Aehr Test Systems surge on earnings beat, strong guidance

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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