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AEHR.NASDAQ
Aehr Test Systems
Information Technology · Semiconductor Materials & Equipment

Semiconductor test equipment company supplying wafer-level burn-in and test systems for silicon carbide, sensors, and photonics.

HQ: United StatesListed: United States

Historical AI Opinions

Audit every published iPulse AI forecast batch and immutable historical research document for Aehr Test Systems.

Aehr Test Systems (AEHR.NASDAQ) AI OPINIONS & ADVISOR ANALYSIS

Read and compare the 14 individual AI Advisor deep-dive reports, including their forecast paths, ratings, price targets, and reasoning.

Updated on 20 September 2026Deep analysis 20 September 2026

25 min readAudit All Past Forecasts

1. Investment Thesis — Base Case

The central tension is not whether revenue triples — , named orders and guidance make that probable — but whether and share count let the tripling reach the shareholder. Base case: fiscal 2027 lands near $140M, the first profitable year since 2024 arrives, and recovers into the low forties rather than back to 49%. Earnings growth is then real but slower than the multiple assumes, so the share price advances modestly while the valuation deflates toward the fundamentals. Investors earn business growth, not rerating, and endure violent quarterly swings to collect it.

  • Fiscal 2027 revenue of $130-150M against a $2.87B market capitalisation implies roughly 20x forward sales.
  • Sustaining today's price requires about $3.00 by fiscal 2031 on a 30x multiple.
  • Cross-check: $400M revenue at 25% net margin across 33 million shares produces exactly that per-share outcome.

Historical prices and published forecast

Historical prices and published forecastObserved prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in USD.-5.6732.4470.55108.65146.76Sep 2021Mar 2024Sep 2026Mar 2029Sep 2031Forecast starts
  • Observed price
  • Published advisor forecast
Observed prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in USD.
View chart values
Historical prices and published forecast — published chart values
SeriesDateValue (USD)
Observed price2021-09-1711.15
Observed price2021-10-0716.52
Observed price2021-10-1119.30
Observed price2021-10-3122.4
Observed price2021-11-0425.3
Observed price2021-11-2417.46
Observed price2021-11-2817.25
Observed price2021-12-0614.89
Observed price2021-12-3023.8
Observed price2022-01-1114.80
Observed price2022-01-1513.04
Observed price2022-01-2711.05
Observed price2022-02-1614.45
Observed price2022-02-2012.24
Observed price2022-03-0412.55
Observed price2022-03-1610.05
Observed price2022-03-2810.94
Observed price2022-04-139.04
Observed price2022-05-038.35
Observed price2022-05-117.07
Observed price2022-05-237.85
Observed price2022-06-049.32
Observed price2022-06-088.96
Observed price2022-06-207.67
Observed price2022-07-067.31
Observed price2022-07-2211.79
Observed price2022-07-2610.94
Observed price2022-08-1117.89
Observed price2022-08-1917.43
Observed price2022-09-0413.29
Observed price2022-09-1214.09
Observed price2022-09-1615.55
Observed price2022-10-0613.87
Observed price2022-10-2621.7
Observed price2022-11-0319.00
Observed price2022-11-1525.6
Observed price2022-11-2326.4
Observed price2022-12-1323.3
Observed price2022-12-1723.2
Observed price2023-01-0218.84
Observed price2023-01-1027.4
Observed price2023-01-2636.5
Observed price2023-02-0736.5
Observed price2023-02-2331.9
Observed price2023-02-2732.9
Observed price2023-03-1129.8
Observed price2023-03-2337.3
Observed price2023-04-1228.3
Observed price2023-04-1629.7
Observed price2023-04-2824.8
Observed price2023-05-1028.1
Observed price2023-05-3033.0
Observed price2023-06-1142.5
Observed price2023-06-1939.7
Observed price2023-07-0939.4
Observed price2023-07-1750.2
Observed price2023-08-0251.3
Observed price2023-08-1046.7
Observed price2023-08-1840.1
Observed price2023-09-0351.3
Observed price2023-09-0749.9
Observed price2023-09-2343.5
Observed price2023-10-0144.4
Observed price2023-10-2131.5
Observed price2023-10-2531.1
Observed price2023-11-0623.1
Observed price2023-11-1825.7
Observed price2023-11-3023.5
Observed price2023-12-2428.9
Observed price2024-01-0125.5
Observed price2024-01-0522.4
Observed price2024-01-2516.35
Observed price2024-02-0615.04
Observed price2024-02-1418.78
Observed price2024-03-0516.74
Observed price2024-03-1315.09
Observed price2024-03-2114.82
Observed price2024-04-0611.57
Observed price2024-04-2210.59
Observed price2024-04-3011.98
Observed price2024-05-0411.71
Observed price2024-05-0811.25
Observed price2024-05-2811.17
Observed price2024-06-1313.53
Observed price2024-06-2510.48
Observed price2024-07-1115.57
Observed price2024-07-1918.77
Observed price2024-08-0415.39
Observed price2024-08-0813.16
Observed price2024-08-2814.84
Observed price2024-09-0114.09
Observed price2024-09-1712.47
Observed price2024-09-2512.02
Observed price2024-10-1116.02
Observed price2024-10-2716.45
Observed price2024-11-0411.71
Observed price2024-11-1611.25
Observed price2024-12-0212.14
Observed price2024-12-0611.47
Observed price2024-12-2616.29
Observed price2024-12-3016.98
Observed price2025-01-1912.51
Observed price2025-01-2312.50
Observed price2025-02-1210.39
Observed price2025-02-2012.10
Observed price2025-03-088.49
Observed price2025-03-169.35
Observed price2025-04-017.85
Observed price2025-04-057.04
Observed price2025-04-098.76
Observed price2025-05-078.31
Observed price2025-05-159.34
Observed price2025-05-239.04
Observed price2025-06-1211.92
Observed price2025-06-2011.41
Observed price2025-07-0615.34
Observed price2025-07-1413.86
Observed price2025-07-2621.1
Observed price2025-08-1117.48
Observed price2025-08-2321.1
Observed price2025-08-2724.3
Observed price2025-09-1628.6
Observed price2025-09-2432.3
Observed price2025-10-1025.2
Observed price2025-10-1427.4
Observed price2025-10-1825.1
Observed price2025-11-0723.9
Observed price2025-11-1919.57
Observed price2025-12-0524.7
Observed price2025-12-1721.5
Observed price2025-12-2920.6
Observed price2026-01-1426.0
Observed price2026-01-1829.0
Observed price2026-02-0324.9
Observed price2026-02-1127.4
Observed price2026-03-0341.6
Observed price2026-03-1142.5
Observed price2026-03-2732.5
Observed price2026-03-3137.1
Observed price2026-04-2091.3
Observed price2026-04-2885.1
Observed price2026-05-14101
Observed price2026-05-1885.7
Observed price2026-06-03115
Observed price2026-06-15116
Observed price2026-07-0184.4
Observed price2026-07-1368.0
Observed price2026-07-2198.9
Observed price2026-07-2965.4
Observed price2026-08-14134
Observed price2026-08-22100.0
Observed price2026-09-0376.3
Observed price2026-09-1581.6
Observed price2026-09-25104
Published advisor forecast2026-09-1893.5
Published advisor forecast2026-12-1884.1
Published advisor forecast2027-03-1895.9
Published advisor forecast2027-06-18102
Published advisor forecast2027-09-1893.5
Published advisor forecast2027-12-1887.9
Published advisor forecast2028-03-1896.7
Published advisor forecast2028-06-18102
Published advisor forecast2028-09-18108
Published advisor forecast2028-12-1898.0
Published advisor forecast2029-03-18105
Published advisor forecast2029-06-18109
Published advisor forecast2029-09-18104
Published advisor forecast2029-12-18112
Published advisor forecast2030-03-18115
Published advisor forecast2030-06-18107
Published advisor forecast2030-09-18114
Published advisor forecast2030-12-18118
Published advisor forecast2031-03-18120
Published advisor forecast2031-06-18116
Published advisor forecast2031-09-18123

2. Scenarios & Signals

Bull case

The bull case activates if snaps back above 45% while bookings keep compounding — margin recovery and order growth must arrive together, not sequentially. Then $150M of fiscal 2027 revenue drops far more to operating income than modelled, the doubles WaferPak consumable revenue, and a memory or co-packaged-optics qualification extends the . plus a widened moat justifies a on genuinely larger earnings, and the shares compound well past $180.

Bear case

The bear case activates when one lead customer defers and stays in the thirties simultaneously. Revenue misses the $130M floor, the operating-leverage story collapses into a second consecutive loss year, and the at-the-market programme is tapped again from a lower price — diluting holders precisely when the narrative premium evaporates. With a 5% risk-free rate anchoring discount rates, a 56x sales multiple has nowhere to rest. The shares could halve without any change in long-term technology logic.

Current crowd narrative

The settled belief is that Aehr has become the toll booth on AI burn-in, and that $100.6M of effective plus 160-200% guided growth are already banked revenue. A 327% year-to-date run, Jefferies at $175 and a September Oppenheimer initiation reinforce it [1][12][15]. The anchor is the booking number; almost nobody anchors on falling to 35.3%.

Alpha-gap assessment

The crowd overestimates what these shares are worth: the inflection is real but fully paid for. The overlooked evidence is arithmetic, not narrative — fourteen points of gross-margin erosion since fiscal 2024 alongside roughly $100M of at-the-market issuance means a tripled top line reaches materially fewer dollars per share than a 56x sales multiple assumes [6][7]. Sustaining $93.50 requires near-flawless execution to roughly $400M of revenue at semiconductor-leader margins by fiscal 2031. That is a forecast, not a floor.

Convergence catalyst

The first-quarter fiscal 2027 print, estimated between October 5 and 12, 2026, is the recognition event [14]. It is the first disclosure where and appear together on one page. The first observable sign of repricing will be the margin line, not the revenue headline.

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