Key Highlights

  • AEHR set a first-quarter fiscal 2027 Revenue record of $33.0 million, a figure 200% above the $11.0 million from a year ago.
  • On a GAAP basis, the company swung from a $2.1 million loss to $7.2 million of net income, or $0.21 per diluted share.
  • Orders reached $46.7 million with a book-to-bill around 1.4, and effective Backlog stood at $109.3 million on Nov 1, 2026.
  • The fiscal 2027 revenue forecast now sits at $150 million, above the earlier $130 million to $150 million band.
  • Cash plus restricted cash was $105.1 million on Sep 25, 2026, and the Business carries no debt.

Sales Triple as Demand for AI Burn-In Systems Accelerates

Aehr Test Systems (NASDAQ:AEHR) released first-quarter fiscal 2027 results on Nov 2, 2026 for the period that closed Sep 25, 2026. The Top Line reached a record $33.0 million, which is 200% higher than the $11.0 million of the year-earlier period and 75% above the previous quarter. Its test and burn-in platforms catch early semiconductor defects in AI processors, silicon photonics, power chips and Data Center hardware.

Non-GAAP gross Margin rose to 48.5%, up from 37.5% a year before, and GAAP gross margin registered 47.5%. Leadership attributed the improvement to higher volumes and a richer product mix. Consumables (WaferPak contactors and burn-in modules among them) generated $13.5 million, 41% of sales, versus $2.6 million (24%) previously.

Net Income of $7.2 Million Replaces Last Year's Operating Loss

The GAAP result was a $7.2 million profit, equal to $0.21 on each diluted share, compared with a $2.1 million loss ($0.07 per share) in fiscal first quarter 2026. Operating profit was $6.0 million, reversing a $4.1 million operating loss. Adjusted profit on a non-GAAP basis was $9.4 million, $0.28 per diluted share, compared with $0.2 million ($0.01 per share) a year earlier.

Non-GAAP operating costs rose about 36%, reaching $7.8 million, largely due to added AI-related R&D. Long-lead component purchases led to $3.1 million of cash burn from operations. Cash plus restricted cash fell to $105.1 million, versus $116.5 million at the prior fiscal year-end.

Bookings Climb to $46.7 Million and Effective Backlog Reaches $109.3 Million

Orders of $46.7 million were over 300% greater than the $11.4 million booked in the prior year, with wafer-level burn-in equipment and WaferPak contactors leading. Backlog finished the period at $100.9 million, versus $80.6 million at fiscal 2026 year-end. Including $8.4 million of post-quarter orders, effective backlog climbed to $109.3 million on Nov 1, 2026.

Management said its main AI processor customer keeps adding capacity, supported by a $22 million follow-on order placed in August 2026. A separate AI accelerator supplier plans to purchase a wafer-level test cell destined for a Taiwan-based assembler, with installation set for early calendar 2027. Shipments of Sonoma package-level systems to a hyperscale buyer exceed a dozen units monthly.

Fiscal 2027 Revenue Target Lifted to $150 Million With a 20% Net Income Floor

Fiscal 2027, which ends Jun 25, 2027, is now pegged at $150 million of revenue, up from the earlier $130 million to $150 million range and representing 200% growth over fiscal 2026. Non-GAAP net income is projected at a minimum of 20% of sales. Leadership noted that backlog already covers much of the second quarter.

Risks flagged include non-binding customer projections, possible order delays or cancellations, and geopolitical strain across Taiwan and Southeast Asia. Next to watch are the Taiwan setup and the production call that should come after it.