Aehr Test Systems (NASDAQ: AEHR) Q4 profit, guides $130–$150M 2027 sales

Rhea-AI Filing Summary

Aehr Test Systems reported fiscal fourth quarter 2026 net revenue of $18.8 million, up from $14.1 million a year earlier, with GAAP net income of $1.4 million, or $0.04 per diluted share. Non-GAAP net income was $3.6 million, or $0.11 per diluted share. Quarterly bookings reached a record $60.7 million, backlog was $80.6 million, and effective backlog, including post-quarter bookings, was $100.6 million. Total cash, cash equivalents and restricted cash rose to $116.5 million, supported by $97.4 million in net proceeds from a public equity offering.

For fiscal 2026, net revenue was $50.0 million, down from $59.0 million in 2025, with a GAAP net loss of $7.1 million versus a $3.9 million loss previously; non-GAAP net income was $0.9 million. Operations used $3.3 million of cash. Management highlights strong demand across AI processors, silicon photonics and power semiconductors, including approximately $8 million of recent silicon carbide WaferPak orders and growing package-level burn-in for AI. For fiscal 2027, Aehr projects revenue between $130 million and $150 million, representing roughly 160%–200% year-over-year growth, and targets non-GAAP net income of 18%–22% of revenue, supported by its effective backlog of about $100 million and expanding customer programs.

Positive

• Fiscal 2027 revenue guidance of $130–$150 million, implying approximately 160%–200% year-over-year growth, reflects a sharply stronger outlook based on current effective backlog and expected customer demand.
• Record quarterly bookings of $60.7 million and effective backlog of $100.6 million provide strong revenue visibility heading into fiscal 2027 across AI, silicon photonics and power semiconductor programs.
• Cash, cash equivalents and restricted cash of $116.5 million at year-end, bolstered by about $97.4 million from a public equity offering, give the company substantial financial flexibility to fund growth.

Negative

• Fiscal 2026 net revenue declined to $50.0 million from $59.0 million, indicating a weaker sales year despite a stronger fourth quarter.
• Fiscal 2026 GAAP net loss widened to $7.1 million from $3.9 million, and the business used $3.3 million of cash in operating activities during the year.

Key Figures

Q4 FY2026 Revenue: $18.8 million FY2026 Net Revenue: $50.0 million Q4 FY2026 GAAP Net Income: $1.4 million +5 more

8 metrics

Q4 FY2026 Revenue $18.8 million Net revenue for the three months ended May 29, 2026

FY2026 Net Revenue $50.0 million Net revenue for the fiscal year ended May 29, 2026

Q4 FY2026 GAAP Net Income $1.4 million GAAP net income for the fourth quarter of fiscal 2026

FY2026 GAAP Net Loss $7.1 million GAAP net loss for the fiscal year ended May 29, 2026

Quarterly Bookings $60.7 million Record bookings in the fiscal fourth quarter of 2026

Effective Backlog $100.6 million Effective backlog including bookings after May 29, 2026

Cash, Cash Equivalents and Restricted Cash $116.5 million Balance as of May 29, 2026

FY2027 Revenue Guidance $130–$150 million Projected total company revenue for fiscal year ending June 25, 2027

Key Terms

wafer-level burn-in, silicon photonics, effective backlog, non-GAAP net income, +2 more

6 terms

wafer-level burn-in technical

"demand from AI-related applications continued to accelerate in wafer-level burn-in (WLBI)"

Wafer-level burn-in is a manufacturing stress test where semiconductor chips are powered and heated while still part of the full wafer to force early-life failures to appear before the chips are cut and packaged. For investors, it matters because performing this test improves product reliability and reduces later recalls or warranty costs, but it also raises manufacturing time and expense; think of it as shaking a batch of products to find weak ones before they reach customers.

silicon photonics technical

"silicon photonics devices and the need for production burn-in is now seeing strong momentum"

Silicon photonics is the technology that uses tiny structures etched into silicon chips to generate, control and detect light for moving data and sensing, essentially putting optical fiber functions onto a computer chip. For investors, it matters because it can dramatically increase data speed and energy efficiency in data centers, telecom networks and advanced sensors, potentially lowering costs and enabling new products much like replacing many metal wires with faster, low-power optical highways.

effective backlog financial

"Effective backlog, including bookings since May 29, 2026, is $100.6 million"

non-GAAP net income financial

"Aehr also expects non-GAAP net income to be 18% to 22% of total revenue"

Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.

FOX WaferPak Contactor technical

"The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers"

hyperscale technical

"record follow-on production orders from our lead hyperscale customer for Sonoma systems"

Hyperscale describes the ability of a system or operation to grow rapidly and handle extremely large amounts of work or data. It’s like a massive factory that can quickly expand its production capacity to meet soaring demand. For investors, hyperscale indicates a business’s potential to scale efficiently, often leading to increased growth and profitability.

Earnings Snapshot

Q4 net revenue: $18.8 million · Guidance included

Quarter and year ended May 29, 2026

Q4 net revenue $18.8 million up from $14.1 million in the prior-year quarter

Q4 GAAP net income (loss) $1.4 million compared to a GAAP net loss of $(2.9) million a year ago

FY2026 net revenue $50.0 million down from $59.0 million in fiscal 2025

FY2026 GAAP net income (loss) $(7.1) million compared to a GAAP net loss of $(3.9) million in fiscal 2025

Guidance

For fiscal 2027, the company expects revenue between $130 million and $150 million and non-GAAP net income of 18% to 22% of revenue.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Understanding 8-K Material Events →

Available on EDGAR 07/14/2026 - 04:51 PM Accepted by SEC EDGAR 07/14/2026 - 04:50 PM Learn about SEC filing dates

FAQ

What were Aehr Test Systems (AEHR) fiscal Q4 2026 financial results?

Aehr Test Systems reported fiscal Q4 2026 net revenue of $18.8 million and GAAP net income of $1.4 million, or $0.04 per diluted share. Non-GAAP net income was $3.6 million, or $0.11 per diluted share, with record bookings of $60.7 million.

How did Aehr Test Systems (AEHR) perform for the full fiscal year 2026?

For fiscal 2026, Aehr generated net revenue of $50.0 million, down from $59.0 million in fiscal 2025. The company recorded a GAAP net loss of $7.1 million versus a $3.9 million loss previously, while non-GAAP net income was $0.9 million, or $0.03 per diluted share.

What revenue and profit guidance did Aehr Test Systems (AEHR) give for fiscal 2027?

For fiscal 2027, Aehr expects total revenue between $130 million and $150 million, representing about 160%–200% year-over-year growth. The company also expects non-GAAP net income to be 18% to 22% of total revenue, based on effective backlog and anticipated demand.

What is Aehr Test Systems’ (AEHR) current bookings and backlog position?

In fiscal Q4 2026, Aehr reported record bookings of $60.7 million. Backlog at May 29, 2026 was $80.6 million, and effective backlog, including post-quarter bookings, totaled $100.6 million, providing substantial visibility into projected fiscal 2027 revenue.

How strong is Aehr Test Systems’ (AEHR) balance sheet and cash position?

As of May 29, 2026, Aehr held $116.5 million in cash, cash equivalents and restricted cash, up from $26.5 million a year earlier. This increase was driven largely by $97.4 million in net proceeds from public common stock offerings, offset by modest operating and investing cash outflows.

Which end markets are driving growth opportunities for Aehr Test Systems (AEHR)?

Growth opportunities are centered on AI processors, silicon photonics, and power semiconductors such as silicon carbide and GaN. Management also highlights emerging prospects in memory, including NAND flash and potential high bandwidth memory, across wafer-level and package-level burn-in solutions.

What recent order activity did Aehr Test Systems (AEHR) see in silicon carbide?

Aehr reported receiving approximately $8 million in new silicon carbide WaferPak orders over the last month. These include expanded production orders from its lead silicon carbide customer and a key order from a major automotive company for qualification of devices for next-generation electric vehicles.

EXHIBIT 99.1

Contacts:
Aehr Test Systems	PondelWilkinson, Inc.
Chris Siu	Todd Kehrli or Jim Byers
Chief Financial Officer	Investor Contact
csiu@aehr.com	tkehrli@pondel.com
	jbyers@pondel.com

Aehr Test Systems Reports Fiscal 2026 Fourth Quarter and Full Year Financial Results with Record Quarterly Bookings and $100 Million Effective Backlog

Record quarterly bookings and effective backlog provide substantial visibility into projected fiscal 2027 revenue of $130 million to $150 million, representing 2.6x to 3.0x fiscal 2026 revenue

Fremont, CA (July 14, 2026) – Aehr Test Systems (NASDAQ: AEHR), a leading provider of test and burn-in solutions for semiconductor devices used in artificial intelligence (AI), silicon photonics, data center, automotive, and industrial applications, today announced financial results for its fiscal 2026 fourth quarter and full year ended May 29, 2026.

Fiscal Fourth Quarter Financial Results:

	·	Net revenue was $18.8 million, compared to $14.1 million in the fourth quarter of fiscal 2025.
	·	GAAP net income was $1.4 million, or $0.04 per diluted share, compared to GAAP net loss of $(2.9) million, or $(0.10) per diluted share, in the fourth quarter of fiscal 2025.
	·	Non-GAAP net income, which excludes stock-based compensation and acquisition-related adjustments, was $3.6 million, or $0.11 per diluted share, compared to non-GAAP net loss of $(0.2) million, or $(0.01) per diluted share, in the fourth quarter of fiscal 2025.
	·	Bookings were a record $60.7 million for the quarter.
	·	Backlog as of May 29, 2026 was $80.6 million. Effective backlog, including bookings since May 29, 2026, is $100.6 million.
	·	Total cash, cash equivalents and restricted cash as of May 29, 2026 was $116.5 million, compared to $37.1 million on February 27, 2026.

 

Fiscal Year Financial Results:

	·	Net revenue was $50.0 million, compared to $59.0 million in fiscal 2025.
	·	GAAP net loss was $(7.1) million, or $(0.23) per diluted share, compared to GAAP net loss of $(3.9) million, or $(0.13) per diluted share, in fiscal 2025.
	·	Non-GAAP net income was $0.9 million, or $0.03 per diluted share, which excludes stock-based compensation, acquisition-related adjustments and restructuring charges, compared to non-GAAP net income of $4.6 million, or $0.15 per diluted share, in fiscal 2025.
	·	Cash used in operating activities was $3.3 million for fiscal 2026.

 

An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr’s non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.

Aehr Test Systems Reports Fourth Quarter Fiscal 2026 Financial Results

July 14, 2026

Page 2 of 9

Gayn Erickson, President and CEO of Aehr Test Systems, commented:

“We are very pleased with our fiscal fourth quarter performance, which exceeded expectations and capped a year of significant bookings and revenue diversification for Aehr. Record quarterly bookings, a very strong backlog, and growing demand across AI processors, silicon photonics, and power semiconductors for our wafer-level and package-level burn-in solutions position us well for significant growth moving forward.

“With strong momentum and a record backlog of over $100 million heading into fiscal year 2027, we have substantial visibility into projected fiscal 2027 revenue of $130 million to $150 million, representing expected year-over-year growth of approximately 160% to 200%. This outlook is based on the information available to us today, including our current backlog and anticipated customer demand. We continue to pursue additional orders from existing and prospective customers.

“In wafer-level burn-in (WLBI), demand from AI-related applications continued to accelerate. Our lead AI production customer is significantly ramping capacity, driving an increase in forecasted capacity needs for our FOX WLBI solutions this year and beyond. They are shifting their burn-in from system-level to all wafer-level for their AI accelerators used for training and inference applications. We are also engaged with additional AI processor suppliers that are evaluating WLBI to improve product reliability and reduce yield loss from production burn-in of their devices later in the manufacturing process.

“We are excited to report that we successfully completed benchmark testing of our WLBI solution with a major supplier of AI accelerators, CPUs, and network processors. The testing was conducted on one of their processors and produced results that exceeded their expectations. This top-tier AI processor supplier has now expressed interest in moving to pilot production test validation for its current high-volume device, for which we completed the benchmark. They indicated that this device is expected to continue ramping and achieve significant volumes over the next year or more. In addition, they recently requested that we evaluate a second device in parallel. The potential revenue opportunity from any one of these devices is significant to Aehr in terms of near and long-term revenue streams related to the WLBI systems and proprietary Aehr WaferPak contactors.

“Our package-level burn-in business for AI processors also gained momentum in the year, highlighted by record follow-on production orders from our lead hyperscale customer for Sonoma systems supporting high-volume AI processor production burn-in. This customer is a premier large-scale data center provider and is forecasting a substantial expansion of Sonoma system purchases for a second device which has twice the power per package as the first device that they are using Sonoma systems for today. As their current and next-generation devices ramp, we believe Sonoma systems and consumables can become an increasingly important contributor to Aehr’s revenue. We are also engaged with multiple current and potential new customers for package-level reliability qualification and production burn-in of AI accelerators, Application-Specific Integrated Circuits (ASICs), network processors, and also for edge AI processors for automotive and robotics, which represent significant opportunities for Aehr over the next few years.

“As we have anticipated for the last year, silicon photonics devices and the need for production burn-in is now seeing strong momentum as AI data center architectures increasingly rely on optical I/O and high-speed interconnects. Our lead silicon photonics customer is ramping, with follow-on orders this past year and more already in this fiscal year for fully automated WLBI systems powering AI optical I/O and data center interconnects. In addition, our newest major silicon photonics customer that is a global leader in networking products and solutions has provided us a forecast for additional systems this calendar year as it ramps capacity to support next-generation hyperscale data center deployments. We believe the silicon photonics and optical test and burn-in market has the potential to grow substantially and could be another long-term growth driver for Aehr.

Aehr Test Systems Reports Fourth Quarter Fiscal 2026 Financial Results

July 14, 2026

Page 3 of 9

“We are seeing encouraging signs of recovery in silicon carbide (SiC) power semiconductors. We are actively engaged to meet the WLBI needs of several of the world’s largest automotive manufacturers and several of their SiC suppliers for their new electric vehicles. We also announced today that we received approximately $8 million in new orders in just the last month for silicon carbide WLBI WaferPaks as global electric vehicle programs accelerate. These include expanded production orders from our lead silicon carbide customer for WaferPak full wafer contactors, and a key order directly from one of the largest automotive companies in the world for multiple WaferPaks to be used in qualification of silicon carbide devices from suppliers for their new generation of electric vehicles using Aehr’s FOX WLBI systems.This year, we expect renewed demand for both SiC and GaN power semiconductor test and burn-in, driven by automotive electrification and AI data center power infrastructure.

“We also continue to pursue opportunities in memory, including NAND flash and potential high bandwidth memory (HBM) applications with our WLBI solutions roadmap. The growth of these two memory markets may have never been stronger, with massive capacity increases planned this decade. We continue to work with multiple memory suppliers to align our solutions to meet the production needs of these companies’ new capacity coming online. 

“Looking ahead, we are very excited about our position entering fiscal 2027. With multiple customers entering or expanding production, a record backlog, and additional opportunities under discussion for both wafer-level and package-level burn-in, we believe Aehr is well positioned for multiple years of strong revenue growth.”

Financial Guidance:

For the fiscal year ending June 25, 2027, Aehr expects total company revenue to be between $130 million and $150 million, representing approximately 160%-200% year-over-year growth. Aehr also expects non-GAAP net income to be 18% to 22% of total revenue. This outlook reflects the company’s current effective backlog of approximately $100 million and expected customer demand from existing production programs. Aehr continues to pursue additional orders from current and prospective customers.

Management Conference Call and Webcast:

Aehr Test Systems will host a conference call and webcast today at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss its fiscal 2026 fourth quarter and full year operating results. To access the live call, dial +1 888-506-0062 (US and Canada) or +1 973-528-0011 (International) and give the participant passcode 222496. In addition, a live and archived webcast of the conference call will be available over the Internet at www.aehr.com in the Investor Relations section and may also be accessed by clicking here. A phone replay of the call will be available approximately two hours following the end of the live call and will remain available for one week. To access the call replay, dial +1 877-481-4010 (US and Canada) or +1 919-882-2331 (International) and enter replay passcode 54119.

Aehr Test Systems Reports Fourth Quarter Fiscal 2026 Financial Results

July 14, 2026

Page 4 of 9

About Aehr Test Systems

Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer-level, singulated die, and package-level form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including advanced artificial intelligence (AI) processors, silicon photonics, data and telecommunications infrastructure, electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, and solid-state memory and storage are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr’s products and solutions. Aehr has developed and introduced several innovative products including the FOX-P^TM families of test and burn-in systems and FOX WaferPak^TM Aligner, FOX WaferPak Contactor, FOX DiePak^® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr’s new line of high-power package-level reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. For more information, please visit Aehr Test Systems’ website at www.aehr.com.

Safe Harbor Statement

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, future bookings, benchmark evaluations and product development from Aehr’s new and existing customers; future applications and orders for the AI processors, test solutions for AI semiconductor manufacturers and the Sonoma system; revenue and revenue growth forecasted; financial performance and bookings forecasted; financial guidance for the full fiscal year 2027; expectations regarding current and future partnerships; expectations regarding industry demand and emerging technologies as a whole and smaller segments within it; and the ability for Aehr to successfully enter new markets. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr’s recent Form 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

–     Financial Tables to Follow     –

Aehr Test Systems Reports Fourth Quarter Fiscal 2026 Financial Results

July 14, 2026

Page 5 of 9

AEHR TEST SYSTEMS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended												Year Ended
		May 29,				February 27,				May 30,				May 29,				May 30,
(In thousands, except per share data)		2026				2026				2025				2026				2025
Revenue		$	18,835			$	10,313			$	14,089			$	50,001			$	58,968
Cost of revenue			10,816				6,945				9,817				32,350				35,035
Gross profit			8,019				3,368				4,272				17,651				23,933
Operating expenses:
Research and development			3,645				3,167				2,686				12,633				10,463
Selling, general and administrative			5,580				4,430				3,926				19,161				18,283
Restructuring charges			-				-				864				6				864
Total operating expenses			9,225				7,597				7,476				31,800				29,610
Loss from operations			(1,206	)			(4,229	)			(3,204	)			(14,149	)			(5,677	)
Interest income, net			748				240				222				1,361				1,401
Other income (expense), net			3				(12	)			(4	)			1,052				(15	)
Loss before income tax benefit			(455	)			(4,001	)			(2,986	)			(11,736	)			(4,291	)
Income tax benefit			(1,846	)			(798	)			(87	)			(4,610	)			(381	)
Net income (loss)		$	1,391			$	(3,203	)		$	(2,899	)		$	(7,126	)		$	(3,910	)
Net income (loss) per share:
Basic		$	0.04			$	(0.10	)		$	(0.10	)		$	(0.23	)		$	(0.13	)
Diluted		$	0.04			$	(0.10	)		$	(0.10	)		$	(0.23	)		$	(0.13	)
Shares used in per share calculations:
Basic			31,881				30,695				29,823				30,669				29,581
Diluted			33,170				30,695				29,823				30,669				29,581

Aehr Test Systems Reports Fourth Quarter Fiscal 2026 Financial Results

July 14, 2026

Page 6 of 9

AEHR TEST SYSTEMS
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
		Three Months Ended												Year Ended
		May 29,				February 27,				May 30,				May 29,				May 30,
(In thousands, except per share data)		2026				2026				2025				2026				2025
Reconciliation of GAAP to non-GAAP gross profit
GAAP gross profit		$	8,019			$	3,368			$	4,272			$	17,651			$	23,933
Special items:
a) Stock-based compensation expense			216				202				357				792				737
b) Acquisition-related adjustments			191				190				260				808				1,305
Non-GAAP gross profit		$	8,426			$	3,760			$	4,889			$	19,251			$	25,975
Reconciliation of GAAP to non-GAAP operating expenses
GAAP operating expenses		$	9,225			$	7,597			$	7,476			$	31,800			$	29,610
Special items:
a) Stock-based compensation expense			(1,649	)			(1,182	)			(1,064	)			(5,969	)			(4,027	)
b) Acquisition-related adjustments			(105	)			(106	)			(106	)			(422	)			(353	)
c) Restructuring charges			-				-				(864	)			(6	)			(864	)
d) Officer severance benefits			-				-				-				-				(653	)
e) Acquisition-related costs			-				-				-				-				(548	)
Non-GAAP operating expenses		$	7,471			$	6,309			$	5,442			$	25,403			$	23,165
Reconciliation of GAAP to non-GAAP income (loss) from operations
GAAP loss from operations		$	(1,206	)		$	(4,229	)		$	(3,204	)		$	(14,149	)		$	(5,677	)
Special items:
a) Stock-based compensation expense			1,865				1,384				1,421				6,761				4,764
b) Acquisition-related adjustments			296				296				366				1,230				1,658
c) Restructuring charges			-				-				864				6				864
d) Officer severance benefits			-				-				-				-				653
e) Acquisition-related costs			-				-				-				-				548
Non-GAAP income (loss) from operations		$	955			$	(2,549	)		$	(553	)		$	(6,152	)		$	2,810
Reconciliation of GAAP to non-GAAP income (loss) before income tax benefit
GAAP loss before income tax benefit		$	(455	)		$	(4,001	)		$	(2,986	)		$	(11,736	)		$	(4,291	)
Special items:
a) Stock-based compensation expense			1,865				1,384				1,421				6,761				4,764
b) Acquisition-related adjustments			296				296				366				1,269				1,658
c) Restructuring charges			-				-				864				6				864
d) Officer severance benefits			-				-				-				-				653
e) Acquisition-related costs			-				-				-				-				548
Non-GAAP income (loss) before income tax benefit		$	1,706			$	(2,321	)		$	(335	)		$	(3,700	)		$	4,196
Reconciliation of GAAP to non-GAAP net income (loss)
GAAP net income (loss)		$	1,391			$	(3,203	)		$	(2,899	)		$	(7,126	)		$	(3,910	)
Special items:
a) Stock-based compensation expense			1,865				1,384				1,421				6,761				4,764
b) Acquisition-related adjustments			296				296				366				1,269				1,658
c) Restructuring charges			-				-				864				6				864
d) Officer severance benefits			-				-				-				-				653
e) Acquisition-related costs			-				-				-				-				548
Non-GAAP net income (loss)		$	3,552			$	(1,523	)		$	(248	)		$	910			$	4,577
Reconciliation of GAAP to non-GAAP income (loss) per diluted share
GAAP income (loss) per diluted share		$	0.04			$	(0.10	)		$	(0.10	)		$	(0.23	)		$	(0.13	)
Special items:
a) Stock-based compensation expense			0.06				0.04				0.05				0.22				0.16
b) Acquisition-related adjustments			0.01				0.01				0.01				0.04				0.05
c) Restructuring charges			-				-				0.03				0.00				0.03
d) Officer severance benefits			-				-				-				-				0.02
e) Acquisition-related costs			-				-				-				-				0.02
Non-GAAP income (loss) per diluted share		$	0.11			$	(0.05	)		$	(0.01	)		$	0.03			$	0.15

Aehr Test Systems Reports Fourth Quarter Fiscal 2026 Financial Results

July 14, 2026

Page 7 of 9

a) Represents compensation expense for equity awards granted to employees and directors.

b) Represents amortization of acquired intangible assets and accretion expense of escrow payable.

c) Represents restructuring charges, primarily related to a lease early termination, along with employee termination benefits from a separate restructuring initiative.

d) Represents severance benefits, including compensation expense, provided due to the passing of an officer as per the terms of his change in control and severance agreement

e) Represents acquisition activity costs.

Non-GAAP measures should not be considered a replacement for GAAP results. The non-GAAP measures indicated above are financial measures the Company uses to evaluate the underlying results and operating performance of the business. The limitation of these measures are that they exclude items that impact the Company's current period GAAP measures. This limitation is best addressed by using these measures in combination with the most directly comparable GAAP financial measures. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies.

We believe these measures enhance investors' ability to review the Company's business from the same perspective as the Company's management and facilitate comparisons of this period's results with prior periods.

Aehr Test Systems Reports Fourth Quarter Fiscal 2026 Financial Results

July 14, 2026

Page 8 of 9

AEHR TEST SYSTEMS
CONSOLIDATED BALANCE SHEETS
(Unaudited)
		May 29,				May 30,
(In thousands, except par value)		2026				2025
ASSETS
Current assets:
Cash and cash equivalents		$	116,358			$	24,529
Accounts receivable			17,473				14,191
Inventories			41,354				41,997
Prepaid expenses and other current assets			9,263				8,061
Total current assets			184,448				88,778
Property and equipment, net			8,940				8,969
Goodwill			10,719				10,719
Intangible assets, net			9,552				10,781
Deferred tax assets, net			23,829				19,114
Operating lease right-of-use assets, net			8,901				9,601
Other non-current assets			305				546
Total assets		$	246,694			$	148,508
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	6,754			$	6,728
Accrued expenses and other current liabilities			5,283				6,020
Operating lease liabilities, short-term			626				909
Deferred revenue, short-term			5,192				1,981
Total current liabilities			17,855				15,638
Operating lease liabilities, long-term			9,256				9,921
Deferred revenue, long-term			34				36
Other long-term liabilities			38				42
Total liabilities			27,183				25,637
Shareholders’ equity:
Preferred stock, $0.01 par value: Authorized: 10,000 shares; Issued and outstanding: none			-				-
Common stock, $0.01 par value: Authorized: 75,000 shares; Issued and outstanding: 32,480 shares and 29,877 shares at May 29, 2026 and May 30, 2025, respectively			325				299
Additional paid-in capital			249,477				145,758
Accumulated other comprehensive loss			(105	)			(126	)
Accumulated deficit			(30,186	)			(23,060	)
Total shareholders' equity			219,511				122,871
Total liabilities and shareholders’ equity		$	246,694			$	148,508

Aehr Test Systems Reports Fourth Quarter Fiscal 2026 Financial Results

July 14, 2026

Page 9 of 9

AEHR TEST SYSTEMS
CONSOLIDATED SATEMENTS OF CASH FLOWS
(Unaudited)
		Year Ended
		May 29,				May 30,
(In thousands)		2026				2025
Cash flows from operating activities:
Net loss		$	(7,126	)		$	(3,910	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense			6,761				5,162
Depreciation and amortization			2,799				2,312
Deferred income taxes			(4,715	)			(421	)
Amortization of operating lease right-of-use assets			731				1,076
Impairment of assets			-				584
Changes in operating assets and liabilities:
Accounts receivable			(3,307	)			(3,037	)
Inventories			11				(2,441	)
Prepaid expenses and other current assets			(2,763	)			(5,012	)
Accounts payable			991				(714	)
Accrued expenses			1,020				(378	)
Deferred revenue			3,209				143
Operating lease liabilities			(979	)			(699	)
Income taxes payable			58				(65	)
Net cash used in operating activities			(3,310	)			(7,400	)
Cash flows from investing activities:
Purchases of property and equipment			(2,066	)			(4,992	)
Payments for business acquisition, net of cash and cash equivalent acquired			(1,801	)			(11,075	)
Net cash used in investing activities			(3,867	)			(16,067	)
Cash flows from financing activities:
Proceeds from issuance of common stock from public offerings, net of issuance costs			97,395				-
Proceeds from issuance of common stock under employee plans			2,200				1,409
Shares repurchased for tax withholdings on vesting of restricted stock units			(2,384	)			(784	)
Net cash provided by financing activities			97,211				625
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(6	)			13
Net increase (decrease) in cash, cash equivalents and restricted cash			90,028				(22,829	)
Cash, cash equivalents and restricted cash, beginning of year(1)			26,480				49,309
Cash, cash equivalents and restricted cash, end of year (1)		$	116,508			$	26,480
Supplemental cash flow information:
Income taxes paid		$	60			$	100
Interest paid		$	-			$	-
Supplemental disclosure of non-cash flow information:
Net transfer of equipment between inventory and property and equipment		$	702			$	458
Purchases of property and equipment included in accounts payable and accrued liabilities		$	-			$	1,259
Common stock issuance costs included in accounts payable		$	296			$	-

(1) Includes restricted cash within prepaid expenses and other current assets and other non-current assets.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 PRESS RELEASE 320.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.9 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 13.8 KB
• EX-101 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE 898 B
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 8.7 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 2.0 KB