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Aehr Test Systems, Inc. provides test solutions for testing, burning-in, and semiconductor devices in wafer level, singulated die, package part form, and installed systems in the United States, Asia, and Europe. Its product portfolio includes FOX-XP and FOX-NP systems that are full wafer contact and singulated die/module test and burn-in systems that test, burn-in, and stabilize range of devices, including silicon carbide-based and other power semiconductors, 2D, and 3D sensors used in mobile phones, tablets and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The company offers FOX-CP system, a low-cost single-wafer compact test solution for logic, memory, and photonic devices; and FOX WaferPak Contactor, a full wafer contactor capable of testing wafers up to 300mm that enables integrated circuit manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. In addition, it provides FOX DiePak Carrier, which allows testing, burning in, and stabilization of singulated bare die and modules; and FOX DiePak Loader. The company was incorporated in 1977 and is headquartered in Fremont, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $59M | $-1M | $-4M | $-12M | -3.2% | -10.9% | -111.8% |
| 2024 | $66M | $11M | $33M | $1M | 29.7% | 1.9% | 127.8% |
| 2023 | $65M | $14M | $15M | $9M | 19.3% | 27.8% | 54.0% |
| 2022 | $51M | $9M | $9M | $1M | 18.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 50.83 | 64.96 | 66.22 | 58.97 |
| Cost Of Revenue | 27.16 | 32.22 | 33.67 | 35.03 |
| Gross Profit | 23.66 | 32.75 | 32.54 | 23.93 |
| Operating Expense | 15.87 | 19.37 | 22.46 | 28.75 |
| Operating Income | 7.80 | 13.38 | 10.08 | -4.81 |
| EBITDA | 8.85 | 14.47 | 11.44 | -1.43 |
| EBIT | 7.80 | 13.38 | 10.08 | -4.81 |
| Pretax Income | 9.54 | 14.62 | 12.46 | -4.29 |
| Tax Provision | 0.09 | 0.06 | -20.70 | -0.38 |
| Net Income | 9.45 | 14.56 | 33.16 | -3.91 |
| Net Income Common Stockholders | 9.45 | 14.56 | 33.16 | -3.91 |
| Total Expenses | 43.03 | 51.59 | 56.14 | 63.78 |
| Interest Income | 0.01 | 1.25 | 2.39 | 1.40 |
| Research And Development | 5.82 | 7.13 | 8.72 | 10.46 |
| Selling General And Administration | 10.05 | 12.24 | 13.75 | 18.28 |
| Normalized EBITDA | 7.15 | 14.47 | 11.44 | -0.56 |
| Normalized Income | 7.77 | 14.56 | 33.16 | -3.12 |
| Basic EPS | 0.36 | 0.52 | 1.15 | 0 |
| Diluted EPS | 0.34 | 0.50 | 1.12 | 0 |
| Tax Effect Of Unusual Items | 0.02 | 0 | 0 | -0.08 |
| Tax Rate For Calcs | 0.01 | 0 | 0.21 | 0.09 |
| Total Unusual Items | 1.70 | 0 | 0 | -0.86 |
| Total Unusual Items Excluding Goodwill | 1.70 | 0 | 0 | -0.86 |
| Net Income From Continuing Operation Net Minority Interest | 9.45 | 14.56 | 33.16 | -3.91 |
| Reconciled Depreciation | 1.04 | 1.10 | 1.36 | 3.39 |
| Reconciled Cost Of Revenue | 27.16 | 32.22 | 33.67 | 35.03 |
| Net Interest Income | 0.01 | 1.25 | 2.39 | 1.40 |
| Net Income From Continuing And Discontinued Operation | 9.45 | 14.56 | 33.16 | -3.91 |
| Total Operating Income As Reported | 7.80 | 13.38 | 10.08 | -5.68 |
| Diluted Average Shares | 27.77 | 29.21 | 29.62 | 0 |
| Basic Average Shares | 26.01 | 27.79 | 28.82 | 0 |
| Diluted NI Availto Com Stockholders | 9.45 | 14.56 | 33.16 | -3.91 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 9.45 | 14.56 | 33.16 | -3.91 |
| Net Income Continuous Operations | 9.45 | 14.56 | 33.16 | -3.91 |
| Other Income Expense | 1.73 | 0 | -0.01 | -0.88 |
| Other Non Operating Income Expenses | 0.03 | 0 | -0.01 | -0.01 |
| Special Income Charges | 1.70 | 0 | 0 | -0.86 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 0 |
| Gain On Sale Of Business | 0 | 0 | 0 | 0 |
| Other Special Charges | -1.70 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | 0.86 |
| Gain On Sale Of Security | 0.03 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | 0.01 | 1.25 | 2.39 | 1.40 |
| Total Other Finance Cost | -0.01 | -1.25 | 0 | 0 |
| Interest Income Non Operating | 0.01 | 1.25 | 2.39 | 1.40 |
| Operating Revenue | 50.83 | 64.96 | 66.22 | 58.97 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aehr Test Systems, Inc.this co. | AEHR | $2.6B | - | 18.24 | -3.2% | -213.47 |
| PagSeguro Digital Ltd. | PAGS | $2.8B | 6.94 | 0.94 | 14.4% | 0.32 |
| Penguin Solutions, Inc. | PENG | $2.7B | 63.53 | 4.09 | 6.4% | 14.98 |
| StoneCo Ltd. | STNE | $2.6B | 6.27 | 1.22 | 21.0% | 1.98 |
| Bitdeer Technologies Group | BTDR | $2.6B |
| - |
| 2.81 |
| - |
| 10.32 |
| Braze, Inc. | BRZE | $2.6B | - | 4.10 | -21.0% | -18.10 |
| Grindr Inc. | GRND | $2.5B | 30.91 | 52.32 | 201.6% | 20.22 |
| NextNav Inc. | NN | $2.4B | - | -28.15 | 219.5% | -40.60 |
| Vistance Networks, Inc. | VISN | $2.4B | 9.43 | -2.33 | 831.6% | 26.95 |
| Peer Median | - | 9.43 | 2.02 | 21.0% | 6.15 | |