"We believe using wafer level burn-in will result in savings in manufacturing costs, increases in revenues associated with the limited supply of these devices..." - Gayn Erickson
— Gayn Erickson
03Detailed Report
AEHR
Aehr Test Systems
Period
Q4 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 24, 2026
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Executive Summary
In Q4 2025, Aehr Test Systems reported a revenue of $14.1 million, reflecting a 15% year-over-year decrease driven by delayed shipments due to tariff-related uncertainties. The gross profit margin dropped significantly from 51.5% a year ago to 34.7%, a consequence of changing product mix and elevated manufacturing costs related to the integration of acquired operations. Despite the challenges, management highlighted a transformative year with AI processor testing now generating over 35% of revenue, a notable departure from zero the previous year. Looking forward, Aehr expects robust growth as it continues to diversify its market focus, particularly in AI and other semiconductor applications. Chris Siu, CFO, anticipates an effective backlog of approximately $16.3 million, suggesting a positive trajectory for the upcoming quarters.
Key Performance Indicators
Revenue
Decreasing
14.09M
QoQ: -23.04% | YoY: -15.13%
Gross Profit
Decreasing
4.27M
30.32% margin
QoQ: -40.53% | YoY: -49.43%
Operating Income
Decreasing
-2.34M
QoQ: -109.12% | YoY: -192.09%
Net Income
Decreasing
-2.90M
QoQ: -350.86% | YoY: -112.15%
EPS
Decreasing
-0.10
QoQ: -350.00% | YoY: -111.85%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: Aehr Test reported revenues of $14.1 million for Q4 2025, down from $16.6 million in Q4 2024.
- Year-over-Year Change:-15%
- Quarter-over-Quarter Change:-23%
Gross Profit Margin: Dropped to 34.7% compared to 51.5% the previous year, driven by the inclusion of InCal’s operations, product mix, and lower overall production volumes.
Profitability Metrics:
- Net Loss:$2.9 million, compared to a net income of $24.7 million in Q4 2024, which included a one-time tax benefit.
- EPS: Diluted EPS fell to -$0.10 from $0.84 in the previous year.
Cash Flow: The company ended Q4 with $26.5 million in cash and equivalents, down from $49.3 million in Q4 2024, impacted by operational cash outflows and capital expenditures, including the $11 million acquisition of InCal.
Balance Sheet Health: Aehr holds no debt, indicating a conservative capital structure, supporting further growth opportunities without leverage risks.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
14.09M
-15.13%
-23.04%
Gross Profit
4.27M
-49.43%
-40.53%
Operating Income
-2.34M
-192.09%
-109.12%
Net Income
-2.90M
-112.15%
-350.86%
EPS
-0.10
-111.85%
-350.00%
Key Financial Ratios
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
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