[AEHR] Aehr Test Systems: fiscal Q1 2027 earnings preview and the $80.6 million backlog

Aehr Test Systems (AEHR) sells semiconductor burn-in test equipment to chipmakers, outsourced assembly and test houses and test service providers, with full-wafer-contact wafer-level burn-in systems, package-level burn-in systems and contactor consumables that are custom-built for each chip design[1]. In this Aehr Test Systems earnings preview, the Drillr earnings calendar lists 2026-10-05 as the date for results covering the first quarter of fiscal 2027, June 27 to September 25, 2026, but as of September 25 the company had not announced a release date, and because the quarter only closed on September 25 the actual date may be later[2]. In the latest disclosed quarter, the fourth quarter of fiscal 2026 (March to May 2026), revenue was $18.835 million, gross profit $8.019 million and net income $1.391 million, while bookings reached a record $60.7 million[3]; for full fiscal 2026, revenue was $50.001 million, gross margin 35.3% and the operating loss $14.149 million[4], and backlog stood at $80.6 million on May 29[5]. On July 14 the company guided fiscal 2027 revenue to $130 million to $150 million, roughly 160% to 200% growth, with non-GAAP net income at 18% to 22% of revenue[3]. The company gives only full-year guidance and no quarterly guidance; the Drillr calendar field shows a quarterly consensus of about $26.15 million in revenue and $0.11 in earnings per share, though the field does not state how many analysts it covers[2], and the Zacks consensus for fiscal 2027 is $140.75 million in revenue and $0.74 in earnings per share[6].

Three things matter most in this report. The first is backlog conversion: revenue comes from a small number of high-value systems and R&D and SG&A costs are largely fixed in the short term, so whether first-quarter revenue clearly exceeds the fourth quarter's $18.835 million while ending backlog stays at or above $80.6 million is the first quarterly test of a full-year revenue increase of 2.6 to 3.0 times[7][5]. The second is gross margin: it fell from 40.6% to 35.3% in fiscal 2026 because of assembly and warranty costs, freight and tariffs on imported parts, none of which disappears automatically as shipments rise, so first-quarter gross margin determines how much revenue growth turns into profit[8]. The third is contactor consumables: contactor revenue fell from $30.848 million in fiscal 2025 to $14.887 million in fiscal 2026 and was the main cause of the full-year revenue decline, so whether it stops falling in the first quarter determines whether revenue becomes more durable as AI installations grow[9][10].

Company Background and Business Structure

Aehr Test Systems is a specialist test equipment maker headquartered in Fremont, California, built around wafer-level burn-in; it is small, but its customers are large chipmakers[1]. The company was founded in 1977, is listed on Nasdaq and is led by CEO Gayn Erickson; it has sales and service offices in the United States, Germany, Japan, the Philippines and Taiwan and had 138 full-time employees as of May 29, 2026[1]. In July 2024 it acquired Incal Technology for about $22.2 million, adding the Sonoma, Tahoe and Echo package-level burn-in product lines[1]. On April 2, 2026 the board approved moving the fiscal year-end from the Friday nearest May 31 to the Friday nearest June 30, so fiscal 2027 began on June 27, 2026 and ends on June 25, 2027[11].

The company reports a single segment, but its business is best understood as two product lines, with the wafer-level line generating recurring consumable revenue[1]. The wafer-level line includes the FOX-XP (which can burn in up to 18 wafers at once), FOX-NP and FOX-CP systems, plus WaferPak full-wafer contactors and DiePak carriers; each contactor is custom-designed for a specific customer chip and lasts two to seven years, and customers buy a new set with each chip generation, so one system generates several consumable purchases over its life, and this line produced $31.5 million, or 63%, of fiscal 2026 revenue[1]. The package-level line includes Sonoma, which handles more than 1,600 watts per device and targets AI accelerators and GPUs, along with Tahoe and Echo, and produced $18.5 million, or 37%, of fiscal 2026 revenue[1]. By product category, fiscal 2026 revenue was $28.669 million from systems, $14.887 million from contactors and $6.445 million from services[9].

Manufacturing is heavily outsourced and customer concentration is high[12][13]. The company buys environmental chambers, power supplies, circuit boards and other parts from outside suppliers and performs final assembly and test in Fremont; since fiscal 2026 a long-time subcontractor has handled final integration and test of Sonoma, and in the fourth quarter the company qualified that subcontractor to ship directly to customers, expanding capacity[12]. Systems and spare parts are recognized as revenue in full on shipment or delivery, new orders often carry customer deposits, and customer deposits stood at $4.554 million at the end of fiscal 2026[14]. The five largest customers accounted for about 70% of fiscal 2026 revenue, with three customers at 26%, 14% and 11%, compared with 93% for the top five in fiscal 2024[13].

Financial History and Current Position

Annual revenue has fallen for two straight years, and gross margin has declined with it[4]. Revenue was $66.218 million, $58.968 million and $50.001 million in fiscal 2024, 2025 and 2026, and gross profit was $32.543 million, $23.933 million and $17.651 million, for gross margins of about 49.1%, 40.6% and 35.3%[4]. Operating income went from $10.078 million in fiscal 2024 to operating losses of $5.677 million in fiscal 2025 and $14.149 million in fiscal 2026; fiscal 2026 R&D expense was $12.633 million, up 20.7%, and SG&A was $19.161 million, up 4.8%[4][15]. The fiscal 2026 net loss was $7.126 million, including a $4.61 million income tax benefit[4].

The fiscal 2026 revenue decline came mainly from silicon carbide consumables, and system purchases by silicon photonics customers partly offset it[10]. The 10-K says revenue fell $9.0 million for the year, primarily because wafer-level contactor revenue dropped $19.9 million on significantly lower shipments amid continued softness in electric vehicle demand, while wafer-level system revenue rose $10.4 million, mainly from silicon photonics customers[10]. By region, Asia revenue fell from $37.095 million in fiscal 2025 to $22.823 million while US revenue rose from $17.673 million to $20.643 million; the company attributes the Asia decline to weak EV demand and the US increase to silicon photonics demand[16].

The balance sheet strengthened sharply in the same year, but mostly through equity issuance rather than operating cash flow[17]. Fiscal 2026 operating cash flow was negative $3.31 million and investing cash flow negative $3.867 million, while financing cash flow was $97.2 million, driven mainly by $97.4 million in net proceeds from at-the-market (ATM) stock sales; cash, cash equivalents and restricted cash ended the year at $116.5 million versus $26.5 million a year earlier, and the company carries no interest-bearing debt[17]. Year-end inventory was $41.354 million, including $29.247 million of raw materials and sub-assemblies, and customer deposits rose from $1.802 million to $4.554 million[14]. Backlog on May 29 was $80.6 million, versus $15.2 million a year earlier[5]. Since the 10-K the company has released no new quarterly financial statements; it published fourth-quarter figures and full-year guidance on July 14, and on August 12 announced a $22 million follow-on wafer-level order from its lead AI processor customer, with shipments expected over the next six months[3][18].

Operating Model

Quarterly revenue depends mainly on how much of the opening backlog is scheduled to ship in that quarter[7]. Revenue breaks into three parts: system revenue shipped and recognized from backlog, contactor consumable revenue as customers change chip designs, and service and spare-parts revenue; ending backlog roughly equals opening backlog plus new orders minus revenue recognized[5][9]. On that relationship, fiscal 2026 new orders were about $115.4 million, the $50.001 million of revenue plus the $65.4 million backlog increase, or about $28.9 million per quarter on average[4][5]. Customers buy in two ways: AI processor and silicon photonics customers place bulk orders for capacity expansion, buying systems together with the first set of contactors, while silicon carbide customers stopped adding contactors as EV demand weakened, which is why contactor revenue fell from $30.848 million to $14.887 million[10][9].

Profit is highly sensitive to revenue scale because expenses are largely fixed in the short term[7]. Gross profit equals revenue minus purchased parts, assembly and outsourced integration, warranty, freight and tariffs, and the company attributes the 5.3-percentage-point fiscal 2026 gross margin decline to higher assembly and warranty costs, higher freight and tariffs on imported parts[8]. Three factors jointly set gross margin: whether volume absorbs fixed manufacturing costs, how much of the mix comes from wafer-level systems and custom consumables that carry more proprietary IP versus Sonoma package-level systems integrated by a subcontractor, and component costs and tariffs[8][12][19]. Fiscal 2026 R&D and SG&A together totaled $31.794 million, or 63.6% of revenue; because these costs are mostly fixed in the short term, most of the gross profit on each additional dollar of revenue flows straight to operating income, and any revenue shortfall directly widens the loss[15][7].

Cash flow is shaped first by inventory build and then by deposits and collections[14]. Equipment makers must buy materials ahead of production, and year-end inventory of $41.354 million equaled nearly 83% of annual revenue; customer deposits on new orders reach operating cash flow before revenue does and partly offset the cash tied up in materials[14]. The 10-K says net cash used in operating activities fell $4.1 million in fiscal 2026, mainly because of higher customer deposits on new bookings, a smaller increase in vendor prepayments and lower cash outflows for inventory purchases[14]. This chain means that in a quarter when orders surge, deposits can improve cash first, while revenue and gross profit appear only after shipment[14][5].

Industry and Competitive Position

Burn-in testing is a niche step in semiconductor back-end manufacturing, and Aehr differentiates itself by moving burn-in forward to the wafer stage[1]. The traditional approach burns in chips one by one after packaging; Aehr's wafer-level approach contacts an entire wafer at once and screens out early failures before chips are sealed into multi-chip modules, avoiding the scrapping of an expensive package because of one bad chip, a yield loss the company says can reach 10 to 100 times the cost of the chip itself[1]. After the Incal acquisition, the company can offer both wafer-level and package-level burn-in solutions[1]. Competitors include larger test equipment makers and Semight (Suzhou), which the company is suing for patent infringement in China; the company says it sees price competition in the systems market, especially for less advanced products[1]. Because comparable revenue and profit data for peers are not available, the share and profit gaps between the company and its competitors cannot be quantified.

The company's end markets have almost completely turned over in two years, which limits how much the historical record says about the future[20]. EV and power semiconductor revenue fell from 92% of total revenue in fiscal 2024 and 41% in fiscal 2025 to 17% in fiscal 2026[20]. Over the same period the US share of revenue rose from about 5.3% in fiscal 2024 to about 41.3% in fiscal 2026, which the company attributes mainly to silicon photonics customers[16]. On the July earnings call, management's fiscal 2027 revenue mix assumption was about 70% AI, about 15% to 20% silicon photonics and the remainder power semiconductors and other markets, with no memory revenue included[21].

Core Debates

Can the $80.6 million backlog turn into clearly higher first-quarter revenue while new orders keep the backlog from shrinking?

This debate decides whether the company moves from losses to profit, because revenue comes from a few high-value system orders while expenses are largely fixed in the short term[7]. Fiscal 2026 revenue was $50.001 million, R&D and SG&A were $31.794 million and the operating loss was $14.149 million[4]. Full-year guidance requires revenue of 2.6 to 3.0 times the fiscal 2026 level[3], and the company's decision in the 10-K not to record an allowance against its deferred tax assets also rests on a return to profitability in fiscal 2027[22]. First-quarter revenue and ending backlog are the first quarterly data points to test that judgment.

The evidence for smooth conversion is specific, but the company itself supplies the counterweights[5]. Ending backlog was $80.6 million versus $15.2 million a year earlier[5]; on July 14 the company said effective backlog including orders received after May 29 was about $100 million[3]; on August 12 its lead AI processor customer added a $22 million wafer-level order, with shipments expected over six months to its high-volume manufacturing partner in Taiwan[18]; and customer deposits rose from $1.802 million to $4.554 million[14]. On the other side, the 10-K warns that backlog may not indicate revenue for any later period because customers can reschedule or cancel[5], and on the July call management said Sonoma volume production for its lead hyperscale customer's second chip had slipped slightly[21].

The financial chain runs from AI processor and silicon photonics capacity expansion, to bulk orders for systems plus first-set consumables that bring customer deposits, to backlog, to scheduled shipments and revenue recognition, and finally to operating profit as fixed costs are absorbed[5][7]. The current baseline is fiscal 2026 revenue of $50.001 million, about $12.5 million per quarter, ending backlog of $80.6 million, and implied full-year new orders of about $115.4 million, or about $28.9 million per quarter, based on revenue plus the backlog increase[4][5]. What remains unresolved is timing: full-year guidance may be weighted to the second half, so first-quarter revenue below the roughly $32.5 million per quarter implied by the low end of guidance does not necessarily signal weaker demand, and the key is whether backlog falls at the same time[3]. The fiscal-year change also leaves a four-week transition period from May 30 to June 26, 2026, and how its revenue will be assigned and disclosed is not yet known[11].

Watch whether first-quarter revenue exceeds the fourth quarter's $18.835 million and approaches the consensus of about $26.15 million, whether ending backlog holds at or above $80.6 million with a book-to-bill ratio of at least 1, and whether the company reaffirms $130 million to $150 million in full-year guidance and explains how transition-period revenue is reported[3][2][5]. If first-quarter revenue falls below $18.8 million and the company attributes it to customer delays or cancellations, the view that backlog will convert on schedule is falsified; if backlog and orders both fall and the company cuts full-year guidance, the view no longer holds either[5][3].

As shipments scale up, can gross margin recover from 35.3% to above 40%, or will the Sonoma outsourced mix, tariffs and component costs hold it down?

This debate decides how much revenue growth turns into profit, because current gross profit does not yet cover expenses[4]. Fiscal 2026 gross profit was $17.651 million against R&D and SG&A of $31.794 million[4][15]. The company's fiscal 2027 guidance for non-GAAP net income of 18% to 22% of revenue requires both gross margin and the expense ratio to improve[3]; if revenue doubles while gross margin stays near 35%, profit will improve far less than revenue grows.

History shows that margins run higher when volume and consumables are strong, but not every factor that pressed fiscal 2026 margins is tied to scale[4][8]. On the positive side, gross margin was 40.6% in fiscal 2025 and 49.1% in fiscal 2024[4]; when fourth-quarter revenue rose to $18.835 million, gross profit was $8.019 million, a gross margin of about 42.6%[3]; and Sonoma now ships directly from the subcontractor, expanding capacity without adding in-house fixed costs[12]. On the negative side, the fiscal 2026 margin decline came from assembly and warranty costs, freight and tariffs, which do not disappear automatically with scale[8]; package-level Sonoma is a rising share of AI revenue, while proprietary IP is concentrated more in wafer-level systems and consumables[12][1]; and expenses were still growing in fiscal 2026, with R&D up 20.7%[15].

The financial chain has three paths: shipment volume absorbs fixed manufacturing costs, the share of wafer-level systems and proprietary consumables relative to outsourced Sonoma systems sets unit gross profit, and tariffs on imported parts, freight and price increases for power supplies and other parts flow into cost of revenue; with expenses mostly fixed, these together set operating margin[8][19][7]. The current baseline is a fiscal 2026 GAAP gross margin of 35.3%, system revenue of $28.669 million or about $7.2 million per quarter, and R&D plus SG&A of $31.794 million or about $7.9 million per quarter[4][9][15]. What remains unresolved is the effect of mix: the company does not disclose gross margin by product line and has mentioned the margin gap between wafer-level and package-level systems only verbally on calls, so the mix effect can only be inferred indirectly[21].

Watch whether first-quarter gross margin is at least fiscal 2025's 40.6% or below fiscal 2026's 35.3%, whether gross margin rises as system revenue grows, and whether operating expenses stay near the fourth quarter's roughly $9.2 million while revenue expands clearly[4][3]. If revenue grows while gross margin stays below 35.3%, the view that scale will lift margins is falsified; if expenses grow faster than revenue, the premise for margin improvement no longer holds[8][15].

After WaferPak contactor revenue halved from $30.8 million to $14.9 million, can silicon carbide reorders and new AI installs stop the decline in the first quarter?

This debate decides whether revenue becomes more durable as AI installations grow[1]. WaferPak contactors are custom-built for each chip design and last two to seven years, making them the recurring revenue that follows each equipment sale and the most proprietary part of the wafer-level business[1]. The $19.9 million drop in contactor revenue in fiscal 2026 was the main reason full-year revenue fell 15.2%[10][4]; EV and power semiconductor revenue has already fallen from 92% of the total in fiscal 2024 to 17%[20].

The evidence for a bottom comes from new orders, but those orders may consist mainly of first-set consumables delivered with new systems[3][18]. On July 14 the company announced about $8 million in new silicon carbide WaferPak orders, including a direct order from a large automaker[3]; the $22 million follow-on order from the lead AI processor customer also includes WaferPaks[18]; and every new chip an AI customer introduces requires a new set of contactors[1]. On the other side, the 10-K shows the contactor decline came from significantly lower shipments amid still-weak EV demand[10]; WaferPaks in the new orders may ship mainly alongside new systems and do not show that reorders from the installed base have resumed; and the largest customer accounts for 26% of revenue, so consumable demand still depends on a few customers[13].

The financial chain runs from silicon carbide and gallium nitride demand driven by EVs and AI data center power, through silicon carbide customers' utilization and new chip introductions that set WaferPak reorders; AI and silicon photonics installations and chip transitions bring new WaferPak sets, lifting contactor revenue and the share of high-margin consumables, and ultimately gross margin[1][9]. The current baseline is fiscal 2026 contactor revenue of $14.887 million or about $3.72 million per quarter, Asia revenue of $22.823 million or about $5.7 million per quarter, and a largest customer at 26% of revenue, with the top three at 26%, 14% and 11% and the top five at about 70%[9][16][13]. What remains unresolved is where any rebound comes from: the 10-K does not disclose quarterly contactor revenue or separate first-set consumables from reorders, so the answer depends on what the company explains in its results[9].

Watch whether first-quarter contactor revenue exceeds fiscal 2026's quarterly average of about $3.72 million, whether the company says silicon carbide installed-base customers have resumed reorders, and whether the largest customer's share exceeds 40%[9][13]. If contactor revenue stays below $3.72 million and the company blames silicon carbide customer destocking, the view that consumables have bottomed is falsified; if any rebound comes only from first-set consumables with no reorders from the installed base, the case for consumables as recurring revenue remains unproven[10][9].

Risks and Falsifiers

Customer concentration and lumpy large orders are the company's most direct risk[13]. The top five customers accounted for about 70% of fiscal 2026 revenue, with three customers at 26%, 14% and 11%, and on fiscal 2026 revenue the top three together represent about $25.5 million[13][4]; because revenue comes from a few high-value systems and expenses are mostly fixed in the short term, one customer delaying or reducing orders can swing quarterly revenue sharply and directly widen losses[7]. If at least three customers each account for more than 10% of first-quarter revenue, revenue meets consensus and the company reports no order delays, this risk has not materialized this quarter[2].

Supply chain and tariff risk affects both shipment timing and gross margin[19]. The company depends on overseas suppliers and subcontractors for parts, says in the 10-K that its sales growth depends on timely deliveries from suppliers and contract manufacturers, and notes that tariffs have already raised the cost of imported materials and components[19]. Tariffs on imported parts were one reason for the 5.3-percentage-point fiscal 2026 gross margin decline[8], and $29.247 million of the $41.354 million year-end inventory was raw materials and sub-assemblies[14]. If the company reports no shipment delays from parts shortages and gross margin recovers above 40%, this risk has limited bearing on the current view[8].

Shipment delays or customer rescheduling can pull a single quarter's revenue well off schedule[7]. Revenue is concentrated in a few high-value systems, so any single slip moves the whole quarter, and Sonoma volume production for the second chip has already been delayed[7][21]. Fiscal 2026 expenses of $31.794 million are mostly fixed, so every $10 million of lost quarterly revenue removes about $3.5 million of gross profit at the fiscal 2026 gross margin of 35.3%, which falls directly to operating income[15][8]. If first-quarter revenue is at or above consensus and the company reports no rescheduled or cancelled orders, this risk has not materialized this quarter[2][5].

Product mix and cost pressure could keep gross margin near 35% even as revenue expands[8]. AI revenue is shifting toward Sonoma package-level systems integrated by a subcontractor, and together with tariffs, freight and warranty costs, mix and cost could offset the benefits of scale[12][19]. On fiscal 2026 revenue of $50.001 million, every 5 percentage points of gross margin equals about $2.5 million of gross profit, and the impact grows with revenue[4]. If first-quarter gross margin is at least 40.6% and the company says tariff and component cost effects are limited, this risk is falsified[8].

Weak silicon carbide demand and competition could delay the return of consumable reorders[10]. EV demand remains soft, and in China the company faces competitors including Semight, which it is suing there for patent infringement[10][1]. Contactor revenue fell from $30.848 million in fiscal 2025 to $14.887 million in fiscal 2026, a gap of about $16 million, equal to 32% of fiscal 2026 revenue[9]. If first-quarter contactor revenue is at least fiscal 2025's quarterly average of about $7.71 million and the company says it includes reorders from silicon carbide customers, this risk is falsified[9][20].

What to Watch Next

The watch points for the three core debates are collected below, with baselines from the fiscal 2026 annual report and the July 14 results release[4][3].

• Backlog conversion: first-quarter revenue against the fourth quarter's $18.835 million and the calendar consensus of about $26.15 million; revenue below $18.8 million attributed to customer delays or cancellations would falsify the conversion view.
• Backlog conversion: ending backlog against $80.6 million at May 29 and a book-to-bill ratio of at least 1; a simultaneous drop in backlog and orders with a guidance cut would falsify the view.
• Backlog conversion: whether fiscal 2027 revenue guidance of $130 million to $150 million is reaffirmed and how the four-week transition period is reported; a guidance cut would weaken the full-year growth view.
• Gross margin: first-quarter GAAP gross margin against 35.3% for fiscal 2026, 40.6% for fiscal 2025 and about 42.6% in the fourth quarter; growth with a margin below 35.3% would falsify the scale-benefit view.
• Gross margin: operating expenses against about $9.2 million in the fourth quarter; expenses growing faster than revenue would remove the premise for margin improvement.
• Consumables: first-quarter contactor revenue against the fiscal 2026 quarterly average of about $3.72 million and any evidence of silicon carbide reorders; revenue below $3.72 million blamed on silicon carbide destocking would falsify the bottoming view.
• Consumables: the largest customer's share against 26% in fiscal 2026; a share above 40% would show consumables and revenue relying more on a single customer.

Conclusion

Aehr Test Systems' results are driven by the capacity-expansion timing of a few large customers: system orders set the swings in revenue, and contactor consumables set how durable that revenue is[7][1]. In fiscal 2026 the company posted revenue of $50.001 million, a 35.3% gross margin and a $14.149 million operating loss, but ended the year with $80.6 million of backlog, $116.5 million of cash and no interest-bearing debt, a balance sheet strong enough to fund expansion[4][5][17]. Management's fiscal 2027 revenue guidance of $130 million to $150 million requires backlog to ship on schedule, gross margin to return above 40% and fixed costs to be absorbed, and the first quarter offers only the first round of evidence on all three[3].

Since the latest results, the only independent analysis whose original text could be located and checked is a September 21 article by Zacks Investment Research analyst Kaibalya Pravo Dey[23]. The article acknowledges the growth outlook from AI, silicon photonics and a silicon carbide recovery and the $100.6 million effective backlog, but argues that top-five customer concentration of about 70%, orders shifting between quarters and backlog that does not necessarily become revenue mean execution risk has risen along with expectations; it adds that a setback in shipments, orders or margins could trigger an outsized market reaction[23]. That view maps directly onto this article's backlog-conversion and gross-margin debates, placing the risk on whether backlog becomes profitable revenue on time rather than on demand itself. Beyond it, a September 19 Motley Fool comparison described the business as centered on silicon carbide and HBM, which does not match the 10-K, related Seeking Alpha articles sit behind a login and could not be checked against their original text, and the Drillr analyst report library returned no results, so outside coverage is thin and should not be read as a market consensus.

If first-quarter revenue clearly exceeds the fourth quarter's $18.835 million, ending backlog holds at or above $80.6 million, gross margin returns above 40.6% and contactor revenue shows reorders from silicon carbide installed-base customers, the current understanding of backlog conversion and a return to profit would be materially strengthened[3][5][4]. Conversely, if revenue grows while gross margin stays below 35.3%, or backlog and orders fall together alongside a full-year guidance cut, or contactor revenue remains below the quarterly average of about $3.72 million, that understanding would be materially weakened[8][9].

Sources

[1] AEHR 10-K filed 2026-07-27 · products, WaferPak and DiePak consumables and revenue by product line · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[2] Drillr earning_call_calendar (updated 2026-09-25) · AEHR 2026-10-05 event estimates · 2026-09-25 · Drillr earning_call_calendar · https://gateway.drillr.ai/mcp/private

[3] AEHR 8-K filed 2026-07-14 · Q4 FY2026 results and FY2027 guidance (Ex. 99.1) · 2026-07-14 · Aehr Test Systems · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006655/aehr_ex991.htm

[4] AEHR 10-K filed 2026-07-27 · FY2024-FY2026 statements of operations · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[5] AEHR 10-K filed 2026-07-27 · backlog at May 29, 2026 · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[6] Zacks Investment Research 2026-09-21 · fiscal 2027 consensus estimates · 2026-09-21 · Zacks Investment Research · https://finance.yahoo.com/markets/stocks/articles/aehr-18-59x-sales-market-160600851.html

[7] AEHR 10-K filed 2026-07-27 · high-value system transactions and fixed expenses · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[8] AEHR 10-K filed 2026-07-27 · fiscal 2026 gross margin · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[9] AEHR 10-K filed 2026-07-27 · revenue by product category · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[10] AEHR 10-K filed 2026-07-27 · fiscal 2026 revenue change and order lumpiness · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[11] AEHR 10-K filed 2026-07-27 · change in fiscal year to June · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[12] AEHR 10-K filed 2026-07-27 · manufacturing and Sonoma contract manufacturing · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[13] AEHR 10-K filed 2026-07-27 · customer concentration · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[14] AEHR 10-K filed 2026-07-27 · inventories, customer deposits and contract liabilities · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[15] AEHR 10-K filed 2026-07-27 · fiscal 2026 R&D and SG&A · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[16] AEHR 10-K filed 2026-07-27 · revenue by geography · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[17] AEHR 10-K filed 2026-07-27 · liquidity, cash flows and ATM proceeds · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[18] AEHR news release 2026-08-12 · $22 million follow-on AI processor WLBI order · 2026-08-12 · Aehr Test Systems · https://www.aehr.com/2026/08/aehr-receives-22-million-follow-on-order-for-ai-processor-wafer-level-burn-in-systems/

[19] AEHR 10-K filed 2026-07-27 · tariff and supply chain risk · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[20] AEHR 10-K filed 2026-07-27 · EV and power semiconductor revenue share · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[21] AEHR Q4 FY2026 earnings call (2026-07-14) · Drillr call summary · 2026-07-14 · Aehr Test Systems · https://gateway.drillr.ai/mcp/private

[22] AEHR 10-K filed 2026-07-27 · deferred tax assets and fiscal 2027 profitability expectation · 2026-07-27 · 10-K · https://www.sec.gov/Archives/edgar/data/1040470/000165495426006919/aehr_10k.htm

[23] Zacks Investment Research 2026-09-21 · AEHR at 18.59X Sales: Market Loves Its AI Story, But is Love Blind? · 2026-09-21 · Zacks Investment Research · https://finance.yahoo.com/markets/stocks/articles/aehr-18-59x-sales-market-160600851.html