Aehr Test Systems Q1 2027 Earnings Recap

Aehr Test shares rose 26.5% after the company raised its fiscal 2027 revenue outlook to $150 million, the top of its previous range, following record first-quarter revenue and strong bookings. The main caveat is that NAND opportunities are progressing more slowly than expected, while a major AI customer’s potential high-volume production decision remains contingent on evaluation.

Key Takeaways

• Fiscal Q1 revenue was a record $33.0 million, up 200% year over year and 75% sequentially; non-GAAP net income was $9.4 million.
• Bookings were $46.7 million, a 1.4 book-to-bill; effective backlog, including post-quarter bookings, was $109.3 million as of November 1.
• Aehr raised fiscal 2027 revenue guidance to $150 million from a prior range of $130 million to $150 million, and expects full-year non-GAAP net income of at least 20% of revenue.
• A major AI accelerator supplier plans to install an evaluated wafer-level burn-in test cell in early calendar 2027; a high-volume production decision is expected only after installation and validation.
• NAND flash opportunities are advancing more slowly than expected, reflecting limited incremental manufacturing capacity and the timing of new high-bandwidth flash volumes.