Aehr Test Systems (AEHR) Q1 2027 earnings summary

Executive summary

• Record Q1 FY2027 revenue of $33.0m, up 200% YoY and 75% sequentially; bookings were $46.7m and effective backlog reached $109.3m as of Nov. 1.

• Raised FY2027 revenue outlook to $150m as AI and data-center programs expanded across wafer- and package-level burn-in and production opportunities.

Financial highlights

• Revenue reached a record $33.0m; shipments included Sonoma and FOX systems and related products.

• GAAP operating income was $6.0m versus a $4.1m operating loss; GAAP net income was $7.2m, or $0.21 per diluted share, versus a $2.1m net loss, or $0.07 loss per diluted share.

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

• GAAP gross margin was 47.5%; adjusted gross margin was 48.5%, up from 37.5% a year earlier on higher volume and favorable mix.

• Contactors and related products generated $13.5m, 41% of revenue, versus $2.6m and 24% a year earlier.

Outlook and guidance

• FY2027 revenue outlook rose to $150m from the prior $130m–$150m range, representing 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.

• Q2 is expected to remain strong; revenue could increase in subsequent quarters, with Q4 potentially the year's highest. The $150m outlook was described as conservative.

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