0001654954-26-006919
SEC filingAehr Test Systems holds $116.4M cash and $41.4M inventory with no debt; operating lease commitments total $13.7M and purchase obligations are immaterial.
As of May 29, 2026, Aehr Test Systems held $116.4 million in cash and cash equivalents, a substantial increase from $24.5 million at the end of the prior fiscal year. The company has no short-term or long-term debt, with total liabilities of $27.2 million primarily consisting of operating lease liabilities ($9.9 million) and deferred revenue ($5.2 million). Inventories remained elevated at $41.4 million, which the auditor highlighted as a critical audit matter due to the significant judgment involved in estimating excess and obsolete inventory adjustments. Total shareholders' equity rose to $219.5 million, driven by a $97.1 million net raise from public offerings.
The company's only significant contractual commitments are operating leases for real estate. As of May 29, 2026, total future minimum operating lease payments were $13.7 million, with $1.3 million due in fiscal 2027. The weighted average remaining lease term is 9.2 years and the weighted average discount rate is 6.93%. In Note 9, management stated that unconditional purchase obligations with a remaining term in excess of 12 months were not material, so no significant supply or capacity commitments were disclosed.
No share repurchase program or dividend was disclosed; the only share repurchases were for tax withholdings on vested restricted stock units. During fiscal 2026, the company raised $97.1 million net through ATM offerings, which funded the cash balance increase. Capital expenditures were $2.1 million, representing 4.1% of sales, primarily for property and equipment. There was no debt issuance or repayment, and the company continues to operate with zero debt.
The company operates as a single reportable segment, with the CODM evaluating performance based on consolidated net income (loss). Geographic revenue disaggregation for fiscal 2026: Asia contributed $22.8 million (46%), United States $20.6 million (41%), and Europe/Middle East $6.5 million (13%). Revenue by product category showed systems at $28.7 million, contactors at $14.9 million, and services at $6.4 million. The shift toward systems revenue reflects the strategic focus on wafer-level burn-in solutions, while contactor sales declined sharply from $30.8 million in the prior year.