"We finished the first quarter with revenue and non-GAAP net income ahead of consensus estimates and are off to a good start to our fiscal year." - Gayn Erickson, CEO
— Gayn Erickson
03Detailed Report
AEHR
Aehr Test Systems
Period
Q1 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 24, 2026
Swipe to view all report sections
Executive Summary
Aehr Test Systems reported a challenging yet strategic first quarter of fiscal 2025, with revenue at $13.1 million, down 36% year-over-year. This decline reflects ongoing adjustments in the semiconductor market but is balanced by promising emerging opportunities in silicon carbide and AI semiconductor testing. Management confirmed their commitment to expanding their portfolio following the recent acquisition of Incal Technology, which enhances their capabilities in high-power applications, notably in AI and GPUs. With strong demand for WaferPak products and broadening applications across multiple markets, Aehr remains positioned for long-term growth despite current headwinds.
Key Performance Indicators
Revenue
Decreasing
13.12M
QoQ: -20.97% | YoY: -36.39%
Gross Profit
Decreasing
7.08M
53.95% margin
QoQ: -16.22% | YoY: -29.09%
Operating Income
Decreasing
159.00K
QoQ: -93.74% | YoY: -96.14%
Net Income
Decreasing
660.00K
QoQ: -97.23% | YoY: -85.88%
EPS
Decreasing
0.02
QoQ: -97.23% | YoY: -85.81%
Revenue Trend
Margin Analysis
Financial Highlights
Aehr's revenue for Q1 2025 was $13.1 million, down 36.4% YoY and 20.7% QoQ. Gross profit margin was reported at 54.7%, up from 48.7% YoY, reflecting an improved product mix. Operating income starkly contrasts with previous periods at $159,000, plummeting 96% YoY due primarily to reduced revenue. Net income for the quarter stood at $660,000, dropping 85.9% YoY. The company's current ratio is robust at 6.03, indicating strong liquidity, while debt remains non-existent. Cash reserves decreased to $40.8 million largely due to investment in Incal, emphasizing their proactive growth strategy.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
13.12M
-36.39%
-20.97%
Gross Profit
7.08M
-29.09%
-16.22%
Operating Income
159.00K
-96.14%
-93.74%
Net Income
660.00K
-85.88%
-97.23%
EPS
0.02
-85.81%
-97.23%
Key Financial Ratios
Gross Profit Margin
Good
54.00%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Weak
1.21%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Fair
5.03%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
0.45%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
0.54%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.03
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.05
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
High Growth
167.70x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
Premium
3.61x
Trading at premium to book value, reflects strong intangibles or growth
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
Aehr Test Systems (AEHR) QQ2 2026 Results Analysis: Reinstated Guidance and AI-driven Burn-in Momentum Across wafer-level and packaged-part Solutions...
Aehr Test Systems (AEHR) Q1 FY2026 Results: AI-Driven Demand Expands WAfer and Package Burn-In, With Solid Balance Sheet and Rapid Capacity Upgrades...