Baillie Gifford & Co (AEHR) discloses passive 4.3% ownership in AEHR Test Systems

Rhea-AI Filing Summary

Baillie Gifford & Co has reported a passive stake in AEHR Test Systems’ common stock below the 5% threshold. The firm beneficially owns 1,290,734 shares, representing 4.3% of the class, with sole voting and dispositive power over all of these shares.

Baillie Gifford & Co, an investment adviser based in Scotland, states that the AEHR shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the company or participating in any control-related transactions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

AEHR TEST SYSTEMS

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00760J108

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00760J108

1

Names of Reporting Persons

BAILLIE GIFFORD & CO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,290,734.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,290,734.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,290,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AEHR TEST SYSTEMS
(b)	Address of issuer's principal executive offices: 400 KATO TERRACE, 400 KATO TERRACE, FREMONT, CALIFORNIA, 94539.
Item 2.
(a)	Name of person filing: Baillie Gifford & Co
(b)	Address or principal business office or, if none, residence: Calton Square 1 Greenside Row Edinburgh EH1 3AN Scotland UK
(c)	Citizenship: Scotland
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 00760J108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment Adviser
Item 4.	Ownership
(a)	Amount beneficially owned: 1,290,734
(b)	Percent of class: 4.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,290,734
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,290,734
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Adviser is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BAILLIE GIFFORD & CO

Signature:	Grant Meikle
Name/Title:	Regulatory Reporting Manager
Date:	01/21/2026

FAQ

What stake does Baillie Gifford & Co hold in AEHR Test Systems (AEHR)?

Baillie Gifford & Co beneficially owns 1,290,734 AEHR Test Systems common shares, representing 4.3% of the outstanding class. The firm reports sole voting and dispositive power over all these shares as of the event date disclosed.

Is Baillie Gifford & Co’s AEHR (AEHR) position passive or activist?

Baillie Gifford & Co characterizes its AEHR holdings as passive. It certifies the shares were acquired and are held in the ordinary course of business and not for changing or influencing control or participating in control-related transactions.

Why did Baillie Gifford & Co file an amended Schedule 13G/A for AEHR?

The amended Schedule 13G/A updates Baillie Gifford & Co’s beneficial ownership disclosure in AEHR Test Systems. It now reports 1,290,734 shares, or 4.3% of the class, which reflects ownership of 5 percent or less of the company’s common stock.

What voting power does Baillie Gifford & Co have over AEHR (AEHR) shares?

Baillie Gifford & Co reports sole voting power over 1,290,734 AEHR shares and no shared voting power. It likewise has sole dispositive power over the same number of shares and no shared dispositive power, indicating centralized authority over this position.

Where is Baillie Gifford & Co, a holder of AEHR shares, based?

Baillie Gifford & Co is an investment adviser based in Scotland, with its principal business office at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, Scotland. It files as a non-U.S. institution and certifies comparable foreign regulatory oversight.

What does AEHR’s Schedule 13G/A say about Baillie Gifford & Co’s regulatory status?

Baillie Gifford & Co identifies itself as an investment adviser and a non-U.S. institution subject to a foreign regulatory scheme it says is substantially comparable to the U.S. equivalent. It undertakes to furnish additional information to Commission staff upon request.