Key Highlights

  • Record Revenue was USD 33.0 million, up 200% from USD 11.0 million a year earlier and 75% sequentially.
  • GAAP Net Income was USD 7.2 million, or USD 0.21 per diluted share, versus a loss of USD 0.07.
  • Bookings were USD 46.7 million, a book-to-bill ratio of about 1.4, and effective Backlog reached USD 109.3 million.
  • Fiscal 2027 revenue outlook rose to USD 150 million from a prior USD 130 million to USD 150 million range.

Record Quarter

Aehr Test Systems (NASDAQ:AEHR) reported record first-quarter fiscal 2027 revenue of USD 33.0 million for the period ended September 25, 2026, up 200% from USD 11.0 million and 75% from the prior quarter. GAAP gross Margin was 47.5% and non-GAAP gross margin was 48.5%.

GAAP net income was USD 7.2 million, or USD 0.21 per diluted share, compared with a net loss of USD 2.1 million, or USD 0.07. Non-GAAP net income was USD 9.4 million, or USD 0.28 per diluted share, versus USD 0.2 million, or USD 0.01, and rose about 163% sequentially. By our calculation, GAAP net income was about 21.8% of revenue and non-GAAP net income about 28.5%, above the company's stated target of at least 20% for the fiscal year.

Bookings, Backlog and Cash

Bookings were USD 46.7 million, a book-to-bill ratio of about 1.4, exceeding revenue by over 40% on continued strong Demand for wafer-level and package-level burn-in solutions. Backlog was USD 100.9 million at September 25, and effective backlog, including bookings received after quarter end, was USD 109.3 million as of November 1. Cash, cash equivalents and restricted cash totaled USD 105.1 million versus USD 116.5 million on May 29, 2026, a decline of about USD 11.4 million. Effective backlog adds bookings received after quarter end.

Customer Programs

Chief executive Gayn Erickson said the lead AI processor wafer-level burn-in customer continues to expand capacity, supported by a USD 22 million follow-on order announced in August 2026. A major supplier of AI accelerators, CPUs and network processors completed a benchmark evaluation last quarter and decided to purchase a fully configured FOX-XP wafer-level burn-in test cell for an outsourced assembly and test partner in Taiwan, with installation planned for early calendar 2027 and a high-volume production decision anticipated within several months after validation.

The company is shipping and installing more than a dozen Sonoma high-power package-level burn-in systems per month for its lead hyperscale customer. That customer's second AI processor has completed qualification on Sonoma, with follow-on orders received for initial production sampling and a production ramp anticipated in calendar 2027. Management said the potential for significant production orders now spans more than a dozen customers across AI processors, silicon photonics, silicon carbide and gallium nitride.

For the fiscal year ending June 25, 2027, management now projects revenue of USD 150 million, compared with a previous range of USD 130 million to USD 150 million, which the company described as triple fiscal 2026 revenue. It expects non-GAAP net income of at least 20% of revenue for the fiscal year.

Signposts for Fiscal 2027

Management said bookings received after quarter end and a growing pipeline of AI processor programs support its visibility. Items to track include the Taiwan OSAT installation and production decision, conversion of backlog into shipments, the second AI processor ramp and customer diversification.