Key Highlights

● Fourth-quarter Revenue was $18.8 million, up from $14.1 million a year earlier.

● Fourth-quarter bookings reached a record $60.7 million, lifting effective Backlog to $100.6 million.

● Fiscal 2026 revenue was $50.0 million, down from $59.0 million in fiscal 2025.

● Fiscal 2027 revenue is guided to $130 million to $150 million.

Latest verified development: record bookings and a steep fiscal 2027 target

Aehr Test Systems, Inc. (NASDAQ:AEHR), which makes wafer-level and package-level burn-in and test systems for semiconductors, reported fiscal 2026 fourth-quarter and full-year results on 14 July 2026. The fiscal year ended 29 May 2026. Quarterly revenue was $18.8 million, up from $14.1 million a year earlier, and fourth-quarter bookings reached a record $60.7 million.

Chief executive Gayn Erickson said the quarter exceeded expectations and that the company enters fiscal 2027 with a record backlog of more than $100 million. The company will announce first-quarter fiscal 2027 results on 2 November 2026.

Full-year results

Full-year revenue was $50.0 million, down from $59.0 million in fiscal 2025, a decline of about 15%. The GAAP net loss for the year was $7.1 million, or $0.23 per diluted share. The fourth quarter itself produced GAAP Net Income of $1.4 million, so the company ended the year profitable on a quarterly basis after losses earlier in the period.

The contrast matters: annual revenue fell, but the quarterly run-rate and order book turned up sharply in the final months of the year.

Backlog, bookings and cash

Bookings in the fourth quarter of $60.7 million compare with $37.2 million in the third quarter, reported in April 2026. Together they total about $97.9 million for the second half, which exceeds the upper end of the $60 million to $80 million range that management had flagged in April for second-half bookings. Bookings are orders, not revenue, and can be rescheduled or cancelled under customer terms.

Backlog at 29 May 2026 was $80.6 million, and effective backlog, which adds bookings received since that date, was $100.6 million. At the end of February 2026 the company had reported backlog of $38.7 million, so reported backlog more than doubled in one quarter.

Cash, cash equivalents and restricted cash were $116.5 million, compared with $37.1 million at 27 February 2026. The increase of roughly $79 million is larger than the year's net loss would explain.

Guidance

For fiscal 2027 the company guided to revenue of $130 million to $150 million, about 160% to 200% growth on fiscal 2026, together with non-GAAP net income of 18% to 22% of revenue. Applied to the revenue range, that percentage corresponds to roughly $23 million to $33 million. Earnings-per-share guidance was not provided.

Reaching that range would require converting order backlog into shipments at a pace well above anything in the past two fiscal years, so timing of customer acceptance and delivery is the key variable.

Aehr backlog conversion and fiscal 2027 delivery timing

Effective backlog of $100.6 million sits below the $130 million low end of fiscal 2027 revenue guidance, so the 2 November report is the first test of how fast orders turn into shipments.