Aehr Test Systems (AEHR) investor relations material

Executive summary

• Q1 FY2027 revenue was a record $33.007 million, up 201% year over year and 75% sequentially; bookings were $46.7 million and effective backlog reached $109.3 million as of November 1.

• FY2027 revenue guidance rose to $150 million, with adjusted net income expected to be at least 20% of revenue.

Financial highlights

• Gross profit was $15.663 million; GAAP operating income was $6.047 million, versus an operating loss of $4.066 million a year earlier.

• GAAP net income was $7.181 million, or $0.21 diluted EPS, versus a net loss of $2.084 million, or $0.07 per diluted share.

• Adjusted net income was $9.4 million, or $0.28 per diluted share, versus $0.2 million and $0.01 a year earlier.

• GAAP gross margin was 47.5%, up from 33.9%; adjusted gross margin was 48.5%, up from 37.5%, reflecting higher volume and favorable mix.

• Contactors and related products contributed $13.5 million, or 41% of revenue, versus $2.6 million and 24% a year earlier.

Outlook and guidance

• FY2027 revenue guidance increased to $150 million from the prior range of $130 million–$150 million; the outlook represents stated growth of 200% over FY2026.

• Adjusted net income is expected to be at least 20% of revenue; consumables are expected to contribute ~35% of FY2027 revenue.

• Outlook reflects Q1 results, backlog, customer production visibility and anticipated delivery schedules; Q2 is expected to remain strong, with Q4 potentially the year's highest.

• FY2027 gross margin is expected near Q1's 48.5%, within ~0.5 percentage point; Q2 may be lower due to high Sonoma shipment volume.