Semiconductor test equipment company supplying wafer-level burn-in and test systems for silicon carbide, sensors, and photonics.MoreShow less
Profile & Fundamentals
Aehr Test Systems (AEHR.NASDAQ) Profile & Fundamentals
Review Aehr Test Systems reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Aehr Test Systems: Company Profile & Ownership
Aehr Test Systems, Inc. provides test solutions for testing, burn-in, and semiconductor devices at wafer level, singulated die, and package level in the United States, Asia, Europe, and the Middle East. The company offers FOX-XP and FOX-NP systems, which are full wafer contact and singulated die/module test and burn-in systems that test, burn-in, and stabilize a range of devices, including silicon carbide-based (SIC) and gallium nitride (GAN) power semiconductors; 2D and 3D sensors used in mobile phones, tablets, and other computing devices; memory semiconductors; processors; microcontrollers; systems-on-a-chip; and photonics and integrated optical devices used in AI. It also provides the FOX-CP system, a single-wafer compact test solution for logic, memory, and photonic devices; and the FOX WaferPak Contactor, a full wafer contactor capable of testing wafers up to 300mm that enables integrated circuit manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. In addition, the company offers the FOX DiePak Carrier, which allows testing, burn-in, and stabilization of singulated bare die and modules; FOX WaferPak Aligner; and FOX DiePak Loader. Further, it provides system installation and repair, applications engineering support, spare parts inventories, customer training, and documentation services. The company sells its products in the United States, Germany, Japan, the Philippines, and Taiwan through distributors and sales representatives. It serves semiconductor manufacturers, semiconductor contract assemblies, electronics manufacturers, and burn-in and test service companies. Aehr Test Systems, Inc. was incorporated in 1977 and is headquartered in Fremont, California.
Company profile record
Aehr Test Systems
Common Stock · Information Technology · Semiconductor Materials & Equipment
Company
- Company / asset
- Aehr Test Systems
- Security type
- Common Stock
- Sector
- Information Technology
- Industry
- Semiconductor Materials & Equipment
- HQ
- 🇺🇸 United States
- Head office
- 400 Kato Terrace, Fremont, CA, United States, 94539
Leadership & scale
- Chief executive
- Mr. Gayn Erickson
- CEO year born
- 1964
- Full-time employees
- 138
- Fiscal year end
- May
- IPO date
- 1997-08-14
Fundamentals snapshot
- Market Cap
- USD 1.8B
- P/E
- 839.5x
- Revenue (Q3 26)
- USD 33.0M
- Profit (Q3 26)
- USD 7.2M
- Dividend Yield
- --
- Revenue (FY 26)
- USD 50.0M
- Shares in public float
- 31.2M
- Insider ownership
- 3.35%
Reporting & identifiers
- Symbol
- AEHR.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US00760J1088
- Asset ID
- equity_3ed5998a-59fd-53b0-a4f4-bc8470ba84d4
Aehr Test Systems: Ownership
Shares Outstanding
Latest: 33.5M | Max: 33.5M | Min: 22.3M
Latest reported ownership snapshot
Float Shares
93.17%
31.2M latest reported shares
Insider Ownership
3.35%
Latest reported insider stake
Short Float
0.18%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 22,883,000 |
| 2018-01-01 | 22,294,000 |
| 2019-01-01 | 22,912,000 |
| 2020-01-01 | 23,396,000 |
| 2021-01-01 | 28,342,000 |
| 2022-01-01 | 29,080,000 |
| 2023-01-01 | 29,769,000 |
| 2024-01-01 | 29,659,000 |
| 2025-01-01 | 30,050,000 |
| 2026-01-01 | 33,520,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 2,659,542 | 8.14% | 2026-06-30 |
| Vanguard Capital Management, LLC | 1,320,350 | 4.04% | 2026-06-30 |
| D. E. Shaw & Co LP | 1,177,421 | 3.61% | 2026-06-30 |
| Two Sigma Investments LLC | 1,164,614 | 3.57% | 2026-06-30 |
| FMR Inc | 1,006,830 | 3.08% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 983,597 | 3.01% | 2026-09-30 |
| Vanguard Portfolio Management, LLC | 966,659 | 2.96% | 2026-06-30 |
| Geode Capital Management, LLC | 875,505 | 2.68% | 2026-06-30 |
| The Goldman Sachs Group Inc | 810,036 | 2.48% | 2026-06-30 |
| iShares Russell 2000 ETF | 808,362 | 2.48% | 2026-10-29 |
| Jane Street Group LLC | 753,523 | 2.31% | 2026-06-30 |
| JPMorgan Chase & Co | 732,547 | 2.24% | 2026-06-30 |
| Vanguard Information Technology ETF | 713,184 | 2.18% | 2026-09-30 |
| State Street Corp | 712,926 | 2.18% | 2026-06-30 |
| Connor Clark & Lunn Inv Mgmt Ltd | 670,758 | 2.05% | 2026-06-30 |
Aehr Test Systems: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company's recent earnings show an abrupt turnaround from a painful cyclical downturn into an aggressive order rebound. Fiscal 2026 revenue dropped fifteen percent to fifty million dollars, resulting in an operating loss of fourteen million dollars as older electric-vehicle silicon carbide orders evaporated. However, the fourth quarter rebounded sharply to nearly nineteen million dollars as shipments began for new artificial intelligence and optical networking customers. This dramatic recovery is driven by an effective order backlog reaching one hundred million dollars, supporting management guidance for fiscal 2027 revenue between one hundred thirty and one hundred fifty million dollars. While this incoming wave ensures near-term sales acceleration, profits remain vulnerable to delivery timing and customer concentration.
The company's recent earnings show an abrupt turnaround from a painful cyclical downturn into an aggressive order rebound. Fiscal 2026 revenue dropped fifteen percent to fifty million dollars, resulting in an operating loss of fourteen million dollars as older electric-vehicle silicon carbide orders evaporated. However, the fourth quarter rebounded sharply to nearly nineteen million dollars as shipments began for new artificial intelligence and optical networking customers. This dramatic recovery is driven by an effective order backlog reaching one hundred million dollars, supporting management guidance for fiscal 2027 revenue between one hundred thirty and one hundred fifty million dollars. While this incoming wave ensures near-term sales acceleration, profits remain vulnerable to delivery timing and customer concentration.
Revenue, Net Income, and Free Cash Flow
Latest: USD 50.0M | Max: USD 66.2M | Min: USD -12.4M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 10x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profit margins have experienced severe swings due to changing factory production volumes. Gross margin tumbled from forty-nine percent in fiscal 2024 to thirty-five percent in fiscal 2026, pushing operating margins down to negative twenty-eight percent. This margin decay occurred because fixed factory overhead and rising research expenses could not be covered by falling legacy revenues. Profitability should rebound strongly toward twenty percent operating margins as high-volume systems and proprietary replacement contactors ship throughout fiscal 2027. Yet this margin recovery is cyclical rather than permanent. Whenever lead customers pause tooling purchases between chip generations, lower factory throughput will quickly squeeze profit margins back down toward breakeven levels.
Profit margins have experienced severe swings due to changing factory production volumes. Gross margin tumbled from forty-nine percent in fiscal 2024 to thirty-five percent in fiscal 2026, pushing operating margins down to negative twenty-eight percent. This margin decay occurred because fixed factory overhead and rising research expenses could not be covered by falling legacy revenues. Profitability should rebound strongly toward twenty percent operating margins as high-volume systems and proprietary replacement contactors ship throughout fiscal 2027. Yet this margin recovery is cyclical rather than permanent. Whenever lead customers pause tooling purchases between chip generations, lower factory throughput will quickly squeeze profit margins back down toward breakeven levels.
Profitability Margins
Latest: 35.3% | Max: 50.4% | Min: -29.9%
Latest Profitability Ratios as of 2026-05-31
Gross Margin
35.3%
Gross profit / revenue
Operating Margin
-28.3%
Operating income / revenue
Net Margin
-14.3%
Net income / revenue
FCF Margin
-10.8%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2017-05-31 | 18,898,000 | -5,653,000 | -4,972,000 |
| 2018-05-31 | 29,555,000 | 528,000 | -1,923,000 |
| 2019-05-31 | 21,056,000 | -5,235,000 | -5,810,000 |
| 2020-05-31 | 22,291,000 | -2,802,000 | -2,187,000 |
| 2021-05-31 | 16,600,000 | -2,027,000 | -2,928,000 |
| 2022-05-31 | 50,829,000 | 9,450,000 | 1,092,000 |
| 2023-05-31 | 64,961,000 | 14,557,000 | 8,649,000 |
| 2024-05-31 | 66,218,000 | 33,156,000 | 1,006,999 |
| 2025-05-31 | 58,968,000 | -3,910,000 | -12,392,000 |
| 2026-05-31 | 50,001,000 | -7,126,000 | -5,376,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2024-05-31 | 10.3 | Trailing four quarters |
| 2023-05-31 | 67.5 | Annual net income |
| 2022-05-31 | 25.8 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2017-05-31 | 35.88 | -26.08 | -29.91 | -26.31 |
| 2018-05-31 | 41.91 | 3.1 | 1.79 | -6.51 |
| 2019-05-31 | 36.1 | -20.3 | -24.86 | -27.59 |
| 2020-05-31 | 37.55 | -11.42 | -12.57 | -9.81 |
| 2021-05-31 | 36.34 | -25.19 | -12.21 | -17.64 |
| 2022-05-31 | 46.56 | 15.35 | 18.59 | 2.15 |
| 2023-05-31 | 50.41 | 20.59 | 22.41 | 13.31 |
| 2024-05-31 | 49.15 | 15.22 | 50.07 | 1.52 |
| 2025-05-31 | 40.59 | -7.31 | -6.63 | -21.01 |
| 2026-05-31 | 35.3 | -28.3 | -14.25 | -10.75 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-05.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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