Aehr Test Systems
- Open
- 79.13
- Day high
- 88.30
- Day low
- 76.75
- Prev close
- 84.20
- Volume
- 5.1M
- Mkt cap
- $2.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 11.6
- P/S
- 50.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$18.4M over the last 3 months (0 open-market buys, 22 sales)
- 🏛Institutions accumulating (13F)
Aehr Test Systems (AEHR) is a Technology company listed on NASDAQ. The stock is up 438% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 22 sales (SEC Form 4).
Aehr Test Systems (AEHR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AEHR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 14, 2026 | $-0.01 | $0.11 | +1200.0% | $19M | +0.6% |
| Apr 7, 2026 | $-0.08 | $-0.05 | +37.5% | $10M | -5.0% |
| Jan 8, 2026 | $-0.08 | $-0.04 | +50.0% | $10M | -39.1% |
| Oct 6, 2025 | $0.01 | $0.01 | +0.0% | $11M | -1.3% |
| Jul 8, 2025 | $-0.01 | $-0.01 | +33.3% | $14M | -5.0% |
| Apr 8, 2025 | $0.01 | $0.07 | +600.0% | $18M | +23.5% |
| Jan 13, 2025 | $0.03 | $0.02 | -33.3% | $13M | -31.6% |
| Oct 10, 2024 | $0.02 | $0.07 | +250.0% | $13M | +7.8% |
| Jul 16, 2024 | $0.11 | $0.84 | +663.6% | $17M | +7.5% |
| Apr 9, 2024 | $-0.03 | $-0.03 | -14.3% | $8M | -0.6% |
| Jan 9, 2024 | $0.19 | $0.23 | +21.1% | $21M | +2.6% |
| Oct 5, 2023 | $0.16 | $0.18 | +12.5% | $21M | +7.2% |
AEHR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Siu Chrisofficer: CFO | Grant | 6,079 | — |
| Jul 2, 2026 | SPORCK ALISTAIR Nofficer: VP Contactor Business Unit | Grant | 2,369 | — |
| Jul 2, 2026 | DANESH FARIBAdirector: Director | Grant | 1,658 | — |
| Jul 2, 2026 | SLAYEN HOWARD Tdirector: Director | Grant | 1,658 | — |
| Jul 2, 2026 | SPORCK ALISTAIR Nofficer: VP Contactor Business Unit | Grant | 6,165 | — |
| Jul 2, 2026 | ROGERS VERNONofficer: Exec VP of Sales & Mktg. | Tax | 337 | $69.96 |
| Jul 2, 2026 | SALAMONE ALBERTOofficer: EVP, PPBI BUSINESS | Grant | 4,048 | — |
| Jul 2, 2026 | Siu Chrisofficer: CFO | Tax | 2,213 | $84.42 |
| Jul 2, 2026 | SCOTT GEOFFREY GATESdirector: Director | Grant | 1,658 | — |
| Jul 2, 2026 | ROGERS VERNONofficer: Exec VP of Sales & Mktg. | Tax | 2,213 | $84.42 |
| Jul 2, 2026 | Erickson Gayndirector, officer: President and CEO | Grant | 35,886 | — |
| Jul 2, 2026 | SALAMONE ALBERTOofficer: EVP, PPBI BUSINESS | Tax | 1,453 | $84.42 |
| Jul 2, 2026 | RICHMOND DONALD P. IIofficer: CTO | Grant | 2,369 | — |
| Jul 2, 2026 | Siu Chrisofficer: CFO | Tax | 1,139 | $69.96 |
| Jul 2, 2026 | RICHMOND DONALD P. IIofficer: CTO | Tax | 311 | $69.96 |
Source: AEHR SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full AEHR insider & 13F page →Aehr Test Systems company profile
Overview
Aehr Test Systems (NASDAQ:AEHR) is a specialized semiconductor test equipment manufacturer founded in 1977 and headquartered in Fremont, California. The company went public in 1997 and has evolved from a traditional integrated circuit testing company into a leader in wafer-level burn-in and test systems, particularly for high-reliability semiconductors used in electric vehicles, AI processors, and other demanding applications. Over nearly five decades, Aehr has developed proprietary technologies that enable semiconductor manufacturers to test and burn-in devices at the wafer level before packaging, providing significant cost and reliability advantages over traditional testing methods.
Business
Aehr Test Systems operates in the semiconductor test equipment industry, providing specialized systems for burn-in and testing of integrated circuits. Burn-in is a reliability screening process where semiconductor devices are subjected to elevated temperatures and voltages for extended periods to identify and eliminate early failures before the chips reach end customers. This process is critical for high-reliability applications where device failure could be catastrophic or extremely costly. The company's core products fall into two main families. The FOX (Full wafer contact test and burn-in) systems represent Aehr's flagship technology, including the FOX-XP and FOX-NP systems that can simultaneously test multiple wafers at the wafer level. These systems are revolutionary because they test semiconductors before they are cut into individual chips and packaged, which is significantly more cost-effective than testing packaged parts individually. The FOX-XP system, for example, can test up to 18 wafers simultaneously, with each 300mm wafer containing hundreds or thousands of individual devices. The second product family is the ABTS (Automated Burn-in and Test System) designed for testing packaged semiconductor devices. This represents the more traditional approach to semiconductor testing, where individual packaged chips are tested after manufacturing. Critical to these systems are consumable products called WaferPaks and DiePaks. WaferPaks are specialized contactors that interface between the test system and semiconductor wafers, enabling electrical contact with all devices on a wafer simultaneously. These consumables generate recurring revenue as they wear out with use and must be replaced regularly. Revenue breakdown shows WaferPak consumables have grown to represent approximately 60% of total revenue, with test systems comprising the remainder. The company has also expanded through the 2024 acquisition of Incal Technology, which specializes in ultra-high-power package-level testing solutions particularly relevant for AI processors and high-performance computing applications.
Revenue model
Aehr Test Systems operates a hybrid business model combining capital equipment sales with recurring consumable revenues. The company sells high-value test systems ranging from hundreds of thousands to several million dollars each, typically to semiconductor manufacturers and foundries. These systems have long useful lives, often 10-15 years, providing a stable installed base. The more predictable revenue stream comes from WaferPak and DiePak consumables, which are proprietary contactors that must be replaced regularly as they wear out from repeated use. These consumables now represent approximately 60% of total revenue and carry higher gross margins than system sales. Each customer that purchases a FOX system becomes a recurring revenue source for consumables throughout the system's operational life. The company's customers are primarily semiconductor manufacturers, including both integrated device manufacturers (IDMs) and foundries that produce chips for fabless semiconductor companies. These customers pay for Aehr's solutions because wafer-level testing provides significant cost advantages over traditional packaged-part testing, particularly for high-reliability applications where extensive burn-in is required. Several factors influence Aehr's margins and profitability. Positive margin drivers include the shift toward higher-margin consumable sales, the premium pricing power that comes from having unique wafer-level burn-in technology, and the expansion into new high-growth markets like AI processors and electric vehicle semiconductors. The company's proprietary technology and patent protection allow it to command premium pricing. Margin pressures can arise from the cyclical nature of semiconductor capital equipment spending, competitive pricing pressure in mature markets, supply chain cost inflation for components, and the significant R&D investments required to develop systems for new semiconductor technologies. Additionally, the company's revenue can be lumpy due to the high value of individual system sales, creating quarterly volatility. Customer concentration also presents risk, as historically two customers have represented the majority of revenue, though this is diversifying as new markets develop.
Competitive moat
Aehr Test Systems possesses a strong technological moat built around its proprietary wafer-level burn-in and test capabilities. The company's competitive advantage stems from being the only provider of full-wafer contact burn-in systems that can simultaneously test hundreds or thousands of devices on a single wafer at elevated temperatures and voltages. This technology is protected by patents and represents years of specialized engineering development that would be difficult and expensive for competitors to replicate. The moat is reinforced by several factors. First, the switching costs for customers are substantial, as semiconductor manufacturers must qualify test processes extensively before adopting new equipment, a process that can take months or years. Once a customer's production line is built around Aehr's systems, changing suppliers requires significant requalification efforts and production disruption. Second, Aehr benefits from consumable lock-in through its proprietary WaferPak and DiePak products. Each installed system creates a recurring revenue stream that competitors cannot easily capture without displacing the entire system. This installed base effect strengthens over time as more systems are deployed. However, the moat faces several potential threats. Technology disruption could come from alternative testing methodologies or new semiconductor packaging approaches that reduce the need for extensive burn-in. Large semiconductor equipment companies like Applied Materials, KLA Corporation, or Teradyne have significantly greater resources and could potentially develop competing technologies, though they have not prioritized this niche market historically. The moat is also somewhat market-dependent - if key applications like electric vehicles or AI processors adopt different semiconductor technologies or testing approaches, demand for Aehr's specialized solutions could decline. Additionally, as semiconductor manufacturing processes improve and device reliability increases, the need for extensive burn-in testing might diminish over time. Overall, Aehr's moat appears moderately strong in the near term due to its technological leadership and customer switching costs, but the company must continue investing in R&D and expanding into new markets to maintain its competitive position against larger, better-resourced competitors.
Risks & safety
Aehr Test Systems demonstrates a strong financial safety profile with minimal solvency risk and conservative capital structure. • **Cash Position**: $29.4 million in cash and short-term investments as of Q3 2025, providing substantial liquidity buffer • **Debt Level**: Very low debt-to-equity ratio of 0.052, indicating minimal leverage risk • **Current Ratio**: Strong liquidity with current ratio of 5.71, well above the 2.0 threshold for financial stability • **Cash Flow**: Recent quarters show negative operating cash flow (-$1.6M in Q3 2025, -$5.9M in Q2 2025) due to working capital investments and market softness, but historically positive • **Burn Rate**: Free cash flow negative in recent quarters but company has sufficient cash to weather cyclical downturns **Valuation Metrics**: • **P/E Ratio**: Not meaningful due to recent losses, but historically traded at reasonable multiples during profitable periods • **Price-to-Book**: 2.31x, moderate for a technology company • **Enterprise Value**: Negative EV/EBITDA due to recent losses, indicating potential value opportunity • **Graham Net-Net**: 1.28x, suggesting stock trades below liquidation value **Other Considerations**: • Revenue concentration risk with limited customer base, though diversifying • Cyclical semiconductor equipment industry creates earnings volatility • Strong balance sheet provides cushion during industry downturns • Patent protection and technological leadership support long-term value
Recent development
Over the past few years, Aehr Test Systems has executed a significant strategic diversification away from its historical dependence on silicon carbide power semiconductors for electric vehicles. In fiscal 2022-2023, silicon carbide represented approximately 90% of the business, but by 2025 this has been reduced to less than 40% as the company successfully expanded into multiple new semiconductor markets. The most significant development has been Aehr's entry into the AI processor testing market. The company developed the world's first wafer-level burn-in system capable of testing AI processors, shipping high-power FOX-XP systems that can test nine 300mm AI processor wafers simultaneously. This market now represents over 35% of Aehr's business and is projected to have a total addressable market exceeding $100 million annually. In 2024, Aehr completed the acquisition of Incal Technology, adding ultra-high-power package-level testing capabilities particularly relevant for AI processors and high-performance computing devices. This acquisition, generating approximately $12 million in annual revenue, complements Aehr's wafer-level testing expertise and positions the company to serve customers across the entire semiconductor testing spectrum. The company has also made substantial progress in gallium nitride (GaN) semiconductors, securing its first production orders from automotive semiconductor suppliers. The GaN market is projected to grow at over 40% CAGR, representing another significant growth opportunity beyond electric vehicles. Additionally, Aehr is conducting proof-of-concept work in flash memory wafer-level burn-in, potentially opening a market estimated at $100-150 million by fiscal 2027. The company is also exploring opportunities in silicon photonics, hard disk drive components, and potentially DRAM memory applications. These strategic moves have transformed Aehr from a single-market company dependent on electric vehicle adoption into a diversified semiconductor test equipment provider serving multiple high-growth technology segments. The company has expanded its total addressable market to over $500 million in systems and $500 million in consumables by 2027, significantly broadening its growth potential beyond its original silicon carbide focus.
AEHR company profile · for informational purposes only — not investment advice.
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