Aehr Test Systems (AEHR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$50.0M

Revenue growth

-15.2%

Net income, last twelve months

-$7.1M

Earnings per share

-$0.24

Gross margin

35.3%

Operating margin

-28.3%

Net margin

-14.3%

Free cash flow

-$5.4M

Return on equity

-3.2%

Market value

$2.1B

Cash

$116.4M

Debt

$0

Debt to equity

0.00

Shares outstanding

32.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the fourth quarter of fiscal 2026 results, filed 14 July 2026.

• Fourth-quarter revenue rose year over year. Revenue was $18.8 million, compared with $14.1 million a year earlier and $10.3 million in the third quarter of fiscal 2026.
• GAAP net income in the quarter. GAAP net income was $1.4 million, or $0.04 per diluted share, against a GAAP net loss of $(2.9) million, or $(0.10) per diluted share, a year earlier.
• Full-year revenue and net loss. Fiscal 2026 revenue was $50.0 million, against $59.0 million in fiscal 2025. GAAP net loss was $(7.1) million, or $(0.23) per diluted share, against $(3.9) million.
• Non-GAAP net income for the quarter. Non-GAAP net income was $3.6 million, or $0.11 per diluted share, compared with a non-GAAP net loss of $(0.2) million in the year-earlier quarter.
• Record quarterly bookings. Bookings were $60.7 million, a record for the quarter, after $37.2 million in the third quarter. Management said the quarter exceeded expectations.
• Backlog and effective backlog rose. Backlog at May 29, 2026 was $80.6 million. Effective backlog, including bookings since that date, was $100.6 million, against $50.9 million at February 27, 2026.
• Third-quarter bookings and backlog. The prior release reported third-quarter bookings of $37.2 million and backlog of $38.7 million at February 27, 2026.
• Lead AI customer ramping capacity. The lead AI production customer is raising forecast needs for FOX WLBI systems this year and beyond, and is moving its burn-in from system level to all wafer level.
• Benchmark results above expectations. Benchmark testing on one processor from a major AI accelerator, CPU and network processor supplier gave results above the supplier's expectations.
• Other AI suppliers evaluating WLBI. Additional AI processor suppliers are evaluating WLBI to improve reliability and reduce yield loss from production burn-in at a later stage.
• Record Sonoma follow-on orders. Management reported record follow-on production orders from the lead hyperscale customer for Sonoma systems used in AI processor production burn-in.
• Second device to expand Sonoma purchases. The hyperscale customer forecasts a substantial expansion of Sonoma purchases for a second device with twice the power per package of the first.
• Other package-level prospects. Management is engaged with other current and potential customers for package-level qualification and production burn-in of AI accelerators, ASICs, network processors and edge AI processors.
• Silicon photonics ramp and new forecast. The lead silicon photonics customer is ramping, with follow-on orders and more already this fiscal year. A newest major customer forecast additional systems this calendar year.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2026

By region, FY2026

Company events

The newest 8-K filings of 206 held.

Every filing

The newest filings with the SEC of 450 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

292 funds held it at 30 Jun 2026: 170 added and 70 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Teradyne, Inc. (TER): revenue $4.5B, market value $49.0B
• Veralto Corp. (VLTO): revenue $5.7B, market value $25.1B
• Itron, Inc. (ITRI): revenue $2.3B, market value $4.1B
• Cohu Inc. (COHU): revenue $522.6M, market value $2.7B
• Allient Inc. (ALNT): revenue $574.8M, market value $1.6B

What the company does

Aehr Test Systems was incorporated in California on 25 May 1977 and is headquartered in Fremont, California. It makes systems that test, burn in and stabilize semiconductor devices at wafer level, as singulated die and at package level, and it has installed thousands of systems worldwide. The company calls itself a leading provider of these test solutions. It reports one business segment and had 138 regular full-time employees at 29 May 2026. Its common stock trades on the NASDAQ Capital Market under the symbol AEHR.

What burn-in is

Defects in a semiconductor device can be introduced at any manufacturing step, and a failure can appear immediately or after months of normal use. Burn-in screens for early failures by running the device at elevated voltages and temperatures, at up to 150 degrees Celsius or higher. Burn-in times range from minutes to hours or even days. It can be done on the wafer before the die are packaged, or after packaging.

Wafer level and die level systems

The FOX-P family covers this area. The FOX-XP can test and burn in up to 18 wafers at a time. The FOX-NP is an entry-level system that takes up to two slot assemblies, compared with up to 18 in the FOX-XP. The FOX-CP is a single-wafer compact system with an integrated prober.

Each wafer or die type needs its own consumables. The WaferPak Contactor is a full-wafer probe card for wafers up to 300mm. The DiePak Carrier holds up to 1,024 devices in parallel per DiePak, with up to nine DiePaks at a time. Both are custom designed for each device type and typically last two to seven years, so a customer may buy several sets over the life of a system. The company also sells the WaferPak Aligner and DiePak Loader to handle wafers and modules. The company says one FOX-XP with WaferPak Contactors can test up to 18 wafers in the footprint of a single-wafer prober and test system. Full wafer contact product lines, including systems, contactors and services, were about 63% of net revenues in fiscal 2026.

Package level systems

The Sonoma, Tahoe and Echo lines came with the Incal acquisition. Sonoma handles ultra-high-power devices such as AI accelerators, GPUs and HPC processors, with power as high as 1600 or more watts, and its standard configuration supports up to 88 devices per chamber. Tahoe covers medium power and Echo covers low power and high parallelism. Lower power devices go on burn-in boards in chambers that run from 25 to 175 degrees Celsius, and optional chambers reach as low as -55 degrees Celsius. A production chamber holds up to 72 boards. Package level lines were about 37% of net revenues in fiscal 2026.

Who buys from it

Customers are semiconductor manufacturers, contract assemblers, electronics manufacturers and burn-in and test service companies.

- - - - -

EV and power semiconductor products were 17% of total revenues in fiscal 2026.

The five largest customers made up about 70% of net revenues in fiscal 2026. Three customers accounted for about 26%, 14% and 11%. By region, Asia was 45.6% of revenues, the United States 41.3%, and Europe and the Middle East 13.1%. Sales come mainly through a direct sales force, with independent distributors in certain international markets. Backlog is confirmed purchase orders scheduled for shipment within 12 months.

Where it works and makes things

The company has sales and service operations in the United States, Germany, Japan, the Philippines and Taiwan, plus dedicated resources in China and South Korea. It assembles its products from components and parts made by others and does final assembly and testing at its Fremont facility. A long-established subcontractor does final integration and test of Sonoma systems, and direct shipments of Sonoma systems to customers were qualified in the fourth fiscal quarter.

Of the 138 employees, 43 work in research, development and engineering, 46 in manufacturing, 34 in marketing, sales and customer support, and 15 in administration, finance and IT. By location, 103 are in the United States, 28 in the Philippines, six in Taiwan and one in Germany. No employees are represented by a union, and 53% of the regular full-time workforce has been with the company for 5 years or more.

How it competes

The filing lists the competitive factors as price, technical capabilities, quality, flexibility, automation, cost of ownership, reliability, throughput, product availability and customer service. It says many competitors have greater financial, engineering, manufacturing and marketing resources, and that it has seen price competition, particularly for its less advanced products. The company relies mainly on its personnel, proprietary software, trade secrets and copyright rather than patents. It held 125 active patents at 29 May 2026, with expiration dates from 2028 to 2045, and had over 100 more patent applications pending.

*From Aehr Test's annual report on Form 10-K for the year ended 29 May 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm)*

From the company's 10-K.