Aehr Test Systems
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.10%.
Did AEHR Beat Earnings? Q4 2025 Results
Aehr Test Systems closed out fiscal 2025 on a difficult note, posting Q4 revenue of $14.09 million, a 15.1% decline from the year-ago period and a 10.20% miss against the $15.69 million consensus, even as the company matched its non-GAAP EPS estimate of $-0.01 per diluted share. The shortfall reflects a transitional year defined by deliberate diversification away from silicon carbide, which has left a near-term revenue gap that newer markets have not yet fully filled; the company recorded a GAAP net loss of $2.90 million for the quarter, a stark reversal from a year-ago period that had been inflated by a roughly $20.70 million tax benefit. The acquisition of Incal Technology added packaged part burn-in capabilities and secured a major hyperscaler as Aehr's first production AI customer, a relationship that recently expanded with follow-on orders for additional Sonoma burn-in systems. Management declined to issue specific fiscal 2026 guidance, citing tariff-related uncertainty around order timing, though the company anticipates order growth across most segments and expects its hyperscaler customer to ramp production meaningfully over the coming year.
- Diversification beyond silicon carbide into AI processors, GaN, data storage, and silicon photonics
- Acquisition of Incal Technology expanding into packaged part burn-in for AI
- Record shipments of packaged part burn-in systems
- Secured major hyperscaler as first production AI customer
“Fiscal 2025 was a transformative year for Aehr Test Systems, marked by significant progress on our strategic initiatives to expand our total addressable market, diversify our customer base, and enhance our product portfolio. We expanded into new markets for test and burn-in, including artificial intelligence processors for both wafer and package level, gallium nitride power semiconductors, data storage devices, and silicon photonics integrated circuits for optical chip-to-chip communication, unlocking substantial growth opportunities beyond our concentration in silicon carbide last fiscal year.”
Aehr Test Systems CEO, on the earnings call
Forward Guidance & Outlook
Aehr is not reinstating specific financial guidance for fiscal 2026 due to tariff-related uncertainty affecting order timing, particularly in Q1. However, the company anticipates order growth across all segments with the possible exception of silicon carbide, where customer forecasts are back-half loaded with stronger growth expected in fiscal 2027. The company expects to move to evaluation phases with additional AI companies during fiscal 2026 and plans to boost R&D efforts to add capabilities and resources for its expanding customer base. A major hyperscaler AI customer has indicated plans to ramp production over the next year and has already begun discussing next-generation processors. In silicon photonics, the company expects revenue from system upgrades, WaferPaks, and incremental FOX-XP orders. In hard disk drives, the lead customer has indicated plans for additional system purchases both in the short term and over time.
AEHR YoY Financials
Figures from SEC filings and company reports. Not investment advice.