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Nov 30, 2023
Aehr Q2 2024 Earnings Report
Reported strong revenue and earnings growth, but revised full-year fiscal 2024 guidance due to slowing electric vehicle market growth and shifts in customer product mix.
Key Takeaways
Aehr Test Systems reported a 45% increase in revenue to $21.4 million and a 63% increase in GAAP net income to $6.1 million for the second quarter of fiscal 2024. However, the company revised its full-year revenue guidance to $75 million to $85 million and GAAP net income to 20% to 25% of revenue, reflecting a more conservative outlook due to order delays.
Net revenue increased by 45% year-over-year to $21.4 million.
GAAP net income rose by 63% year-over-year to $6.1 million, or $0.20 per diluted share.
Non-GAAP net income increased by 49% year-over-year to $6.7 million, or $0.23 per diluted share.
Revised full-year fiscal 2024 revenue guidance to $75 million - $85 million and GAAP net income of 20% - 25% of revenue.
Aehr
Aehr
Forward Guidance
Aehr is revising its expected full year total revenue to be between $75 million and $85 million, representing growth of 15% to 30% year over year, and GAAP net income of between 20% and 25% of revenue.
Positive Outlook
- Company expects continued strong demand for wafer level burn-in solutions.
- Company anticipates increased demand from new market opportunities.
- Company believes it is poised for continued strong growth for years to come.
- Company is seeing a pick-up in opportunities for SiC wafer level burn-in for applications outside of the electric vehicle market, including industrial, solar, and commuter electric trains
- Company expects to ship its first FOX production system in its third fiscal quarter for silicon photonic optical I/O
Challenges Ahead
- Slowing growth rate of the electric vehicle market has had a negative impact on the timing of several current and new customer orders.
- Company is experiencing the impact of shifts in customers’ product mix.
- Company expects a delay in the timing of new orders from current and new customers that will most likely impact this fiscal year’s revenue.
- Uncertainty on the timing of customer orders.
- Automotive qualification of wafer level burn-in is taking longer than anticipated.