Key Takeaways
- AEHR shares soared approximately 30% during Wednesday’s premarket session following exceptional Q4 results
- Fourth-quarter revenue reached $18.84 million with earnings per share of 11 cents, surpassing the anticipated 1-cent loss
- Quarterly bookings hit an all-time high of $60.7 million, a dramatic increase from $11.1 million year-over-year
- The company’s fiscal 2027 revenue projection of $130Mā$150M significantly outpaces the $85.13 million analyst forecast
- Revenue composition has transformed radically ā approximately 95% of fiscal 2026 revenue originated from non-silicon carbide/EV sectors
Aehr Test Systems (AEHR) saw shares climb roughly 30% during Wednesday’s premarket session, reaching $93.46, following the release of fiscal fourth-quarter earnings that significantly exceeded analyst projections and annual guidance that far surpassed Street expectations.
The semiconductor equipment manufacturer had finished Tuesday’s regular session up 5.9% at $72.01 ahead of the earnings announcement.
Fourth-quarter revenue totaled $18.84 million, representing growth from $14.09 million in the prior-year quarter and marginally exceeding the $18.69 million consensus projection. The company delivered earnings per share of 11 cents, substantially beating forecasts that called for a 1-cent loss.
The standout metric was bookings. Reaching $60.7 million for the quarter, they exceeded the year-ago figure of $11.1 million by more than five-fold, propelled by robust demand for the company’s Sonoma and FOX burn-in systems, WaferPaks, and artificial intelligence processor testing solutions.
The backlog reached a record $80.6 million at fiscal year-end. When factoring in approximately $20 million in orders secured after the quarter closed, the effective backlog rose to $100.6 million. Additionally, the company secured $8 million in fresh silicon carbide orders over the past 30 days alone.
Dramatic Transformation in Revenue Composition
Among the most notable revelations from the quarterly report: Aehr’s revenue portfolio has undergone a complete transformation. Historically, over 95% of revenue stemmed from silicon carbide applications connected to the electric vehicle market. During fiscal 2026, nearly 95% originated from alternative segments.
The primary growth engines now include artificial intelligence processors, silicon photonics applications, and power semiconductor markets.
Throughout the quarter, Aehr finalized over 12 gallium nitride WaferPak designs currently undergoing customer validation. The company also introduced what it describes as the semiconductor industry’s first 300-millimeter GaN wafer-level burn-in capability for high-temperature reverse-bias testing applications.
The company also completed its inaugural FOX system transaction for silicon MOSFET uses and secured its first silicon carbide client in Taiwan.
FY2027 Outlook Significantly Exceeds Wall Street Projections
Aehr issued fiscal 2027 revenue guidance ranging from $130 million to $150 million. This projection represents approximately 160% to 200% year-over-year expansion and substantially surpasses the $85.13 million analyst consensus estimate.
Management anticipates non-GAAP pre-tax margins between 18% and 22% and indicated that manufacturing capacity limitations are not expected even at the upper boundary of guidance.
CEO Gayn Erickson emphasized that artificial intelligence will represent an expanded portion of operations in fiscal 2027 ā both in absolute dollars and as a percentage of total revenue. “AI is going to be a big chunk of our business this year, both in dollars and percentage,” he stated.
Erickson pointed out that current projections are primarily built on the foundation of existing customer relationships, suggesting that additional AI contract wins could potentially drive results even higher.
The company held cash, cash equivalents, and restricted cash totaling $116.5 million at the conclusion of the fiscal year.
AEHR shares have climbed 257% year-to-date through Tuesday’s closing bell and have advanced 387% over the trailing twelve-month period.
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