AEHR TEST SYSTEMS

Listed Company

AEHRCIK 0001040470NasdaqNon-AcceleratedSmaller ReportingInstruments For Meas & Testing Of Electricity & Elec SignalsCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$58.97M

Net Income

$-3.91M

Total Assets

$148.51M

Equity

$122.87M

Shares Out

31.45M

Op. Cash Flow

$-7.40M

Business

AEHR TEST SYSTEMS provides test and reliability solutions for testing, burn-in and stabilizing semiconductor devices at wafer level, singulated die and packaged part form. Its product offerings include the FOX family of full-wafer and singulated-die test and burn-in systems, WaferPak contactors and aligners, DiePak carriers and loaders, and packaged-part burn-in platforms (Sonoma, Tahoe and Echo), plus installation, service and support. The company reports a single business segment focused on designing, manufacturing, marketing and selling advanced test and burn-in products, including distinct wafer-level and packaged-part product lines. It sells globally to semiconductor manufacturers, contract assemblers, electronics manufacturers and independent test labs through direct sales, regional offices and a network of distributors and representatives.

Summary from filing dated 2025-07-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Revenue	59	66	65	51	17
Cost of revenue	35	34	32	27	11
Gross profit	24	33	33	24	6
Research and development	10	9	7	6	4
Selling, general and administrative	18	14	12	10	7
Restructuring charges	864,000	0	0	0	0
Total operating expenses	30	22	19	16	10
Income (loss) from operations	−6	10	13	8	−4
Interest income, net	1	2	1	13,000	−46,000
Other expense, net	−15,000	−8,000	−3,000	30,000	−162,000
Income (loss) before income tax expense (benefit)	−4	12	15	10	−2
Income tax expense (benefit)	−381,000	−21	60,000	91,000	177,000
Net income (loss)	−4	33	15	9	−2
Basic (per share)	−0.13	1.15	0.52	0.36	−0.09
Diluted (per share)	−0.13	1.12	0.5	0.34	−0.09
Basic (shares)	30	29	28	26	—
Diluted (shares)	30	30	29	28	23

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Cash and cash equivalents	25	49	30	31	5
Accounts receivable	14	10	17	—	—
Inventories	42	37	24	15	9
Prepaid expenses and other current assets	8	1	621,000	613,000	551,000
Total current assets	89	98	89	60	19
Property and equipment, net	9	3	3	1	677,000
Goodwill	11	0	—	—	—
Intangible assets, net	11	0	—	—	—
Deferred tax assets, net	19	21	0	—	—
Operating lease right-of-use assets, net	10	6	6	917,000	2
Other non-current assets	546,000	304,000	231,000	201,000	198,000
Total assets	149	128	98	62	22
Accounts payable	7	5	9	4	3
Accrued expenses and other current liabilities	6	3	—	—	—
Operating lease liabilities, short-term	909,000	465,000	137,000	794,000	737,000
Deferred revenue, short-term	2	1	3	—	—
Total current liabilities	16	11	16	11	9
Operating lease liabilities, long-term	10	6	6	212,000	1
Deferred revenue, long-term	36,000	41,000	31,000	69,000	99,000
Other long-term liabilities	42,000	38,000	41,000	44,000	—
Total liabilities	26	16	23	11	10
Preferred stock, $0.01 par value: Authorized: 10,000 shares; Issued and outstanding: none	0	0	0	0	0
Common stock, $0.01 par value: Authorized: 75,000 shares; Issued and outstanding: 29,877 shares and 28,995 shares at May 30, 2025 and May 31, 2024, respectively	299,000	289,000	285,000	271,000	237,000
Additional paid-in capital	146	131	128	118	88
Accumulated other comprehensive loss	−126,000	−158,000	−155,000	−105,000	−28,000
Accumulated deficit	−23	−19	−52	−67	−76
Total shareholders' equity	123	112	76	51	11
Total liabilities and shareholders equity	149	128	98	62	22

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Net income (loss)	−4	33	15	—	—
Stock-based compensation expense	5	3	3	3	1
Depreciation and amortization	2	657,000	450,000	356,000	328,000
Deferred income taxes	−421,000	−21	0	0	—
Amortization of operating lease right-of-use assets	1	706,000	649,000	689,000	—
Impairment of assets	584,000	0	0	—	—
Accretion of investment discount	0	−130,000	−576,000	0	0
Provision for credit losses	0	0	24,000	0	—
Accounts receivable	−3	7	−4	−8	−1
Inventories	−2	−14	−9	−7	−972,000
Prepaid expenses and other current assets	−5	−875,000	28,000	−71,000	—
Accounts payable	−714,000	−4	5	1	2
Accrued expenses	−378,000	−792,000	528,000	1	732,000
Deferred revenue	143,000	−1	369,000	2	—
Operating lease liabilities	−699,000	−423,000	−561,000	−738,000	—
Income taxes payable	−65,000	14,000	8,000	6,000	−10,000
Net cash provided by (used in) operating activities	−7	2	10	2	−3
Payments for business acquisition, net of cash and cash equivalent acquired	−11	0	0	—	—
Purchases of property and equipment	−5	−749,000	−1	−416,000	−227,000
Proceeds from maturities of investments	0	18	16	0	0
Purchases of investments	0	0	−33	0	0
Net cash provided by (used in) investing activities	−16	17	−19	−416,000	−227,000
Proceeds from issuance of common stock under employee plans	1	2	3	4	580,000
Shares repurchased for tax withholdings on vesting of restricted stock units and in connection with the termination of the ESOP	−784,000	−2	−2	−429,000	−20,000
Proceeds from issuance of common stock, net of issuance costs	0	−72,000	7	24	0
Net cash provided by financing activities	625,000	139,000	7	26	2
Effect of exchange rate changes on cash, cash equivalents and restricted cash	13,000	−41,000	−37,000	49,000	117,000
Net increase (decrease) in cash, cash equivalents and restricted cash	−23	19	−1	27	−851,000
Income taxes paid	100,000	90,000	21,000	4,000	15,000
Interest paid	0	0	15,000	12,000	6,000
Net transfer of equipment between inventory and property and equipment	458,000	357,000	646,000	472,000	113,000
Purchases of property and equipment included in accounts payable and accrued liabilities	1	53,000	698,000	—	—

Filings

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