The raised FY2027 revenue outlook to $150M (from $130M-$150M range) and non-GAAP net income margin target of at least 20% are the key catalysts. Watch for the installation and validation of the FOX-XP test cell at the OSAT partner in Taiwan (early CY2027) and the production ramp decision for the second AI processor at the lead hyperscale customer, which could drive further upside to guidance.
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Executive Summary
Aehr Test Systems reported record Q1 FY2027 revenue of $33.0M, up 200% YoY from $11.0M, and GAAP net income of $7.2M ($0.21/diluted share) vs a GAAP net loss of $(2.1M) a year ago. The company raised its full-year FY2027 revenue outlook to $150M (from a prior range of $130M-$150M) and expects non-GAAP net income of at least 20% of revenue. Bookings were $46.7M with a 1.4x book-to-bill ratio and effective backlog reached $109.3M.
Key Financial Metrics
Key Facts
- Record Q1 FY2027 revenue of $33.0M, up 200% YoY from $11.0M and up 75% sequentially from $18.8M
- GAAP net income of $7.2M ($0.21/diluted) vs GAAP net loss of $(2.1M) ($(0.07)/diluted) in Q1 FY2026
- Non-GAAP net income of $9.4M ($0.28/diluted) vs $0.2M ($0.01/diluted) in Q1 FY2026
- GAAP gross margin 47.5%, non-GAAP gross margin 48.5%
- Bookings of $46.7M, book-to-bill ratio of 1.4x
- Backlog of $100.9M; effective backlog $109.3M as of November 1, 2026
- Cash, cash equivalents and restricted cash of $105.1M
- Raised FY2027 revenue guidance to $150M from prior $130M-$150M range, representing 200% growth over FY2026
- Expects non-GAAP net income of at least 20% of revenue for FY2027
- Lead hyperscale customer's second AI processor qualified on Sonoma; customer forecasts higher volumes than first processor
- Major AI accelerator/CPU/network processor supplier completed benchmark and ordered FOX-XP test cell for OSAT partner in Taiwan
Financial Impact
Revenue tripled YoY to $33.0M; raised FY2027 revenue guidance to $150M (200% growth over FY2026); GAAP net income swing from -$2.1M to +$7.2M
Risk Factors
- Customer forecasts are non-binding; orders may be canceled, rescheduled, or delayed
- Geopolitical risks related to Taiwan and Southeast Asia operations
- Dependence on a small number of large customers for a significant portion of revenue
- Operating cash flow was negative $(3.1M) in Q1 FY2027 due to working capital build for growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001654954-26-009385 |
| Document: aehr_8k.htm | 0001654954-26-009385 |
| Document: 0001654954-26-009385-index-headers.html | 0001654954-26-009385 |
| Document: 0001654954-26-009385-index.html | 0001654954-26-009385 |
| Document: 0001654954-26-009385.txt | 0001654954-26-009385 |
| 8-K Data (Synthetic) | 0001654954-26-009385 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 3, 2026 today | Institutional Cluster | $67.39 | awaiting T+60 | awaiting T+60 | $60.30 (−10.52%) |
Nov 2, 2026 1d ago | 8-K | $59.49 | awaiting T+60 | awaiting T+60 | $60.30 (+1.36%) |
Oct 29, 2026 5d ago | 8-K | $54.89 | awaiting T+60 | awaiting T+60 | $60.30 (+9.86%) |
Oct 28, 2026 6d ago | 3 | $61.21 | awaiting T+60 | awaiting T+60 | $60.30 (−1.49%) |
Sep 10, 2026 7w ago | Institutional Cluster | $93.81 | awaiting T+60 | awaiting T+60 | $60.30 (−35.72%) |
Aug 18, 2026 11w ago | Insider Cluster | $123.25 | awaiting T+60 | awaiting T+60 | $60.30 (+51.08%) |
Aug 14, 2026 11w ago | Insider Cluster | $145.61 | awaiting T+60 | awaiting T+60 | $60.30 (+58.59%) |
Aug 13, 2026 11w ago | Insider Cluster | $134.06 | awaiting T+60 | awaiting T+60 | $60.30 (+55.02%) |
Aug 13, 2026 11w ago | Insider Cluster | $134.06 | awaiting T+60 | awaiting T+60 | $60.30 (+55.02%) |
Aug 13, 2026 11w ago | Insider Cluster | $134.06 | awaiting T+60 | awaiting T+60 | $60.30 (−55.02%) |
US Market Status
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