Cohu's stock experienced a significant after-hours plunge of 6.02% following the release of its first-quarter 2026 financial results. The semiconductor equipment supplier reported a GAAP net loss for the quarter, which appears to have weighed on investor sentiment.

The company posted a Q1 GAAP net loss of $12.1 million, or $0.26 per share. While net sales rose 29.2% year-over-year to $125.1 million, beating analyst estimates, the adjusted earnings per share of $0.01 fell short of the consensus forecast of $0.03. The company also reported an operating loss of $11.154 million for the quarter.

Despite the bottom-line miss, management highlighted strong momentum driven by accelerating demand for AI and high-performance computing. Cohu raised its full-year 2026 outlook for high-performance computing revenue to $80-$100 million and provided a second-quarter sales forecast of $144 million, plus or minus $7 million, which exceeds current analyst expectations.