Aehr Test Systems Upgraded After $37.2M Bookings and 3.5x Book-to-Bill
Craig-Hallum raised Aehr Test Systems to Buy after the company reported quarterly bookings of $37.2 million and a book-to-bill ratio above 3.5×, reflecting surging AI and data center demand. Aehr posted an adjusted loss of $0.05 per share on $10.31 million revenue and forecasts H2 bookings of $60–80 million.
1. Rating Upgrade
Craig-Hallum upgraded Aehr Test Systems from Hold to Buy, citing renewed confidence in the company’s AI and data center market momentum and strong order flow in Q2.
2. Quarterly Results
In Q2, Aehr posted an adjusted loss of $0.05 per share, beating the $0.07 loss estimate, and recorded revenue of $10.31 million, slightly below the $10.84 million consensus.
3. Strong Bookings and Backlog
Bookings reached $37.2 million with a book-to-bill ratio exceeding 3.5x, while backlog stood at $38.7 million, rising to an effective $50.9 million after quarter-end, driven by AI infrastructure demand.
4. Outlook and Guidance
Aehr forecasts H2 fiscal 2026 bookings at the high end of $60–80 million and anticipates a significant follow-on order from a leading hyperscale customer for AI processors.