AEHR získal AI objednávky za 22 milionů a 41 milionů dolarů, protože poptávka po testování procesorů roste. Firma čeká ve fiskálním roce 2027 výnosy 130 až 150 milionů dolarů.
Key Takeaways AEHR secured $22 million and $41 million in AI-related orders as processor testing demand expands.AEHR is broadening its AI exposure through another processor supplier and a hyperscale customer.AEHR expects fiscal 2027 revenue of $130 million-$150 million as AI testing production ramps up. Aehr Test Systems, Inc. (AEHR - Free Report) is gaining traction in AI semiconductor testing as AI chips become more complex and costly. Its wafer-level burn-in technology allows manufacturers to screen devices before packaging, helping identify early-life failures while protecting costly components and advanced substrates. This is becoming increasingly relevant as AI infrastructure scales and processors enter high-volume production.
The opportunity is already translating into orders. In August 2026, AEHR received a $22 million follow-on order from its lead AI processor customer for FOX-XP wafer-level burn-in systems, with shipments expected within six months. The order followed a $14 million purchase in February, adding to earlier production momentum and reflecting the relationship’s move toward sustained production and broader deployment.
AEHR is also broadening its AI exposure beyond one customer. The company has reported successful wafer-level benchmark results with another major AI processor supplier, which is evaluating pilot production and an additional device. Its Sonoma platform is being deployed for package-level burn-in of high-power AI processors. In April, AEHR secured a record $41 million order from a hyperscale customer for custom AI ASIC burn-in.
The opportunity lies in turning these initial wins into recurring systems, WaferPak contactors and burn-in consumables as AI processor volumes expand. AEHR expects fiscal 2027 revenues of $130 million to $150 million, representing 2.6 to 3 times fiscal 2026 revenues. The company’s AI customer base is still developing, but follow-on orders and expanding production ramps suggest AI testing could evolve from a growth area into a durable revenue stream for AEHR.
AEHR Faces Stiff CompetitionAehr operates in a highly competitive semiconductor test equipment market, contending with strong rivals such as Teradyne, Inc. (TER - Free Report) and FormFactor, Inc. (FORM - Free Report) .
Teradyne is benefiting from strong AI-driven demand across compute and memory testing. TER reported Semiconductor Test revenues of $2.2 billion in the first half of 2026, supported by hyperscaler and AI infrastructure spending, while high-bandwidth memory (HBM) and DRAM testing add another growth avenue.
FormFactor is expanding its role in AI semiconductor testing through advanced probe cards and test solutions for HBM, advanced packaging and silicon photonics. Rising AI chip complexity is increasing test requirements, supporting demand for FORM’s precision testing capabilities across next-generation computing architectures.
AEHR’s Share Price Performance, Valuation & EstimatesAEHR’s shares have surged 111% over the past six months, outperforming the broader industry’s 14.3% growth.
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Aehr shares are trading at a premium. In terms of the forward 12-month price-to-sales (P/S), AEHR is trading at 17.51X, higher than the industry’s 5.54X.
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The Zacks Consensus Estimate for AEHR’s fiscal 2027 earnings is pegged at 70 cents per share, a sharp increase from 3 cents a year ago.
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Aehr currently carries a Zacks Rank#2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Aehr Test Systems získává na síle díky silicon photonics: hlavní zákazník rozšiřuje výrobu a nový velký zákazník už objednal dva testovací systémy FOX a dva systémy FOX-NP. Firma čeká, že silicon photonics bude tvořit 15–20 % výnosů ve fiskálním roce 2027.
Key Takeaways Its newest major customer has ordered two FOX test cells and two FOX-NP systems.AEHR's lead silicon photonics customer is ramping production and placing follow-on wafer-level burn-in orders.AEHR projects $130-$150 million in fiscal 2027 revenue, with non-GAAP net income at 18%-22%. Aehr Test Systems, Inc. (AEHR - Free Report) is gaining momentum in silicon photonics, giving it another potential growth driver alongside AI processors. Demand for production burn-in is increasing as AI data centers rely more on optical I/O and high-speed interconnects. The company believes the silicon photonics and optical test and burn-in market could become a meaningful long-term growth driver.
Aehr’s lead silicon photonics customer is ramping up production and has placed follow-on orders for fully automated wafer-level burn-in systems. Its newest major customer, a global networking products provider, expects additional systems as it expands capacity to support next-generation hyperscale data center deployments. The customer first engaged with AEHR last November and has already ordered two FOX test cells and two FOX-NP systems.
The financial opportunity is becoming more visible. Management currently expects silicon photonics to account for roughly 15-20% of fiscal 2027 revenues, while total revenues are projected to be in the band of $130-$150 million. The outlook is largely based on current customers, and AEHR is not assuming any memory revenue in this guidance. Non-GAAP net income is also expected to reach 18-22% of total revenues in fiscal 2027.
Continued production ramp ups and additional system orders will be important to watch. The company’s growing presence across existing and new customers could help expand the contribution of this market to fiscal 2027 revenues. With silicon photonics already expected to account for 15-20% of fiscal 2027 revenues, further customer ramp ups could make it an increasingly important part of AEHR’s growth.
AEHR’s Key CompetitorsAehr operates in a highly competitive semiconductor test equipment market, competing with established players like FormFactor, Inc. (FORM - Free Report) and Teradyne, Inc. (TER - Free Report) .
FormFactor is seeing demand for its semiconductor test solutions from AI, advanced packaging and silicon photonics. FORM is positioned to benefit as chipmakers increase testing requirements for increasingly complex semiconductor devices.
Teradyne is benefiting from semiconductor testing demand linked to AI and advanced computing. TER also has a broad customer base across the semiconductor industry, giving it exposure to continued investments in data centers and next-generation computing.
AEHR’s Share Price Performance, Valuation & EstimatesAEHR’s shares have surged 59.3% over the past month, outperforming the broader industry’s 17.9% growth.
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Aehr’s shares are trading at a premium. In terms of the forward 12-month price-to-sales (P/S), AEHR is trading at 25.65X, higher than the industry’s 6.67X.
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The Zacks Consensus Estimate for AEHR’s fiscal 2027 earnings is pinned at 70 cents per share, implying a sharp increase from 3 cents a year ago.
Aehr Test Systems vstupuje do fiskálního roku 2027 s rekordními objednávkami 60,7 milionu USD a efektivním backlogem kolem 100,6 milionu USD. Akcie za poslední měsíc vzrostly o 72,2 %.
Key Takeaways Aehr Test Systems enters fiscal 2027 with record bookings and an effective backlog near $100.6M.AI processors, silicon photonics and power devices are driving demand for AEHR's test systems.AEHR trades at 24.62X forward sales, well above its industry average of 6.32X. Over the past month, Aehr Test Systems, Inc. (AEHR - Free Report) has surged 72.2%, easily beating the broader industry, which has gained 7.4%. The S&P 500 has risen 2.9% over the same period. Among comparable stocks, Teradyne, Inc. (TER - Free Report) has advanced 11.3%, while Cohu, Inc. (COHU - Free Report) has been flat.
The rally reflects a change in how investors view AEHR’s growth prospects. Record fourth-quarter fiscal 2026 bookings of $60.7 million and an effective backlog of about $100.6 million gave the market greater confidence in demand. The company expects significant fiscal 2027 revenue growth, supported by rising demand for semiconductor test and burn-in systems used in AI processors, silicon photonics and power devices.
AEHR One-Month Price Performance Comparison Image Source: Zacks Investment Research
The expanding order pipeline is also improving revenue visibility, as AEHR moves several customer programs toward production. Together, the strong order momentum, substantial backlog and exposure to fast-growing AI and data-center applications are driving the stock higher.
Estimates for AEHR Signal Continued GrowthFor fiscal 2027, the Zacks Consensus Estimate for Aehr Test Systems’ EPS is projected at 70 cents, a sharp increase from 3 cents a year ago. For fiscal 2028, the estimate is pegged at $1.54, indicating another 120% increase. Moreover, analysts project fiscal 2027 revenues of $140.20 million, up 180.4%, followed by $215.65 million in fiscal 2028, implying another 53.8% increase.
AEHR has topped earnings estimates in three of the past four quarters and met once, delivering an average earnings surprise of 321.9%.
AI Leads a Broadening Growth StoryAEHR is currently benefiting from several overlapping growth drivers, with AI-related semiconductor testing emerging as the most important. Its lead hyperscale customer is ramping AI processors and increasing its need for the company’s wafer-level and package-level burn-in systems. Management expects this customer’s system purchases and WaferPak requirements to increase significantly over the next several years.
Silicon photonics is becoming a major new opportunity as AI data centers increasingly use optical I/O and high-speed interconnects. Aehr already has a lead silicon-photonics customer ramping production and a newer major networking customer forecasting additional systems for hyperscale deployments. In early August, the company received a follow-on production order from its lead silicon photonics customer for a fully automated FOX-XP multi-wafer burn-in system, scheduled to ship in the first half of 2027.
Recovery in silicon carbide, particularly for EVs, is another growth avenue, which provides diversification benefits. Aehr received more than $8 million of SiC orders in the month before its July results, including orders connected to automotive programs. Management also expects renewed GaN and SiC demand from AI data-center power infrastructure.
Aehr is pursuing wafer-level burn-in opportunities in memory, including NAND flash and potential high-bandwidth memory (HBM) applications. The company is working with multiple memory suppliers as they prepare additional capacity.
Cash Gives AEHR Room to GrowAEHR's balance sheet provides a solid financial cushion, with cash and cash equivalents rising to $116.4 million as of May 29, 2026. The sizable cash position, bolstered by a public equity offering, should give the company flexibility to support capacity expansion and working-capital needs as it prepares for rapid growth in fiscal 2027.
Growth Comes at a Steep PriceThe market is already assigning AEHR a premium for its growth potential. The stock currently trades at 24.62X forward sales, above the industry average of 6.32X and its three-year median multiple of 6.05X. That premium leaves less room for disappointment.
For comparison, Teradyne trades at 10.50X forward sales, while Cohu trades at 3.61X.
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Risks Investors Should WatchAEHR’s biggest challenge is turning its opportunity into consistent financial results. The company depends on a relatively small group of large customers, with its lead hyperscale AI customer playing an especially important role. Delays in production ramps or changes in customer spending could make results volatile.
AEHR's business remains exposed to the capital-spending cycles of semiconductor manufacturers. Even though AI is creating strong demand, spending can be lumpy, and customer orders can shift between quarters.
Execution against elevated expectations remains a key risk. AEHR has an impressive backlog and significant AI opportunities, but the stock’s sharp run-up has raised the bar for future results. Investors will now want to see that the backlog translates into sustained revenue and earnings growth while AEHR simultaneously ramps manufacturing capacity.
Our Call: Buy AEHR Stock NowAehr Test Systems is entering fiscal 2027 with strong momentum, supported by record bookings, a sizable backlog and growing demand from AI, silicon photonics and power semiconductor markets. The sharp rise in earnings and revenue estimates further strengthens the growth case.
However, AEHR’s premium valuation and reliance on a limited number of large customers leave little room for execution missteps. Investors will be watching how quickly the company converts its backlog into revenues while expanding capacity to meet demand. Despite these risks, the strong growth outlook and favorable estimate trends support a Zacks Rank #1 (Strong Buy) for AEHR, reflecting an attractive near-term setup. You can see the complete list of today’s Zacks #1 Rank stocks here.
Aehr Test Systems oznámila navazující objednávku v hodnotě 22 milionů USD od svého hlavního zákazníka na rozšíření kapacity wafer-level burn-in pro AI procesory. Dodávky mají proběhnout během příštích šesti měsíců.
Lead AI processor customer expands production capacity as Aehr sees increasing interest in wafer-level burn-in for advanced AI and high-performance computing devices
FREMONT, CA / ACCESS Newswire / August 12, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced a $22 million follow-on production order from its lead wafer-level AI processor customer. The customer is a leading provider of advanced AI training and inference processors.
The order supports the customer's continued expansion of production capacity utilizing Aehr's wafer-level burn-in (WLBI) systems and includes multiple fully automated FOX-XP™ WLBI systems, together with Aehr's proprietary FOX WaferPak™ full-wafer Contactors and integrated FOX WaferPak Auto Aligners™. Each FOX-XP system is configured to test and burn in nine 300 mm wafers simultaneously. Aehr expects to ship the systems over the next six months for installation at the customer's high-volume manufacturing partner in Taiwan.
"This $22 million follow-on order represents another significant expansion of WLBI capacity by our lead AI processor customer and further validates the use of our FOX-XP platform in high-volume production," said Gayn Erickson, President and Chief Executive Officer of Aehr Test Systems. "We are encouraged that the customer's current production plans contemplate capacity beyond this order and that we continue to engage with additional semiconductor companies and hyperscalers following positive wafer-level benchmark results.
"We believe this growing interest is being driven in part by the increasing value and complexity of advanced AI semiconductor packages. As AI devices incorporate increasingly valuable processors, high-bandwidth memory (HBM), interface logic, and other die in advanced packages, screening for early-life failures before final assembly can deliver significant quality and economic benefits. We believe these trends are expanding the market opportunity for wafer-level burn-in across AI accelerators, CPUs, network processors and other high-performance computing and semiconductor memory devices."
Aehr's FOX-XP platform enables high-volume WLBI and test before semiconductor devices are singulated and packaged. Each FOX-XP system can simultaneously burn in and test up to nine 300 mm wafers and can be integrated with Aehr's FOX WaferPak Auto Aligner for automated operation in high-volume manufacturing environments.
Aehr's FOX WLBI systems and proprietary WaferPak contactors help identify early-life and latent reliability failures before devices are singulated and incorporated into advanced packages, improving the quality of die entering assembly and reducing the risk of committing high-value HBM, substrates, interposers, and other components to devices that may subsequently fail reliability screening.
The company believes increasing processor performance, power, device value, advanced packaging, and HBM integration may expand the range of AI and high-performance computing applications for which WLBI provides attractive manufacturing economics.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including advanced artificial intelligence (AI) processors, silicon photonics, data and telecommunications infrastructure, electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, and solid-state memory and storage are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, future requirements and orders of Aehr's new and existing customers; Aehr's ability to receive orders and generate revenue in the future, as well as Aehr's beliefs regarding the factors impacting the foregoing, including the growth of the markets referred to herein; Aehr's ability to integrate Incal efficiently; and the timing and extent to which the acquisition is accretive. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Aehr Test Systems roste o 6,1 % po silných výsledcích za 4. fiskální čtvrtletí: tržby 18,84 mil. USD, čistý zisk 1,39 mil. USD a EPS 0,11 USD. Firma zároveň zvýšila výhled tržeb pro fiskální rok 2027 na 130 až 150 mil. USD.
Shares of Aehr Test Systems (NASDAQ:AEHR) are up 6.1% in midday trading Tuesday, extending a torrid summer run in the semiconductor test equipment name. The stock now trades near $116, closing in on its 52-week high of $126.62 after a fresh wave of buying tied to the company’s AI burn-in and silicon photonics story.
Earnings Momentum Keeps Fueling the Rally The move builds on a blowout fiscal Q4 report. Aehr delivered Q4 revenue of $18.84 million, swung back to profitability with net income of $1.39 million, and posted EPS of $0.11 against expectations for a narrow gain. Record Q4 bookings of $60.7 million pushed effective backlog to $100.6 million, giving the company visibility into a much larger fiscal 2027.
Management’s forward outlook is what changed the stock’s ceiling. Aehr guided fiscal 2027 revenue to $130 million to $150 million, implying 160% to 200% year-over-year growth. CEO Gayn Erickson has been clear about the driver: “We are very pleased with the strong momentum in our business across multiple market segments, highlighted by more than $37 million in quarterly bookings and a book-to-bill ratio exceeding 3.5x.” AI processors and silicon photonics testing together accounted for 91% of Q4 revenue, a dramatic mix shift from the silicon carbide-heavy business investors bought two years ago.
The Silicon Photonics Whipsaw Here is where the story gets more complicated, and why the stock has been so volatile. Aehr is now one of the purest public plays on optical interconnects for hyperscale AI, a corner of the market that has been swinging on every headline. On August 4, Aehr announced a follow-on production order from its lead silicon photonics customer for a fully automated FOX-XP multi-wafer system with nine independent WaferPak test blades, expected to ship in the first half of 2027. Erickson framed the order as evidence that silicon photonics is moving “from technology adoption to manufacturing scale-up.”
That announcement sent shares up 57% in the days that followed, and the stock is now up 15.8% over the past week and 46% over the past month. Year to date, AEHR is up an eye-watering 426%. But optical and photonics names have traded in violent back-and-forth patterns all summer, whipsawing on hyperscaler capex commentary, competitive positioning, and shifting expectations for co-packaged optics timelines. With a beta of 3.1, Aehr amplifies every move in the group.
Valuation and Positioning Cut Both Ways The bull case is that backlog now covers roughly 77% of the minimum fiscal 2027 guidance, and while Aehr is expensive, it also has several new ramping markets into the future and has displayed strong recent execution. The bear case has teeth too. The company trades at a price-to-sales ratio of 69. Insiders have been trimming into strength: director Howard T. Slayen sold 20,000 shares at $108.30 on August 4, and Aehr filed an omnibus shelf registration on July 31, signaling flexibility to raise capital.
Wall Street coverage remains constructive. The analyst target price sits at $115, with three buy ratings and one hold. That target is essentially at the stock, meaning further upside now depends on estimates catching up to the fiscal 2027 ramp.
Contact [email protected] for any questions or corrections.
Aehr Test Systems získala navazující výrobní objednávku od klíčového zákazníka pro křemíkovou fotoniku na plně automatizovaný systém FOX-XP. Dodávka se očekává v první polovině kalendářního roku 2027.
FREMONT, CA / ACCESS Newswire / August 4, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced it has received a follow-on production order from its lead silicon photonics wafer-level burn-in (WLBI) customer for a fully automated FOX-XP® multi-wafer production burn-in system to support the continued expansion of the customer's manufacturing capacity for next-generation silicon photonic integrated circuits.
The AI industry is rapidly transitioning from moving electrons to moving photons, driving a significant expansion in silicon photonics as hyperscale data centers seek higher bandwidth, lower latency, improved power efficiency, and greater scalability. As silicon photonic integrated circuits become increasingly critical to next-generation AI networking, optical switching, co-packaged optics, linear pluggable optics, and chip-to-chip optical I/O architectures, manufacturers are placing greater emphasis on production-scale reliability screening and WLBI to ensure long-term performance while improving manufacturing yields and reducing production costs.
The ordered system is configured with nine independent WaferPak® test blades, each capable of delivering up to 3,500 watts of power for production burn-in and reliability screening of high-performance silicon photonic integrated circuits used in optical transceivers and emerging chip-to-chip optical I/O applications. The system also includes Aehr's fully integrated automated wafer-level handling solution, consisting of the FOX-XP multi-wafer production burn-in system, integrated WaferPak Auto Aligner™, robotic wafer handling, and automated wafer loading and unloading, providing a complete high-volume automated WLBI solution.
The system is expected to ship during the first half of calendar 2027.
Gayn Erickson, President and Chief Executive Officer of Aehr Test Systems, commented:
"This production order is another indication that silicon photonics is moving from technology adoption into manufacturing scale-up, and we believe that transition represents a significant long-term growth opportunity for Aehr. The order reflects our lead silicon photonics customer's continued expansion of manufacturing capacity and represents another important milestone in the industry's transition toward high-volume production of silicon photonic integrated circuits.
"As AI clusters continue to grow in size and performance, silicon photonics is emerging as a key enabling technology for delivering the bandwidth, power efficiency, and scalability required by next-generation AI infrastructure. What began with optical transceivers is now expanding into optical switching, co-packaged optics, linear pluggable optics, and chip-to-chip optical I/O.
"At the same time, the industry is moving toward more highly-integrated optical architectures that integrate or closely co-package laser sources with silicon photonic integrated circuits. These advances improve performance, reduce system cost, simplify manufacturing, and make device reliability even more critical.
"As silicon photonic devices continue to increase in complexity, power density, and production volumes, we believe WLBI is becoming a foundational manufacturing step for many of these next-generation devices. Identifying latent defects and stabilization of the integrated lasers before packaging improves manufacturing yields, lowers overall production costs, and enables the long-term reliability demanded by hyperscale AI infrastructure.
"Over the past year, we've seen a meaningful increase in engagement from silicon photonics companies around the world spanning engineering qualification systems, production capacity planning, and next-generation device roadmaps. These discussions reinforce our belief that the market is approaching an important inflection point.
"As production requirements evolve toward higher power, fully-automated wafer-level manufacturing, and larger production volumes, we believe our FOX-XP platform and integrated automated wafer-level handling solution position Aehr to become the production standard for wafer-level reliability screening of silicon photonic integrated circuits."
Industry analysts project strong growth for silicon photonics through the remainder of the decade as hyperscale AI infrastructure, cloud computing, high-performance computing, and advanced optical networking continue driving demand for higher bandwidth and lower power interconnect technologies. Emerging applications including co-packaged optics, optical switching, linear pluggable optics, and chip-to-chip optical I/O are expected to further expand the adoption of silicon photonics throughout AI infrastructure. Industry research also points to increasing adoption of integrated and co-packaged laser architectures that improve optical performance, manufacturing scalability, and system efficiency while further increasing the importance of production reliability screening.
Aehr's FOX-XP multi-wafer production burn-In system performs full WLBI, stability testing, and production screening of semiconductor devices while enabling customers to test multiple wafers simultaneously in a highly automated manufacturing environment. The FOX-XP platform supports silicon photonics, silicon carbide power semiconductors, AI processors, optical devices, and other semiconductor products requiring production burn-in and reliability screening.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including advanced artificial intelligence (AI) processors, silicon photonics, data and telecommunications infrastructure, electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, and solid-state memory and storage are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, future requirements and orders of Aehr's new and existing customers; Aehr's ability to receive orders and generate revenue in the future, as well as Aehr's beliefs regarding the factors impacting the foregoing, including the growth of the markets referred to herein; Aehr's ability to integrate Incal efficiently; and the timing and extent to which the acquisition is accretive. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Aehr Test Systems tento týden vzrostla o 20,9 % po silné zprávě za 4. čtvrtletí, která potvrdila posun tržeb od EV k AI čipům. Rekordní objednávky za čtvrtletí dosáhly 60,7 milionu USD.
Shares in Aehr Test Systems (AEHR 4.09%) rose 20.9% in the week to Friday morning as the market digested its excellent fourth quarter earnings report released earlier in the week. The earnings helped confirm the company's successful transition in revenue away from the electric vehicle (EV) market toward the higher-growth AI processor market.
Why Aehr Test Systems shares soared this week Aehr makes test equipment and systems that ensure semiconductor reliability and quality. It's a critical part of chip development. Whether it's in an EV or an AI data center, it's essential that chips don't fail. As such, its bookings are often seen as a leading indicator of capital spending trends in its end markets, particularly for AI processors.
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In this context, Aehr had good news for the AI market. Its record bookings of $60.7 million in the quarter brought its second-half bookings to $97.9 million, a figure significantly above the high end of the company's $60 million to $80 million guidance range. CEO Gayn Erickson confirmed that bookings represent growth, noting that "Reliability and production wafer-level burn-in screening for AI accelerators, CPUs, and network processors were our fastest-growing markets this year, representing approximately 71% of our total annual revenue."
In addition, he disclosed that two years ago, "over 95%" of Aehr's business related to silicon carbide chips for EVs, while "our fiscal year '26 revenue came from markets not electric vehicle silicon carbide."
Image source: Getty Images
Where next for Aehr Test Systems Erickson also confirmed that its lead AI chip customer is "significantly ramping their products." Based on its orders and a $100 million backlog, management expects revenue of $130 million to $150 million in its fiscal 2027 compared to $50 million in 2026, with Erickson claiming Aehr had the capability to meet a large order if it came in.
Aehr is set to return to profitability in its fiscal 2027 and represents a speculative way to invest in the accelerating momentum of AI chip investing.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Aehr Test Systems (AEHR - Free Report) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of a loss of $0.01 per share. This compares to a loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +1,200.00%. A quarter ago, it was expected that this company would post a loss of $0.08 per share when it actually produced a loss of $0.05, delivering a surprise of +37.5%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Aehr Test Systems, which belongs to the Zacks Electronics - Measuring Instruments industry, posted revenues of $18.84 million for the quarter ended May 2026, surpassing the Zacks Consensus Estimate by 0.72%. This compares to year-ago revenues of $14.09 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Aehr Test Systems shares have added about 236.9% since the beginning of the year versus the S&P 500's gain of 9.8%.
What's Next for Aehr Test Systems?While Aehr Test Systems has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Aehr Test Systems was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.05 on $14.6 million in revenues for the coming quarter and $0.16 on $86.6 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Measuring Instruments is currently in the top 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
inTest Corporation (INTT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of +233.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
inTest Corporation's revenues are expected to be $33 million, up 17.3% from the year-ago quarter.
Aehr Test Systems získal nové objednávky na wafer-level burn-in pro karbid křemíku za více než 8 milionů USD. Část pochází od klíčového zákazníka na rozšíření výroby elektromobilů, další od velké automobilky na kvalifikaci dodavatelů.
Expanded Production Orders from Lead Silicon Carbide Customer, and Growing Engagement with Leading Automotive Suppliers Highlight Strengthening Silicon Carbide Market
FREMONT, CA / ACCESS Newswire / July 14, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced it has received more than $8 million in new silicon carbide wafer-level burn-in (WLBI) orders.
The orders include a significant follow-on order for additional FOX WaferPak™ full wafer Contactors from its lead silicon carbide production customer to support expanded manufacturing capacity for new electric vehicle platforms, particularly those serving the rapidly growing China electric vehicle market. The large WaferPak order reflects increased production activity and utilization at the customer, as demand for silicon carbide power devices continues to improve. In addition to these WaferPak orders, the customer indicated additional future capacity requirements beyond this order in Aehr's current fiscal year. Aehr also received a key order directly from one of the largest automotive companies in the world for multiple WaferPaks to be used in qualification of silicon carbide devices from suppliers for their new generation of electric vehicles using Aehr's FOX wafer level burn-in systems.
Gayn Erickson, President and CEO of Aehr Test Systems, commented, "We are very pleased to announce these new orders, which we believe reflect strengthening momentum in the power semiconductor WLBI market and the beginning of the next phase of growth for this portion of our business. Our lead silicon carbide production customer continues to expand capacity with additional WaferPak orders supporting new electric vehicle programs, particularly in China where electric vehicle adoption continues to accelerate.
"Perhaps even more encouraging is what we are seeing with the new WaferPak order directly from one of the top two leading automotive companies in the world that is using our FOX systems and proprietary WaferPaks to qualify the quality and reliability of multiple silicon carbide companies around the world for their planned electric vehicle expansions. We are actively engaged with several of the world's largest automotive companies, and with several leading silicon carbide device manufacturers who are supporting their next-generation electric vehicle platforms as they evaluate deploying WLBI in production. These companies recognize the increasing importance of screening for early-life failures at the wafer level, before packaging, to improve long-term reliability and reduce manufacturing costs. We believe these engagements represent significant future production opportunities for Aehr as WLBI continues to gain acceptance as a critical manufacturing step for high-reliability automotive power semiconductors.
"We also recently secured our first silicon carbide customer in Taiwan last quarter, expanding our presence in another key semiconductor manufacturing region for automotive and industrial applications. This customer works closely with several automotive manufacturers in Taiwan and China, as well as with other international companies.
"The outlook for electric vehicles continues to improve following a period of inventory adjustments across parts of the automotive market. Industry forecasts point to renewed growth in Europe, increasing electrification initiatives in Japan, and continued leadership by China, where electric vehicles now account for more than half of new passenger vehicle sales. At the same time, the transition toward higher-voltage vehicle architectures, faster charging systems, and improved drivetrain efficiency is increasing demand for advanced silicon carbide power semiconductors that require the highest levels of reliability.
"We are also seeing growing interest in WLBI from customers developing silicon carbide devices for industrial automation, renewable energy, energy storage, charging infrastructure, aerospace, and AI data center power systems. As these markets continue to expand and reliability requirements become increasingly stringent, we believe Aehr is uniquely positioned with the industry's most proven production WLBI solution.
"With an expanding installed base, a growing pipeline of production opportunities, and increasing engagement with both leading automotive suppliers and silicon carbide device manufacturers worldwide, we are excited about the opportunities ahead and believe we are well positioned to benefit as silicon carbide WLBI adoption accelerates."
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including advanced artificial intelligence (AI) processors, silicon photonics, data and telecommunications infrastructure, electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, and solid-state memory and storage are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-P™ families of test and burn-in systems and FOX WaferPak™Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, future requirements and orders of Aehr's new and existing customers; Aehr's ability to receive orders and generate revenue in the future, as well as Aehr's beliefs regarding the factors impacting the foregoing, including the growth of the markets referred to herein; Aehr's ability to integrate Incal efficiently; and the timing and extent to which the acquisition is accretive. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Aehr Test Systems oznámila rekordní čtvrtletní objednávky ve výši 60,7 mil. USD a effective backlog 100,6 mil. USD. Ve fiskálním roce 2027 očekává tržby 130 až 150 mil. USD.
Earnings Record quarterly bookings and effective backlog provide substantial visibility into projected fiscal 2027 revenue of $130 million to $150 million, representing 2.6x to 3.0x fiscal 2026 revenue
FREMONT, CA / ACCESS Newswire / July 14, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced financial results for its fiscal 2026 fourth quarter and full year ended May 29, 2026.
Fiscal Fourth Quarter Financial Results:
Net revenue was $18.8 million, compared to $14.1 million in the fourth quarter of fiscal 2025.
GAAP net income was $1.4 million, or $0.04 per diluted share, compared to GAAP net loss of $(2.9) million, or $(0.10) per diluted share, in the fourth quarter of fiscal 2025.
Non-GAAP net income, which excludes stock-based compensation and acquisition-related adjustments, was $3.6 million, or $0.11 per diluted share, compared to non-GAAP net loss of $(0.2) million, or $(0.01) per diluted share, in the fourth quarter of fiscal 2025.
Bookings were a record $60.7 million for the quarter.
Backlog as of May 29, 2026 was $80.6 million. Effective backlog, including bookings since May 29, 2026, is $100.6 million.
Total cash, cash equivalents and restricted cash as of May 29, 2026 was $116.5 million, compared to $37.1 million on February 27, 2026.
Fiscal Year Financial Results:
Net revenue was $50.0 million, compared to $59.0 million in fiscal 2025.
GAAP net loss was $(7.1) million, or $(0.23) per diluted share, compared to GAAP net loss of $(3.9) million, or $(0.13) per diluted share, in fiscal 2025.
Non-GAAP net income was $0.9 million, or $0.03 per diluted share, which excludes stock-based compensation, acquisition-related adjustments and restructuring charges, compared to non-GAAP net income of $4.6 million, or $0.15 per diluted share, in fiscal 2025.
Cash used in operating activities was $3.3 million for fiscal 2026.
An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr's non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"We are very pleased with our fiscal fourth quarter performance, which exceeded expectations and capped a year of significant bookings and revenue diversification for Aehr. Record quarterly bookings, a very strong backlog, and growing demand across AI processors, silicon photonics, and power semiconductors for our wafer-level and package-level burn-in solutions position us well for significant growth moving forward.
"With strong momentum and a record backlog of over $100 million heading into fiscal year 2027, we have substantial visibility into projected fiscal 2027 revenue of $130 million to $150 million, representing expected year-over-year growth of approximately 160% to 200%. This outlook is based on the information available to us today, including our current backlog and anticipated customer demand. We continue to pursue additional orders from existing and prospective customers.
"In wafer-level burn-in (WLBI), demand from AI-related applications continued to accelerate. Our lead AI production customer is significantly ramping capacity, driving an increase in forecasted capacity needs for our FOX WLBI solutions this year and beyond. They are shifting their burn-in from system-level to all wafer-level for their AI accelerators used for training and inference applications. We are also engaged with additional AI processor suppliers that are evaluating WLBI to improve product reliability and reduce yield loss from production burn-in of their devices later in the manufacturing process.
"We are excited to report that we successfully completed benchmark testing of our WLBI solution with a major supplier of AI accelerators, CPUs, and network processors. The testing was conducted on one of their processors and produced results that exceeded their expectations. This top-tier AI processor supplier has now expressed interest in moving to pilot production test validation for its current high-volume device, for which we completed the benchmark. They indicated that this device is expected to continue ramping and achieve significant volumes over the next year or more. In addition, they recently requested that we evaluate a second device in parallel. The potential revenue opportunity from any one of these devices is significant to Aehr in terms of near and long-term revenue streams related to the WLBI systems and proprietary Aehr WaferPak contactors.
"Our package-level burn-in business for AI processors also gained momentum in the year, highlighted by record follow-on production orders from our lead hyperscale customer for Sonoma systems supporting high-volume AI processor production burn-in. This customer is a premier large-scale data center provider and is forecasting a substantial expansion of Sonoma system purchases for a second device which has twice the power per package as the first device that they are using Sonoma systems for today. As their current and next-generation devices ramp, we believe Sonoma systems and consumables can become an increasingly important contributor to Aehr's revenue. We are also engaged with multiple current and potential new customers for package-level reliability qualification and production burn-in of AI accelerators, Application-Specific Integrated Circuits (ASICs), network processors, and also for edge AI processors for automotive and robotics, which represent significant opportunities for Aehr over the next few years.
"As we have anticipated for the last year, silicon photonics devices and the need for production burn-in is now seeing strong momentum as AI data center architectures increasingly rely on optical I/O and high-speed interconnects. Our lead silicon photonics customer is ramping, with follow-on orders this past year and more already in this fiscal year for fully automated WLBI systems powering AI optical I/O and data center interconnects. In addition, our newest major silicon photonics customer that is a global leader in networking products and solutions has provided us a forecast for additional systems this calendar year as it ramps capacity to support next-generation hyperscale data center deployments. We believe the silicon photonics and optical test and burn-in market has the potential to grow substantially and could be another long-term growth driver for Aehr.
"We are seeing encouraging signs of recovery in silicon carbide (SiC) power semiconductors. We are actively engaged to meet the WLBI needs of several of the world's largest automotive manufacturers and several of their SiC suppliers for their new electric vehicles. We also announced today that we received approximately $8 million in new orders in just the last month for silicon carbide WLBI WaferPaks as global electric vehicle programs accelerate. These include expanded production orders from our lead silicon carbide customer for WaferPak full wafer contactors, and a key order directly from one of the largest automotive companies in the world for multiple WaferPaks to be used in qualification of silicon carbide devices from suppliers for their new generation of electric vehicles using Aehr's FOX WLBI systems.This year, we expect renewed demand for both SiC and GaN power semiconductor test and burn-in, driven by automotive electrification and AI data center power infrastructure.
"We also continue to pursue opportunities in memory, including NAND flash and potential high bandwidth memory (HBM) applications with our WLBI solutions roadmap. The growth of these two memory markets may have never been stronger, with massive capacity increases planned this decade. We continue to work with multiple memory suppliers to align our solutions to meet the production needs of these companies' new capacity coming online.
"Looking ahead, we are very excited about our position entering fiscal 2027. With multiple customers entering or expanding production, a record backlog, and additional opportunities under discussion for both wafer-level and package-level burn-in, we believe Aehr is well positioned for multiple years of strong revenue growth."
Financial Guidance:
For the fiscal year ending June 25, 2027, Aehr expects total company revenue to be between $130 million and $150 million, representing approximately 160%-200% year-over-year growth. Aehr also expects non-GAAP net income to be 18% to 22% of total revenue. This outlook reflects the company's current effective backlog of approximately $100 million and expected customer demand from existing production programs. Aehr continues to pursue additional orders from current and prospective customers.
Management Conference Call and Webcast:
Aehr Test Systems will host a conference call and webcast today at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss its fiscal 2026 fourth quarter and full year operating results. To access the live call, dial +1 888-506-0062 (US and Canada) or +1 973-528-0011 (International) and give the participant passcode 222496. In addition, a live and archived webcast of the conference call will be available over the Internet at www.aehr.com in the Investor Relations section and may also be accessed by clicking here. A phone replay of the call will be available approximately two hours following the end of the live call and will remain available for one week. To access the call replay, dial +1 877-481-4010 (US and Canada) or +1 919-882-2331 (International) and enter replay passcode 54119.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including advanced artificial intelligence (AI) processors, silicon photonics, data and telecommunications infrastructure, electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, and solid-state memory and storage are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, future bookings, benchmark evaluations and product development from Aehr's new and existing customers; future applications and orders for the AI processors, test solutions for AI semiconductor manufacturers and the Sonoma system; revenue and revenue growth forecasted; financial performance and bookings forecasted; financial guidance for the full fiscal year 2027; expectations regarding current and future partnerships; expectations regarding industry demand and emerging technologies as a whole and smaller segments within it; and the ability for Aehr to successfully enter new markets. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Contacts:
Aehr Test Systems
Chris Siu
Chief Financial Officer
[email protected]
PondelWilkinson, Inc.
Todd Kehrli or Jim Byers
Investor Contact
[email protected]
[email protected]
Financial Tables to Follow
AEHR TEST SYSTEMS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Year Ended
May 29,
February 27,
May 30,
May 29,
May 30,
(In thousands, except per share data)
2026
2026
2025
2026
2025
Revenue
$
18,835
$
10,313
$
14,089
$
50,001
$
58,968
Cost of revenue
10,816
6,945
9,817
32,350
35,035
Gross profit
8,019
3,368
4,272
17,651
23,933
Operating expenses:
Research and development
3,645
3,167
2,686
12,633
10,463
Selling, general and administrative
5,580
4,430
3,926
19,161
18,283
Restructuring charges
-
-
864
6
864
Total operating expenses
9,225
7,597
7,476
31,800
29,610
Loss from operations
(1,206
)
(4,229
)
(3,204
)
(14,149
)
(5,677
)
Interest income, net
748
240
222
1,361
1,401
Other income (expense), net
3
(12
)
(4
)
1,052
(15
)
Loss before income tax benefit
(455
)
(4,001
)
(2,986
)
(11,736
)
(4,291
)
Income tax benefit
(1,846
)
(798
)
(87
)
(4,610
)
(381
)
Net income (loss)
$
1,391
$
(3,203
)
$
(2,899
)
$
(7,126
)
$
(3,910
)
Net income (loss) per share:
Basic
$
0.04
$
(0.10
)
$
(0.10
)
$
(0.23
)
$
(0.13
)
Diluted
$
0.04
$
(0.10
)
$
(0.10
)
$
(0.23
)
$
(0.13
)
Shares used in per share calculations:
Basic
31,881
30,695
29,823
30,669
29,581
Diluted
33,170
30,695
29,823
30,669
29,581
AEHR TEST SYSTEMS
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ended
Year Ended
May 29,
February 27,
May 30,
May 29,
May 30,
(In thousands, except per share data)
2026
2026
2025
2026
2025
Reconciliation of GAAP to non-GAAP gross profit
GAAP gross profit
$
8,019
$
3,368
$
4,272
$
17,651
$
23,933
Special items:
a) Stock-based compensation expense
216
202
357
792
737
b) Acquisition-related adjustments
191
190
260
808
1,305
Non-GAAP gross profit
$
8,426
$
3,760
$
4,889
$
19,251
$
25,975
Reconciliation of GAAP to non-GAAP operating expenses
GAAP operating expenses
$
9,225
$
7,597
$
7,476
$
31,800
$
29,610
Special items:
a) Stock-based compensation expense
(1,649
)
(1,182
)
(1,064
)
(5,969
)
(4,027
)
b) Acquisition-related adjustments
(105
)
(106
)
(106
)
(422
)
(353
)
c) Restructuring charges
-
-
(864
)
(6
)
(864
)
d) Officer severance benefits
-
-
-
-
(653
)
e) Acquisition-related costs
-
-
-
-
(548
)
Non-GAAP operating expenses
$
7,471
$
6,309
$
5,442
$
25,403
$
23,165
Reconciliation of GAAP to non-GAAP income (loss) from operations
GAAP loss from operations
$
(1,206
)
$
(4,229
)
$
(3,204
)
$
(14,149
)
$
(5,677
)
Special items:
a) Stock-based compensation expense
1,865
1,384
1,421
6,761
4,764
b) Acquisition-related adjustments
296
296
366
1,230
1,658
c) Restructuring charges
-
-
864
6
864
d) Officer severance benefits
-
-
-
-
653
e) Acquisition-related costs
-
-
-
-
548
Non-GAAP income (loss) from operations
$
955
$
(2,549
)
$
(553
)
$
(6,152
)
$
2,810
Reconciliation of GAAP to non-GAAP income (loss) before income tax benefit
GAAP loss before income tax benefit
$
(455
)
$
(4,001
)
$
(2,986
)
$
(11,736
)
$
(4,291
)
Special items:
a) Stock-based compensation expense
1,865
1,384
1,421
6,761
4,764
b) Acquisition-related adjustments
296
296
366
1,269
1,658
c) Restructuring charges
-
-
864
6
864
d) Officer severance benefits
-
-
-
-
653
e) Acquisition-related costs
-
-
-
-
548
Non-GAAP income (loss) before income tax benefit
$
1,706
$
(2,321
)
$
(335
)
$
(3,700
)
$
4,196
Reconciliation of GAAP to non-GAAP net income (loss)
GAAP net income (loss)
$
1,391
$
(3,203
)
$
(2,899
)
$
(7,126
)
$
(3,910
)
Special items:
a) Stock-based compensation expense
1,865
1,384
1,421
6,761
4,764
b) Acquisition-related adjustments
296
296
366
1,269
1,658
c) Restructuring charges
-
-
864
6
864
d) Officer severance benefits
-
-
-
-
653
e) Acquisition-related costs
-
-
-
-
548
Non-GAAP net income (loss)
$
3,552
$
(1,523
)
$
(248
)
$
910
$
4,577
Reconciliation of GAAP to non-GAAP income (loss) per diluted share
GAAP income (loss) per diluted share
$
0.04
$
(0.10
)
$
(0.10
)
$
(0.23
)
$
(0.13
)
Special items:
a) Stock-based compensation expense
0.06
0.04
0.05
0.22
0.16
b) Acquisition-related adjustments
0.01
0.01
0.01
0.04
0.05
c) Restructuring charges
-
-
0.03
0.00
0.03
d) Officer severance benefits
-
-
-
-
0.02
e) Acquisition-related costs
-
-
-
-
0.02
Non-GAAP income (loss) per diluted share
$
0.11
$
(0.05
)
$
(0.01
)
$
0.03
$
0.15
a) Represents compensation expense for equity awards granted to employees and directors.
b) Represents amortization of acquired intangible assets and accretion expense of escrow payable.
c) Represents restructuring charges, primarily related to a lease early termination, along with employee termination benefits from a separate restructuring initiative.
d) Represents severance benefits, including compensation expense, provided due to the passing of an officer as per the terms of his change in control and severance agreement
e) Represents acquisition activity costs.
Non-GAAP measures should not be considered a replacement for GAAP results. The non-GAAP measures indicated above are financial measures the Company uses to evaluate the underlying results and operating performance of the business. The limitation of these measures are that they exclude items that impact the Company's current period GAAP measures. This limitation is best addressed by using these measures in combination with the most directly comparable GAAP financial measures. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies.
We believe these measures enhance investors' ability to review the Company's business from the same perspective as the Company's management and facilitate comparisons of this period's results with prior periods.
AEHR TEST SYSTEMS
CONSOLIDATED BALANCE SHEETS
(Unaudited)
May 29,
May 30,
(In thousands, except par value)
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
116,358
$
24,529
Accounts receivable
17,473
14,191
Inventories
41,354
41,997
Prepaid expenses and other current assets
9,263
8,061
Total current assets
184,448
88,778
Property and equipment, net
8,940
8,969
Goodwill
10,719
10,719
Intangible assets, net
9,552
10,781
Deferred tax assets, net
23,829
19,114
Operating lease right-of-use assets, net
8,901
9,601
Other non-current assets
305
546
Total assets
$
246,694
$
148,508
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
6,754
$
6,728
Accrued expenses and other current liabilities
5,283
6,020
Operating lease liabilities, short-term
626
909
Deferred revenue, short-term
5,192
1,981
Total current liabilities
17,855
15,638
Operating lease liabilities, long-term
9,256
9,921
Deferred revenue, long-term
34
36
Other long-term liabilities
38
42
Total liabilities
27,183
25,637
Shareholders' equity:
Preferred stock, $0.01 par value: Authorized: 10,000 shares;
Issued and outstanding: none
-
-
Common stock, $0.01 par value: Authorized: 75,000 shares;
Issued and outstanding: 32,480 shares and 29,877 shares at May 29, 2026 and May 30, 2025, respectively
325
299
Additional paid-in capital
249,477
145,758
Accumulated other comprehensive loss
(105
)
(126
)
Accumulated deficit
(30,186
)
(23,060
)
Total shareholders' equity
219,511
122,871
Total liabilities and shareholders' equity
$
246,694
$
148,508
AEHR TEST SYSTEMS
CONSOLIDATED SATEMENTS OF CASH FLOWS
(Unaudited)
Year Ended
May 29,
May 30,
(In thousands)
2026
2025
Cash flows from operating activities:
Net loss
$
(7,126
)
$
(3,910
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense
6,761
5,162
Depreciation and amortization
2,799
2,312
Deferred income taxes
(4,715
)
(421
)
Amortization of operating lease right-of-use assets
731
1,076
Impairment of assets
-
584
Changes in operating assets and liabilities:
Accounts receivable
(3,307
)
(3,037
)
Inventories
11
(2,441
)
Prepaid expenses and other current assets
(2,763
)
(5,012
)
Accounts payable
991
(714
)
Accrued expenses
1,020
(378
)
Deferred revenue
3,209
143
Operating lease liabilities
(979
)
(699
)
Income taxes payable
58
(65
)
Net cash used in operating activities
(3,310
)
(7,400
)
Cash flows from investing activities:
Purchases of property and equipment
(2,066
)
(4,992
)
Payments for business acquisition, net of cash and cash equivalent acquired
(1,801
)
(11,075
)
Net cash used in investing activities
(3,867
)
(16,067
)
Cash flows from financing activities:
Proceeds from issuance of common stock from public offerings, net of issuance costs
97,395
-
Proceeds from issuance of common stock under employee plans
2,200
1,409
Shares repurchased for tax withholdings on vesting of restricted stock units
(2,384
)
(784
)
Net cash provided by financing activities
97,211
625
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(6
)
13
Net increase (decrease) in cash, cash equivalents and restricted cash
90,028
(22,829
)
Cash, cash equivalents and restricted cash, beginning of year(1)
26,480
49,309
Cash, cash equivalents and restricted cash, end of year (1)
$
116,508
$
26,480
Supplemental cash flow information:
Income taxes paid
$
60
$
100
Interest paid
$
-
$
-
Supplemental disclosure of non-cash flow information:
Net transfer of equipment between inventory and property and equipment
$
702
$
458
Purchases of property and equipment included in accounts payable and accrued liabilities
$
-
$
1,259
Common stock issuance costs included in accounts payable
$
296
$
-
(1) Includes restricted cash within prepaid expenses and other current assets and other non-current assets.
Aehr očekává, že tržby ve fiskálním roce 2026 skončí na horní hraně rozpětí 45–50 milionů USD a ve 4. čtvrtletí se vrátí k ziskovosti. Slabší poptávka po WaferPak ale může brzdit růst tržeb i hrubou marži.
Key Takeaways Aehr expects fiscal 2026 revenues at the high end of its $45-$50 million guidance range.AEHR sees Q4 profitability supported by bookings, higher shipments and better factory utilization.Aehr's softer WaferPak demand may pressure revenue growth and gross margin despite system gains. Aehr Test Systems (AEHR - Free Report) is scheduled to report its fourth-quarter fiscal 2026 earnings on July 14.
In the third quarter of fiscal 2026, Aehr reported a loss of 5 cents per share that beat the Zacks Consensus Estimate by 37.5%. However, revenues of $10 million lagged the consensus mark by 20.05%.
The Zacks Consensus Estimate for fiscal fourth-quarter loss is pegged at a penny, unchanged over the past 30 days, and flat from the figure reported in the year-ago quarter. The consensus mark for fiscal first-quarter sales is pegged at $18.7 million, suggesting 32.7% growth from the figure reported in the year-ago quarter.
Let’s see how things have shaped up for the upcoming announcement.
Key Factors to Consider for AEHR’s Q4 EarningsAehr’s fiscal fourth-quarter results are expected to have benefited from strong backlog and booking conversion. Fiscal third-quarter bookings exceeded $37 million, and Aehr added another $12.2 million of bookings in the first five weeks of the fourth quarter. Management expects fiscal 2026 revenues to finish at the high end of the $45-$50 million guidance range and return to profitability in the fourth quarter of fiscal 2026.
Aehr’s fiscal fourth-quarter results are expected to have benefited from the new silicon photonics customer that ordered multiple FOX-XP wafer-level burn-in systems, engineering and production systems, WaferPak contactors and automated aligners. These systems were scheduled to be shipped in the to-be-reported quarter. The company’s results are also expected to have benefited from strong demand from AI customers.
Aehr expects gross margin to improve in the fiscal fourth quarter, driven by higher shipment volumes, better factory utilization and improved absorption of fixed manufacturing costs.
However, Aehr’s high-margin consumables business remained under pressure. The company noted that several customers had purchased systems ahead of demand and were only gradually utilizing existing capacity, reducing near-term WaferPak orders. Since WaferPaks carry higher margins than systems, the softer consumables mix likely weighed on both fourth-quarter revenue growth and gross margin, even as system shipments improved
What Our Model SaysAccording to the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Aehr currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Stocks to ConsiderHere are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Alphabet (GOOGL - Free Report) has an Earnings ESP of +1.30% and a Zacks Rank #2 at present. Alphabet is set to report second-quarter 2026 results on July 22. You can see the complete list of today’s Zacks #1 Rank stocks here.
Amphenol (APH - Free Report) has an Earnings ESP of +0.43% and a Zacks Rank #2 at present. Amphenol is slated to report second-quarter 2026 results on July 29.
Lam Research (LRCX - Free Report) has an Earnings ESP of +1.13% and a Zacks Rank #2 at present. Lam Research is scheduled to report fourth-quarter fiscal 2026 results on July 29.
Společnost Aehr Test Systems získala od klíčového zákazníka v oblasti křemíkové fotoniky další výrobní objednávku na plně automatizovaný systém FOX-XP pro wafer-level burn-in. Systém má podpořit vysokosériovou výrobu pro AI optické propojky a hyperscale datová centra.
FREMONT, CA / ACCESS Newswire / July 9, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced it has received an additional follow-on production order from its lead silicon photonics customer for a fully automated FOX-XP® wafer-level burn-in (WLBI) system. The system will support high-volume production burn-in of silicon photonics devices used in AI optical interconnect and hyperscale data center applications.
The order includes Aehr's turnkey FOX-XP multi-wafer WLBI system configured to test up to nine 300mm wafers in parallel together with the fully automated FOX WaferPak® AutoAligner™, enabling automated, high-volume production burn-in with hands-free operation when integrated with an automated wafer handler.
The customer is developing advanced silicon photonics devices used in next-generation optical interconnects and optical I/O architectures for hyperscale AI and cloud data centers and advanced packaging of AI processors and high-performance computing (HPC) devices. These silicon photonics devices enable dramatically higher bandwidth and lower power communication between AI processors, memory, switches, and networking equipment, addressing one of the industry's most significant bottlenecks as AI infrastructure continues to scale. Industry leaders across the AI ecosystem have increasingly identified silicon photonics and optical I/O as key enabling technologies for future AI clusters, rack-scale computing, and chip-to-chip communications to permanently replace copper interconnects that are approaching their practical performance and power limits.
This customer took delivery of its first FOX-XP with fully automated WaferPak Aligner production system in fiscal 2026. The system has now been successfully installed and demonstrated fully automated, hands-free operation integrated with the customer's automated wafer handling equipment and an automated guided vehicle for 300mm wafer FOUP movement. This represents an important production milestone as the customer ramps up manufacturing of its silicon photonics products.
"The successful installation and production qualification of our first fully-automated system with this customer represents another important milestone in our long-term relationship with them," said Gayn Erickson, President and CEO of Aehr Test Systems. "Demonstrating fully hands-free production operation with our integrated FOX-XP platform and automated wafer handling validates not only our technology, but also our ability to support customers as they transition from engineering qualification into high-volume manufacturing.
"We are very pleased to receive this additional follow-on production order early in our new fiscal year. We believe this order reflects the customer's continued confidence in Aehr's FOX-XP platform and represents an encouraging start to fiscal 2027. As AI infrastructure evolves toward optical interconnects and optical I/O, we believe Aehr is well-positioned to support customers that require cost-effective, high-throughput WLBI and stabilization."
Demand for silicon photonics continues to accelerate as hyperscale AI infrastructure expands. Major technology companies and AI infrastructure providers are increasingly adopting optical interconnect technologies to overcome the bandwidth, latency, and power limitations of traditional electrical interconnects. Industry forecasts anticipate significant growth in silicon photonics deployments over the coming years as optical communication moves closer to AI processors and ultimately onto processor packages through optical I/O architectures.
Aehr's FOX-XP platform is designed for high-power wafer-level test and burn-in of advanced semiconductor devices, including silicon photonics integrated circuits, AI processors, power semiconductors, memory devices, sensors, and other leading-edge semiconductor technologies. The FOX-XP system enables parallel burn-in and test of up to nine wafers simultaneously and, when combined with the FOX WaferPak AutoAligner, provides a fully automated production solution that significantly reduces handling time while improving throughput, repeatability, and manufacturing efficiency. The platform utilizes Aehr's proprietary FOX WaferPak Contactors, allowing full-wafer electrical contact and burn-in before singulation to identify infant mortality failures, improve long-term reliability, and lower overall manufacturing costs.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including advanced artificial intelligence (AI) processors, silicon photonics, data and telecommunications infrastructure, electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, and solid-state memory and storage are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, future requirements and orders of Aehr's new and existing customers; Aehr's ability to receive orders and generate revenue in the future, as well as Aehr's beliefs regarding the factors impacting the foregoing, including the growth of the markets referred to herein; Aehr's ability to integrate Incal efficiently; and the timing and extent to which the acquisition is accretive. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
FREMONT, CA / ACCESS Newswire / July 7, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications,today announced that it will report financial results for its fiscal 2026 fourth quarter and full year ended May 29, 2026 on Tuesday, July 14, 2026 following the close of the market. The Company will host a conference call and webcast at 5:00 p.m. Eastern time to discuss the results.
What:
Aehr Test Systems fiscal 2026 fourth quarter and full year financial results.
When:
Tuesday, July 14, at 5:00 p.m. Eastern Time (2:00 p.m. PT).
Dial in Number:
To access the live call, dial +1 888-506-0062 (US and Canada) or +1 973-528-0011 (International) and give the participant passcode 222496.
Webcast:
To access the live webcast, please visit the investor relations section at www.aehr.com.
Call Replay:
A phone replay of the call will be available approximately two hours following the end of the live call and will remain available for one week. To access the call replay, dial +1 877-481-4010 (US and Canada) or +1 919-882-2331 (International) and enter replay passcode 54119.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, advanced artificial intelligence (AI) processors, data and telecommunications infrastructure, and solid-state memory and storage, are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at www.aehr.com.
Aehr Test Systems získala rekordní objednávky související s AI: ve druhé polovině fiskálního roku 2026 přesáhly objednávky 92 milionů USD. Firma zároveň oznámila další navazující výrobní objednávku od globálního lídra v síťových produktech.
The stock of Aehr Test Systems (AEHR 7.07%) got a lot of attention after rallying almost 681% over the past year. A little over half of that gain came in 2026 alone. Sounds like a stock worth a closer look, right?
Let's take a look at what it does before making any commitment to buy shares. Here's an overview of Aehr Test Systems' involvement with the artificial intelligence (AI) boom and whether it presents a good buying opportunity.
Image source: Getty Images.
What does Aehr Test Systems do? AI chipmakers like Nvidia and Broadcom sell millions of chips per year, but not all of them actually work; a small percentage fail shortly after use. Tech companies accept it as a cost of doing business, but if the failure rate were very high, it might make hyperscalers more wary.
Companies like Aehr Test Systems address this issue by stress-testing microchip batch samples under extreme conditions to catch defects early. This reduces the number of defective chips that leave factories.
The company has been testing its technology through deals with hyperscalers for multiple years and has finally started landing lucrative deals. It reported over $37 million in quarterly bookings in its fiscal 2026 third quarter (ended Feb. 27, 2026) and said that it anticipated a "near-term follow-on production order" from its top hyperscale customer.
Less than two weeks later, that big booking arrived. A record $41 million production order from that hyperscale customer resulted in second-half bookings exceeding $92 million. Aehr Test Systems also announced "a strong pipeline of forecasted customer orders in place."
Earlier this month, management announced another big win: a follow-on production order from what it described as "a global leader in networking products and solutions," a major supplier to the data center optical transceiver market.
Today's Change
(
-7.07
%) $
-6.98
Current Price
$
91.81
Can Aehr Test Systems rally continue? Aehr Test Systems is gaining more attention for its stress-testing technology, and revenue growth could accelerate significantly. The $92 million in second-half bookings is sizable when compared to the $10.3 million in third-quarter revenue.
The $41 million production order from the lead hyperscaler shows how quickly the backlog and overall revenue can grow. Each order of that caliber will have a seismic impact on revenue, and management is positioning itself to woo multiple hyperscalers.
Investors should try to ignore current revenue growth when assessing the stock. The company's 44% year-over-year revenue decline in the third quarter is related to the prolonged slump in the electric vehicle (EV) market. Chips for EVs won't play as much of a role in Aehr's future results. In its third-quarter press release, the company touts itself as a leading provider of test and burn-in solutions for several industries. That press release lists AI and data centers before mentioning automotive chips.
Aehr Test Systems has an easy path to meaningful revenue increases, but it is a risky stock. A 61 price-to-sales ratio is quite excessive, which has resulted in significant volatility. 10% and 20% dips are quite common for Aehr Test Systems.
However, the steady stream of orders can set the stage for meaningful revenue acceleration, which would result in a more reasonable valuation. Its ability to retain a top hyperscaler and get that customer to raise its order size is a good sign for the future. Investors who are strictly focused on valuation may want to ignore this one, but long-term investors who are excited about the recent surge in AI-related orders may want to give it a closer look.
Aehr Test Systems získala novou následnou objednávku na jeden systém FOX-XP od globálního lídra v síťových řešeních. Akcie po zprávě vyskočily asi o 7 %.
The now mid-cap semiconductor industry stock Aehr Test Systems NASDAQ: AEHR has continued to trudge higher and higher in 2026. On the year, shares of this semiconductor testing equipment company are up more than 400%. This has allowed the company’s market capitalization to soar from around $600 million at the beginning of 2026 to around $3.5 billion.
Aehr Test Systems Today
AEHR
Aehr Test Systems
$96.80 -5.59 (-5.46%)
As of 12:08 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$11.61▼
$126.62Price Target$68.00
The company’s frequent order announcements have been crucial to the stock’s rise, while general semiconductor strength has also helped. Notably, Aehr just received its latest boost from the combination of these two factors, adding more fuel to the fire after two months without announcing new orders.
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Despite these positive business developments, Aehr’s current financials show a drastic divergence from its valuation. With this, the question going forward is whether this stock has gotten ahead of its skis.
Aehr Announces Follow-On Order From Optical CustomerIn mid-April, Aehr said it had received a record $41 million follow-on production order from its lead hyperscale customer. This order related to the company’s package-level burn-in Sonoma systems. In semiconductor manufacturing, many chips are built on one large wafer. They are then individually cut from that wafer and placed into protective packaging. This is the stage at which Sonoma tests chips.
After being relatively silent on orders for two months, the company made its newest announcement in mid-June. According to Aehr, the company “received a follow-on production order for a fully automated FOX-XP wafer-level burn-in system.”
FOX-XP performs tests at the earlier wafer level stage, putting the entire wafer under stressful conditions to check for flaws. This distinction is important to understand because orders of both Sonoma and FOX-XP show that Aehr is finding customers at multiple stages of the manufacturing process.
Aehr added that this FOX-XP order came from a “global leader in networking products and solutions and a major supplier to the data center optical transceiver market.” This is interesting because optical transceivers are seeing a surge in demand.
Optical transceivers enable high-speed data transfer over long distances, which is increasingly important as data centers expand and process more information. Recent estimates say that optical transceiver sales rose by 70% year-over-year to $18 billion. By gaining customers here, Aehr could benefit from the high growth rates in this space.
Aehr: Small New Order, High ValuationDespite these positives, it is worth noting that the order is not large by any means. It is only for one FOX-XP system, or essentially the smallest order the firm could have announced. However, Aehr also said the customer provided a “forecast for additional systems this calendar year as it ramps capacity to support next generation hyperscale data center deployments.”
Another positive was Aehr noting that over 25 total customers have deployed FOX-XP thus far. This indicates a solid level of diversification among its customer base, although the actual breakdown in sales between them is unknown. On the day of this news, Aehr's stock rose by about 7%. Semiconductor strength also added to the rally, with the iShares Semiconductor ETF NASDAQ: SOXX rising about 1.4%.
Aehr Test Systems (AEHR) Price Chart for Wednesday, June, 24, 2026
As noted, Aehr has now surged to a market capitalization near $3.5 billion. Meanwhile, the company generated just $10.3 million in revenue last quarter. Over the next 12 months, analysts expect the firm to generate around $82 million in revenue. This implies a forward price-to-sales (P/S) ratio of around 43x. That figure is more than four times higher than its average forward P/S ratio of 10x over the past three years. Additionally, over the next 12 months, analysts expect Aehr to generate negative operating income.
This comes as, despite the company announcing many orders, its sales and profitability metrics have yet to improve. Notably, revenue dropped 44% year over year (YOY) in its latest quarter. Meanwhile, its adjusted earnings per share dropped from 7 cents to -5 cents. On the other hand, its backlog hit a record $50.9 million, which came prior to its record $41 million follow-on order in April. While Aehr’s financials are being strained today, these figures point to significant improvements going forward.
Aehr: Investors Wait for Financials to Catch Up to ValuationAehr’s valuation creates real room for concern. Still, the company is undeniably generating strong interest for its products, and it is fully possible that more order announcements are on the way. These factors reiterate the high-risk-high-reward setup for Aehr stock.
Ultimately, seeing orders translate into actual sales and earnings improvements will be key going forward. The company will have another opportunity to demonstrate this in its next earnings report, which, based on its past releases, should take place in July.
Should You Invest $1,000 in Aehr Test Systems Right Now?Before you consider Aehr Test Systems, you'll want to hear this.
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