AEHR Nasdaq Earnings call
AEHR Test Systems (AEHR) · Q2 2026 results
Share price: $65.78 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q4 2026 · published 14 Jul 2026 and 7 Apr 2026
Net income turned to a profit from a loss last quarter, guidance raised. Management sounded about as positive as a typical company call, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q1 2026
Guidance raised
Net income 1.4M vs -3.2M
Revenue +82.6%
2 · How management spoke
Typical
More upbeat than 64% of company calls
Answers to analysts: restrained, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Key theme
Optical device test and burn-in for data center infrastructure transceivers chips represented approximately 71% of total annual revenue, highlighting…
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$65.78
close of 2026-11-11
Revenue growth, 3 years
−8.4% a year
compound annual rate (CAGR)
Free cash flow 2024
$0.0B
Free cash flow 2025
−$0.0B
Free cash flow 2026
−$0.0B
Read between the lines
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Guidance ↑
AEHR increased its revenue guidance because of current customer forecasts regarding wafer and package level burn in platforms.
Source quote
“With current customer forecasts that we are seeing across our wafer level and package level burn in platforms, we see the opportunity to increase our revenue guidance even...”
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Guidance
AEHR expects fiscal 2027 revenue between $130 million and $150 million, which represents 2.6x to 3x the revenue from the just-completed quarter.
Source quote
“With strong momentum and a record backlog heading into fiscal 2027, we are expecting revenue of between $130 million and $150 million representing 2.6x to 3x the just-completed...”
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Figure
Q3 revenue was down 44% from $18.3 million in the prior year period, which follows a period where revenue was slightly below consensus.
Source quote
“Q3 revenue was slightly below consensus and down 44% from $18.3 million in the prior year period.”
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Fading
AEHR reported more than $37 million in quarterly bookings and a book-to-bill ratio exceeding 3.5x, which indicates growth in multiple market segments.
Source quote
“Our effective backlog, which includes the backlog of $38.7 million at the end of the fiscal third quarter plus additional... ...We're very pleased with the strong momentum in our business across multiple market segments highlighted by more than $37 million in quarterly bookings and a book-to-bill ratio exceeding 3.5x. After generating approximately $20 million in bookings in our first -- in our fiscal first half, we're already 2.5x that in second half bookings and now expect to come in on the high side...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 83% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“Record quarterly bookings a very strong and record backlog, and growing demand across AI processors, silicon photonics, and power semiconductors for both our wafer level and package level burn-in solutions...”
“With multiple customers entering or expanding production, a record backlog, and additional opportunities under discussion for both wafer level and package level burn in we believe we are as well...”
“Our package-level burn-in business for AI processors also gained momentum over the year highlighted by record follow on production orders from our lead hyperscale customer for Sonoma Systems for supporting...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-05-29)
| Metric | Q2 2026period end 2026-05-29 | Q1 2026period end 2026-02-27 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 18.8M | 10.3M | +82.6% | 14.1M | +33.7% |
| Gross profit | 8.0M | 3.4M | +138.1% | 4.3M | +87.7% |
| Operating income | -1.2M | -4.2M | Loss narrowed | -3.2M | Loss narrowed |
| Net income | 1.4M | -3.2M | Turned profit | -2.9M | Turned profit |
| EPS | 0.05 | -0.10 | Turned profit | -0.10 | Turned profit |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- These factors are discussed in the company's most recent periodic and current reports filed with the SEC.
- Non GAAP pretax profitability at these levels is expected to come in between 18% to 22%.
- Record quarterly bookings a very strong and record backlog, and growing demand across AI processors, silicon photonics, and power…
- To illustrate the progress AEHR Test Systems has made in diversifying its additional high growth markets.
- It is unlike Silicon Carbide that is, like, 2 or 3 big applications.
Faded since Q1 2026
- Fading For burn-in silicon photonics devices, AEHR Test Systems recently announced a major new customer win, a major new silicon photonics…
- Fading AEHR Test Systems' strong bookings include increased demand for both wafer-level and package-level burn-in solutions.
- Fading AEHR Test Systems will use it uses that facility for like large volume orders of the same SKU, if you will, make it...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Material agreement · SEC 8-K
- Results of operations; Articles or bylaws amended · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K