Aehr Test Systems (AEHR) Q4 2026 earnings summary

Executive summary

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

• Revenue diversification accelerated, with nearly 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 $18.8 million, up from $14.1 million YoY; full-year net revenue was $50 million, down from $59 million in FY25.

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

Financial highlights

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

• Q4 non-GAAP gross margin was 45% (up from 35%); full-year non-GAAP gross margin was 38.5% (down from 44%).

• Q4 gross profit was $8.0M, up from $4.3M in Q4 2025; full-year gross profit was $17.7M, down from $23.9M.

• Cash and equivalents at year-end were $116.5M, up from $26.5M, bolstered by a $100M ATM raise and $97.4M 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 profitability expected at 18%–22% of revenue.

• Revenue mix for FY27 expected to be ~70% AI, 15–20% silicon photonics, remainder power semiconductors; no memory revenue assumed.

• Potential upside from new AI processor customers and memory market engagement.

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