Aehr Test Systems Earnings Signal AI-Led Revenue Surge

Aehr Test Systems earnings, reported on July 14, 2026, showed record quarterly bookings and an effective backlog that supports a bullish fiscal 2027 revenue outlook driven by accelerating demand for AI processors and data‑center infrastructure.

Quarter Results and Order Momentum

Aehr Test Systems (NASDAQ: AEHR) reported fiscal 2026 fourth-quarter and full-year results for the period ended May 29, 2026, in a press release and Form 8-K filed July 14. The company posted net revenue of $18.8 million for the quarter and returned to GAAP profitability with net income of $1.4 million and diluted GAAP earnings per share of $0.04. On a non-GAAP basis, excluding stock-based compensation and acquisition-related items, Aehr reported net income of $3.6 million, or $0.11 per diluted share, surpassing Street expectations.

The quarter produced record bookings of $60.7 million, leaving a backlog of $80.6 million and an effective backlog of $100.6 million, which includes post-quarter orders. Aehr ended the period with $116.5 million in cash, cash equivalents, and restricted cash, up from $37.1 million at the prior quarter end.

For the full fiscal year ended May 29, 2026, Aehr reported revenue of $50 million, down from $59 million the previous year. The company posted a GAAP net loss of $7.1 million, or $0.23 per diluted share, and non-GAAP net income of $0.9 million, or $0.03 per diluted share. Non-GAAP gross margin declined to 38.5% from 44.0% in fiscal 2025. Cash used in operating activities totaled $3.3 million for the year.

Guidance and Strategic Drivers

Aehr issued fiscal 2027 revenue guidance of $130 million to $150 million for the year ending June 25, 2027, targeting non-GAAP pretax net income of 18% to 22% of revenue. This implies roughly 160% to 200% year-over-year growth, or about 2.6 to 3.0 times fiscal 2026 revenue. Management said the outlook reflects the current effective backlog and expected customer demand from existing production programs, noting the range could increase if additional orders are secured.

Executives described fiscal 2026 as a transition year, shifting the primary revenue base from electric-vehicle silicon carbide applications to AI processors and data-center infrastructure. Fourth-quarter momentum was driven by FOX systems and WaferPak contactors shipped to AI and data-center customers, along with orders for silicon photonics and power semiconductors. Aehr positions its wafer-level and package-level burn-in solutions as critical to the reliability of these devices.

The company also noted legal and corporate developments. A Beijing office upheld two of Aehr’s Chinese patents, a decision described as critical to ongoing litigation with SemiE. The case remains active and is expected to generate additional legal expenses in coming quarters. Separately, a Form 4 filing shows executive Vernon Rogers exercised options to acquire 40,000 common shares at $1.635 per share over July 13–14, 2026.

Management said Aehr is well positioned for significant growth in fiscal 2027 and beyond, citing the order funnel and guidance as evidence of momentum.

Management reported the company “completed a transition year, shifting its primary revenue base from electric vehicle silicon carbide applications to AI and data center infrastructure.”