Aehr Test Systems (AEHR) Q1 2026 Earnings Report

Aehr Test Systems reported Q1 FY2026 revenue of $10.97 million and a net loss of $2.08 million, reflecting a challenging top-line mix as consumables revenue remained a smaller share versus the prior-year period and product mix shifted toward lower-margin offerings. Despite a solid backlog of $15.5 million and $2.0 million in bookings in the first five weeks of 2026, the company affirmed that formal guidance would not be issued amid tariff-related uncertainty. Management stressed a rapidly expanding AI/testing opportunity, highlighted by growing interest in Sonoma high-volume production for package burn-in and the emergence of wafer-level burn-in (WLB) for AI processors, and reiterated Aehr’s unique position as the only supplier offering both wafer-level and packaged-part burn-in solutions for AI devices. The company has completed a major manufacturing facility renovation ( Fremont, CA) that Aehr argues increases capacity by up to five-fold and supports higher-power, AI-oriented systems (e.g., 2,000 watts per device, nine- to eighteen-wafer configurations). InCal Technology’s integration, ongoing OSAT collaborations, and an emphasis on automation (fully integrated device handlers) are expected to bolster adoption across AI processors, silicon photonics, GaN/SiC, and HDD/test markets. Near-term prospects hinge on follow-on orders from AI customers, continued wafer-level burn-in discussions, and the broader AI/data-center secular growth, albeit with execution risk tied to customer timing and tariff headwinds.