Business Description
Aehr Test Systems, Inc. is a US-based provider of test solutions for testing, burning-in, and stabilizing semiconductor devices. The company's systems are used to test devices in wafer level, singulated die, and package part form. Its products primarily serve manufacturers of artificial intelligence processors, silicon carbide power semiconductors, silicon photonics, and memory integrated circuits.
Financial Statements
In thousands, USD
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Total Revenues | 50,001 | 58,968 | 66,218 | 64,961 |
| Cost of Sales | 32,350 | 35,035 | 33,675 | 32,215 |
| Gross Profit | 17,651 | 23,933 | 32,543 | 32,746 |
| Selling, General & Administrative Expenses | 19,161 | 18,283 | 13,746 | 12,237 |
| Research & Development Expenses | 12,633 | 10,463 | 8,719 | 7,134 |
| Other Operating Expenses | 6 | 864 | — | — |
| Operating Profit | (14,149) | (5,677) | 10,078 | 13,375 |
| Non-Operating Income | 2,413 | 1,386 | 2,380 | 1,242 |
| Total Non-Operating Income | 2,413 | 1,386 | 2,380 | 1,242 |
| Income Before Provision for Income Taxes | (11,736) | (4,291) | 12,458 | 14,617 |
| Provision for Income Taxes | (4,610) | (381) | (20,698) | 60 |
| Consolidated Net Income | (7,126) | (3,910) | 33,156 | 14,557 |
| Net Income Attributable to Common Shareholders | (7,126) | (3,910) | 33,156 | 14,557 |
| Basic EPS | -0.23 | -0.13 | 1.15 | 0.52 |
| Diluted EPS | -0.23 | -0.13 | 1.12 | 0.50 |
| Basic Weighted Average Shares Outstanding | 30,669 | 29,581 | 28,818 | 27,785 |
| Diluted Weighted Average Shares Outstanding | 30,669 | 29,581 | 29,617 | 29,215 |
| Shares Outstanding | 32,480 | 29,877 | 28,995 | 28,539 |
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 116,358 | 24,529 | 49,159 | 30,054 |
| Short-Term Investments | — | — | — | 17,853 |
| Total Cash and Cash Equivalents | 116,358 | 24,529 | 49,159 | 47,907 |
| Accounts Receivable | 17,473 | 14,191 | 9,796 | 16,594 |
| Total Trade Receivables | 17,473 | 14,191 | 9,796 | 16,594 |
| Inventories | 41,354 | 41,997 | 37,470 | 23,908 |
| Other Current Assets | 9,263 | 8,061 | 1,423 | 621 |
| Total Current Assets | 184,448 | 88,778 | 97,848 | 89,030 |
| Net Property, Plant & Equipment | 17,841 | 18,570 | 8,987 | 8,882 |
| Net Intangible Assets | 9,552 | 10,781 | — | — |
| Goodwill | 10,719 | 10,719 | — | — |
| Other Long-Term Assets | 24,134 | 19,660 | 21,077 | 231 |
| Total Assets | 246,694 | 148,508 | 127,912 | 98,143 |
| Accounts Payable | 6,754 | 6,728 | 5,332 | 9,206 |
| Accrued Expenses | 5,283 | 6,020 | 3,366 | 4,143 |
| Current Portion of Leases | 626 | 909 | 465 | 137 |
| Unearned Revenue | 5,192 | 1,981 | 1,345 | 2,822 |
| Total Current Liabilities | 17,855 | 15,638 | 10,508 | 16,308 |
| Leases | 9,256 | 9,921 | 5,732 | 6,163 |
| Other Long-Term Liabilities | 72 | 78 | 79 | 72 |
| Total Long-Term Liabilities | 9,328 | 9,999 | 5,811 | 6,235 |
| Total Liabilities | 27,183 | 25,637 | 16,319 | 22,543 |
| Common Stock | 325 | 299 | 289 | 285 |
| Additional Paid-in Capital | 249,477 | 145,758 | 130,612 | 127,776 |
| Accumulated Other Comprehensive Income | (105) | (126) | (158) | (155) |
| Retained Earnings | (30,186) | (23,060) | (19,150) | (52,306) |
| Total Common Shareholders' Equity | 219,511 | 122,871 | 111,593 | 75,600 |
| Total Shareholders' Equity | 219,511 | 122,871 | 111,593 | 75,600 |
| Total Liabilities and Shareholders' Equity | 246,694 | 148,508 | 127,912 | 98,143 |
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Net Income | (7,126) | (3,910) | 33,156 | 14,557 |
| Depreciation & Amortization | 3,530 | 3,388 | 1,363 | 1,099 |
| Share-Based Compensation Expense | 6,761 | 5,162 | 2,518 | 2,748 |
| Other Adjustments | (4,715) | 163 | (20,903) | (552) |
| Changes in Trade Receivables | (3,307) | (3,037) | 6,790 | (3,788) |
| Changes in Inventories | 11 | (2,441) | (13,732) | (9,469) |
| Changes in Accounts Payable | 991 | (714) | (3,891) | 5,044 |
| Changes in Accrued Expenses | 1,020 | (378) | (792) | 528 |
| Changes in Income Taxes Payable | 58 | (65) | 14 | 8 |
| Changes in Unearned Revenue | 3,209 | 143 | (1,469) | 369 |
| Changes in Other Operating Activities | (3,742) | (5,711) | (1,298) | (533) |
| Cash from Operating Activities | (3,310) | (7,400) | 1,756 | 10,011 |
| Capital Expenditure | (2,066) | (4,992) | (749) | (1,362) |
| Purchases of Investments | — | — | — | (33,294) |
| Proceeds from Sale of Investments | — | — | 18,000 | 16,000 |
| Payments for Business Acquisitions | (1,801) | (11,075) | — | — |
| Cash from Investing Activities | (3,867) | (16,067) | 17,251 | (18,656) |
| Issuance of Common Shares | 99,595 | 1,409 | 1,735 | 9,382 |
| Repurchases of Common Shares | (2,384) | (784) | (1,596) | (2,060) |
| Net Issuance / (Repurchases) of Common Shares | 97,211 | 625 | 139 | 7,322 |
| Cash from Financing Activities | 97,211 | 625 | 139 | 7,322 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (6) | 13 | (41) | (37) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 90,028 | (22,829) | 19,105 | (1,360) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $3.00B |
| P/E | -401.44x |
| P/S | 59.98x |
| EV/EBITDA | -272.38x |
| Return on Equity | -4.2% |
| Return on Invested Capital | -7.7% |
| Current Ratio | 10.33x |
| Free Cash Flow Margin | -10.8% |
Margins
Gross margin
35.3%
Operating margin
-28.3%
Net margin
-14.3%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q4 2026 | $19M | +33.7% | -6.4% | $-1M |
| Q3 2026 | $10M | -43.7% | -41.0% | $-4M |
| Q2 2026 | $10M | -26.5% | -47.0% | $-5M |
| Q1 2026 | $11M | -16.4% | -37.1% | $-4M |
| Q4 2025 | $14M | — | -22.7% | $-3M |
| Q3 2025 | $18M | — | -6.1% | $-1M |
| Q2 2025 | $13M | — | -11.2% | $-2M |
| Q1 2025 | $13M | — | 1.2% | $0M |
More on Aehr Test Systems, Inc.
Figures compiled from public company filings.
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