Overview

• US semiconductor test equipment maker's fiscal Q4 revenue rose yr/yr, slightly beating analyst expectations

• Adjusted net income for fiscal Q4 returned to profit and beat consensus

• Company reported record quarterly bookings and strong backlog, projecting sharp revenue growth in fiscal 2027

Outlook

• Aehr Test Systems projects fiscal 2027 revenue of $130 mln to $150 mln, representing approximately 160%-200%

• Company expects fiscal 2027 non-GAAP net income to be 18% to 22% of revenue

• Company sees strong demand from AI, silicon photonics, and power semiconductor markets driving growth

Result Drivers

• RECORD BOOKINGS - Co cited record quarterly bookings and a strong backlog as key drivers of Q4 results

• AI DEMAND - Accelerating demand from AI-related applications, including ramping by lead AI production customer, drove increased forecasted capacity needs for FOX WLBI solutions

• SILICON PHOTONICS & POWER SEMIS - Growth in silicon photonics and silicon carbide power semiconductor markets contributed to higher orders, especially for electric vehicles and data center interconnects

Company press release: ID:nACSsT3sxa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Sales	Slight Beat*	$18.84 mln	$18.69 mln (4 Analysts)
Q4 Adjusted Net Income	Beat	$3.55 mln	-$212,000 (4 Analysts)
Q4 Net Income		$1.39 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the semiconductor equipment & testing peer group is "buy"

• Wall Street's median 12-month price target for Aehr Test Systems is $68.00, about 0% below its July 13 closing price of $68.02

• The stock recently traded at 453 times the next 12-month earnings vs. a P/E of 448 three months ago

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