Aehr Test Systems (NASDAQ:AEHR) reported first-quarter fiscal 2027 revenue of $33.0 million and raised its full-year revenue outlook to $150 million. The company also recorded $46.7 million in bookings during the quarter, while effective backlog reached $109.3 million as of November 1, 2026.
Revenue for the three months ended September 25, 2026 increased 200% from $11.0 million in the first quarter of fiscal 2026 and rose 75% sequentially. GAAP gross margin was 47.5%, while non-GAAP gross margin was 48.5%.
Aehr reported GAAP net income of $7.2 million, or $0.21 per diluted share. This compared with a GAAP net loss of $(2.1) million, or $(0.07) per diluted share, in the first quarter of fiscal 2026.
Non-GAAP net income was $9.4 million, or $0.28 per diluted share, compared with $0.2 million, or $0.01 per diluted share, in the year-earlier quarter. The company said non-GAAP net income increased approximately 163% sequentially.
Quarterly bookings were $46.7 million, representing a book-to-bill ratio of approximately 1.4. Reported backlog stood at $100.9 million as of September 25, 2026.
Including bookings received after the quarter ended, effective backlog was $109.3 million as of November 1, 2026. Cash, cash equivalents and restricted cash totaled $105.1 million as of September 25, 2026, compared with $116.5 million as of May 29, 2026.
For fiscal 2027 ending June 25, 2027, Aehr now expects revenue of $150 million. Its previous guidance range was $130 million to $150 million. The company said the updated outlook reflects first-quarter performance, backlog, visibility into customer production programmes, and anticipated production and delivery schedules.
Aehr also expects non-GAAP net income of at least 20% of revenue for fiscal year 2027. The company said the updated revenue outlook represents 200% growth over fiscal 2026.
Aehr said demand remains strong for its FOX wafer-level burn-in solutions. Its lead AI processor wafer-level burn-in production customer is continuing to expand capacity, supported by a $22 million follow-on order announced in August 2026.
A major supplier of AI accelerators, CPUs and network processors completed a benchmark evaluation during the quarter and decided to purchase a fully configured FOX-XP wafer-level burn-in test cell. Aehr plans to install the system at an outsourced semiconductor assembly and test partner in Taiwan in early calendar 2027.
The company said a decision on high-volume production is anticipated within several months after installation and validation. That decision remains a future customer decision, and Aehr identified the programme as a potential opportunity across multiple product lines and manufacturing locations.
Aehr said it is shipping and installing more than a dozen Sonoma systems per month for a lead hyperscale customer's production ramp involving its first AI processor.
The customer's second AI processor has completed qualification on Sonoma. Aehr said it has received follow-on orders for initial production sampling and an anticipated production ramp in calendar 2027. The customer forecasts that the second processor will ultimately reach higher production volumes than the first, according to the company.
Aehr also said it is conducting evaluations with additional AI processor suppliers and hyperscale customers.
The company said the potential for significant production orders now extends across more than a dozen customers, compared with only a handful historically. These customers span AI processors, silicon photonics, silicon carbide, gallium nitride and other applications.
Headquartered in Fremont, California, Aehr provides semiconductor testing, burn-in and stabilisation systems for wafer-level, singulated die and package-level devices. Its products address applications including AI processors, silicon photonics, data and telecommunications infrastructure, automotive and industrial markets.
Aehr said customer forecasts are non-binding and that orders may be cancelled, rescheduled or delayed. It also identified macroeconomic, trade, tariff and geopolitical conditions, including those affecting Taiwan and Southeast Asia, as risks to its forward-looking statements.
The company further cited conditions in the semiconductor, AI, silicon carbide, GaN and memory markets. Aehr said actual results could differ materially from its expectations.
First-quarter fiscal 2027 revenue was $33.0 million, up 200% from $11.0 million in the year-earlier quarter.
Bookings were $46.7 million, with backlog of $100.9 million as of September 25, 2026 and effective backlog of $109.3 million as of November 1, 2026.
Aehr raised its fiscal 2027 revenue outlook to $150 million from a previous range of $130 million to $150 million.
A FOX-XP wafer-level burn-in test cell is planned for installation at a Taiwan facility in early calendar 2027, with a later high-volume production decision anticipated.
The company said customer forecasts are non-binding and orders may be cancelled, rescheduled or delayed.
Aehr Test Systems announced financial results for its first quarter of fiscal 2027 ended September 25, 2026, and raised its full-year fiscal 2027 revenue outlook to $150 million. The company also reported quarterly revenue of $33.0 million, bookings of $46.7 million and effective backlog of $109.3 million.
Aehr Test Systems reported record first-quarter fiscal 2027 revenue of $33.0 million. Revenue was up 200% from $11.0 million in the first quarter of fiscal 2026 and 75% sequentially.
Aehr Test Systems reported GAAP net income of $7.2 million, or $0.21 per diluted share, compared with a GAAP net loss of $(2.1) million, or $(0.07) per diluted share, in the first quarter of fiscal 2026. Non-GAAP net income was $9.4 million, or $0.28 per diluted share, compared with $0.2 million, or $0.01 per diluted share, a year earlier; non-GAAP gross margin was 48.5% and GAAP gross margin was 47.5%.
Aehr Test Systems reported bookings of $46.7 million and a book-to-bill ratio of approximately 1.4. Backlog was $100.9 million as of September 25, 2026, while effective backlog, including bookings received after quarter end, was $109.3 million as of November 1, 2026.
Aehr Test Systems had $105.1 million in cash, cash equivalents and restricted cash as of September 25, 2026. This compared with $116.5 million as of May 29, 2026.
Aehr Test Systems now expects fiscal 2027 revenue of $150 million, compared with its previous guidance range of $130 million to $150 million. The company said the updated outlook reflects its first-quarter performance, substantial backlog, visibility into existing customer production programmes, and anticipated production and delivery schedules.
Aehr Test Systems expects non-GAAP net income of at least 20% of revenue for fiscal year 2027. The company said the fiscal year ends June 25, 2027.
Aehr Test Systems said demand for its FOX wafer-level burn-in solutions remains strong, with its lead AI processor wafer-level burn-in production customer continuing to expand capacity. The company also said a $22 million follow-on order was announced in August 2026 and that a major supplier of AI accelerators, CPUs and network processors had completed a benchmark evaluation and decided to purchase a fully configured FOX-XP wafer-level burn-in test cell.
Aehr Test Systems plans to install the FOX-XP wafer-level burn-in test cell at an outsourced semiconductor assembly and test partner in Taiwan in early calendar 2027. The company said a decision regarding high-volume production is anticipated within several months following installation and validation, while also noting that the opportunity is subject to future customer decisions.
Aehr Test Systems said it is currently shipping and installing more than a dozen Sonoma systems per month to support a lead hyperscale customer's production ramp for its first AI processor. The same customer's second AI processor has completed qualification on Sonoma, and Aehr said it has received follow-on orders for initial production sampling and an anticipated production ramp in calendar 2027.
Aehr Test Systems said the potential for significant production orders now extends across more than a dozen customers, compared with only a handful historically. These customers span AI processors, silicon photonics, silicon carbide, gallium nitride and other applications.
Aehr Test Systems provides test, burn-in and stabilisation solutions for semiconductor devices in wafer-level, singulated die and package-level form. Its products are used in applications including AI processors, silicon photonics, data and telecommunications infrastructure, automotive and industrial markets.
Aehr Test Systems' shares trade on NASDAQ under the ticker symbol AEHR.
Aehr Test Systems said its forward-looking statements are subject to risks including the non-binding nature of customer forecasts, the possibility that orders are cancelled, rescheduled or delayed, and macroeconomic, trade, tariff and geopolitical conditions affecting Taiwan and Southeast Asia. The company also cited conditions in the semiconductor, AI, silicon carbide, GaN and memory markets, and said actual results could differ materially from its expectations.
Aehr Test Systems said it will host a conference call and webcast today at 5:00 p.m. Eastern Time, or 2:00 p.m. Pacific Time, to discuss its first-quarter fiscal 2027 results. A phone replay will be available approximately two hours after the live call and will remain available for one week.