Aehr Test Systems Reports Fiscal 2025 Fourth Quarter and Full Year Financial Results

Aehr Test Systems, a global supplier of semiconductor test and burn-in equipment, has released its financial results for the fiscal 2025 fourth quarter and full year ending May 30, 2025. The company has reported a decline in revenue and a net loss for the period, reflecting challenges in the semiconductor market and strategic investments aimed at future growth.

Financial Highlights

For the fourth quarter of fiscal 2025, Aehr Test Systems reported net revenue of $14.1 million, a decrease from $16.6 million in the same quarter of fiscal 2024. The company recorded a GAAP net loss of $2.9 million, or $0.10 per diluted share, compared to a GAAP net income of $23.9 million, or $0.81 per diluted share, in the fourth quarter of fiscal 2024. The previous year's results included a significant tax benefit of approximately $20.7 million.

On a non-GAAP basis, which excludes stock-based compensation, acquisition-related adjustments, and restructuring charges, the company reported a net loss of $0.2 million, or $0.01 per diluted share, compared to a non-GAAP net income of $24.7 million, or $0.84 per diluted share, in the fourth quarter of fiscal 2024.

For the full fiscal year 2025, net revenue was $59.0 million, down from $66.2 million in fiscal 2024. The GAAP net loss for the year was $3.9 million, or $0.13 per diluted share, compared to a GAAP net income of $33.2 million, or $1.12 per diluted share, in fiscal 2024. On a non-GAAP basis, the company reported net income of $4.6 million, or $0.15 per diluted share, compared to $35.8 million, or $1.21 per diluted share, in fiscal 2024.

Business and Operational Highlights

During fiscal 2025, Aehr Test Systems made significant strides in expanding its total addressable market and diversifying its customer base. The company launched its first production wafer level burn-in (WLBI) system specifically for artificial intelligence (AI) processors, which has attracted strong interest from leading processor companies. Additionally, the acquisition of Incal Technology enabled Aehr to offer both wafer level and packaged part reliability burn-in and test solutions, securing a major hyperscaler as its first production AI customer in this space.

The company also secured its first production order for gallium nitride (GaN) power semiconductors from a leading automotive semiconductor supplier and saw solid momentum in the silicon photonics market with the adoption of optical chip-to-chip communication and optical network switching.

Strategic Initiatives and Corporate Developments

Aehr Test Systems has been actively pursuing strategic initiatives to enhance its product portfolio and expand into new markets. The company reported record shipments of packaged part burn-in (PPBI) systems and is in discussions with multiple potential new GaN customers. Additionally, the company is collaborating with a global leader in flash memory to demonstrate its FOX-XP platform for high-volume production wafer level test and burn-in of flash memory wafers.

Management's Perspective

Gayn Erickson, President and CEO of Aehr Test Systems, commented on the transformative year for the company, highlighting significant progress on strategic initiatives to expand the total addressable market, diversify the customer base, and enhance the product portfolio. Erickson emphasized the successful launch and adoption of the WLBI system for AI processors and the acquisition of Incal Technology as key milestones. He also noted the company's progress in the GaN power semiconductor market and the silicon photonics market.

Future Outlook

Looking ahead, Aehr Test Systems is well-positioned to capitalize on strong demand across various semiconductor applications. The company plans to boost its research and development efforts to add more capabilities and resources for its expanding customer base. While the silicon carbide market growth has slowed, the company remains confident in its long-term opportunity and leadership in WLBI solutions for this sector. The company anticipates order growth across all segments in fiscal 2026, with the possible exception of silicon carbide.

SEC Filing: AEHR TEST SYSTEMS [ AEHR ] - 8-K - Jul. 08, 2025