Aehr Test Systems Reports Fiscal 2025 Fourth Quarter and Full Year Financial Results; Expands Total Addressable Market and Diversifies Customer Base
Aehr Test Systems (NASDAQ:AEHR) reported its fiscal 2025 Q4 and full year results, marked by a challenging period with revenue declines but strategic expansion into new markets. Q4 net revenue was $14.1 million, down from $16.6 million year-over-year, with a GAAP net loss of $(2.9) million. Full-year revenue reached $59.0 million, compared to $66.2 million in fiscal 2024.
The company significantly expanded its addressable market beyond silicon carbide, entering new segments including AI processors, gallium nitride power semiconductors, data storage devices, and silicon photonics. Notable achievements include launching their first production wafer level burn-in system for AI processors and securing a major hyperscaler as their first AI customer following the Incal Technology acquisition.
While maintaining a cautious outlook due to tariff-related uncertainties, Aehr expects order growth across most segments in fiscal 2026, except potentially in silicon carbide where stronger growth is anticipated in fiscal 2027.
Aehr Test Systems (NASDAQ:AEHR) ha comunicato i risultati del quarto trimestre e dell'intero anno fiscale 2025, caratterizzati da un periodo difficile con cali di fatturato ma con un'espansione strategica in nuovi mercati. Il fatturato netto del quarto trimestre 猫 stato di 14,1 milioni di dollari, in calo rispetto ai 16,6 milioni dello stesso periodo dell'anno precedente, con una perdita netta GAAP di (2,9) milioni di dollari. Il fatturato annuale ha raggiunto i 59,0 milioni di dollari, rispetto ai 66,2 milioni dell'anno fiscale 2024.
L'azienda ha ampliato significativamente il proprio mercato indirizzabile oltre il carburo di silicio, entrando in nuovi segmenti tra cui processori AI, semiconduttori di potenza al nitruro di gallio, dispositivi di archiviazione dati e fotonica al silicio. Tra i risultati pi霉 rilevanti vi 猫 il lancio del loro primo sistema di burn-in a livello di wafer per processori AI e la conquista di un importante hyperscaler come primo cliente AI, a seguito dell'acquisizione di Incal Technology.
Pur mantenendo una visione prudente a causa delle incertezze legate ai dazi, Aehr prevede una crescita degli ordini nella maggior parte dei segmenti per l'anno fiscale 2026, fatta eccezione per il carburo di silicio, dove 猫 prevista una crescita pi霉 marcata nel 2027.
Aehr Test Systems (NASDAQ:AEHR) inform贸 sus resultados del cuarto trimestre y del a帽o fiscal 2025, marcados por un per铆odo desafiante con disminuciones en los ingresos pero con una expansi贸n estrat茅gica hacia nuevos mercados. Los ingresos netos del cuarto trimestre fueron de 14,1 millones de d贸lares, una ca铆da desde los 16,6 millones del a帽o anterior, con una p茅rdida neta GAAP de (2,9) millones de d贸lares. Los ingresos anuales alcanzaron los 59,0 millones de d贸lares, en comparaci贸n con los 66,2 millones del a帽o fiscal 2024.
La compa帽铆a ampli贸 significativamente su mercado direccionable m谩s all谩 del carburo de silicio, ingresando a nuevos segmentos como procesadores de IA, semiconductores de potencia de nitruro de galio, dispositivos de almacenamiento de datos y fot贸nica de silicio. Entre los logros destacados se incluye el lanzamiento de su primer sistema de burn-in a nivel de oblea para procesadores de IA y la obtenci贸n de un importante hyperscaler como su primer cliente de IA tras la adquisici贸n de Incal Technology.
Aunque mantiene una perspectiva cautelosa debido a las incertidumbres relacionadas con los aranceles, Aehr espera un crecimiento en los pedidos en la mayor铆a de los segmentos para el a帽o fiscal 2026, excepto posiblemente en carburo de silicio, donde se anticipa un crecimiento m谩s fuerte en 2027.
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Aehr Test Systems (NASDAQ:AEHR) a publi茅 ses r茅sultats du quatri猫me trimestre et de l'ann茅e fiscale 2025, marqu茅s par une p茅riode difficile avec une baisse des revenus mais une expansion strat茅gique vers de nouveaux march茅s. Le chiffre d'affaires net du quatri猫me trimestre s'est 茅lev茅 脿 14,1 millions de dollars, en baisse par rapport 脿 16,6 millions de dollars l'ann茅e pr茅c茅dente, avec une perte nette GAAP de (2,9) millions de dollars. Le chiffre d'affaires annuel a atteint 59,0 millions de dollars, contre 66,2 millions de dollars pour l'exercice 2024.
L'entreprise a consid茅rablement 茅largi son march茅 adressable au-del脿 du carbure de silicium, p茅n茅trant de nouveaux segments incluant les processeurs IA, les semi-conducteurs de puissance au nitrure de gallium, les dispositifs de stockage de donn茅es et la photonique sur silicium. Parmi les r茅alisations notables figurent le lancement de leur premier syst猫me de burn-in au niveau du wafer pour processeurs IA et la signature d'un important hyperscaler comme premier client IA suite 脿 l'acquisition d'Incal Technology.
Tout en restant prudente face aux incertitudes li茅es aux tarifs douaniers, Aehr pr茅voit une croissance des commandes dans la plupart des segments pour l'exercice 2026, 脿 l'exception peut-锚tre du carbure de silicium o霉 une croissance plus forte est attendue en 2027.
Aehr Test Systems (NASDAQ:AEHR) meldete seine Ergebnisse f眉r das vierte Quartal und das gesamte Gesch盲ftsjahr 2025, gepr盲gt von einer herausfordernden Phase mit Umsatzr眉ckg盲ngen, jedoch einer strategischen Expansion in neue M盲rkte. Der Nettoumsatz im vierten Quartal betrug 14,1 Millionen US-Dollar, gegen眉ber 16,6 Millionen US-Dollar im Vorjahreszeitraum, mit einem GAAP-Nettogewinn von (2,9) Millionen US-Dollar. Der Jahresumsatz erreichte 59,0 Millionen US-Dollar im Vergleich zu 66,2 Millionen US-Dollar im Gesch盲ftsjahr 2024.
Das Unternehmen erweiterte seinen adressierbaren Markt deutlich 眉ber Siliziumkarbid hinaus und trat in neue Segmente ein, darunter KI-Prozessoren, Galliumnitrid-Leistungshalbleiter, Datenspeicherger盲te und Silizium-Photonik. Zu den bemerkenswerten Erfolgen z盲hlt die Einf眉hrung ihres ersten Produktions-Burn-in-Systems auf Wafer-Ebene f眉r KI-Prozessoren sowie die Gewinnung eines gro脽en Hyperscalers als ersten KI-Kunden nach der 脺bernahme von Incal Technology.
Obwohl das Unternehmen aufgrund von Unsicherheiten im Zusammenhang mit Z枚llen vorsichtig bleibt, erwartet Aehr f眉r das Gesch盲ftsjahr 2026 ein Auftragswachstum in den meisten Segmenten, mit Ausnahme von Siliziumkarbid, wo ein st盲rkeres Wachstum im Gesch盲ftsjahr 2027 erwartet wird.
- None.
- Q4 revenue declined 15% to $14.1 million from $16.6 million year-over-year
- Full year revenue decreased to $59.0 million from $66.2 million in fiscal 2024
- GAAP net loss of $(2.9) million in Q4, compared to $23.9 million profit last year
- Cash used in operating activities was $7.4 million for fiscal 2025
- Experiencing timing-related delays in order placements due to tariff uncertainty
- Silicon carbide market growth has slowed due to slower EV adoption
Insights
Aehr reports revenue decline but strategically diversifies beyond silicon carbide into AI, GaN, and silicon photonics markets.
Aehr Test Systems' fiscal 2025 results reveal both challenges and strategic pivots. The company reported $14.1 million in Q4 revenue, down from $16.6 million year-over-year, and full-year revenue of $59.0 million compared to $66.2 million in fiscal 2024. The company posted a GAAP net loss of $(2.9) million for Q4 and $(3.9) million for the full year.
The declining financial performance reflects a strategic transition period as Aehr diversifies beyond its previous concentration in silicon carbide. While silicon carbide demand has softened due to slower electric vehicle (EV) growth, Aehr has made significant inroads into multiple new markets that substantially expand its total addressable market.
The company's most promising developments include:
- Successful launch of wafer level burn-in (WLBI) systems for AI processors, with a potential high-volume customer entering evaluation phase
- Expansion into packaged part burn-in for AI through the Incal Technology acquisition, securing a major hyperscaler customer
- First production order for GaN power semiconductors from an automotive supplier
- Progress in hard disk drive testing with follow-on orders from a leading storage provider
- Growing adoption in silicon photonics for optical chip-to-chip communication
- Collaboration with a flash memory leader for NAND testing applications
This diversification strategy is transforming Aehr from a company heavily dependent on silicon carbide to one with multiple growth vectors. The company's unique position as the only provider offering both wafer-level and packaged-part burn-in solutions for AI processors creates a competitive advantage in a high-growth market segment.
Despite these positive developments, Aehr faces near-term headwinds including tariff-related order delays and cautious silicon carbide forecasts. With $26.5 million in cash and a relatively modest backlog of $16.3 million, the company will need to translate its market expansion initiatives into revenue growth to reverse its financial decline.
Aehr's revenue decline and losses reflect transitional challenges, but diversification strategy shows promise amid cash preservation concerns.
Aehr Test Systems' fiscal 2025 results present a concerning financial picture, with revenue declining
Several financial metrics raise caution flags:
- Bookings of
$11.1 million for Q4 fell below quarterly revenue, indicating potential continued revenue pressure - Backlog decreased to
$15.2 million (or$16.3 million including post-quarter bookings) - Cash balance declined by
$4.9 million during Q4 to$26.5 million - Operating activities consumed
$7.4 million in cash for the full year
The cash burn rate requires monitoring, as continued negative operating cash flow could strain the company's financial position. At the current quarterly cash consumption rate, Aehr has approximately 5-6 quarters of runway without revenue improvements or capital infusion.
The company's expansion strategy into multiple new markets (AI processors, GaN, data storage, silicon photonics) represents a necessary diversification from its previous concentration in silicon carbide. However, this transition is creating revenue gaps before new business fully materializes. Management's reluctance to reinstate specific guidance signals continued near-term uncertainty, particularly regarding order timing in Q1 fiscal 2026.
Positively, Aehr's strategic acquisition of Incal Technology has enabled entry into the packaged part testing market for AI processors, complementing its wafer-level solutions. This dual-market approach could create meaningful revenue opportunities if AI processor manufacturers adopt Aehr's solutions at scale. The company's ability to convert evaluation engagements into production orders will be critical for financial recovery in fiscal 2026.
FREMONT, CA / / July 8, 2025 / Aehr Test Systems (NASDAQ:AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for its fiscal 2025 fourth quarter and full year ended May 30, 2025.
Fiscal Fourth Quarter Financial Results:
Net revenue was
$14.1 million , compared to$16.6 million in the fourth quarter of fiscal 2024.GAAP net loss was
$(2.9) million , or$(0.10) per diluted share, compared to GAAP net income of$23.9 million , or$0.81 per diluted share, which included a tax benefit of approximately$20.7 million , in the fourth quarter of fiscal 2024.Non-GAAP net loss, which excludes stock-based compensation, acquisition-related adjustments and restructuring charges, was
$(0.2) million , or$(0.01) per diluted share, compared to non-GAAP net income of$24.7 million , or$0.84 per diluted share, which included the tax benefit and excluded stock-based compensation and acquisition-related costs, in the fourth quarter of fiscal 2024.Bookings were
$11.1 million for the quarter.Backlog as of May 30, 2025 was
$15.2 million . Effective backlog, including bookings since May 30, 2025, is$16.3 million .Total cash, cash equivalents and restricted cash as of May 30, 2025 was
$26.5 million , compared to$31.4 million at February 28, 2025.
Fiscal Year Financial Results:
Net revenue was
$59.0 million , compared to$66.2 million in fiscal 2024.GAAP net loss was
$(3.9) million , or$(0.13) per diluted share, compared to GAAP net income of$33.2 million , or$1.12 per diluted share, which included a tax benefit of approximately$20.7 million , in fiscal 2024.Non-GAAP net income was
$4.6 million , or$0.15 per diluted share, which excludes stock-based compensation, acquisition-related adjustments and costs, restructuring charges and officer severance benefits, compared to non-GAAP net income of$35.8 million , or$1.21 per diluted share, which included the tax benefit and excluded stock-based compensation and acquisition-related costs, in fiscal 2024.Cash used in operating activities was
$7.4 million for fiscal 2025.
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:
"Fiscal 2025 was a transformative year for Aehr Test Systems, marked by significant progress on our strategic initiatives to expand our total addressable market, diversify our customer base, and enhance our product portfolio. We expanded into new markets for test and burn-in, including artificial intelligence processors for both wafer and package level, gallium nitride power semiconductors, data storage devices, and silicon photonics integrated circuits for optical chip-to-chip communication, unlocking substantial growth opportunities beyond our concentration in silicon carbide last fiscal year.
"A major milestone was the successful launch and adoption of our first production wafer level burn-in (WLBI) system specifically for artificial intelligence (AI) processors. This breakthrough validates the feasibility and cost benefits of WLBI testing for high-power AI devices, attracting strong interest from leading processor companies considering high-volume adoption.
"We are excited to report today that one of these companies has asked us to move forward with an evaluation for wafer level testing of one of their current high-volume processors. Based on their feedback, we believe that if this evaluation is successful, they intend to transition to high-volume production wafer-level testing, which would represent a significant opportunity for Aehr. We also expect to move to evaluation phases with additional AI companies during this fiscal year and believe we can capture a meaningful share of the total production burn-in market for AI processors with our FOX WLBI systems and proprietary WaferPak Contactors.
"We also expanded into packaged part qualification and production burn-in for AI processors this year through the acquisition of Incal Technology, enabling us to offer both wafer level and packaged part reliability burn-in and test solutions. Since the acquisition, we've achieved record shipments of packaged part burn-in (PPBI) systems and secured a major hyperscaler as our first production AI customer in this space. This customer is one of the premier large-scale data center hyperscalers that is developing its own AI processors and significantly expanding this capacity. They have indicated plans to ramp this device over the next year and have already begun discussing their next generation processors with us to ensure we can meet their production capacity needs. Aehr is the only company on the market that offers both a WLBI and a PPBI system for both qualification and production burn-in of AI processors, and we are very excited about our new AI product offerings and the expanded total addressable market they bring to us.
"In gallium nitride (GaN) power semiconductors, we secured the first production order from a leading automotive semiconductor supplier for our FOX-XP high-power multi-wafer production system with high voltage for volume production of GaN devices. We are in discussions and engagements with multiple other potential new GaN customers, highlighting the growing adoption of WLBI for GaN devices and signaling future opportunity as this market expands.
"GaN offers a wider range of applications than silicon carbide and is poised for significant growth in the next decade. While about
"We are also making significant progress in the hard disk drive market.This past year, our lead customer began ordering multiple FOX-CP solutions for burn-in and stabilization of new devices in hard disk drives, representing follow-on orders to the first production order we received from them back in 2019. This customer is one of the top suppliers of data storage devices worldwide. In addition to the multiple systems we have in backlog, they have indicated they will be purchasing additional systems both in the short term and over time.
"We saw solid momentum in the silicon photonics market this year with the adoption of optical chip-to-chip communication and optical network switching. Several companies, including AMD, Nvidia, Intel, TSMC, and GlobalFoundries, have announced product roadmaps for devices that utilize optical chip-to-chip communication. We have several customers in this market, including the largest supplier of silicon photonics integrated circuits in the market. We have seen a significant number of new WaferPak designs from our installed base of systems for new designs that they use for qualification and development work on their FOX wafer level test and burn-in systems. We also now offer a new system with higher power 3500 watt per wafer configuration to meet the needs of new high-power wafers for optical I/O and chip-to-chip communication devices. This is also available as an upgrade to our FOX-NP systems for low-volume production and product qualification, as well as our FOX-XP nine wafer production systems. This system can also be configured with our new integrated WaferPak Auto aligner, which provides fully hands-free factory automation of silicon photonics integrated circuit wafers. We expect to see not only revenue from system upgrades and WaferPaks but also for incremental FOX-XP system and WaferPak orders to meet the capacity needs of the silicon photonics market this year. We remain very excited about the silicon photonics market and see this as a significant market opportunity for our products.
"While the silicon carbide market growth has slowed due to a slower growth in EVs, we remain confident in its long-term opportunity for Aehr and our leadership in WLBI solutions for this sector. EVs are still growing significantly worldwide, and we believe the silicon carbide market continues on a robust long-term growth trajectory. Demand for silicon carbide remains significantly driven by battery EVs, but silicon carbide devices are also gaining traction in other markets, including power infrastructure, solar, and various industrial applications. This quarter, we shipped our first high-voltage configuration of the FOX-XP, which can test 18 wafers simultaneously, extending the capabilities of our proven nine-wafer high-voltage configuration. We believe we are well-positioned in the silicon carbide market with our industry-leading solution for WLBI.
"We are also collaborating with a global leader in flash memory to demonstrate our FOX-XP platform for high-volume production wafer level test and burn-in of flash memory wafers, aiming to provide a competitive, cost-effective alternative to traditional testing methods. New technologies in NAND are driving new requirements for WLBI to address the manufacturing and negative yield implications of testing these NAND devices at the package or system level, and we believe our FOX WLBI solution is positioned to be a very competitive low-cost alternative to packaged part or alternative wafer level test and burn-in solutions for this market.
"Looking ahead, we are well-positioned to capitalize on strong demand across various semiconductor applications. The strategic investments we made this past year have built the infrastructure and capacity needed for significant growth, and we plan to boost our research and development efforts to add more capabilities and resources for our expanding customer base. We believe that nearly all the opportunities and market verticals we serve will experience order growth in fiscal 2026. The one exception may be silicon carbide, as customer forecasts for this market are back-half loaded, with stronger growth expected in our fiscal 2027.
"While we remain confident in Aehr's long-term growth prospects, we continue to experience some timing-related delays in order placements due to tariff-related uncertainty, particularly in our first quarter. Accordingly, we are maintaining our cautious approach and are not reinstating specific guidance beyond what we have already stated, which is that we anticipate order growth across all our segments this fiscal year with the possible exception of silicon carbide. Overall, we are very optimistic about our growth opportunities in the diverse markets we serve and our ability to meet increasing demand."
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. PT) to discuss its fiscal 2025 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 594858. In addition, a live and archived webcast of the conference call will be available over the Internet at in the Investor Relations section and may also be accessed by clicking . 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 52626.
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 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 Test 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庐 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 Artificial Intelligence (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 turn-key provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems' website at .
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; bookings and revenue forecasted for proprietary WaferPakTM and DiePak consumables, as well as the ability to generate bookings and revenue from application of Aehr's solutions in emerging markets; Aehr's ability to receive orders and generate revenue in the future, as well as Aehr's beliefs regarding the factors impacting the foregoing; and expectations related to long-term demand for Aehr's products, the attractiveness of key markets 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 30, | Feb 28, | May 31, | May 30, | May 31, | ||||||||||||||||
(In thousands, except per share data) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
Revenue | $ | 14,089 | $ | 18,307 | $ | 16,600 | $ | 58,968 | $ | 66,218 | ||||||||||
Cost of revenue | 9,817 | 11,124 | 8,152 | 35,035 | 33,675 | |||||||||||||||
Gross profit | 4,272 | 7,183 | 8,448 | 23,933 | 32,543 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 2,686 | 3,140 | 2,151 | 10,463 | 8,719 | |||||||||||||||
Selling, general and administrative | 3,926 | 5,162 | 3,756 | 18,283 | 13,746 | |||||||||||||||
Restructuring charges | 864 | - | - | 864 | - | |||||||||||||||
Total operating expenses | 7,476 | 8,302 | 5,907 | 29,610 | 22,465 | |||||||||||||||
Income (loss) from operations | (3,204 | ) | (1,119 | ) | 2,541 | (5,677 | ) | 10,078 | ||||||||||||
Interest income, net | 222 | 270 | 592 | 1,401 | 2,388 | |||||||||||||||
Other expense, net | (4 | ) | (25 | ) | (10 | ) | (15 | ) | (8 | ) | ||||||||||
Income (loss) before income tax benefit | (2,986 | ) | (874 | ) | 3,123 | (4,291 | ) | 12,458 | ||||||||||||
Income tax benefit | (87 | ) | (231 | ) | (20,741 | ) | (381 | ) | (20,698 | ) | ||||||||||
Net income (loss) | $ | (2,899 | ) | $ | (643 | ) | $ | 23,864 | $ | (3,910 | ) | $ | 33,156 | |||||||
Net income (loss) per share: | ||||||||||||||||||||
Basic | $ | (0.10 | ) | $ | (0.02 | ) | $ | 0.82 | $ | (0.13 | ) | $ | 1.15 | |||||||
Diluted | $ | (0.10 | ) | $ | (0.02 | ) | $ | 0.81 | $ | (0.13 | ) | $ | 1.12 | |||||||
Shares used in per share calculations: | ||||||||||||||||||||
Basic | 29,823 | 29,733 | 28,953 | 29,581 | 28,818 | |||||||||||||||
Diluted | 29,823 | 29,733 | 29,459 | 29,581 | 29,617 | |||||||||||||||
AEHR TEST SYSTEMS
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
May 30, | February 28, | May 31, | May 30, | May 31, | ||||||||||||||||
(In thousands, except per share data) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
Reconciliation of GAAP to non-GAAP gross profit | ||||||||||||||||||||
GAAP gross profit | $ | 4,272 | $ | 7,183 | $ | 8,448 | $ | 23,933 | $ | 32,543 | ||||||||||
Special items: | ||||||||||||||||||||
a) Stock-based compensation expense | 357 | 218 | 108 | 737 | 330 | |||||||||||||||
b) Acquisition-related adjustments | 260 | 416 | - | 1,305 | - | |||||||||||||||
Non-GAAP gross profit | $ | 4,889 | $ | 7,817 | $ | 8,556 | $ | 25,975 | $ | 32,873 | ||||||||||
Reconciliation of GAAP to non-GAAP operating expenses | ||||||||||||||||||||
GAAP operating expenses | $ | 7,476 | $ | 8,302 | $ | 5,907 | $ | 29,610 | $ | 22,465 | ||||||||||
Special items: | ||||||||||||||||||||
a) Stock-based compensation expense | (1,064 | ) | (1,180 | ) | (667 | ) | (4,027 | ) | (2,188 | ) | ||||||||||
b) Acquisition-related adjustments | (106 | ) | (106 | ) | - | (353 | ) | - | ||||||||||||
c) Restructuring charges | (864 | ) | - | - | (864 | ) | - | |||||||||||||
c) Officer severance benefits | - | (653 | ) | - | (653 | ) | - | |||||||||||||
d) Acquisition-related costs | - | (51 | ) | (107 | ) | (548 | ) | (107 | ) | |||||||||||
Non-GAAP operating expenses | $ | 5,442 | $ | 6,312 | $ | 5,133 | $ | 23,165 | $ | 20,170 | ||||||||||
Reconciliation of GAAP to non-GAAP income (loss) from operations | ||||||||||||||||||||
GAAP income (loss) from operations | $ | (3,204 | ) | $ | (1,119 | ) | $ | 2,541 | $ | (5,677 | ) | $ | 10,078 | |||||||
Special items: | ||||||||||||||||||||
a) Stock-based compensation expense | 1,421 | 1,398 | 775 | 4,764 | 2,518 | |||||||||||||||
b) Acquisition-related adjustments | 366 | 522 | - | 1,658 | - | |||||||||||||||
c) Restructuring charges | 864 | - | - | 864 | - | |||||||||||||||
d) Officer severance benefits | - | 653 | - | 653 | - | |||||||||||||||
e) Acquisition-related costs | - | 51 | 107 | 548 | 107 | |||||||||||||||
Non-GAAP income (loss) from operations | $ | (553 | ) | $ | 1,505 | $ | 3,423 | $ | 2,810 | $ | 12,703 | |||||||||
Reconciliation of GAAP to non-GAAP income (loss) before income tax benefit | ||||||||||||||||||||
GAAP income (loss) before income tax benefit | $ | (2,986 | ) | $ | (874 | ) | $ | 3,123 | $ | (4,291 | ) | $ | 12,458 | |||||||
Special items: | ||||||||||||||||||||
a) Stock-based compensation expense | 1,421 | 1,398 | 775 | 4,764 | 2,518 | |||||||||||||||
b) Acquisition-related adjustments | 366 | 522 | - | 1,658 | - | |||||||||||||||
c) Restructuring charges | 864 | - | - | 864 | - | |||||||||||||||
d) Officer severance benefits | - | 653 | - | 653 | - | |||||||||||||||
e) Acquisition-related costs | - | 51 | 107 | 548 | 107 | |||||||||||||||
Non-GAAP income (loss) before income tax benefit | $ | (335 | ) | $ | 1,750 | $ | 4,005 | $ | 4,196 | $ | 15,083 | |||||||||
Reconciliation of GAAP to non-GAAP net income (loss) | ||||||||||||||||||||
GAAP net income (loss) | $ | (2,899 | ) | $ | (643 | ) | $ | 23,864 | $ | (3,910 | ) | $ | 33,156 | |||||||
Special items: | ||||||||||||||||||||
a) Stock-based compensation expense | 1,421 | 1,398 | 775 | 4,764 | 2,518 | |||||||||||||||
b) Acquisition-related adjustments | 366 | 522 | - | 1,658 | - | |||||||||||||||
c) Restructuring charges | 864 | - | - | 864 | - | |||||||||||||||
d) Officer severance benefits | - | 653 | - | 653 | - | |||||||||||||||
e) Acquisition-related costs | - | 51 | 107 | 548 | 107 | |||||||||||||||
Non-GAAP net income (loss) | $ | (248 | ) | $ | 1,981 | $ | 24,746 | $ | 4,577 | $ | 35,781 | |||||||||
Reconciliation of GAAP to non-GAAP income (loss) per diluted share | ||||||||||||||||||||
GAAP income (loss) per diluted share | $ | (0.10 | ) | $ | (0.02 | ) | $ | 0.81 | $ | (0.13 | ) | $ | 1.12 | |||||||
Special items: | ||||||||||||||||||||
a) Stock-based compensation expense | 0.05 | 0.05 | 0.03 | 0.16 | 0.09 | |||||||||||||||
b) Acquisition-related adjustments | 0.01 | 0.02 | - | 0.05 | - | |||||||||||||||
c) Restructuring charges | 0.03 | - | - | 0.03 | - | |||||||||||||||
d) Officer severance benefits | - | 0.02 | - | 0.02 | - | |||||||||||||||
e) Acquisition-related costs | - | 0.00 | 0.00 | 0.02 | 0.00 | |||||||||||||||
Non-GAAP income (loss) per diluted share | $ | (0.01 | ) | $ | 0.07 | $ | 0.84 | $ | 0.15 | $ | 1.21 | |||||||||
a) Represents compensation expense for equity awards granted to employees and directors and excludes the compensation expense related to the severance benefits incurred from the passing of an officer.
b) Represents amortization of intangible assets and fair value adjustment to inventory related to the Company's business acquisition.
c) Represents impairment of long-lived assets that will no longer be used in operations, including right-of-use assets and facility-related property, contract termination costs and facility exit-related costs.
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 30, | May 31, | |||||||
(In thousands, except par value) | 2025 | 2024 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 24,529 | $ | 49,159 | ||||
Accounts receivable | 14,191 | 9,796 | ||||||
Inventories | 41,997 | 37,470 | ||||||
Prepaid expenses and other current assets | 8,061 | 1,423 | ||||||
Total current assets | 88,778 | 97,848 | ||||||
Property and equipment, net | 8,969 | 3,253 | ||||||
Goodwill | 10,719 | - | ||||||
Intangible assets, net | 10,781 | - | ||||||
Deferred tax assets, net | 19,114 | 20,773 | ||||||
Operating lease right-of-use assets, net | 9,601 | 5,734 | ||||||
Other non-current assets | 546 | 304 | ||||||
Total assets | $ | 148,508 | $ | 127,912 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 6,728 | $ | 5,332 | ||||
Accrued expenses and other current liabilities | 6,020 | 3,366 | ||||||
Operating lease liabilities, short-term | 909 | 465 | ||||||
Deferred revenue, short-term | 1,981 | 1,345 | ||||||
Total current liabilities | 15,638 | 10,508 | ||||||
Operating lease liabilities, long-term | 9,921 | 5,732 | ||||||
Deferred revenue, long-term | 36 | 41 | ||||||
Other long-term liabilities | 42 | 38 | ||||||
Total liabilities | 25,637 | 16,319 | ||||||
Shareholders' equity: | ||||||||
Preferred stock, | ||||||||
Issued and outstanding: none | - | - | ||||||
Common stock, | ||||||||
Issued and outstanding: 29,877 shares and 28,995 shares at May 30, 2025 and May 31, 2024, respectively | 299 | 289 | ||||||
Additional paid-in capital | 145,758 | 130,612 | ||||||
Accumulated other comprehensive loss | (126 | ) | (158 | ) | ||||
Accumulated deficit | (23,060 | ) | (19,150 | ) | ||||
Total shareholders' equity | 122,871 | 111,593 | ||||||
Total liabilities and shareholders' equity | $ | 148,508 | $ | 127,912 | ||||
AEHR TEST SYSTEMS
CONSOLIDATED SATEMENTS OF CASH FLOWS
(Unaudited)
Year Ended | ||||||||
May 30, | May 31, | |||||||
(In thousands) | 2025 | 2024 | ||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | (3,910 | ) | $ | 33,156 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
Stock-based compensation expense | 5,162 | 2,518 | ||||||
Depreciation and amortization | 2,312 | 657 | ||||||
Deferred income taxes | (421 | ) | (20,773 | ) | ||||
Amortization of operating lease right-of-use assets | 1,076 | 706 | ||||||
Impairment of assets | 584 | - | ||||||
Accretion of investment discount | - | (130 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (3,037 | ) | 6,790 | |||||
Inventories | (2,441 | ) | (13,732 | ) | ||||
Prepaid expenses and other current assets | (5,012 | ) | (875 | ) | ||||
Accounts payable | (714 | ) | (3,891 | ) | ||||
Accrued expenses | (378 | ) | (792 | ) | ||||
Deferred revenue | 143 | (1,469 | ) | |||||
Operating lease liabilities | (699 | ) | (423 | ) | ||||
Income taxes payable | (65 | ) | 14 | |||||
Net cash provided by (used in) operating activities | (7,400 | ) | 1,756 | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (4,992 | ) | (749 | ) | ||||
Proceeds from maturities of investments | - | 18,000 | ||||||
Payments for business acquisition, net of cash and cash equivalent acquired | (11,075 | ) | - | |||||
Net cash provided by (used in) investing activities | (16,067 | ) | 17,251 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common stock under employee plans | 1,409 | 1,807 | ||||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (784 | ) | (1,596 | ) | ||||
Proceeds from issuance of common stock, net of issuance costs | - | (72 | ) | |||||
Net cash provided by financing activities | 625 | 139 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 13 | (41 | ) | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (22,829 | ) | 19,105 | |||||
Cash, cash equivalents and restricted cash, beginning of year(1) | 49,309 | 30,204 | ||||||
Cash, cash equivalents and restricted cash, end of year (1) | $ | 26,480 | $ | 49,309 | ||||
Supplemental cash flow information: | ||||||||
Income taxes paid | $ | 100 | $ | 90 | ||||
Interest paid | $ | - | $ | - | ||||
Supplemental disclosure of non-cash flow information: | ||||||||
Net transfer of equipment between inventory and property and equipment | $ | 458 | $ | 357 | ||||
Purchases of property and equipment included in accounts payable and accrued liabilities | $ | 1,259 | $ | 53 | ||||
(1) Includes restricted cash within prepaid expenses and other current assets and other non-current assets.
SOURCE: Aehr Test Systems
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FAQ
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