Aehr Test Systems Reports Record First Quarter Fiscal 2027 Revenue of $33.0 Million; Raises Full-Year Revenue Outlook to $150 Million, Triple Fiscal 2026…
AEHR TEST SYSTEMS (AEHR) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 Contacts: Aehr Test Systems PondelWilkinson Chris Siu Todd Kehrli Chief Financial Officer Investor Contact csiu@aehr.com tkehrli@pondel.com Aehr Test Systems Reports Record First Quarter Fiscal 2027 Revenue of $33.0 Million; Raises Full-Year Revenue Outlook to $150 M
How this was made
The 30-second read
Why it matters
The earnings beat and raised outlook provide fresh, material information that can move the stock.
Market read
The report underscores accelerating AI chip demand, a macro trend driving investor interest in semiconductor equipment.
What to watch
Backlog quality and customer concentration risk could temper upside if key customers delay volume.
Record First Quarter Fiscal 2027 Revenue of $33.0 Million; Raises Full-Year Revenue Outlook to $150 Million, Triple Fiscal 2026 Revenue
Revenue reached a record $33.0 million, up 200% year over year and 75% sequentially; bookings exceeded revenue; profitability turned positive; and the company raised its fiscal 2027 revenue outlook to $150 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 25, 2026GAAP | $33.01M | 75% | 200% |
| Cost of revenue, three months ended September 25, 2026GAAP | $17.34M | – | – |
| Gross profit, three months ended September 25, 2026GAAP | $15.66M | – | – |
| Gross margin, three months ended September 25, 2026GAAP | 47.5% | – | – |
| Gross margin, three months ended September 25, 2026non-GAAP | 48.5% | – | – |
| Non-GAAP gross profit, three months ended September 25, 2026non-GAAP | $16.02M | – | – |
| Research and development expense, three months ended September 25, 2026GAAP | $4.14M | – | – |
| Selling, general and administrative expense, three months ended September 25, 2026GAAP | $5.47M | – | – |
| Total operating expenses, three months ended September 25, 2026GAAP | $9.62M | – | – |
| Non-GAAP operating expenses, three months ended September 25, 2026non-GAAP | $7.80M | – | – |
| Income (loss) from operations, three months ended September 25, 2026GAAP | $6.05M | – | – |
| Non-GAAP income (loss) from operations, three months ended September 25, 2026non-GAAP | $8.22M | – | – |
| Interest income, net, three months ended September 25, 2026GAAP | $899K | – | – |
| Income (loss) before income tax benefit, three months ended September 25, 2026GAAP | $6.93M | – | – |
| Net income (loss), three months ended September 25, 2026GAAP | $7.18M | – | – |
| Non-GAAP net income (loss), three months ended September 25, 2026non-GAAP | $9.36M | approximately 163% | – |
| Diluted net income (loss) per share, three months ended September 25, 2026GAAP | $0.21 | – | – |
| Non-GAAP income (loss) per diluted share, three months ended September 25, 2026non-GAAP | $0.28 | – | – |
| Bookingsother | $46.7M | – | – |
| Book-to-bill ratioother | approximately 1.4 | – | – |
| Backlog as of September 25, 2026other | $100.9M | – | – |
| Effective backlog as of November 1, 2026other | $109.3M | – | – |
| Cash, cash equivalents and restricted cash, end of periodother | $105.1M | – | – |
| Net cash used in operating activities, three months ended September 25, 2026other | −$3.05M | – | – |
| Net cash used in investing activities, three months ended September 25, 2026other | −$49K | – | – |
| Net decrease in cash, cash equivalents and restricted cash, three months ended September 25, 2026other | −$7.41M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
fiscal 2027 ending June 25, 2027 outlook
- Revenue$150 million
- NoteNon-GAAP net income of at least 20% of revenue.
- NoteThe updated revenue outlook represents 200% growth over fiscal 2026.
Capital returns
- Shares repurchased for tax withholdings on vesting of restricted stock units: $(4,474) for the three months ended September 25, 2026.
- Proceeds from issuance of common stock under employee plans: $337 for the three months ended September 25, 2026.
- Payments for common stock issuance costs related to the public offering: $(161) for the three months ended September 25, 2026.
What drove it
- Bookings of $46.7 million exceeded revenue by over 40%, reflecting demand for wafer-level and package-level burn-in solutions.
- The lead AI processor wafer-level burn-in production customer continued to expand capacity, supported by a $22 million follow-on order announced in August 2026.
- A major supplier of AI accelerators, CPUs, and network processors decided to purchase a fully configured FOX-XP WLBI test cell for installation at an OSAT partner in Taiwan.
- The company was shipping and installing more than a dozen Sonoma systems per month for its lead hyperscale customer's first AI processor ramp.
- The lead hyperscale customer's second AI processor completed Sonoma qualification, and Aehr received follow-on orders for initial production sampling and an anticipated calendar 2027 ramp.
- Management cited potential significant production orders across more than a dozen customers spanning AI processors, silicon photonics, silicon carbide, gallium nitride, and other applications.
Concerns
- Operating cash flow was negative at $(3,054) for the three months ended September 25, 2026.
- Accounts receivable and inventories increased to $26,630 and $53,120, respectively, as of September 25, 2026.
- Management identified the non-binding nature of customer forecasts and the possibility that orders are canceled, rescheduled, or delayed as risks.
- Management identified macroeconomic, trade, tariff, geopolitical, semiconductor, AI, silicon carbide, GaN, and memory-market conditions as risks.
What to watch
- Installation of the FOX-XP WLBI test cell at the Taiwan OSAT partner, planned for early calendar 2027, and the subsequent high-volume production decision.
- Production ramp timing for the hyperscale customer's second AI processor, which the customer forecasts will ultimately reach higher production volumes than its first processor.
- Conversion of the $100.9 million backlog at September 25, 2026 and $109.3 million effective backlog at November 1, 2026 into revenue.
- Delivery schedules and additional opportunities with existing and prospective customers that management says could support further fiscal 2027 growth.
- Operating cash flow and working-capital movements as receivables and inventory rose during the quarter.
Balance sheet and cash flow
- 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.
- Cash and cash equivalents were $104,902 as of September 25, 2026, compared with $116,358 as of May 29, 2026.
- Accounts receivable were $26,630 as of September 25, 2026, compared with $17,473 as of May 29, 2026.
- Inventories were $53,120 as of September 25, 2026, compared with $41,354 as of May 29, 2026.
- Total assets were $258,782 as of September 25, 2026, compared with $246,694 as of May 29, 2026.
- Total liabilities were $36,670 as of September 25, 2026, compared with $27,183 as of May 29, 2026.
- Total shareholders' equity was $222,112 as of September 25, 2026, compared with $219,511 as of May 29, 2026.
- Net cash used in operating activities was $(3,054) for the three months ended September 25, 2026, including $(10,686) from accounts receivable and $(9,037) from inventories.
Analysis
Aehr reported a record first quarter of fiscal 2027. 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%. The company moved from a GAAP net loss of $(2.1) million, or $(0.07) per diluted share, in the first quarter of fiscal 2026 to GAAP net income of $7.2 million, or $0.21 per diluted share. Non-GAAP net income was $9.4 million, or $0.28 per diluted share, compared with $0.2 million, or $0.01 per diluted share, in the prior-year period.
Demand indicators remained strong. Bookings were $46.7 million and the book-to-bill ratio was approximately 1.4. Backlog was $100.9 million as of September 25, 2026, while effective backlog, including bookings received after quarter end, reached $109.3 million as of November 1, 2026. Management attributed the demand to wafer-level and package-level burn-in applications, including capacity expansion at its lead AI processor customer and Sonoma shipments to a lead hyperscale customer.
The quarter showed sizable working-capital investment. Net cash used in operating activities was $(3,054), compared with $(282) in the comparable prior-year period. Accounts receivable rose to $26,630 from $17,473 as of May 29, 2026, and inventories rose to $53,120 from $41,354. Cash, cash equivalents and restricted cash ended at $105.1 million, compared with $116.5 million as of May 29, 2026. The company also reported $(4,474) of shares repurchased for tax withholdings on vesting of restricted stock units.
Management raised fiscal 2027 revenue guidance to $150 million from its previous range of $130 million to $150 million and expects non-GAAP net income of at least 20% of revenue. The update is tied to first-quarter performance, backlog, visibility into existing production programs, and anticipated delivery schedules. Key execution points are the early-calendar-2027 Taiwan FOX-XP installation and subsequent production decision, the anticipated production ramp for the hyperscale customer's second AI processor, and conversion of backlog while managing receivables and inventory.
Management, verbatim
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.
Gayn Erickson, President and CEO
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.
Gayn Erickson, President and CEO
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.
Gayn Erickson, President and CEO
Not in the filing
stated, not guessed- Segment revenue disclosure
- Free cash flow
- Debt balance
- Dividend declaration or dividend payment
- GAAP and non-GAAP operating margin
- Guidance for gross margin, operating expenses, and tax rate
- Prior-release outlook section for formal actual-versus-prior-guidance comparison
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
AEHR Test Systems, a Nasdaq‑listed provider of semiconductor test and burn‑in solutions, filed an 8‑K reporting its Q1 FY2027 results and updated guidance.
Ticker impact
AEHR reported record Q1 FY2027 revenue of $33.0 M and raised full‑year revenue guidance to $150 M.
upward pressure as the market prices in the raised guidance
The company’s revenue jumped 200% YoY and it increased its FY2027 outlook, indicating higher future cash flow and market share gains.
Market effects
Strengthens the AI semiconductor test and burn‑in niche, potentially benefiting peers in the AI hardware supply chain.
Positive for US semiconductor equipment makers and related supply‑chain stocks.
Highlights growing global demand for AI chip testing, supporting broader AI hardware investment themes.
Counterpoint
If the raised guidance is already priced in, the stock may face short‑term profit‑taking.
Key entities
- ExecutiveGayn Erickson
President and CEO who commented on the results and guidance.
