Research Reports

Prepared Highlights

Q4 FY26 bookings reached a record $60.7M, up >500% YoY ($11.1M) (CFO). Backlog at year-end was a record $80.6M (FY25: $15.2M); after additional $20M post-year-end, effective backlog ~$100.6M (CFO).
Q4 FY26 revenue of $18.8M, +34% YoY ($14.1M) (CFO). AI processors & silicon photonics burn-in accounted for >80% of Q4 revenue (CFO).
FY26 full-year revenue of $50M, -15% YoY (CFO).
Non-GAAP gross margin: Q4 45%, +1,000 bps YoY (35%) (CFO). Full-year 38.5% (FY25: 44%) (CFO).
Non-GAAP net income (loss): Q4 $3.6M, $0.11/diluted share (vs. -$0.2M / -$0.01 in Q4 FY25) (CFO). Full-year $0.9M, $0.03/diluted share (FY25: $4.6M, $0.15) (CFO).
Cash & restricted cash at year-end $116.5M (FY25: $26.5M); raised ~$100M via ATM in FY26 (CFO). CapEx $2.1M in FY26 (CFO).
Market diversification: ≈95% of FY26 revenue came from markets other than EV silicon carbide (vs. >95% exposure 2 years ago) (CEO). AI accelerator/CPU/network processors = ~71% of FY26 revenue; optical device test & burn-in = ~20% (CEO).
Wafer-level AI processor lead customer doubled systems in past year, moved all production burn-in to wafer-level, no longer does system-level screening (CEO).
Benchmark success with a top-tier AI processor supplier: wafer-level burn-in results “exceeded their expectations” and “produced results better than they can get at the package level” (CEO). Customer now wants pilot production validation for current high-volume device (CEO).
Silicon photonics: lead customer ramping with follow-on orders; new major customer (global networking leader) ordered 2 FOX test cells & 2 FOX NPs, forecasting additional systems (CEO).
Power semi / SiC recovery: closed first FOX system for a silicon MOSFET wafer-level burn-in; captured first SiC customer in Taiwan (chose Aehr over SemiNexus Test) (CEO). Received ~$8M in new SiC orders in last month (CEO).
Package-level Sonoma: record follow-on production orders from lead hyperscale customer; second device has 2x power per package (CEO). New enhanced Sonoma high-power config supports up to 2,000W per device (CEO).

Official Guidance (FY27, ending June 25, 2027)

Revenue: $130M – $150M (2.6x–3x FY26 revenue) (CEO, CFO).
Non-GAAP pretax net income: 18% – 22% of total revenue (CEO, CFO).

Management Quotes

“We are very pleased with our fiscal fourth quarter, which exceeded consensus street expectations and capped the year of significant bookings and revenue diversification for Aehr.” (CEO)
“With strong momentum and a record backlog heading into fiscal 2027, we are expecting revenue of between $130 million and $150 million representing 2.6x to 3x the just-completed fiscal 26 revenue.” (CEO)
“This top tier AI processor supplier has now expressed interest in moving to pilot production test validation at their semiconductor contract manufacturer in Taiwan for their current high volume device.” (CEO)
“The potential revenue opportunity from one of these devices is significant to Aehr in terms of near and long term revenue streams related to the wafer level burn in systems and proprietary Aehr WaferPak contactors.” (CEO)
“We believe the silicon photonics and optical test and burn in market has substantial growth potential and can be a meaningful long term growth driver for Aehr.” (CEO)

Prepared Metrics

Metric	Value	Speaker / Context
Q4 FY26 Bookings	$60.7M	CFO – record quarterly bookings
Year-End Backlog	$80.6M	CFO – record level
Q4 FY26 Revenue	$18.8M	CFO – +34% YoY
Q4 Non-GAAP Gross Margin	45%	CFO – +1,000 bps YoY
Q4 Non-GAAP Diluted EPS	$0.11	CFO – vs. -$0.01 in Q4 FY25
FY26 Full-Year Revenue	$50M	CFO – -15% YoY
FY26 Non-GAAP Diluted EPS	$0.03	CFO – vs. $0.15 in FY25
Cash & Restricted Cash (Year-End)	$116.5M	CFO – from $26.5M at FY25 end
FY26 CapEx	$2.1M	CFO – capital-light profile
FY27 Revenue Guidance	$130M – $150M	CEO, CFO – represents 2.6x–3x FY26
FY27 Non

Q&A Batch (1-4 of 4)

Q1 — Christian Schwab

Topic: FY27收入指引的产品组合假设与内存业务进展
Key points:
- FY27收入指引1.3亿-1.5亿美元，产品组合与FY26类似：AI约70%，硅光15%-20%，功率半导体等为其余部分；当前假设中不包含任何内存收入。
- 指引中大部分收入来自现有客户，刚完成基准测试的新客户收入为潜在上行空间（未包含在指引内）。
- 内存业务：已开始投入资金（招聘人员、架构设计），但需客户承诺（PO或赞助）；HBM（高带宽内存）新标准内嵌BIST能力，可能对Aehr有利，但FY27仍不应模型化大量收入。
Mgmt stance: 乐观——硅碳化物客户预测比一年前更具体，安装基座接近满产能运行，感觉“更真实”；对内存业务谨慎乐观但避免过度承诺。

Q2 — Jed Dorsheimer

Topic: Sonoma系统产量、收入结构及AI客户晶圆级老化进展
Key points:
- 1.4亿美元指引中点远未达到每月20套Sonoma系统；包级老化Sonoma收入约5000万美元，对应60-70套系统（ASP约60-70万美元/套）。
- 收入结构：WaferPaks和BIMs（消耗品+晶圆级）约占收入30%。
- 主要AI客户（一大型超大规模企业）：首款器件已在Sonoma上量产；第二款器件已订购系统，预计本财年启动爬坡（功耗翻倍、量更高）；第三款器件首次考虑用晶圆级老化（Fox系统），因多芯片封装中单芯片失效成本极高，该器件不早于本财年。
Mgmt stance: 乐观——晶圆级老化价值在于良率提升（如8芯片封装中1%失效等效8%良率损失），系统单价更高（含WaferPaks达600万美元），IP投资深厚；客户已开始讨论DFT优化。

Q3 — Maxwell Michaelis

Topic: 四月订单客户状态、晶圆级系统价值及产能上限
Key points:
- 四月4100万美元订单客户即当前包级老化客户，第二款器件继续用Sonoma，第三款器件正评估晶圆级（同时保留包级选项），不早于本财年。
- 晶圆级系统单片成本高于包级，但利润率“更好”，价值源于良率提升（远高于测试成本），客户因器件无法用其他方式测试或需避免多芯片报废而选择。
- 关于产能：若订单到来，FY27指引可被拉高；单套Fox系统可在与竞争ATE（如Advantest 93K）相同占地中并行测试9个AI晶圆，容量巨大；每套含消耗品ASP可达600万美元。
Mgmt stance: 乐观——产能可提升（已与客户高层讨论“如果所有客户都来”的场景），系统容量远高于传统测试设备；但供应链有挑战（如功率组件涨价40%），已通过长交期采购应对。

Q4 — Larry Chlebina

Topic: Fremont产能细节、新客户评估收入及内存供应商参与
Key points:
- Fremont设施理论上每月可处理20套Sonoma Ultra（包级）或20套XP（晶圆级），但需外包制造支持；目前通过CM工厂可同时从东南亚直发20套Ultras并从Fremont发20套XPs。
- FY27指引中未计入来自新基准测试客户的评估收入（“处于噪声水平”），属潜在重大上行。
- 内存业务：与2-3家闪存供应商和2家DRAM（HBM）供应商有具体沟通；闪存方面，高带宽闪存（HBF）带来新架构需求，但客户仍纠结于标准闪存测试价格点。
- 供应链