Aehr Q1 2023 Earnings Report
Key Takeaways
Aehr Test Systems reported an 89% increase in revenue year-over-year for the first quarter of fiscal 2023, driven by the strength of wafer-level test and burn-in of silicon carbide devices used in electric vehicles. The company's revenue reached $10.7 million, and they secured $19.1 million in bookings during the quarter. They are reiterating their revenue guidance for the fiscal year ending May 31, 2023, to be at least $60 million to $70 million.
Net sales were $10.7 million, up 89% from $5.6 million in the first quarter of fiscal 2022.
GAAP net income was $589,000, or $0.02 per diluted share, compared to GAAP net income of $696,000, or $0.03 per diluted share, in the first quarter of fiscal 2022, which includes the impact of forgiveness of $1.7 million in loans from the Paycheck Protection Program (“PPP”).
Non-GAAP net income was $1.3 million, or $0.05 per diluted share.
Total cash and cash equivalents as of August 31, 2022 were $36.1 million, up from $6.5 million at the end of the first quarter of fiscal 2022.
Aehr
Aehr
Forward Guidance
Aehr Test Systems is reiterating its previously provided guidance for total revenue to be at least $60 million to $70 million for the fiscal year ending May 31, 2023, with strong profit margins similar to last fiscal year. They also continue to expect bookings to grow faster than revenues in fiscal 2023.
Positive Outlook
- Revenue expected to be at least $60 million to $70 million for the fiscal year ending May 31, 2023.
- Strong profit margins are expected, similar to last fiscal year.
- Bookings are expected to grow faster than revenues in fiscal 2023.
- Expect to receive production orders from several silicon carbide customers beyond our lead customer
- Expect to begin shipping systems to meet their production capacity by the end of our current fiscal year that ends May 31, 2023.