Key Highlights

  • AEHR posted record first quarter fiscal 2027 Revenue of $33.0 million, up 200% from $11.0 million a year earlier.
  • GAAP Net Income was $7.2 million, or $0.21 per diluted share, against a net loss of $2.1 million a year earlier.
  • Bookings reached $46.7 million, a book-to-bill ratio of about 1.4, with effective Backlog of $109.3 million as of Nov 1, 2026.
  • The fiscal 2027 revenue outlook was raised to $150 million from a prior range of $130 million to $150 million.
  • Cash and restricted cash totaled $105.1 million at Sep 25, 2026, and the company has no debt.

Revenue Triples Year Over Year as AI Burn-In Demand Builds

Aehr Test Systems (NASDAQ:AEHR) reported results for its first quarter of fiscal 2027, which ended Sep 25, 2026, on Nov 2, 2026. Revenue hit a record $33.0 million, up 200% from $11.0 million in the comparable prior-year period and up 75% sequentially. The company makes test and burn-in systems that screen semiconductors for early failures, serving AI processors, silicon photonics, power semiconductors and data centers.

GAAP gross Margin was 47.5%, and non-GAAP gross margin was 48.5%, versus 37.5% on a non-GAAP basis a year earlier. Management credited higher Volume and a better product mix. Consumables, including WaferPak contactors and burn-in modules, brought in $13.5 million, or 41% of revenue, compared with $2.6 million, or 24%, a year earlier.

Operating Leverage Turns a Prior-Year Loss Into $7.2 Million of Net Income

GAAP net income was $7.2 million, or $0.21 per diluted share, versus a net loss of $2.1 million, or $0.07 per share, in the first quarter of fiscal 2026. Income from operations was $6.0 million, compared with an operating loss of $4.1 million. Non-GAAP net income was $9.4 million, or $0.28 per diluted share, against $0.2 million, or $0.01 per share, a year ago.

Non-GAAP operating expenses rose about 36% to $7.8 million from $5.7 million, mainly on added Research and Development for AI-related programs. Operating Activities used $3.1 million of cash as the company bought long-lead components. Cash and restricted cash fell to $105.1 million from $116.5 million at the end of fiscal 2026.

Bookings of $46.7 Million Lift Effective Backlog to $109.3 Million

Bookings of $46.7 million were more than 300% above the $11.4 million booked a year earlier, led by wafer-level burn-in systems and WaferPak contactors. Backlog ended the quarter at $100.9 million, up from $80.6 million at the end of fiscal 2026. Including $8.4 million of orders received after quarter end, effective backlog reached $109.3 million as of Nov 1, 2026.

Management said its lead AI processor customer continues to add capacity, backed by a $22 million follow-on order announced in August 2026. Another major AI accelerator supplier will buy a wafer-level test cell for a Taiwan assembly partner, with installation planned for early calendar 2027. Sonoma package-level shipments to a hyperscale customer exceed a dozen systems monthly.

Fiscal 2027 Outlook Set at $150 Million With 20% Net Margin Floor

For the fiscal year ending Jun 25, 2027, the company now expects revenue of $150 million, up from a prior range of $130 million to $150 million, representing 200% growth over fiscal 2026. It also expects non-GAAP net income of at least 20% of revenue. Management indicated the second quarter is largely covered by existing backlog.

The company flagged risks including the non-binding nature of customer forecasts, possible order delays or cancellations, and geopolitical conditions affecting Taiwan and Southeast Asia. Investors can watch for the Taiwan installation and the production decision expected afterward.