Aehr Test Systems (AEHR) The 44th Annual William Blair Growth Stock Conference summary

Industry trends and technology drivers

• Electrification, electric vehicles, and data centers are major growth drivers for wafer level burn-in technology.

• Transition from silicon to compound semiconductors (gallium nitride, silicon carbide) is accelerating demand for advanced testing.

• Shrinking geometries and multi-chip modules increase the need for reliability testing at wafer level.

• Heterogeneous integration and co-packaged optics are emerging trends impacting semiconductor packaging and testing.

• AI, green energy, and digital transformation are fueling semiconductor market growth toward $1 trillion.

Business performance and market position

• Fiscal year ended with revenues over $65 million and GAAP profits above $11 million.

• No debt and strong working capital position, with significant inventory to support sales.

• Market share leader in wafer level burn-in, especially for silicon carbide, with seven engaged customers.

• Engaged with all major global suppliers and over a dozen companies evaluating solutions.

• Unique ability to test 18 wafers simultaneously, supported by proprietary technology and IP.

Product innovation and differentiation

• Wafer level burn-in enables 100% certainty of device reliability, critical for automotive applications.

• Novel architecture allows thousands of power supplies for high-current wafer level burn-in, unmatched in the industry.

• Fully integrated aligner and automated handling system developed during COVID, maintaining competitive edge.

• Cost-effective burn-in: 12-hour process costs $0.12 per die, attractive for high-value devices.

• High-power system (3,500 W per wafer) supports AI processors and optical I/O, opening new market opportunities.