orders for its HBM inspection systems, prompting a revision of its 2025 HBM revenue forecast to a range of $10 million to $11 million. This upward adjustment represents a significant lift over the prior guidance, underscoring the firm’s confidence in sustained demand from semiconductor manufacturers seeking advanced test handling solutions.

The Neon platform, which delivers precise and efficient inspection of HBM modules, has attracted orders from a diverse customer base, further validating its market traction. Cohu’s management noted that the new contracts will expand the company’s footprint in the HBM segment, traditionally dominated by larger competitors. By leveraging its niche expertise in test handling equipment, Cohu is positioned to capitalize on the semiconductor industry’s escalating need for reliable memory solutions as advanced processors and AI accelerators proliferate.

In addition to the revenue‑boosting orders, Cohu confirmed its participation in the 17th Annual CEO Investor Summit scheduled for October 7 at the Arrogant Butcher restaurant in Phoenix, Arizona. This high‑profile event offers Cohu’s leadership a platform to engage directly with institutional investors and articulate the strategic roadmap underpinning its growth initiatives. The summit participation signals the company’s intent to maintain transparent communication with stakeholders while emphasizing its forward‑looking investment thesis.

Market Context

Cohu’s share price closed at $21.94 on September 16, 2025, comfortably above its 52‑week low of $12.57 but still shy of the 52‑week high of $29.42 reached on November 5, 2024. With a market capitalization of approximately $1.02 billion, the company sits within a competitive semiconductor equipment niche. Its product portfolio extends beyond HBM inspection systems to include closed‑circuit television, metal detection, and microwave equipment, diversifying revenue streams and mitigating concentration risk.

The recent upward revision to HBM revenue forecasts comes at a time when global semiconductor demand is rebounding. Industry analysts predict that the HBM market will experience double‑digit growth as next‑generation GPUs, data centers, and mobile devices integrate higher memory densities. Cohu’s enhanced forecast reflects both the company’s expanded order book and the broader market momentum.

Strategic Implications

By raising its 2025 HBM revenue outlook, Cohu is reinforcing its positioning as a critical enabler in the semiconductor supply chain. The company’s focus on high‑precision test handling aligns with the industry’s shift toward tighter yield controls and quality assurance. Moreover, the Neon platform’s adoption by key players suggests a potential for recurring revenue through service contracts and firmware updates.

Cohu’s participation in the CEO Investor Summit further bolsters its narrative. The event provides an avenue for senior executives to discuss capital allocation, research and development priorities, and potential M&A activity. Investor confidence is likely to strengthen as management articulates a clear path to scaling operations, optimizing manufacturing efficiencies, and expanding into adjacent markets such as advanced packaging and wafer inspection.

Outlook

Looking ahead, Cohu’s revised HBM revenue forecast sets the stage for a robust 2025. The company’s continued focus on innovation, coupled with strategic engagements like the CEO Investor Summit, positions it favorably to capture a larger share of the high‑bandwidth memory testing market. While competitive pressures remain, Cohu’s specialized expertise and growing order base provide a solid foundation for sustained growth and shareholder value creation.