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Aug 31, 2021
Aehr Q1 2022 Earnings Report
Reported record bookings and raised annual guidance due to strength of semiconductor test and burn-in sales for electric vehicles.
Key Takeaways
Aehr Test Systems reported a strong start to fiscal 2022, with record bookings of $20.7 million for the first quarter and raising the full year revenue guidance by approximately 80% to at least $50 million.
Net sales were $5.6 million, up 181% from $2.0 million in the first quarter of fiscal 2021.
GAAP net income was $696,000, or $0.03 per diluted share, which includes the impact of forgiveness of $1.7 million in loans from the Paycheck Protection Program.
Non-GAAP net loss was $414,000, or $0.02 per diluted share, which excludes the impact of stock-based compensation and forgiveness of the PPP loan.
Backlog as of August 31, 2021 was $16.6 million, up from $1.6 million as of May 31, 2021. Effective backlog, which includes all orders announced since the end of the first quarter, is over $36 million.
Forward Guidance
Aehr Test Systems is raising its previously provided guidance for full year total revenue of greater than $28 million by approximately 80% to at least $50 million, which is over three times the previous fiscal year’s revenue. The Company expects to be profitable for the fiscal year at these revenue levels based upon its operating model.
Positive Outlook
- Revenue is expected to be at least $50 million for the fiscal year ending May 31, 2022.
- This represents an increase of approximately 80% from the previously provided guidance of greater than $28 million.
- The expected revenue of $50 million is over three times the previous fiscal year's revenue.
- The company expects to be profitable for the fiscal year at these revenue levels.
- Strong demand across the industry for wafer level burn-in of silicon carbide devices.
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