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AEHR

Aehr Test Systems

AEHR

Aehr Test Systems • NASDAQ
$22.97 ▲ 0.35% (+0.08)
Market Cap $689.04 M
52w High $34.35
52w Low $6.27
Dividend Yield 0%
P/E -104.41
Volume 336.71K
Outstanding Shares 30.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $10.969M ▼ $7.566M ▲ $-2.084M ▲ -18.999% ▲ $-0.07 ▲ $-1.914M ▲
Q4-2025 $14.089M ▼ $6.612M ▼ $-2.899M ▼ -20.576% ▼ $-0.097 ▼ $-1.966M ▼
Q3-2025 $18.307M ▲ $8.302M ▲ $-643K ▲ -3.512% ▲ $-0.022 ▲ $35K ▲
Q2-2025 $13.453M ▲ $6.913M ▼ $-1.028M ▼ -7.641% ▼ $-0.035 ▼ $-352K ▼
Q1-2025 $13.119M $6.919M $660K 5.031% $0.023 $1.38M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $22.708M ▼ $144.092M ▼ $21.698M ▼ $122.394M ▼
Q4-2025 $25.229M ▼ $148.508M ▲ $25.637M ▲ $122.871M ▼
Q3-2025 $30.111M ▼ $145.607M ▲ $21.397M ▲ $124.21M ▲
Q2-2025 $33.068M ▼ $142.28M ▼ $19.099M ▼ $123.181M ▲
Q1-2025 $37.83M $145.862M $23.379M $122.483M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-2.084M ▲ $-67K ▲ $-1.391M ▲ $-158K ▼ $-2.521M ▲ $-1.458M ▲
Q4-2025 $-2.899M ▼ $-2.302M ▼ $-2.818M ▼ $251K ▲ $-4.882M ▼ $-5.12M ▼
Q3-2025 $-643K ▲ $-1.605M ▲ $-2.116M ▼ $-114K ▼ $-2.957M ▲ $-3.261M ▲
Q2-2025 $-1.028M ▼ $-5.873M ▼ $-321K ▲ $594K ▲ $-4.762M ▲ $-6.194M ▼
Q1-2025 $660K $2.38M $-10.812M $-106K $-11.329M $2.183M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q1-2026
Contactors
Contactors
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Services
Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Systems
Systems
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Products
Products
 $0 ▲$0 ▲$20.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past several years but seems to have stalled more recently, suggesting the big growth spurt may be pausing. Profitability went from roughly breakeven a few years ago to very strong in the prior year, then dropped back toward break-even or slight loss in the most recent period. That pattern points to a business with powerful operating leverage: when demand is strong, profits ramp quickly, but when growth slows or pricing/mix shifts, earnings can swing down just as fast. Overall, the income statement shows a company that has proven it can be very profitable, but with earnings that are quite sensitive to changes in semiconductor demand and spending levels.

Balance Sheet

Balance Sheet The balance sheet has strengthened steadily over time. Assets and shareholder equity have expanded, reflecting past growth and retained profits. Cash has built up over several years and remains solid, even though it dipped from the prior peak, which still suggests a comfortable liquidity position. Debt is very low and largely unchanged, so the company is not heavily reliant on borrowing. In plain terms, Aehr looks financially sturdy, with a light debt load and a margin of safety from its cash and equity base, giving it room to navigate industry cycles and continue investing.

Cash Flow

Cash Flow Cash generation has been modest and somewhat uneven. Operating cash flow has hovered around breakeven, turning slightly positive in stronger years and slightly negative more recently, which is a contrast to the spike in reported earnings in the prior year. Free cash flow follows the same pattern because capital spending is very light, underscoring an asset-light model. The key takeaway is that this is not yet a consistently strong cash machine; cash flows tend to mirror the swings in orders and working capital needs. Investors should watch whether the company can turn its occasional profit surges into steadier, more reliable cash generation over time.

Competitive Edge

Competitive Edge Aehr occupies a specialized, technically demanding niche in semiconductor testing, particularly for wafer-level burn-in of high-power devices used in electric vehicles, power electronics, and AI chips. Its FOX platform and proprietary WaferPak and DiePak technologies create meaningful differentiation and recurring consumable revenue, backed by a sizeable patent portfolio. The acquisition of Incal has broadened its reach into ultra-high-power package-level burn-in, giving it an unusual end‑to‑end offering for AI and high-performance processors. Aehr appears to enjoy early-mover advantages and deep customer relationships in silicon carbide and emerging AI test applications, but it still operates in a cyclical, highly competitive space with much larger test-equipment players. Its niche strength and technical depth are clear, yet scale, customer concentration, and industry cyclicality remain key strategic risks.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of Aehr’s strategy. The company has pioneered full wafer-level burn-in, advanced thermal control, and high-power configurations that support demanding applications like EV power devices, AI accelerators, and optical interconnects. Its FOX-XP, Sonoma, WaferPak, and DiePak platforms show a consistent focus on higher power, parallel testing, and reliability. Management is signaling increased investment in R&D to extend these capabilities into areas such as gallium nitride, silicon photonics, and advanced memory. This creates meaningful upside potential if new applications scale, but also raises the typical innovation risks: higher spending ahead of revenue, the need to keep pace with rapid technology change, and dependence on successful adoption by a relatively small number of leading-edge customers.

Summary

Aehr Test Systems is a small but strategically positioned player in the semiconductor ecosystem, focused on reliability testing for some of the fastest-growing chip segments. Financially, it has moved from a tiny base to periods of strong growth and high profitability, but results have become choppier recently, highlighting its exposure to swings in customer demand and order timing. The balance sheet is a strong point, with low debt and solid cash, giving the company room to invest through cycles. Cash flow is more volatile and has not yet matched the peaks in accounting profits, which is worth watching. Competitively, Aehr’s specialized technology, patents, and early positioning in silicon carbide and AI give it a real edge in its niche, though it still faces the usual pressures of a cyclical, competitive semiconductor equipment market. Overall, the story is one of a niche technology leader with a healthy financial base, meaningful innovation-driven opportunity, and pronounced sensitivity to industry cycles and customer adoption rates.

NEWS

November 12, 2025 · 7:30 AM UTC

Aehr Seeing Momentum in Package-Level Burn-In Alongside Expanding Wafer-Level Burn-in Demand

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November 3, 2025 · 7:30 AM UTC

Aehr Test Systems and ISE Labs Announce Partnership on Wafer-Level Test and Burn-in for High-Performance Computing and Artificial Intelligence Processors

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October 6, 2025 · 4:05 PM UTC

Aehr Test Systems Reports Fiscal 2026 First Quarter Financial Results; Strong AI and Data Center-Related Semiconductor Test and Burn-in Activity Underscores Multi-Year Market Opportunity

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September 29, 2025 · 7:30 AM UTC

Aehr Test Systems to Announce First Quarter Fiscal 2026 Financial Results on October 6, 2025

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September 18, 2025 · 7:30 AM UTC

Aehr Test Systems to Participate in 17th Annual CEO Investor Summit 2025 in Phoenix, AZ

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