Highlights

  • Aehr Test Systems (NASDAQ:AEHR) which makes wafer-level and package-level burn-in and test systems for semiconductors, reported fiscal 2026 fourth-quarter.
  • Quarterly revenue was $18.8 million, up from $14.1 million a year earlier, and fourth-quarter bookings reached a record $60.7 million.
  • Full-year revenue was $50.0 million, down from $59.0 million in fiscal 2025, a decline of about 15%.
  • The contrast matters: annual revenue fell, but the quarterly run-rate and order book turned up sharply in the final.

Aehr Test Systems (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 reviewed material did not show no later company results; a separate notice says the first-quarter fiscal 2027 results will be announced 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, my own sum, 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 by my arithmetic.

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 not explained by the year's net loss, and the release should be consulted for the sources of the funds; I have not attributed it to any particular transaction.

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, a calculation. Earnings-per-share guidance was not provided.

These are management forecasts, not reported results. Reaching them 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.

Share price, benchmark and what to watch

StockAnalysis.com recorded AEHR closing at $69.21 on 15 October 2026, down 3.2% from $71.49 on 14 October, which was itself 7.8% below $77.51 on 13 October. Google Finance showed a $104.39 close on 25 September, so the shares are about one-third below that level by my arithmetic. The reviewed material did not establish a company announcement explaining the decline and attribute it to no cause. Other semiconductor-related shares also fell in the same sessions.

The reviewed material did not establish Aehr as a constituent of a named index from an authoritative source, so the Nasdaq Composite is used only as a labelled benchmark. Nothing here implies index membership.

Items to watch include the 2 November results, whether backlog conversion into revenue, and customer concentration disclosures in the filing. Readers should check the filing's risk factors for customer concentration and the timing of revenue recognition. Web-sourced prices are delayed and may differ slightly from official exchange closing records.