Aehr Test Systems Stock Earnings Reports

Aehr Test Systems reported Q2 fiscal 2026 revenue of $9.9M (down 27% YoY) and bookings of $6.2M for the quarter with backlog of $11.8M. Management stated that bookings received since quarter-end increased effective backlog to $18.3M. Non-GAAP gross margin fell to 29.8% (from 45.3% prior year) driven by lower sales volume and a less favorable product mix; non-GAAP net loss was $1.3M (-$0.04 per share). Cash and equivalents were $31.0M at quarter end after raising ~$10M from an ATM program (about $30M still available).

Management highlighted substantial commercial progress across multiple markets: AI processors (both wafer-level FOX-XP solutions and packaged-part Sonoma systems), flash memory (completed wafer benchmark and proposed HBF solution), silicon photonics (production ramp timing into fiscal 2027), GaN (resumed shipments after WaferPak redesigns), and continued silicon carbide engagements. They secured >$5.5M of Sonoma orders in the fiscal third quarter-to-date, including a premier Silicon Valley test lab buying higher-power Sonoma systems and automation. Aehr completed a next-generation fully automated Sonoma that supports up to 2,000 W/device and developed fine-pitch, high-current WaferPaks for 300 mm AI wafers.

Based on recent customer forecasts, management reinstated guidance for the second half of fiscal 2026: revenue of $25M–$30M and they expect bookings in that period to be substantially higher than revenue (management cited an expectation of $60M–$80M in bookings for the second half). Management emphasized strong visibility into fiscal 2027 opportunities driven by AI/data-center infrastructure reliability testing and said they have manufacturing capacity and ability to scale if orders materialize (management noted capability to produce on the order of tens of systems per month if required). They will continue investing in R&D (AI and memory programs) and intend to use the ATM selectively.