Aehr Test Systems reported net revenue of $9.9 million for the fiscal 2026 second quarter ended November 28, 2025, down from $13.5 million in the same period a year earlier. This result missed consensus estimates of approximately $11 million, prompting an 18% decline in the company’s share price in extended trading. The shortfall was attributed to lower-than-expected shipments of both its FOX burn-in systems and WaferPak aligners, as lead times for certain AI processor test programs stretched longer than projected.

Despite the revenue miss, Aehr’s management reinstated full-year guidance, forecasting net sales between $45 million and $55 million for fiscal 2026. The company cited an expanded paid evaluation agreement with a major AI processor supplier and several follow-on orders from hyperscale data center customers. Backlog at quarter end stood at $28.4 million, up 22% sequentially, reflecting growing demand for its FOX-P and ABTS platforms in high-margin burn-in applications for advanced logic and optical devices.

Analysts maintain a consensus price target near $29, underpinned by Aehr’s roadmap for its next-generation FOX WaferPak Carrier and enhanced ABTS testers slated for release in mid-2026. Craig-Hallum’s Christian Schwab reiterated a $24 target, noting unresolved visibility on silicon carbide test orders but acknowledged that a successful roll-out of FOX systems could drive revenue above $80 million by fiscal 2027. With gross margins expected to expand from 42% to over 48% as throughput improves, investors will watch upcoming quarterly updates for signs of accelerating AI and data center adoption.