Cohu makes semiconductor test and inspection equipment — the machines chip manufacturers use to verify that chips work correctly before shipping. Cohu's core products are test handlers (equipment that physically moves chips through the test process while managing temperature), interface solutions (consumable contactors that electrically connect chips to test equipment), inspection and metrology systems (optical and infrared tools that check chips for physical defects), and automated test equipment (ATE) through its Diamondx platform for RF, mixed-signal, and power management devices. Cohu sells directly to integrated device manufacturers (IDMs), outsourced semiconductor assembly and test providers (OSATs), and fabless chip designers. Its installed base exceeds 25,000 systems across more than 280 facilities globally. Revenue splits roughly into systems (~40%) and recurring revenue (~60%), the latter driven by consumable contactors, spares, services, and software tied to the installed base. Systems revenue is highly cyclical, while recurring revenue is more stable through downturns. Gross margins scale with volume and mix, with recurring revenue carrying mid-50s% margins. Cohu's near-term growth focus is on AI and high-performance computing, where its Eclipse handler uses proprietary active thermal control technology to manage heat dissipation for GPUs, AI accelerators, and HBM memory devices — applications where thermal complexity limits competition. Cohu is also expanding its HBM inspection business via its Neon system, growing the Diamondx ATE platform, and building a software analytics business. Cohu raised $287.5M through a convertible note offering to fund M&A, consistent with its history of expanding its portfolio through acquisitions.