Earnings Recap — Q4 FY2026
CY Q3 2026 · Reported July 14, 2026 · Beat 5 of last 6 quarters
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Aehr's record backlog and guidance for 2.6x-3x revenue growth in FY27 underscore the accelerating demand for burn-in capacity across AI processors, silicon photonics, and power semiconductors. The company's success in wafer-level burn-in for AI accelerators and optical interconnects positions it as a critical supplier to the AI infrastructure buildout, with potential for further upside from memory and additional AI customers.
Aehr Test Systems reported Q4 FY26 revenue of $18.8M, up 34% YoY, with non-GAAP EPS of $0.11, beating consensus. Bookings were a record $60.7M, and year-end backlog reached $80.6M, with an effective backlog of ~$100.6M after post-quarter orders. The company highlighted strong demand from AI processors and silicon photonics, which accounted for over 80% of Q4 revenue. They also announced successful benchmark testing with a major AI processor supplier, which has expressed interest in moving to pilot production validation. Additionally, they received ~$8M in new silicon carbide orders in the last month and completed the world's first 300mm GaN wafer-level burn-in solution.
Management guided FY27 revenue to $130M-$150M, representing 2.6x-3x FY26 revenue, with non-GAAP pretax income of 18%-22% of revenue. They expect AI processors and silicon photonics to remain the primary growth drivers, with power semiconductors (SiC, GaN, Si MOSFETs) contributing as well. The company does not assume any memory revenue in the guidance, but sees memory as a potential upside with orders possible in FY27 and ramps in FY28. Management expressed confidence in the demand trajectory, citing record backlog, expanding manufacturing capacity (including a new contract manufacturer in Southeast Asia capable of 20+ Sonoma systems per month), and a growing pipeline of wafer-level burn-in opportunities. They also noted the potential for guidance to increase as additional orders materialize, and emphasized they are not capacity-limited at the $150M revenue level.
“We are very pleased with our fiscal fourth quarter, which exceeded consensus street expectations and capped the year of significant bookings and revenue diversification for Aehr.”
on Quarterly performance
“This top tier AI processor supplier has now expressed interest in moving to pilot production test validation at their semiconductor contract manufacturer in Taiwan for their current high volume device.”
on Wafer-level burn-in opportunity
“We believe burn-in is by far the fastest growing segment in all of semiconductor test right now. And wafer level burn in particular.”
on Market outlook
Can you give a rough idea of the product mix between AI chips, silicon photonics, power, and if there will be any memory revenue in the $130M-$150M guidance?
Gayn Erickson said the mix is similar to last year: AI ~70%, silicon photonics ~15-20%, and power semiconductor and miscellaneous the rest. He confirmed no memory revenue is assumed in the guidance, and the majority of the range comes from current customers, with the new benchmark customer as potential upside.
Can you update on the discussions around wafer-level burn-in with your lead AI processor customer?
Gayn Erickson explained that the lead hyperscale customer uses Sonoma for package-level burn-in for their first two devices, but for a third device they are evaluating wafer-level burn-in due to the high cost of yield loss in advanced packages. They have been discussing DFT and optimization around the FOX system, though the third device is not expected this fiscal year.
Could you see a major order from the new AI processor benchmark customer come in fiscal year 2027?
Gayn Erickson said yes, they can build to forecast and are having discussions about capacity at high levels with customers. He emphasized the high capacity of their systems, noting that a single FOX-XP can test nine wafers in parallel, and they are not capacity-limited.