Aehr Test Systems (AEHR) investor relations material

Executive summary

• Fiscal Q4 2026 exceeded expectations with record bookings of $60.7M and an effective backlog of $100.6M, driven by strong demand in AI, data center, and diversified end markets.

• Revenue diversification accelerated, with 95% of FY26 revenue from non-EV silicon carbide markets.

• AI processors, silicon photonics, and power semiconductors drove growth, positioning for significant expansion in FY27.

• Fiscal Q4 2026 net revenue was $18.8M, up from $14.1M YoY, with GAAP net income of $1.4M versus a loss last year.

• Full-year FY26 net revenue was $50M, down from $59M in FY25, with a GAAP net loss of $7.1M.

Financial highlights

• Q4 revenue was $18.8M, up 34% YoY; full-year revenue was $50M, down 15% YoY.

• Q4 non-GAAP gross margin rose to 45% from 35% last year; full-year non-GAAP gross margin was 38.5%.

• Q4 non-GAAP net income was $3.6M ($0.11/share); full-year non-GAAP net income was $0.9M ($0.03/share).

• Cash and equivalents at year-end were $116.5M, up from $26.5M, bolstered by a $100M ATM/public offering.

• Q4 bookings reached $60.7M (up 500% YoY); year-end backlog was $80.6M, rising to $100.6M post-year-end.

Outlook and guidance

• FY27 revenue guidance is $130M–$150M, representing 160%–200% YoY growth.

• Non-GAAP pre-tax/net income expected at 18%–22% of revenue.

• Guidance does not include potential upside from memory or new benchmark AI customers.

• Revenue mix for FY27 expected to be ~70% AI, 15–20% silicon photonics, remainder power semiconductors.

• Guidance based on current backlog and anticipated customer demand, with additional orders being pursued.