AEHR TEST SYSTEMS AEHR
Aehr Test Systems, Inc. ("Aehr Test," "Aehr," or "we") was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package level, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors. The applications include artificial intelligence ("AI"), High Performance Compute ("HPC") data centers, E-mobility (electric vehicles), electric vehicle charging infrastructure, solar and wind power, data and telecommunications infrastructure, and solid-state memory storage. The trend is driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products and solutions. We have developed and introduced several innovative products including the FOX-PTM family of test and burn-in systems and FOX WaferPakTM 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 gallium nitride 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 used in AI. 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 that enables integrated circuits ("ICs"), manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burn-in, and stabilization of singulated bare die and modules up to 1,024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. The introduction of the High Power FOX-XP in connection with the Sonoma Ultra high-power package level reliability/burn-in test solutions and Sonoma Ultra Automated Loader and Unloader enable Aehr the unique ability to deliver wafer level test and burn-in and package level burn-in for AI accelerators, GPUs, and HPC processors. The combination positions us well within the rapidly growing AI market as a turn-key provider of reliability and testing that span from engineering to high volume production. In combination with Sonoma, Tahoe and Echo package level burn-in systems, we provide a full range of solutions for semiconductor devices.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.0M | $59.0M | $66.2M | $65.0M | $50.8M | $16.6M | $22.3M | $21.1M | $29.6M | $18.9M |
| Cost of revenue | $32.4M | $35.0M | $33.7M | $32.2M | $27.2M | $10.6M | $13.9M | $13.5M | $17.2M | $12.1M |
| Gross profit | $17.7M | $23.9M | $32.5M | $32.7M | $23.7M | $6.0M | $8.4M | $7.6M | $12.4M | $6.8M |
| R&D | $12.6M | $10.5M | $8.7M | $7.1M | $5.8M | $3.7M | $3.4M | $4.2M | $4.2M | $4.7M |
| SG&A | $19.2M | $18.3M | $13.7M | $12.2M | $10.0M | $6.6M | $7.5M | $7.7M | $7.3M | $7.1M |
| Total operating expenses | $31.8M | $29.6M | $22.5M | $19.4M | $15.9M | $10.2M | $11.1M | $12.6M | $11.5M | $11.7M |
| Operating income | -$14.1M | -$5.7M | $10.1M | $13.4M | $7.8M | -$4.2M | -$2.8M | -$5.0M | $915.0K | -$4.9M |
| Interest expense | $1.4M | $1.4M | $2.4M | $1.2M | $13.0K | $46.0K | $10.0K | $252.0K | $399.0K | $678.0K |
| Pre-tax income | -$11.7M | -$4.3M | $12.5M | $14.6M | $9.5M | -$2.2M | -$2.8M | -$5.2M | $455.0K | -$5.6M |
| Income tax | $4.6M | $381.0K | $20.7M | $60.0K | $91.0K | $177.0K | $36.0K | $27.0K | $73.0K | $25.0K |
| Net income | -$7.1M | -$3.9M | $33.2M | $14.6M | $9.4M | -$2.0M | -$2.8M | -$5.2M | $528.0K | -$5.7M |
| EPS, basic | -0.23 | -0.13 | 1.15 | 0.52 | 0.36 | -0.09 | -0.12 | -0.23 | 0.02 | -0.35 |
| EPS, diluted | -0.23 | -0.13 | 1.12 | 0.50 | 0.34 | -0.09 | -0.12 | -0.23 | 0.02 | -0.35 |
| Shares, diluted (wtd. avg.) | 30.7M | 29.6M | 29.6M | 29.2M | 27.8M | 23.5M | 22.9M | 22,387 | 22,782 | 16,267 |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $116.4M | $24.5M | $49.3M | $30.2M | $31.6M | $4.7M | $5.5M | $5.5M | $16.9M | $17.9M |
| Short-term investments | — | — | $0 | $17.9M | — | — | — | — | — | — |
| Receivables | — | — | — | — | $12.9M | $5.2M | $3.7M | $4.9M | $2.9M | $4.0M |
| Inventory | $41.4M | $42.0M | $37.5M | $23.9M | $15.1M | $8.8M | $8.0M | $9.1M | $9.0M | $6.6M |
| Total current assets | $184.4M | $88.8M | $97.8M | $89.0M | $60.0M | $19.2M | $17.7M | $20.0M | $29.5M | $29.4M |
| Property, plant and equipment | $8.9M | $9.0M | $3.3M | $2.8M | $1.2M | $677.0K | $663.0K | $1.0M | $1.2M | $1.4M |
| Goodwill | $10.7M | $10.7M | $0 | — | — | — | — | — | — | — |
| Other intangibles | $9.6M | $10.8M | $0 | — | — | — | — | — | — | — |
| Total assets | $246.7M | $148.5M | $127.9M | $98.1M | $62.3M | $21.7M | $20.6M | $21.3M | $31.0M | $30.9M |
| Accounts payable | $6.8M | $6.7M | $5.3M | $9.2M | $4.2M | $2.9M | $945.0K | $1.9M | $1.8M | $2.8M |
| Short-term debt | — | — | — | — | $0 | $1.7M | $653.0K | $0 | $6.1M | $0 |
| Total current liabilities | $17.9M | $15.6M | $10.5M | $16.3M | $11.0M | $9.1M | $3.9M | $5.5M | $11.1M | $7.9M |
| Long-term debt | — | — | — | — | — | $0 | $1.0M | $0 | $0 | $6.1M |
| Total liabilities | $27.2M | $25.6M | $16.3M | $22.5M | $11.3M | $10.2M | $6.5M | $5.9M | $11.7M | $14.1M |
| Retained earnings | -$30.2M | -$23.1M | -$19.1M | -$52.3M | -$66.9M | -$76.3M | -$74.3M | -$71.5M | -$66.2M | -$66.8M |
| Total equity | $219.5M | $122.9M | $111.6M | $75.6M | $51.0M | $11.4M | $14.1M | $15.5M | $19.3M | $16.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.3M | -$7.4M | $1.8M | $10.0M | $1.5M | -$2.7M | -$2.0M | -$5.6M | -$1.4M | -$4.5M |
| Depreciation and amortisation | $1.5M | $1.0M | $700.0K | $500.0K | $400.0K | $310.0K | $384.0K | $431.0K | $417.0K | $271.0K |
| Stock-based compensation | $6.8M | $5.2M | $2.5M | $2.7M | $3.0M | $1.1M | $910.0K | $905.0K | $996.0K | $999.0K |
| Capital expenditure | $2.1M | $5.0M | $749.0K | $1.4M | $416.0K | $227.0K | $163.0K | $173.0K | $572.0K | $477.0K |
| Investing cash flow | -$3.9M | -$16.1M | $17.3M | -$18.7M | -$416.0K | -$227.0K | -$163.0K | -$173.0K | -$572.0K | -$477.0K |
| Financing cash flow | $97.2M | $625.0K | $139.0K | $7.3M | $25.8M | $2.0M | $2.2M | -$5.6M | $925.0K | $21.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001654954-26-006919.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.9M | $29.6M | $21.1M | $22.3M | $16.6M | $50.8M | $65.0M | $66.2M | $59.0M | $50.0M |
| Gross profit | $6.8M | $12.4M | $7.6M | $8.4M | $6.0M | $23.7M | $32.7M | $32.5M | $23.9M | $17.7M |
| Net income | -$5.7M | $528.0K | -$5.2M | -$2.8M | -$2.0M | $9.4M | $14.6M | $33.2M | -$3.9M | -$7.1M |
Recent filings and events
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3825
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| TER | TERADYNE, INC | $48.29B | 89.0x | 13.1% |
| VLTO | Veralto Corp | $25.62B | 27.7x | 6.0% |
| ITRI | ITRON, INC. | $3.84B | 13.5x | -3.0% |
| COHU | COHU INC | $2.27B | — | 12.7% |
| ALNT | ALLIENT INC | $1.49B | 66.4x | 4.6% |
| TRNS | TRANSCAT INC | $766.8M | 143.7x | 19.2% |
| INTT | INTEST CORP | $172.8M | — | -12.9% |
| DAIO | DATA I/O CORP | $25.6M | — | -1.2% |