Company: COHU
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024281
Chunk: 62

Company: COHU INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 1
Chunk 62
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itted earnings of our foreign subsidiaries.

On June 28, 2025, our total indebtedness included $1.8 million outstanding under Kita’s term loans, $6.8 million outstanding under Cohu GmbH’s construction loan, $8.9 million outstanding under Cohu Malaysia’s revolving credit facility and $0.9 million outstanding under Kita’s lines of credit. We repurchased 432,288 shares of our outstanding common stock, to be held as treasury stock, for $8.6 million, during the first six months of fiscal 2025.

We believe that our sources of liquidity will be sufficient to satisfy our anticipated cash requirements through at least the next 12 months. Our liquidity could be negatively affected by a decrease in demand for our products. In addition, we may make acquisitions or increase our capital expenditures and may need to raise additional capital through debt or equity financing to provide for greater flexibility to fund these activities. Additional financing may not be available or not available on terms favorable to us.

36

Cohu, Inc.

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

June 28, 2025

Liquidity

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

			June 28,

			December 28,

			Percentage

			(in thousands)

			2025

			2024

			Decrease

			Change

			Cash, cash equivalents and short-term investments

			$
			209,411

			$
			262,092

			$
			(52,681
			)

			(20.1
			)%

			Working capital

			$
			390,448

			$
			449,123

			$
			(58,675
			)

			(13.1
			)%

Cash Flows

Operating Activities: Operating cash flows for the first six months of fiscal 2025 consisted of our net loss, adjusted for non-cash expenses and changes in operating assets and liabilities. These adjustments include depreciation expense on property, plant and equipment, share-based compensation expense, amortization of intangible assets, deferred income taxes, amortization of cloud-based software implementation costs, adjustments to contingent consideration, amortization of debt discounts and issuance costs, pension curtailment gains and gains on sales of property, plant and equipment. Our net cash