Aehr Test Systems (AEHR) delivered a strong performance in its first quarter, exceeding both earnings and revenue expectations. The company reported earnings of 7 cents per share, surpassing the analyst consensus estimate of 2 cents. Revenue for the quarter reached $13.12 million, exceeding the consensus estimate of $12.17 million. This positive performance is attributed to strong demand for Aehr’s silicon carbide wafer level burn-in test systems and full wafer contactors, which are key components in various semiconductor applications.
The company’s bookings for the quarter totaled $16.8 million, and its backlog reached $16.6 million as of August 30, 2024. Aehr ended the quarter with $40.8 million in cash, cash equivalents, and restricted cash. This reflects a net cash outflow of $10.6 million during the quarter, primarily due to the acquisition of Incal Technology, Inc.
“We finished the first quarter with revenue and non-GAAP net income ahead of consensus estimates and are off to a good start to our fiscal year. Silicon carbide wafer level burn-in test systems and full wafer contactors are poised to be key contributors to revenue again this year,” stated Gayn Erickson, president and CEO of Aehr Test Systems. “We are also forecasting material bookings and revenue contributions from several other markets this fiscal year, as we are successfully executing on our strategy to expand our test and burn-in products into other large and fast-growing markets such as artificial intelligence processors, gallium nitride power semiconductors, hard disk drive components and flash memory devices,” Erickson added.
Looking ahead, Aehr Test Systems maintained its fiscal year guidance, expecting total revenue of at least $70 million (versus the $71.2 million estimate) and net profit before taxes of at least 10% of revenue. The strong financial results and positive outlook for the company have been well-received by investors, with Aehr Test Systems shares surging over 10% in after-hours trading following the earnings release.
