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Shares in Aehr Test Systems (AEHR -5.38%) rose 15.4% in the week to Friday morning. The reasons behind the move will have to come down to speculation, as there's no hard, fundamental news about the stock in the last week. Still, Aehr is somewhat of a proxy for the theme of investing in the growth of AI semiconductor spending, and that's probably why there's been speculative buying this week.

Why Aehr Test Systems shares rose this week As a reminder, Aehr Test Systems makes test equipment and systems that help semiconductor manufacturers ensure reliability and quality. It's also a company that has successfully transitioned its focus from the electric vehicle (EV) market to the AI processor market, in line with shifts in end demand.

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The company is known for being tight-lipped about its customers for commercial reasons and lists customers who have been responsible for at least 10% of its revenue in terms of "Customer A" to "Customer G" in its SEC filings. As such, investors are always left playing the guessing game of who its customers might be. That's a big issue, considering how small the company is, with just $50 million in revenue in its recently completed 2026 financial year. In other words, every major order (bookings were $60.7 million in the fourth quarter of 2026) is a game changer.

Image source: Getty Images.

Aehr's customers reporting? Management refers to two lead customers in its reporting. One is a leading hyperscaler developing AI processors, and the other is an AI production customer developing silicon photonics technology. Given that Alphabet's Google and Intel could fit the profile of these two unnamed customers, and that both reported this week, it's possible investors bought into Aehr in anticipation of these two companies announcing ramp-ups in capital spending that might be beneficial to Aehr.

As long as momentum continues to build toward a ramp in AI spending, then stocks like Aehr will find favor among investors, and vice versa if the market starts slowing.

Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Intel. The Motley Fool has a disclosure policy.

The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Aehr Test Systems (AEHR - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.

Aehr Test Systems is a member of our Computer and Technology group, which includes 613 different companies and currently sits at #2 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Aehr Test Systems is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for AEHR's full-year earnings has moved 1350% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, AEHR has moved about 301.4% on a year-to-date basis. In comparison, Computer and Technology companies have returned an average of 12%. As we can see, Aehr Test Systems is performing better than its sector in the calendar year.

One other Computer and Technology stock that has outperformed the sector so far this year is Cisco Systems (CSCO - Free Report) . The stock is up 45.3% year-to-date.

In Cisco Systems' case, the consensus EPS estimate for the current year increased 3.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Aehr Test Systems belongs to the Electronics - Measuring Instruments industry, a group that includes 5 individual stocks and currently sits at #6 in the Zacks Industry Rank. On average, stocks in this group have gained 55.4% this year, meaning that AEHR is performing better in terms of year-to-date returns.

On the other hand, Cisco Systems belongs to the Computer - Networking industry. This 7-stock industry is currently ranked #199. The industry has moved +45.2% year to date.

Aehr Test Systems and Cisco Systems could continue their solid performance, so investors interested in Computer and Technology stocks should continue to pay close attention to these stocks.

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Pasithea Therapeutics Corp. (KTTA - Free Report) : This clinical-stage biotechnology company has seen the Zacks Consensus Estimate for its current-year earnings increasing 59.1% over the last 60 days.

Northern Trust Corporation (NTRS - Free Report) : This financial holding company has seen the Zacks Consensus Estimate for its current year earnings increasing 5.7% over the last 60 days.

Yext, Inc. (YEXT - Free Report) : This consumer information platform company has seen the Zacks Consensus Estimate for its current year earnings increasing 21.4% over the last 60 days.

Aehr Test Systems, Inc. (AEHR - Free Report) : This semiconductor testing solutions company has seen the Zacks Consensus Estimate for its current year earnings increasing 337.5% over the last 60 days.

State Street Corporation (STT - Free Report) : This financial services company has seen the Zacks Consensus Estimate for its current year earnings increasing 8.1% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Aehr Test Systems Today

AEHR

Aehr Test Systems

$81.70 -2.50 (-2.97%)

As of 02:06 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$14.99▼

$126.62Price Target$117.50

As AI stocks swing up and down, one name that has felt those movements as much as any is Aehr Test Systems NASDAQ: AEHR. This small stock has risen about 320% in 2026, and sits at a market capitalization of $2.7 billion in mid-July.

Though shares have been in a downtrend over the past 30 days, they saw a huge rebound after Aehr posted its latest earnings report, spiking nearly 22% in a single day.

Get Aehr Test Systems alerts:

Aehr’s large move came as it surpassed estimates during the quarter and issued inspiring guidance.

This guidance meaningfully changes how investors should view Aehr’s valuation and increases confidence in its outlook.

Aehr’s Revenue Rises Over 30%, Gross Margin Explodes UpwardAehr makes machines that put semiconductors under intense conditions, testing them for defects. As data center operators look to increase performance by weeding out faulty chips, Aehr has been gaining considerable order momentum.

In Q4 of its fiscal year 2026 (FY2026), Aehr posted revenue of $18.84 million. (Note that Aehr’s fiscal reporting period is several quarters ahead of the calendar year period.) This resulted in growth of 33.7% year-over-year (YOY).

Notably, this marks the first time in over a year that Aehr’s quarterly revenue growth was positive, an important inflection for its business. However, analysts expected this performance, with Aehr just slightly beating estimates of $18.69 million.

Alongside this, Aehr crushed estimates on earnings per share (EPS). The figure came in at 11 cents, swinging strongly from -1 cent a year ago. Analysts anticipated that EPS would remain unchanged at -1 cents. This came as Aehr greatly outperformed on adjusted gross margin, which soared 1,000 basis points to 45%, driven by higher sales, improved manufacturing capacity utilization, and a higher-margin product mix.

Despite Aehr’s impressive quarter, full FY2026 revenue declined 15% YOY to $50 million. Aehr’s business has been transitioning from an overwhelming focus on EV markets to one overwhelmingly focused on non-EV markets, including AI.

Aehr Provides Blockbuster GuidanceAehr’s Q4 FY2026 results were strong, but the company’s guidance is what really stole the show. In FY2027, Aehr expects to generate full-year sales of between $130 million and $150 million. This would be a 160%-200% increase over FY2026.

This guidance crystallizes Aehr’s success in generating orders for its Sonoma and FOX-XP systems. Over the past few quarters, Aehr has repeatedly announced significant orders within the AI chip industry. This has led to the company making strong statements about bookings, such as that second-half FY2026 bookings would come in “at the high end of its $60 million to $80 million range.” A record $41 million hyperscaler order allowed it to surpass that estimate.

Aehr’s huge revenue guidance figure provides a clean metric that shows how far the company has come.

Another figure that underpins this confidence is Aehr’s effective backlog of $100.6 million. The company simply has to deliver these booked orders to realize the revenue, absent cancellations. Assuming Aehr ships its full order backlog in FY2027, it would account for 67% to 77% of the company’s revenue guidance. This provides a strong degree of visibility into Aehr meeting its revenue expectations. It is important to note, though, that Aehr did not explicitly say that its full backlog would necessarily convert in FY2027.

The additional customer demand Aehr anticipates for the rest of the year is the difference between its backlog and guidance. Notably, the company stated that it sees an opportunity to raise its guidance even higher in FY2027.

Aehr expects its adjusted pretax profitability to be between 18% and 22% of revenue in FY2027. At the midpoint, this would imply adjusted pretax income of $28 million. In FY2026, that figure was -$3.7 million, showing that Aehr expects to greatly shift its profitability profile.

Aehr’s Forward Price to Sales Ratio Drops Over 50% From HighsAehr Test Systems Stock Forecast Today12-Month Stock Price Forecast:
$117.50
43.18% Upside

Hold
Based on 5 Analyst Ratings

Current Price$82.06High Forecast$125.00Average Forecast$117.50Low Forecast$110.00Aehr Test Systems Stock Forecast Details

Using the midpoint of Aehr’s revenue guidance would give it a forward price-to-sales (P/S) ratio of around 20x. That is still a very high figure by most standards, but is down approximately 56% from Aehr’s forward P/S peak of 45x. This shows that the firm's valuation has come much closer to being in line with its revenue expectations.

Additionally, after Aehr’s earnings report, analysts at Craig Hallum and Lake Street Capital placed $125 and $110 price targets on the stock, respectively. The average of these figures implies upside near 40%. Aehr clearly remains a highly volatile and risky stock, but that risk is meaningfully lower than it has been over the past several months. Shares remain substantially below highs, and the company just provided consequential data that supports its fundamental outlook.

Investors interested in Aehr should closely watch how the company’s orders, guidance, and conversion of backlog into revenue progress going forward.

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Shares of Aehr Test Systems (AEHR +21.76%) rose sharply on Wednesday after the semiconductor equipment maker issued an upbeat artificial intelligence (AI)-fueled growth forecast for the year ahead.

Image source: Getty Images.

Demand for AI chip testing is surging Aehr's systems enable chipmakers to stress-test their chips under extreme conditions and identify potential issues earlier in the production process. In this way, Aehr helps to ensure the quality and reliability of a range of semiconductor products while reducing manufacturing costs for its customers.

Perhaps unsurprisingly, given these benefits, demand for Aehr's testing solutions is soaring.

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Aehr's net revenue jumped 33% year over year to $18.8 million in its fiscal 2026 fourth quarter, which ended on May 29.

The chip test leader saw record bookings of $60.7 million, more than fivefold the prior-year quarter. That brought its effective backlog to $100.6 million when including bookings that occurred after the quarter's end.

"Demand from AI-related applications continued to accelerate," CEO Gayn Erickson said.

All told, Aehr's adjusted net income improved to $3.6 million, or $0.11 per share, compared to a loss of $0.2 million, or $0.01 per share, in the year-ago period. That was significantly better than Wall Street's estimates, which had called for an adjusted loss of $0.01 per share.

2027 should be another year of impressive growth Looking ahead, Aehr sees revenue rising by 160% to 200% to between $130 million and $150 million in fiscal 2027, with an adjusted net margin of up to 22%.

Management highlighted AI processors, silicon photonics, and memory chips as potentially powerful growth drivers for its testing solutions.

"With multiple customers entering or expanding production, a record backlog, and additional opportunities under discussion ... we believe Aehr is well positioned for multiple years of strong revenue growth," Erickson said.

Aehr Test Systems (NASDAQ:AEHR) shares jumped 30% after the semiconductor test and burn-in equipment provider reported fiscal fourth-quarter results that exceeded Wall Street expectations and provided a stronger-than-anticipated revenue outlook for fiscal 2027.

The company posted adjusted earnings of $0.11 per diluted share for the quarter ended May 29, 2026, compared with analyst expectations for a loss of $0.01 per share. Revenue came in at $18.8 million, ahead of consensus estimates of $17.9 million and up from $14.1 million in the year-ago period.

On a GAAP basis, Aehr reported net income of $1.4 million, or $0.04 per diluted share, compared with a 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 with a non-GAAP loss of $0.2 million, or $0.01 per share, a year earlier.

The company also reported record quarterly bookings of $60.7 million, contributing to backlog of $80.6 million as of May 29. Including bookings received after the quarter-end, Aehr’s effective backlog stood at approximately $100.6 million.

For the full fiscal year 2026, revenue totaled $50 million, compared with $59 million in fiscal 2025. The company reported a GAAP net loss of $7.1 million, or $0.23 per diluted share, compared with a net loss of $3.9 million, or $0.13 per share, in the prior year.

Aehr ended the fiscal year with $116.5 million in cash, cash equivalents and restricted cash, up from $37.1 million at the end of its fiscal third quarter.

“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,” Aehr CEO Gayn Erickson said in a statement.

“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.”

For fiscal 2027, management forecast revenue of between $130 million and $150 million, significantly above analyst expectations of roughly $85 million.

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Key Takeaways Aehr Test Systems posted fourth-quarter EPS of 11 cents as revenues rose 33.7% to $18.84 million.AI processors and silicon photonics burn-in generated more than 80% of AEHR's quarterly revenues. AEHR's record bookings and effective backlog of about $100.6 million boosted fiscal 2027 visibility. Aehr Test Systems (AEHR - Free Report) reported non-GAAP earnings of 11 cents per share for the fourth quarter of fiscal 2026, surpassing the Zacks Consensus Estimate by 1200%. The company had posted a loss of 1 cent per share in the year-ago quarter.

Revenues increased 33.7% year over year to $18.84 million and beat the consensus mark by 0.72%. Higher artificial intelligence (AI) and data-center demand, improved manufacturing utilization and favorable product mix supported profitability. Quarterly bookings reached a record $60.7 million.

AEHR's AI & Data Center Mix StrengthensAI processors and silicon photonics burn-in generated more than 80% of fiscal fourth-quarter revenues, up from 56% in the prior-year period. Demand was particularly strong for FOX systems, serial AutoAligners and proprietary WaferPak contactors.

Three customers each accounted for more than 10% of quarterly revenues. Two served the AI market, while the third focused on optical transceivers used in data centers. Contactor revenues totaled $5.8 million, representing 31% of the company’s top line compared with 30% a year earlier.

AEHR's Margin Expansion Lifts ProfitabilityNon-GAAP gross margin expanded to 45% from 35% in the year-ago quarter. The 1,000-basis-point improvement reflected higher revenues, better manufacturing capacity utilization and a more favorable product mix.

Non-GAAP operating expenses increased to $7.5 million from $5.4 million. The rise primarily reflected higher employment costs tied to research and development hiring, along with increased commissions associated with strong AI and data center bookings and legal expenses associated with patent litigation in China.

AEHR Posts Record Bookings & BacklogQuarterly bookings surged more than 500% year over year to $60.7 million from $11.1 million. Growth was driven by orders for Sonoma package-level systems, FOX wafer-level systems, WaferPaks and burn-in module boards supporting AI and silicon photonics applications.

Backlog at fiscal year-end reached $80.6 million, up from $15.2 million a year earlier. AEHR received another $20 million in bookings shortly after year-end, lifting effective backlog to approximately $100.6 million and providing substantial visibility into fiscal 2027 revenues.

AEHR Expands Across Key Semiconductor MarketsThe lead AI wafer-level burn-in customer doubled its system base during fiscal 2026 and shifted all production burn-in screening from system-level to wafer-level testing. Management expects further capacity requirements as the customer receives increased wafer allocations from its foundry.

AEHR completed benchmark testing with a major supplier of AI accelerators, CPUs and network processors. Results exceeded the customer’s expectations, prompting discussions about pilot production validation for a current high-volume processor and an evaluation of a second device. Revenues from this opportunity are largely excluded from the fiscal 2027 outlook.

AEHR Sees Momentum in Photonics & PowerSilicon photonics demand strengthened as data-center architectures increasingly adopted optical input-output and high-speed interconnect technologies. AEHR’s lead customer placed follow-on orders, while another networking customer provided forecasts for additional systems as it expands capacity for hyperscale deployments.

Power semiconductor activity also improved. The company received approximately $8 million in recent silicon carbide WaferPak orders and completed more than a dozen gallium nitride designs. AEHR sold its first FOX system for a silicon MOSFET wafer-level burn-in application.

AEHR Scales Capacity for Customer RampsThe company began shipping Sonoma systems from a contract manufacturer in Southeast Asia, adding capacity for more than 20 systems per month. AEHR is expanding its Taiwan operations to support customer engagement and potential production ramps.

Management highlighted that existing manufacturing capacity can support revenues above the top end of its current guidance. The company expects a significant concentration of Sonoma shipments in the second quarter of fiscal 2027, making that period a particularly strong contributor to the annual revenue profile.

AEHR's Balance Sheet Supports ExpansionAs of May 29, 2026, cash, cash equivalents and restricted cash totaled $116.5 million compared with $37.1 million as of Feb. 27, 2026.

The company raised approximately $100 million during fiscal 2026, primarily through its at-the-market equity program.

Operating activities used $3.3 million in cash in the reported quarter, while capital expenditures totaled $2.1 million.

AEHR Issues Strong Fiscal 2027 OutlookFor fiscal 2027, AEHR expects revenues between $130 million and $150 million, implying growth of approximately 160% to 200% from fiscal 2026 revenues of $50 million. Management expects AI-related applications to contribute roughly 70% of revenues, with silicon photonics representing about 15% to 20%.

Non-GAAP pretax net income is projected to be 18% to 22% of revenues.

AEHR’s Zacks Rank & Stocks to ConsiderCurrently, Aehr Test Systems carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Zacks Computer and Technology sector include ASE Technology (ASX - Free Report) , Bandwidth (BAND - Free Report) and Fortinet (FTNT - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

 Shares of ASE Technology have gained 150.7% in the year-to-date period. ASX is set to report its second-quarter 2026 results on July 30.

 Shares of Bandwidth have surged 390.4% in the year-to-date period. BAND is slated to report its second-quarter 2026 results on July 29.

 Fortinet shares have gained 110.1% in the year-to-date period. FTNT is set to report its second-quarter 2026 results on July 29.

Aehr Test Systems, Inc. (AEHR) Q4 2026 Earnings Call Transcript

Here’s a look at the details inside the report. 

AEHR stock is moving. Watch the price action here. Aehr Test Systems Q4 Details       Aehr Test Systems reported quarterly earnings of 11 cents per share, which beat the analyst consensus estimate for a loss of one cent, according to Benzinga Pro data.

Quarterly revenue clocked in at $18.84 million, which beat the Street estimate of $18.69 million and was up from $14.09 million in the same period last year.

Aehr reported the following quarterly highlights:

Net revenue was $18.8 million, compared to $14.1 million 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. “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,” CEO Gayn Erickson said.

“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,” Erickson added.

Looking AheadAehr expects fiscal 2027 revenue in a range of $130 million to $150 million, versus the $85.13 million analyst estimate.

AEHR Stock Price Activity: According to data from Benzinga Pro, Aehr Test Systems stock was up 23.29% to $88.78 in Tuesday’s extended trading.  

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Live Coverage Updates appear automatically as they are published.

Live Updates Just now

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Insider activity across Aehr Test Systems (NASDAQ:AEHR) skews decisively toward selling ahead of tonight’s report, with 68 recent transactions netting a selling direction.

Top 5 Insider Transactions Date Insider Title Transaction Shares Price Apr 21, 2026 Geoffrey Scott Director Sale 50,000 $95.00 Apr 17, 2026 Howard Slayen Director Sale 25,000 $85.00 Jul 1, 2026 Gayn Erickson CEO Sale 22,925 $84.425 Apr 21, 2026 Alberto Salamone EVP PPBI Sale 15,000 $94.56 Apr 16, 2026 Rhea Posedel Director Sale 15,000 $80.72 Key Takeaways Insider selling came in two waves: an April burst ahead of earnings at prices between $80 and $96, followed by heavy selling on July 1 and 2 after coordinated equity grants.

Seven executives sold shares on the same days at the same prices, suggesting planned Rule 10b5-1 transactions rather than a bearish signal. Still, the lack of open-market buying and CEO Gayn Erickson’s dataset-leading sale of 22,925 shares temper confidence heading into tonight.

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Aehr received more than $8 million in new silicon carbide wafer-level burn-in orders during the past month, which serves as a strong demand signal.

The orders include additional WaferPak demand from Aehr’s lead silicon carbide production customer, driven partly by new electric vehicle programs in China.

Aehr also received an order directly from one of the world’s largest automakers to help qualify silicon carbide devices from multiple suppliers.

Management believes the orders could mark the beginning of a new growth phase for its power semiconductor business. Aehr expects renewed demand for silicon carbide and gallium nitride from electric vehicles and AI data center power infrastructure.

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Aehr is entering fiscal 2027 with its strongest demand visibility yet. Fourth-quarter bookings reached a record $60.7 million, while effective backlog climbed to $100.6 million after including orders received since the end of May.

Demand from AI applications continues to accelerate. Aehr’s lead AI production customer is expanding capacity and shifting burn-in for its AI accelerators from system-level testing to wafer-level testing.

Aehr also completed benchmark testing with another top-tier supplier of AI accelerators, CPUs, and network processors. The results exceeded the customer’s expectations, according to management, and the customer is now interested in pilot production validation for a high-volume device. It has also asked Aehr to evaluate a second device in parallel.

16 minutes ago

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The most important number in Aehr’s report is its fiscal 2027 revenue forecast. Management expects revenue of $130-$150 million, representing approximately 160% to 200% growth from fiscal 2026 revenue of $50 million.

That outlook dramatically exceeds the $70 million benchmark investors were watching before the report. Aehr also expects non-GAAP net income to equal 18% to 22% of revenue, implying approximately $23.4 million to $33 million in profit.

The guidance is supported by a $100.6 million effective backlog, expanding AI production programs, and anticipated demand from existing customers. After the stock’s 37% decline over the past month, Aehr delivered the concrete fiscal 2027 numbers bulls needed to see.

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Aehr Test Systems just reported Q4 earnings, with shares initially soaring 17% following the report. Here are the key numbers:

Revenue: $18.8 million vs. $18.69 million expected Adjusted EPS: $0.11 vs. a loss of less than $0.01 expected Guidance:

Fiscal 2027 revenue: $130 million to $150 million, representing 160% to 200% growth Non-GAAP net income: 18% to 22% of revenue Quick Read:

Aehr narrowly beat revenue expectations and delivered a massive adjusted earnings beat, swinging from a year-ago loss to an $0.11-per-share profit.

Record bookings of $60.7 million and a $100.6 million effective backlog support a fiscal 2027 outlook that came in far above the $70 million threshold investors were watching.

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Consensus for tonight calls for revenue of $18.69 million and a non-GAAP loss of $0.0075 per share, landing inside the implied Q4 bridge to the high end of the $45M-$50M FY2026 range.

KPIs on the Checklist: Sonoma PPBI follow-on orders Silicon photonics traction on FOX-XP Gross margin recovery from Q3’s 53.1% YoY drop Book-to-bill holding above 2x after Q3’s 3.5x Price Action: Aehr Test Systems (NASDAQ:AEHR) trades at $70.85, up 4.16% today but down 5.95% on the week. History shows earnings-day moves ranging -17.38% to +25.69%.

Move Triggers: Revenue above $19M plus a firm FY2027 number could ignite another leg higher; anything below $15M with soft bookings risks compressing the multiple against a 50x sales valuation.

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Consensus Setup Wall Street expects Aehr Test Systems (NASDAQ: AEHR) to report Q4 revenue of $18.69 million and a non-GAAP loss of less than $0.01 per share. Management’s second-half fiscal 2026 framework implies Q4 revenue of $14.7 million to $19.7 million, following Q3 revenue of $10.31 million. With consensus near the top of that range, merely meeting guidance may not be enough.

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Price Action and Positioning Aehr shares trade at $71.31, down 32.88% over the past month but still up 260.62% year to date. Options traders remain bullish: July 17 calls carry 11,336 contracts of open interest versus 7,118 puts, while the full-chain put-to-call ratio sits at just 0.36.

What Moves the Stock Watch bookings after Q3’s $37.2 million surge, Aehr’s fiscal year-end backlog, and any follow-on Sonoma PLBI order from its lead hyperscaler customer. Revenue above $19.7 million with concrete fiscal 2027 guidance could reignite the AI burn-in trade.

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Why Tonight’s Guidance Matters More Than Q4 With Q4 revenue consensus at $18.69 million and EPS at -0.06, the earnings report itself is almost priced in. What CEO Gayn Erickson signals about fiscal 2027 will drive the after-hours reaction.

Management has historically guided conservatively, having withdrawn guidance in Q1 FY26 on tariff uncertainty before reinstating it. Erickson tends to emphasize bookings over revenue, so investors will watch for backlog and book-to-bill commentary.

Bullish scenario: Formal FY27 revenue guide above $70 million, confirmed hyperscaler Sonoma PLBI production timing, H2 bookings above $80 million, and a return-to-profitability path.

Bearish scenario: No FY27 number, soft Q1 outlook, continued gross margin pressure, or silicon carbide weakness extending. Given shares trade at roughly 35x FY27 revenue estimates, vague guidance risks a sharp repricing.

1 hour ago

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With Aehr Test Systems (NASDAQ:AEHR) reporting Q4 earnings tonight at 4:05 PM ET after the close, here’s the Bull vs Bear case for the stock:

Bull Case Q3 bookings hit $37.2 million with a book-to-bill exceeding 3.5x, signaling backlog conversion. A lead hyperscaler awarded Aehr the production win for next-generation, higher-power AI accelerators on Sonoma. Full-year FY26 revenue guided to the high side of $45 million to $50 million, with a new silicon photonics customer added. Full-chain put/call ratio sits at 0.36, reflecting call-heavy positioning. Bear Case Q3 revenue fell 43.67% YoY and missed by 4.91%. Gross profit dropped 53.11%, pressuring margins. Shares are down 37.29% over the past month, and insider activity skews toward selling. The analyst consensus target of $71.33 sits directly on top of the stock’s current price of $71.64. 2 hours ago

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Aehr Test Systems (NASDAQ: AEHR) enters tonight’s fiscal fourth-quarter earnings report with enormous expectations already embedded in its stock price. Shares have soared 425.32% over the past year as investors increasingly view Aehr’s wafer-level burn-in systems as a critical piece of the AI infrastructure buildout.

Aehr jumped 25.69% following fiscal Q3 results, proving the stock can still move sharply higher when execution supports the narrative. However, bears already argue that the company’s fundamentals cannot justify its current valuation, with consensus fair value estimates well below the market price.

The clearest bullish combination would be revenue near the high end of management’s guidance range of $45-$50 million, positive non-GAAP earnings, and a meaningful fiscal 2027 outlook. Investors will be listening closely for hard numbers around AI-related demand, customer expansion, bookings, and the timing of new system orders.

If Aehr delivers those numbers, its AI burn-in story could earn another leg higher. If guidance is vague or near-term results fall short, the gap between the company’s long-term opportunity and its current valuation could quickly become the headline.

Investors are watching Aehr Test Systems (NASDAQ:AEHR) ahead of the company’s fiscal Q4 results due tonight, Tuesday, July 14, at 4:05 PM ET after the market closes. After Aehr’s bookings soared and the stock is up 6.76% on the day, 2 hours ahead of earnings, this report has to prove the business’s AI order book is turning into revenue.

From Bookings Boom to Show-Me Quarter Last quarter told two stories. Revenue landed at $10.31M, down 43.67% year over year and short of consensus by 4.91%. Yet bookings hit $37.2 million with a book-to-bill exceeding 3.5x, driven by a hyperscaler production win on Sonoma for custom AI accelerator ASICs and a new silicon photonics customer for FOX-XP.

Since then, management’s tone has only escalated. CEO Gayn Erickson told investors the company expects to “return to profitability on a non-GAAP basis in the fourth quarter of fiscal 2026“ and guided full-year revenue to the high side of the $45 million to $50 million range. Shares are up 236.9% year to date, though they have pulled back 32.88% over the past month after a Russell Microcap deletion on June 27.

Consensus Estimates Metric Q4 FY26 Est. Prior Year Revenue $18.69M $14.09M Normalized EPS -$0.0075 -$0.01 FY26 Revenue (guided) High end of $45M–$50M FY25 Revenue (actual) $58.97M Backlog Conversion and Margin Are the Whole Game Tonight, I will be watching four things. First, revenue. Aehr already added $12.2 million in bookings in the first five weeks of Q4 and pushed effective backlog to a record $50.9 million. A number below the roughly $18M consensus would reignite the timing-gap debate that has held the stock back all year.

Second, gross margin. Non-GAAP gross margin was 36.5% in Q3, versus 42.7% a year earlier, pressured by a lighter consumables mix. Erickson expects consumables to eventually run at 30% or more of total revenue. Investors will look at whether the mix normalizes as system shipments scale.

Third, the silicon photonics ramp. Multiple high-power FOX-XP systems for a major photonics customer were scheduled to ship in the fourth quarter of this fiscal year, alongside the initial Sonoma production order from the lead hyperscaler. Management flagged a significant near-term follow-on order tied to fiscal 2027 shipments. Any specific quantification of that FY27 growth would carry real weight given how much of the $2.28B market cap already prices it in.

Fourth, Aehr’s CEO called for a return to profitability starting this quarter. Investors will be looking to see whether the company records profitability this quarter.

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Tuesday, 14 July 2026 04:06 PM

Topic: 

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.

SOURCE: Aehr Test Systems

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.

# # #

Aehr Test Systems

PondelWilkinson, Inc.

Vernon Rogers

Todd Kehrli or Jim Byers

EVP of Sales & Marketing

Analyst/Investor Contact

[email protected]

[email protected]

[email protected]

SOURCE: Aehr Test Systems

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.

FREMONT, CA / ACCESS Newswire / June 17, 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 for a fully automated FOX-XP™ wafer-level burn-in (WLBI) system. The system is configured to test nine wafers in parallel, and includes a fully integrated WaferPak™ Auto Aligner, and a full set of FOX WaferPak Contactors. The system is scheduled for delivery within the next six months.

This customer is a global leader in networking products and solutions and a major supplier to the data center optical transceiver market. The customer is developing advanced silicon photonics-based transceivers for data center networking and optical I/O applications to address the rapidly accelerating demand for high-speed fiber optic communication links in hyperscale AI and cloud data centers. The customer has also provided Aehr with a forecast for additional systems this calendar year as it ramps capacity to support next generation hyperscale data center deployments.

"We are excited to receive this follow-on order for a full production FOX WLBI test cell, which reflects the urgency of the production ramp now underway to support the massive buildout of hyperscale AI and cloud data centers," said Gayn Erickson, President and Chief Executive Officer of Aehr Test Systems. "This customer is a leading supplier of networking products and solutions for the data center market, and we are pleased to support its capacity expansion plans as it prepares for next-generation hyperscale data center deployments.

"We first engaged with this customer only seven months ago with an objective to move quickly to volume production within six months. Aehr was able to demonstrate the production-ready capabilities of our fully integrated test cell to meet the customer's performance and throughput requirements in a remarkably short period of time. This enabled us to deliver a full production system and two engineering systems to them by May, meeting their goal. By leveraging our FOX wafer-level systems installed base, which has now been deployed to more than 25 customers, we believe we are well positioned to help customers move efficiently from qualification to production in a very short period.

"Data center architectures are rapidly evolving as AI infrastructure scales, driving a major transition from traditional copper interconnects to fiber optic communication links to meet the increasing requirements for bandwidth, latency, signal integrity, thermal performance, and power efficiency. Silicon photonics-based optical transceivers are a critical enabling technology for this transformation. We believe Aehr is well positioned to participate in what could be a significant multiyear expansion of silicon photonics production driven by the growth of fiber optic interconnects in hyperscale AI data centers.

"This customer engagement further validates wafer-level burn-in as an increasingly important part of silicon photonics manufacturing flow and highlights the potential for silicon photonics to become a meaningful long-term growth driver for Aehr's WLBI business. With our leadership in WLBI for silicon photonics and our ability to support customers for qualification through high-volume production, we believe Aehr offers the industry's most cost-effective solution for this rapidly emerging market."

As data center architectures scale to support AI, cloud computing, and high-performance networking, fiber optic interconnects offer significant advantages over copper wiring, including higher data rates, lower power consumption, longer reach, improved thermal performance, and reduced electromagnetic interference. These advantages are driving rapid adoption of silicon photonics transceivers across hyperscale and enterprise data centers worldwide and increasing demand for cost-effective, production-proven burn-in solutions that can ensure device quality and long-term reliability at volume.

Aehr is the market leader in WLBI for silicon photonics transceivers, with a large installed base at leading global semiconductor and photonics companies. The Company's FOX-XP platform enables high-parallelism, high-temperature, and high-power WLBI, with the unique ability to precisely maintain devices at the required temperature to enable highly effective burn-in, allowing customers to identify early-life failures before packaging while significantly reducing cost of test.

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.

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.

Contacts:

SOURCE: Aehr Test Systems

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

$113.96 -1.34 (-1.16%)

As of 03:11 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$10.89▼

$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 Monday, June, 22, 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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Posted by Defense World Staff on Apr 15th, 2026

Aehr Test Systems (NASDAQ:AEHR – Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $74.53 and last traded at $70.5840, with a volume of 629740 shares. The stock had previously closed at $70.43.

Key Headlines Impacting Aehr Test Systems Here are the key news stories impacting Aehr Test Systems this week:

Positive Sentiment: Technical momentum — AEHR’s 50-day moving average crossed above its 200-day moving average (a “golden cross”), which often attracts technical traders and momentum flows. Aehr Test Systems (AEHR)’s Technical Outlook is Bright After Key Golden Cross Positive Sentiment: Analyst support — Recent upgrades and bullish notes (e.g., Craig Hallum and William Blair raising coverage) have helped justify higher price targets and likely contributed to buying interest. MarketBeat AEHR Coverage Neutral Sentiment: Recent quarter — AEHR beat EPS estimates (reported ($0.05) vs. ($0.07) expected) but revenue came in slightly below consensus, leaving fundamentals mixed despite the beat. Analysts still project modest FY growth. AEHR Quarterly Results and Estimates Negative Sentiment: Large insider sales — CEO Gayn Erickson disclosed sizable sales (SEC filing) of company stock on April 10, representing millions of dollars of shares sold; such high-profile sales can create selling pressure and raise questions about insider conviction even when explained as tax-related. CEO Erickson SEC Filing Negative Sentiment: Additional insider dispositions — Multiple officers and directors (including Fariba Danesh, Adil Engineer and others) disclosed sales totaling hundreds of thousands to millions in aggregate; filings cite tax-withholding for vested awards, but the volume may weigh on near-term sentiment. Danesh SEC Filing Engineer SEC Filing Negative Sentiment: Media aggregation of insider liquidity — Press reports summarize roughly $2.1M+ in recent insider sales, reinforcing the narrative of insider liquidity events that investors are parsing. Aehr Test Systems Director Sells $2,100,000.00 in Stock Analyst Upgrades and Downgrades A number of brokerages recently issued reports on AEHR. Wall Street Zen raised shares of Aehr Test Systems from a “strong sell” rating to a “sell” rating in a report on Saturday. Weiss Ratings reissued a “sell (d)” rating on shares of Aehr Test Systems in a report on Wednesday, January 21st. William Blair raised shares of Aehr Test Systems from a “market perform” rating to an “outperform” rating in a report on Monday, March 2nd. Lake Street Capital reissued a “buy” rating on shares of Aehr Test Systems in a report on Wednesday, April 8th. Finally, Craig Hallum raised shares of Aehr Test Systems from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Wednesday, April 8th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Aehr Test Systems has an average rating of “Hold” and a consensus target price of $68.00.

Check Out Our Latest Analysis on Aehr Test Systems

Aehr Test Systems Stock Up 3.8% The stock’s 50-day simple moving average is $39.51 and its two-hundred day simple moving average is $30.01. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -195.74 and a beta of 2.28.

Aehr Test Systems (NASDAQ:AEHR – Get Free Report) last posted its quarterly earnings data on Tuesday, April 7th. The semiconductor company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The company had revenue of $10.31 million during the quarter, compared to analysts’ expectations of $10.85 million. Aehr Test Systems had a negative net margin of 25.23% and a negative return on equity of 7.15%. On average, sell-side analysts forecast that Aehr Test Systems will post 0.1 EPS for the current year.

Insider Activity at Aehr Test Systems In other news, COO Adil Engineer sold 13,085 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $68.18, for a total value of $892,135.30. Following the completion of the sale, the chief operating officer directly owned 45,169 shares in the company, valued at $3,079,622.42. This represents a 22.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rhea J. Posedel sold 30,000 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $70.00, for a total transaction of $2,100,000.00. Following the completion of the sale, the director owned 426,979 shares of the company’s stock, valued at $29,888,530. This trade represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 249,432 shares of company stock valued at $16,755,768 in the last three months. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Aehr Test Systems A number of hedge funds have recently modified their holdings of AEHR. William Blair Investment Management LLC acquired a new stake in shares of Aehr Test Systems in the third quarter valued at about $26,920,000. Wellington Management Group LLP raised its position in shares of Aehr Test Systems by 129.9% in the fourth quarter. Wellington Management Group LLP now owns 830,664 shares of the semiconductor company’s stock valued at $16,771,000 after buying an additional 469,400 shares during the last quarter. Invesco Ltd. raised its position in shares of Aehr Test Systems by 1,137.2% in the third quarter. Invesco Ltd. now owns 366,570 shares of the semiconductor company’s stock valued at $11,037,000 after buying an additional 336,940 shares during the last quarter. Next Century Growth Investors LLC raised its position in shares of Aehr Test Systems by 99.9% in the fourth quarter. Next Century Growth Investors LLC now owns 552,506 shares of the semiconductor company’s stock valued at $11,155,000 after buying an additional 276,160 shares during the last quarter. Finally, Halter Ferguson Financial Inc. raised its position in shares of Aehr Test Systems by 41.7% in the fourth quarter. Halter Ferguson Financial Inc. now owns 642,129 shares of the semiconductor company’s stock valued at $12,965,000 after buying an additional 189,117 shares during the last quarter. 69.69% of the stock is currently owned by institutional investors and hedge funds.

About Aehr Test Systems (Get Free Report)

Aehr Test Systems develops, manufactures and sells semiconductor test and burn-in equipment used by device manufacturers to ensure quality and reliability of integrated circuits. Its products are designed for wafer-level reliability assessment, functional test and stress screening of memory devices, system-on-chips, optical components and power semiconductors. By focusing on wafer-level burn-in and testing processes, the company helps reduce cost and improve yield for high-volume semiconductor production.

The company’s product portfolio includes FOX series wafer probe test and burn-in systems as well as ABTS burn-in ovens.

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FREMONT, CA / ACCESS Newswire / April 16, 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 record $41 million follow-on production order from its lead hyperscale customer for package-level burn-in (PLBI) of custom AI processor ASICs. The order is the largest in Aehr's history and supports high-volume production burn-in of ASICs used in data center training and inference AI workloads.

The order includes a large quantity of Aehr's Sonoma™ high-power package-level test and burn-in systems, along with fully turnkey burn-in modules (BIMs) and device-specific sockets - the consumables required to configure the Sonoma systems for the customer's specific AI processor. Deliveries under the order are expected to begin in Aehr's fiscal 2027, which starts on June 27, 2026.

"This $41 million follow-on order from our lead hyperscale package-level burn-in customer brings our bookings in the second half of our fiscal year to more than $92 million to date with six weeks remaining in the fourth quarter and a strong pipeline of forecasted customer orders in place," said Gayn Erickson, President and Chief Executive Officer of Aehr Test Systems. "This order further validates our Sonoma platform for high-volume production burn-in of very-high-power AI processor ASICs. Our Sonoma systems first entered production with this customer last year, and this new order reflects their continued ramp in capacity for current-generation devices.

"This customer is also developing a significantly higher-power AI accelerator ASIC expected to move to production later this year, and they have already placed an initial order with us for multiple Sonoma systems to be used for production for that device. As these next-generation devices move into volume production, we see the potential for further substantial increases in demand for Sonoma systems and consumables in our next fiscal year.

"Hyperscale cloud providers are increasingly designing custom AI accelerator ASICs to optimize performance, power efficiency, and total cost of ownership for large-scale AI training and inference workloads. Industry analysts project that shipments of hyperscale-designed AI processors will grow at a compound annual growth rate exceeding 30% through 2030, driven by the rapid adoption of generative AI, large language models, and AI-enabled services across cloud computing, enterprise, and consumer applications. As AI processor power levels and integration complexity continue to increase, Aehr believes demand for high-power production burn-in solutions will scale accordingly, expanding the market opportunity for Aehr's Sonoma platform.

"With this order, Aehr has now booked over $92 million in orders in the second half of this fiscal year, already exceeding our recently increased expectations, which we provided last week, for bookings on the high side of $60 million to $80 million during this period. We also have significant additional customer demand forecasted over the next few months across multiple markets, including AI processor wafer-level and packaged-part production burn-in, silicon photonics wafer-level burn-in, and silicon carbide and gallium nitride power semiconductor wafer-level production burn-in, and we expect a portion of this demand to convert into bookings before the end of this fiscal year. These bookings, together with the growing number and breadth of customer engagements across these market segments, as well as flash and high bandwidth memory, give us improved visibility and increased confidence in significant revenue growth in fiscal 2027 and beyond.

"To support growing customer demand, Aehr recently completed a significant facility expansion, adding power, cooling infrastructure, and clean-room manufacturing space in our Fremont, California facility. In addition, this quarter we will begin shipping Sonoma systems from a newly upgraded contract manufacturing facility, with capacity for more than 20 additional systems per month. These upgrades meaningfully increase our production capacity and allow us to support very significant growth in shipments of both our Sonoma package-level and FOX™ wafer-level test and burn-in systems, as well as the associated consumables."

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 packaged part 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 packaged part 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.

# # #

Contacts:

Aehr Test Systems
Vernon Rogers
EVP of Sales & Marketing
[email protected]

PondelWilkinson, Inc.
Todd Kehrli or Jim Byers
Analyst/Investor Contact
[email protected]
[email protected]

SOURCE: Aehr Test Systems

Posted by Defense World Staff on Apr 19th, 2026

Aehr Test Systems (NASDAQ:AEHR – Get Free Report) Director Rhea Posedel sold 7,500 shares of Aehr Test Systems stock in a transaction on Friday, April 17th. The shares were sold at an average price of $82.00, for a total value of $615,000.00. Following the transaction, the director directly owned 404,479 shares of the company’s stock, valued at approximately $33,167,278. The trade was a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Aehr Test Systems Price Performance NASDAQ AEHR opened at $83.86 on Friday. The firm has a market cap of $2.64 billion, a PE ratio of -220.68 and a beta of 2.28. Aehr Test Systems has a one year low of $7.71 and a one year high of $91.43. The stock’s 50 day simple moving average is $42.81 and its 200 day simple moving average is $31.04.

Aehr Test Systems (NASDAQ:AEHR – Get Free Report) last released its quarterly earnings results on Tuesday, April 7th. The semiconductor company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. The business had revenue of $10.31 million for the quarter, compared to analyst estimates of $10.85 million. Aehr Test Systems had a negative return on equity of 7.15% and a negative net margin of 25.23%. As a group, equities analysts expect that Aehr Test Systems will post 0.1 earnings per share for the current year.

Institutional Inflows and Outflows Several large investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in Aehr Test Systems during the 1st quarter worth $422,000. Brady Martz Wealth Solutions LLC acquired a new position in Aehr Test Systems during the 1st quarter worth $235,000. XTX Topco Ltd lifted its holdings in Aehr Test Systems by 75.7% during the 4th quarter. XTX Topco Ltd now owns 39,225 shares of the semiconductor company’s stock worth $792,000 after buying an additional 16,897 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Aehr Test Systems by 129.9% during the 4th quarter. Wellington Management Group LLP now owns 830,664 shares of the semiconductor company’s stock worth $16,771,000 after buying an additional 469,400 shares in the last quarter. Finally, Sun Group Wealth Partners acquired a new position in Aehr Test Systems during the 4th quarter worth $355,000. Institutional investors and hedge funds own 69.69% of the company’s stock.

Aehr Test Systems News Roundup Here are the key news stories impacting Aehr Test Systems this week:

Positive Sentiment: Record $41M hyperscale AI production order — the follow‑on order is for package‑level burn‑in of custom AI ASICs and is described as the largest in company history, providing a clear near‑term revenue and capacity catalyst. Accesswire: Record $41M order Positive Sentiment: Bookings/backlog strength tied to AI/data‑center demand — company updates and coverage report second‑half bookings exceeding ~$92M and a record backlog, supporting upside to FY2027 revenue if orders convert. Benzinga: record deal & bookings Positive Sentiment: Analyst optimism and higher price targets — recent upgrades and bumped targets have reinforced investor interest and helped attract institutional/retail flows. MSN: price target increase Positive Sentiment: Technical/momentum factors may amplify moves — a recent golden‑cross and elevated short interest increase the likelihood of follow‑through and short covering when positive headlines arrive. Seeking Alpha: movers summary Neutral Sentiment: Volatility and coverage: several outlets note extreme YTD moves (one headline cites a 300% move) — useful as context for sentiment but not a direct fundamental change. InsiderMonkey: AEHR up 300% Neutral Sentiment: Mixed quarterly fundamentals — AEHR beat EPS slightly but missed revenue; execution to convert large bookings into sustained, profitable growth remains the key risk. MarketBeat: quarterly results Negative Sentiment: Clustered insider selling — multiple executives and directors disclosed sizable share sales (including director and C‑suite transactions in mid‑April), which can create near‑term selling pressure and raise investor questions about insider conviction. InsiderTrades: insider selling Negative Sentiment: Media and aggregation highlight insider liquidity events — coverage emphasizing millions in insider proceeds can weigh on sentiment even if some sales are routine or for tax purposes. TipRanks: insider sell-off Wall Street Analysts Forecast Growth A number of equities research analysts recently commented on the company. Weiss Ratings restated a “sell (d)” rating on shares of Aehr Test Systems in a research report on Wednesday, January 21st. Wall Street Zen upgraded Aehr Test Systems from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 11th. William Blair upgraded Aehr Test Systems from a “market perform” rating to an “outperform” rating in a research report on Monday, March 2nd. Craig Hallum upgraded Aehr Test Systems from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Wednesday, April 8th. Finally, Lake Street Capital restated a “buy” rating on shares of Aehr Test Systems in a research report on Wednesday, April 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Aehr Test Systems presently has an average rating of “Hold” and a consensus price target of $68.00.

Get Our Latest Analysis on Aehr Test Systems

Aehr Test Systems Company Profile (Get Free Report)

Aehr Test Systems develops, manufactures and sells semiconductor test and burn-in equipment used by device manufacturers to ensure quality and reliability of integrated circuits. Its products are designed for wafer-level reliability assessment, functional test and stress screening of memory devices, system-on-chips, optical components and power semiconductors. By focusing on wafer-level burn-in and testing processes, the company helps reduce cost and improve yield for high-volume semiconductor production.

The company’s product portfolio includes FOX series wafer probe test and burn-in systems as well as ABTS burn-in ovens.

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Fariba Danesh, Director of Aehr Test Systems, Inc. (AEHR +7.74%), disclosed the exercise of 8,000 stock options with immediate sale of the underlying shares on April 16, 2026, as reported in the SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)8,000Transaction value~$661KPost-transaction shares (direct)13,143Post-transaction value (direct ownership)~$1.09 millionTransaction and post-transaction values based on SEC Form 4 weighted average purchase price ($82.63).

Key questionsWhat is the significance of the option exercise and immediate sale structure?
This transaction reflects the exercise of 8,000 options with a same-day disposition of the acquired shares, indicating the sale was likely driven by expiring awards and liquidity needs rather than accumulation or a directional view on the underlying stock.How does this trade compare to Danesh's historical cadence and trade capacity?
Since July of last year, Danesh has made two open-market sales with a mean size of 9,500 shares; the current transaction is in line with this cadence, but the declining direct holdings (now 13,143 shares) suggest capacity constraints will limit future trade sizes unless new awards are granted.What is the impact on overall ownership and remaining exposure?
Following this sale, Danesh retains direct ownership of 13,143 shares (~$1.09 million as of April 16, 2026), with no indirect holdings, representing a 0.04% ownership stake in the company on a post-transaction basis.How does the transaction value relate to recent market prices and stock performance?
The shares were sold at a weighted average price around $82.63 per share, with the stock up 890.8% year-over-year as of April 16, 2026, suggesting the sale captured substantial gains realized during a period of pronounced share price appreciation.Company overviewMetricValuePrice (as of market close 4/16/26)$80.85Market capitalization$2.64 billionRevenue (TTM)$45.26 million1-year price change*890.8%* 1-year price change calculated using April 16th, 2026 as the reference date.

Company snapshotAehr Test Systems provides test and burn-in systems for logic, optical, and memory integrated circuits, including the ABTS and FOX-P families, WaferPak contactors, and DiePak carriers.It generates revenue by selling proprietary test equipment and consumables to semiconductor manufacturers, supporting both production and qualification testing of advanced ICs.The company serves global semiconductor manufacturers, targeting customers requiring high-reliability testing for logic, memory, photonics, and system-on-chip devices.Aehr Test Systems is a specialized provider of advanced test and burn-in solutions for the semiconductor industry, leveraging proprietary technologies to address the reliability and performance needs of integrated circuit manufacturers.

The company’s scalable systems support a range of device types, enabling customers to efficiently qualify and test complex chips at wafer and package level. Aehr’s focus on full-wafer and die-level testing positions it as a key partner for semiconductor firms seeking to ensure product quality in high-growth markets.

What this transaction means for investorsThe April 16 sale of Aehr Test Systems stock by Board of Directors member Fariba Danesh is not necessarily a warning sign for investors. Her sale involved restricted stock units (RSUs) that were set to expire in 2028, so she could have been taking advantage of Aehr’s sharp share price increase to exercise the RSUs.

Aehr’s stock soared to a 52-week high of $91.43 on the day Danesh sold her shares. The reason for the increase was the company’s announcement that day of a $41 million order from an AI hyperscale customer, the largest production order in Aehr’s history.

The rise of artificial intelligence has led to massive global demand for the semiconductor components that Aehr’s equipment tests for quality. As a result, the company’s business is seeing strong bookings. However, this has yet to translate into revenue with $10.3 million in sales for its fiscal third quarter ended Feb. 27, down from the prior year’s $18.3 million.

That’s why the announcement of an order from an AI hyperscaler excited investors, as it suggests sales could start to rise. But as a result, Aehr’s stock valuation is at a high point for the past year with a lofty price-to-sales ratio exceeding 55. This suggests now is a good time to sell, but not to buy.

Robert Izquierdo 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.

Rhea J. Posedel, a member of the Board of Directors and the founder of Aehr Test Systems (AEHR +7.74%), reported the open-market sale of 17,719 shares of common stock for approximately ~$1.77 million, according to the SEC Form 4 filing.

Transaction summaryMetricValueShares sold17,719Shares sold (direct)17,115Shares sold (indirect)604Transaction value~$1.77 millionPost-transaction shares (direct)45,261Post-transaction shares (indirect)396,375Post-transaction value (direct ownership)~$4.52 millionTransaction and post-transaction values based on SEC Form 4 weighted average sale price ($99.83).

Key questionsHow does this transaction compare to Posedel’s historical trade sizes and cadence?
This sale of 17,719 shares is below the historical average sell-only trade size of 25,063 shares but aligns with a pattern of regular disposals over the past year as available holdings have declined.What was the impact of this transaction on Posedel’s ownership structure?
45,261 shares were held directly and 396,375 shares held indirectly via trust after the transaction, with direct holdings now representing 0.14% of the company’s outstanding shares as of the transaction date.Was the transaction executed at a premium or discount to recent market prices?
The weighted average sale price of around $99.83 per share was approximately 2.5% above the April 22, 2026 closing price of $97.36, indicating execution within the daily trading range.Does the transaction indicate a shift in Posedel’s disposition strategy or reflect limited remaining share capacity?
Recent sales have become smaller as a function of diminished direct holdings, suggesting the reduced volume is primarily driven by declining available share capacity rather than a change in disposition approach.Company overviewMetricValueRevenue (TTM)$45.26 millionNet income (TTM)($11.42 million)Employees1151-year price change1,076%* 1-year price change calculated using April 22nd, 2026 as the reference date.

Company snapshotAehr Test Systems offers test and burn-in systems for logic, optical, and memory integrated circuits, including the ABTS and FOX-P product families, WaferPak and DiePak solutions.The company generates revenue by selling advanced semiconductor test equipment and related services to integrated circuit manufacturers.Primary customers are global semiconductor manufacturers requiring high-reliability testing for memory, logic, and photonic devices.Aehr Test Systems focuses on providing advanced test and burn-in solutions for the semiconductor industry, enabling customers to ensure the reliability and performance of integrated circuits.

The company leverages proprietary technologies such as full wafer probe cards and reusable test carriers to address the needs of high-volume and high-complexity device manufacturers. Its specialized product suite and targeted customer base position Aehr Test Systems as a niche provider in the semiconductor equipment market.

What this transaction means for investorsAehr Test Systems founder and Board of Directors member Rhea Posedel’s April 22 sale of company stock is understandable given the massive increase in share price. The April 16 announcement of a record $41 million order from an AI hyperscale customer propelled shares to a 52-week high of $102.48 on April 24, just days after Posedel’s disposition.

Aehr’s solutions are seeing strong demand because of their application towards testing for artificial intelligence systems. This led to more than $37 million in quarterly bookings in its fiscal third quarter ended Feb. 27.

However, this has not translated into revenue growth yet. In fiscal Q3, sales totaled $10.3 million, down from $18.3 million in the prior year. Investors believe Aehr’s growth in orders will eventually translate into higher sales.

This positive investor outlook led to Aehr stock reaching a sky-high price-to-sales ratio of 64, a multi-year peak. Consequently, now is a good time to sell shares, but those interested in buying should wait for the stock price to drop first.

Robert Izquierdo 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.

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Aehr Test Systems (AEHR - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Aehr Test Systems currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for AEHR that show why this company shows promise as a solid momentum pick.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For AEHR, shares are up 14.37% over the past week while the Zacks Electronics - Measuring Instruments industry is up 8.99% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 106.59% compares favorably with the industry's 17.62% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Shares of Aehr Test Systems have increased 243.31% over the past quarter, and have gained 859.09% in the last year. On the other hand, the S&P 500 has only moved 2.81% and 29.8%, respectively.

Investors should also pay attention to AEHR's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. AEHR is currently averaging 4,503,757 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with AEHR.

Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. This revision helped boost AEHR's consensus estimate, increasing from -$0.16 to -$0.10 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that AEHR is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Aehr Test Systems on your short list.

Semiconductor stocks have been at the heart of the artificial intelligence (AI) boom. That's because the chips and equipment are necessary to handle the massive computing power needed for AI workloads.

Chipmakers like Nvidia, Broadcom, and AMD, to name a few, have been juggernauts over the past several years, but they have come back to Earth a bit in 2026. For the most part, that's due more to their unsustainably high multiples rather than a slowdown in revenue or earnings.

But some semiconductor stocks have not slowed down at all in 2026. One of them is Aehr Test Systems (AEHR +7.74%). Aehr has obliterated Nvidia, Broadcom, and AMD, along with most other chipmakers, returning 327% so far in 2026.

Is it too late to buy Aehr Test Systems? Let's take a look.

Image source: Getty Images.

 Meet the specialized equipment maker There are a lot of different types of semiconductor stocks that serve different niches within the AI ecosystem -- and not all of them actually make the chips. Aehr, in fact, doesn't make chips; they make the machines and systems to test chips, whether it's chips for EVs, data centers, memory and storage, or whatever.

While there are some major competitors in the space, both in the U.S. and internationally, Aehr is seen as the leader in wafer-level testing -- which is where it tests multiple chips at once on the large wafer, as opposed to individually.

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Aehr's two biggest markets are testing for EVs and data centers, but as of late, more of the revenue share is coming from data center testing.

In the most recent quarter, revenue was only about $10 million, and the firm expects about $45 million to $50 million for the fiscal year, which ends May 30.

But it has a growing backlog of contracts that have created bullish sentiment on Wall Street. The company reported $37 million in bookings when it reported fiscal third-quarter earnings in April, along with a backlog of about $51 million, including new bookings.

But a couple of weeks ago, Aehr reported a record $41 million production order from a hyperscaler customer, which brought its bookings up to $92 million.

And there is potential for future orders from this hyperscaler, which is building an AI accelerator.

This news, along with earnings, skyrocketed Aehr's stock price by some 186% since March 30 to over $86 per share.

Is Aehr Test Systems stock a buy? After such a meteoric rise in the past month, is it too late to jump on the rocket ship that is Aehr Test Systems? Yes and no.

Yes, because the company is still operating at a net loss and saw adjusted earnings and revenue shrink in the last quarter. This surge in bookings is great for its long-term prospects, but right now, the stock is way overvalued with a price-to-sales ratio of about 62.

The stock has trended about 11% lower since peaking at a closing high of around $97 per share on April 22. I wouldn't be shocked to see it move even lower as some investors take profits.

Wall Street analysts have a median price target of $67 per share, which would suggest that the price sinks about 24% from its current level.

But over the longer term, about 60% of analysts still see Aehr stock as a buy. That's based on the fact, most likely, that it has a growing backlog of bookings that should lead to increasing growth in the years ahead. Analysts anticipate 71% revenue growth in fiscal 2027 and earnings to increase to $0.15 per share, up from an estimated net loss of $0.09 per share this fiscal year.

Investors may want to tune in to Aehr's fourth-quarter earnings report on July 14 for more information on their outlook for the next fiscal year.

So, Aehr is definitely a stock to buy, but maybe just not right now after such a rocket ride.

The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Aehr Test Systems (AEHR - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.

Aehr Test Systems is one of 594 companies in the Computer and Technology group. The Computer and Technology group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Aehr Test Systems is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for AEHR's full-year earnings has moved 22.5% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the latest available data, AEHR has gained about 426.7% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 18.7% on average. As we can see, Aehr Test Systems is performing better than its sector in the calendar year.

Cisco Systems (CSCO - Free Report) is another Computer and Technology stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 50%.

The consensus estimate for Cisco Systems' current year EPS has increased 0.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Aehr Test Systems belongs to the Electronics - Measuring Instruments industry, which includes 5 individual stocks and currently sits at #4 in the Zacks Industry Rank. This group has gained an average of 80.1% so far this year, so AEHR is performing better in this area.

Cisco Systems, however, belongs to the Computer - Networking industry. Currently, this 7-stock industry is ranked #78. The industry has moved +49.6% so far this year.

Investors interested in the Computer and Technology sector may want to keep a close eye on Aehr Test Systems and Cisco Systems as they attempt to continue their solid performance.

FREMONT, CA / ACCESS Newswire / May 28, 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 that President and CEO Gayn Erickson and CFO Chris Siu will be presenting at the William Blair 46th Annual Growth Stock Conference in Chicago on Tuesday, June 2 at 4:40pm CT (2:40pm PT)and will be meeting with institutional investors throughout the day.

You may register to access a live or replay audio webcast of the presentation via a link posted to the investor relations section of Aehr's website at www.aehr.com or by clicking here.

"We look forward to discussing with investors and shareholders Aehr's expanding role in enabling the next generation of semiconductor devices across a wide range of markets," said Mr. Erickson. "Aehr delivers complete turnkey solutions that improve the quality, reliability, and yield of semiconductors used in critical applications, including AI processors in cloud computing and data centers, silicon carbide devices in electric vehicles and charging infrastructure, gallium nitride for advanced power conversion, and silicon photonics for data centers, 5G infrastructure and optical input/output (I/O). We are seeing strong traction with AI processors in both wafer-level and package-level formats. The growing adoption of wafer-level and package-level test and burn-in across these markets is expected to be a significant growth driver for Aehr Test Systems."

For additional information, or to schedule a meeting with Aehr management, please contact your William Blair representative, or Aehr's investor relations firm, PondelWilkinson, Inc., at [email protected].

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.

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SOURCE: Aehr Test Systems