Aehr Test Systems Logs $37M Bookings, Record $50M Backlog Despite 44% Revenue Drop
Aehr Test Systems booked over $37 million with a record backlog above $50 million, bolstered by a $14 million AI processor follow-on order and new silicon photonics customer. Third-quarter revenue declined 44% to $10.3 million, non-GAAP gross margin fell to 36.5% and net loss hit $1.5 million.
1. Third-Quarter Financial Results
Aehr Test Systems reported Q3 revenue of $10.3 million, a 44% year-over-year decline, driven primarily by lower shipments of FOX systems and WaferPaks. Non-GAAP gross margin decreased to 36.5% from 42.7% last year, and the company recorded a net loss of $1.5 million, or $0.05 per diluted share.
2. Record Order Intake and Backlog
Quarterly bookings exceeded $37 million, resulting in a book-to-bill ratio over 3.5x, and effective backlog reached a company record above $50 million. This strength was underpinned by a $14 million follow-on production order from a leading AI processor customer and new orders for high-power FOX-XP wafer-level burn-in systems in silicon photonics.
3. Operational and Manufacturing Expansion
To support growing demand, Aehr is expanding manufacturing capacity by shipping additional Sonoma systems through a contract manufacturer. These steps aim to accelerate delivery timelines and scale production of wafer-level burn-in solutions.
4. Full-Year Guidance
The company reaffirmed full-year revenue guidance at the high end of its $45 million to $50 million range and expects non-GAAP net loss between $0.13 and $0.09 per diluted share. Cash, cash equivalents and restricted cash totaled $37.1 million at quarter end, providing liquidity for ongoing operations.