Key Highlights

  • FY2027 revenue forecast lifted to $130 million–$150 million, roughly three times FY2026 levels.
  • AI processor wafer‑level burn‑in now accounts for about 71% of annual revenue.
  • Effective backlog reaches a record $100.6 million.

Aehr Test Systems (NASDAQ: AEHR) lifted its FY2027 revenue outlook to a range of $130 million to $150 million, signaling a potential three‑fold increase from the prior year. Management highlighted that the shift in revenue mix now leans 95% toward non‑electric‑vehicle applications, a reversal from the previous EV‑dominated profile. The new guidance underscores confidence in recent AI processor testing wins while acknowledging the volatility of the automotive segment.

By the Numbers

The latest figures show an accelerated transition away from electric‑vehicle silicon‑carbide work, with non‑EV revenue now representing 95% of the top line. AI processor wafer‑level burn‑in has surged to roughly 71% of total annual revenue, making it the fastest‑growing segment. Concurrently, the firm secured a record effective backlog of $100.6 million, bolstering near‑term visibility.

A recent capital raise contributed approximately $100 million via an at‑the‑market offering, aimed at expanding capacity for larger customers. These metrics collectively suggest that the company is reshaping its portfolio toward higher‑margin AI testing services while reinforcing its balance sheet. The upside potential hinges on sustaining the rapid growth of burn‑in demand.

Segment Detail

The company’s AI processor benchmark test for a top‑tier supplier outperformed traditional package‑level testing, confirming the superiority of wafer‑level burn‑in for temperature control and yield protection in multi‑chip modules. Demand for silicon‑photonic solutions is also climbing as data‑center designs adopt optical I/O, which shortens sales cycles for networking clients. In the silicon‑carbide arena, Aehr captured a Taiwanese automotive customer, beating a Chinese competitor on technical merits and its established reputation in the automotive market.

These wins illustrate the firm’s ability to leverage specialized expertise across emerging semiconductor domains, positioning it to capture incremental market share as AI and photonics applications expand. Continued success will depend on converting benchmark results into volume orders.

Guidance

Looking ahead, Aehr forecasts FY2027 revenue between $130 million and $150 million, implying a 2.6‑fold to 3‑fold lift from FY2026. The company projects a non‑GAAP pretax margin of 18% to 22%, with upside potential should new AI benchmark orders materialize as anticipated. A roadmap to incorporate high‑bandwidth memory and flash into its Sonoma systems is slated for order intake in FY2027, with production ramp‑up expected in FY2028.

The Southeast Asian contract manufacturer is being scaled to deliver 20 Sonoma units per month, reinforcing supply capability for larger customers. If the high‑bandwidth memory segment gains traction, the margin outlook could improve beyond the stated range, enhancing earnings per share expectations.

Market Reaction

In pre‑market trading, AEHR shares slipped 3.6% to $84.62, valuing the company at roughly $2.3 billion. The stock remains up 296.2% year‑to‑date but has fallen 19.1% over the past month, trading within a 52‑week band of $14.01 to $126.62. The market response reflects a blend of optimism over the strong FY2027 guidance and caution regarding the recent shift away from EV silicon‑carbide revenue.

Investors will be watching the upcoming FY2027 earnings release in 2027 for confirmation of the projected revenue surge and margin performance.

This article is for informational purposes only and does not constitute financial advice. Please consult a licensed financial adviser before making investment decisions.