FREMONT, CA / ACCESS Newswire / November 2, 2026 / Aehr Test Systems (NASDAQ:AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced financial results for its first quarter of fiscal 2027 ended September 25, 2026.
Fiscal First Quarter Financial Results:
- Record revenue was $33.0 million, up 200% from $11.0 million in the first quarter of fiscal 2026 and 75% sequentially.
- GAAP gross margin was 47.5%, and non-GAAP gross margin was 48.5%.
- GAAP net income was $7.2 million, or $0.21 per diluted share, compared with a GAAP net loss of $(2.1) million, or $(0.07) per diluted share, in the first quarter of fiscal 2026.
- Non-GAAP net income, which excludes stock-based compensation and acquisition-related adjustments, was $9.4 million, or $0.28 per diluted share, compared with non-GAAP net income of $0.2 million, or $0.01 per diluted share, in the first quarter of fiscal 2026. Non-GAAP net income increased approximately 163% sequentially.
- Bookings were $46.7 million, representing a book-to-bill ratio of approximately 1.4.
- Backlog was $100.9 million as of September 25, 2026. Effective backlog, including bookings received after quarter end, was $109.3 million as of November 1, 2026.
- Cash, cash equivalents and restricted cash totaled $105.1 million as of September 25, 2026, compared to $116.5 million as of May 29, 2026.
An explanation of the use of non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures are included in the accompanying financial tables.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"Our fiscal first quarter results demonstrate the accelerating demand for our AI semiconductor test and burn-in solutions and our ability to execute against expanding customer production requirements. Revenue increased 200% year over year and 75% sequentially to a record $33.0 million, while bookings of $46.7 million exceeded revenue by over 40%, reflecting continued strong demand for our wafer-level and package-level burn-in solutions.
"Based on our first quarter performance, substantial backlog, and visibility into customer production requirements, we are raising our fiscal 2027 revenue outlook to $150 million, compared with our previous guidance range of $130 million to $150 million. We expect non-GAAP net income of at least 20% of revenue for fiscal year 2027.
"Demand for our FOX™ wafer-level burn-in (WLBI) solutions remains strong. Our lead AI processor WLBI production customer continues to expand capacity, supported by the $22 million follow-on order announced in August 2026. We have also made significant progress with a major supplier of AI accelerators, CPUs, and network processors that successfully completed a benchmark evaluation last quarter. This customer has decided to purchase a fully configured FOX-XP WLBI test cell for installation at one of its key Outsourced Semiconductor Assembly and Test (OSAT) partners in Taiwan, where the system will be evaluated in a high-volume production environment using the same device that was successfully tested in last quarter's benchmark. Installation is planned for early calendar 2027, with a decision regarding high-volume production anticipated within several months following installation and validation. We believe this customer represents one of the largest potential burn-in system opportunities Aehr has ever pursued, with significant potential across multiple product lines and manufacturing locations.
"Our Sonoma high-power package-level burn-in (PLBI) business is also expanding rapidly. We are currently shipping and installing more than a dozen systems per month to support our lead hyperscale customer's production ramp for its first AI processor. The same customer's second AI processor has now successfully completed qualification on Sonoma, and we have received follow-on orders to support initial production sampling and an anticipated production ramp in calendar 2027. Importantly, the customer forecasts that this second processor will ultimately reach higher production volumes than its first. We are also advancing evaluations with additional AI processor suppliers and hyperscale customers, creating opportunities for new production programs.
"Another important development is the significant diversification of our customer base. Historically, we had only a handful of customers with the potential to generate significant production orders. Today, we see that potential across more than a dozen customers spanning AI processors, silicon photonics, silicon carbide, gallium nitride, and other applications.
"With existing customers expanding production, new AI processor programs advancing toward high-volume production, and an increasingly diversified pipeline of opportunities, we believe Aehr is exceptionally well positioned to capitalize on the growing need for advanced semiconductor test and burn-in solutions over the next several years."
Financial Guidance
For fiscal 2027 ending June 25, 2027, Aehr now expects:
- Revenue of $150 million, compared with its previous guidance range of $130 million to $150 million.
- Non-GAAP net income of at least 20% of revenue.
The updated revenue outlook represents 200% growth over fiscal 2026.
The increased outlook reflects Aehr's strong first quarter performance, substantial backlog, increasing visibility into existing customer production programs, and anticipated production and delivery schedules. Aehr continues to pursue additional opportunities with existing and prospective customers that could support additional growth in fiscal 2027 and beyond.
Management Conference Call and Webcast:
Aehr Test Systems will host a conference call and webcast today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss its first quarter fiscal 2027 financial results. To access the live call, dial +1 888-506-0062 (US and Canada) or +1 973-528-0011 (International) and give the participant passcode 953740. In addition, a live and archived webcast of the conference call will be available over the Internet at www.aehr.com in the Investor Relations section and may also be accessed by clicking here. A phone replay of the call will be available approximately two hours following the end of the live call and will remain available for one week. To access the call replay, dial +1 877-481-4010 (US and Canada) or +1 919-882-2331 (International) and enter replay passcode 54635.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including advanced AI processors, silicon photonics, data and telecommunications infrastructure, electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, and solid-state memory and storage are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-P™ families of test and burn-in systems and the FOX WaferPak™Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm, enabling IC manufacturers to perform test, burn-in, and stabilization of full wafers on FOX-P systems. The FOX DiePak Carrier allows testing, burn-in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Through its acquisition of Incal Technology, Inc., Aehr added a line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, which position Aehr within the rapidly growing AI market as a turnkey provider of reliability and test solutions that span from engineering to high-volume production.
