AEHR · Aehr Test Systems

Aehr Test Systems reported third quarter fiscal 2026 results showing revenue of $10.3 million, down from $18.3 million in the prior year quarter, amid a GAAP net loss of $3.2 million or $0.10 per diluted share, compared to a $0.6 million loss last year. Non-GAAP net loss was $1.5 million or $0.05 per share, versus non-GAAP net income of $2.0 million previously. Despite softer revenue, the company achieved robust bookings of $37.2 million, yielding a book-to-bill ratio over 3.5x, with backlog at $38.7 million and effective backlog of $50.9 million including post-period bookings. Cash position strengthened to $37.1 million from $31.0 million last quarter, though nine-month operating cash use was $5.1 million.

Management highlighted accelerating demand in AI and data center infrastructure, with production orders for WLBI systems from lead AI processor customer and a new silicon photonics win for hyperscale optical interconnects. In PLBI, the lead hyperscale customer awarded Sonoma systems for next-gen AI accelerators, with a significant follow-on order expected in FY2027. Additional opportunities span hyperscalers, AI accelerators, edge AI, and foundries. The company is scaling manufacturing capacity, including a new facility for over 20 Sonoma systems monthly.

Guidance reiterates H2 FY2026 revenue of $25-30 million and non-GAAP loss per share of $(0.09) to $(0.05), with full-year revenue at the high end of $45-50 million and H2 bookings at the high end of $60-80 million. Separately, the Board approved shifting fiscal year end to the Friday nearest June 30 from May 31, effective FY2027 starting June 27, 2026, with a 28-day transition period reported in Q1 FY2027 10-Q, aligning better with industry calendars.