Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier
of semiconductor test and production burn-in equipment,
today announced financial results for its fiscal 2023 fourth
quarter and full year ended May 31, 2023.
Fiscal Fourth Quarter Financial Results:
- Net sales were a record $22.3 million,
up from $20.3 million in the fourth quarter of fiscal 2022.
- GAAP net income was a record $6.1 million, or $0.21 per diluted
share, up from GAAP net income of $5.8 million, or $0.20 per
diluted share, in the fourth quarter of fiscal 2022.
- Non-GAAP net income, which excludes the impact of stock-based
compensation, was a record $6.8 million, or $0.23 per diluted
share, compared to non-GAAP net income of $6.5 million, or $0.23
per diluted share, in the fourth quarter of fiscal 2022.
- Backlog as of May 31, 2023, was $24.5 million. Effective
backlog, which includes all orders received since the end of the
fourth quarter, is $39.7 million.
- Total cash, cash equivalents, and short-term investments as of
May 31, 2023 were $47.9 million, up from $31.5 million at May 31,
2022.
Fiscal Year Financial Results:
- Net sales were a record $65.0 million, up 28% from $50.8
million in fiscal 2022.
- GAAP net income was a record $14.6 million, or $0.50 per
diluted share, up 54% from GAAP net income of $9.5 million, or
$0.34 per diluted share, in fiscal 2022.
- Non-GAAP net income, which excludes the impact of stock-based
compensation, was a record $17.3 million, or $0.59 per diluted
share, up 62% from non-GAAP net income of $10.7 million, or $0.38
per diluted share, in fiscal 2022.
An explanation of the use of non-GAAP financial measures and a
reconciliation of Aehr’s non-GAAP financial measures to the most
directly comparable GAAP financial measures can be found in the
accompanying tables.
Gayn Erickson, President and CEO of Aehr Test
Systems, commented:
“We are pleased to report record financial performance for both
the quarter as well as the entire fiscal year ended May 31. For
fiscal 2023, total revenue grew 28% to a record $65.0 million,
bookings reached a record of $78.3 million, and our GAAP profit of
$14.6 million and non-GAAP profit of $17.3 million were also
records, growing 54% and 62% year over year, respectively. This
record performance was driven by bookings and revenue shipments of
our FOX wafer level test and burn-in systems and WaferPak full
wafer Contactors for silicon carbide semiconductors used in
electric vehicles and electric vehicle charging infrastructure, as
well as silicon photonics devices used in data and
telecommunications infrastructure and a new application for
multichip modules using optical data interconnections.
“We saw fiscal 2023 as a breakout year for our unique and
proprietary wafer level test and burn-in products. These products
provide complete solutions for semiconductor manufacturers for
high-volume test, burn-in, and stabilization of semiconductors such
as those used in electric vehicles, electric vehicle charging
infrastructure, photovoltaic (solar) power conversion, and data and
telecommunications infrastructure. We also see on the horizon a
significant new market opportunity for test and burn-in of
semiconductors such as silicon photonics devices used in optical
input/output (I/O) and co-packaged optics for data farms,
computing, and Artificial Intelligence (AI) markets.
“In our fiscal fourth quarter just completed, we received the
first purchase order from another new silicon carbide semiconductor
company for our production FOX-XP solution to be used for volume
production wafer level test and burn-in of silicon carbide devices
for electric vehicles, trucks, and train traction inverter modules.
The train traction inverter application represents an exciting new
market driver for our FOX production test solutions due to the
extreme reliability and length of service requirements of this
application leading to prolonged test times. This new customer, a
multinational industrial conglomerate and manufacturer of
semiconductors including power semiconductors, is forecasting to
grow their silicon carbide business significantly to meet the
market demand, which we forecast will in turn drive incremental
capacity of our FOX systems as well as our proprietary WaferPak
full wafer Contactors.
“With the addition of this latest customer, we have
significantly expanded our customer base by adding a total of four
new silicon carbide customers this year. Each of these customers is
already ramping or plans to ramp our products into high-volume
production using our multi wafer test and burn-in systems.
“We also have multiple potential customers inquiring about our
systems with the new high voltage option introduced last year to
test and burn-in gallium nitride (GaN) semiconductors for power
conversion applications. The gallium nitride market appears to be a
potentially significant growth driver for our systems and WaferPak
full wafer Contactors, particularly for automotive and photovoltaic
applications where burn-in appears to be critical for meeting the
initial quality and reliability needs of those markets.
“We also see a major market opportunity with the upcoming
application of silicon photonics integrated circuits for use in
optical chip-to-chip communication. This is in addition to the
current photonics transceiver market used in data and
telecommunications. Multiple companies such as Intel, nVidia, AMD,
TSMC, and Global Foundries have made announcements regarding their
product roadmaps for co-packaged photonics integrated circuits with
microprocessors, graphics processors, chip sets for computing as
well as artificial intelligence applications. During the fiscal
fourth quarter, we received our first order from
a current major silicon photonics customer for a
volume production FOX-XP configured
to enable cost-effective production test of wafers of
next-generation photonic integrated circuits, which can be used in
new optical I/O or heterogeneous integrated packages. This customer
is one of the world’s largest semiconductor manufacturers and we
expect to receive orders for additional production systems as they
increase production of these devices.
“Another major milestone is that we have now installed both
configurations of our new fully automated WaferPak Aligner at
multiple customers, with the standalone Aligner already accepted
and released into production just this week, and the FOX-XP with
integrated Aligner expected to receive acceptance before the end of
our current fiscal first quarter. Our new automated WaferPak
Aligner allows hands free operation of WaferPak handling and
Alignment and is available either as a standalone with movement
between the Aligner and portable carts or in full integration with
the FOX-XP system. As capacity and volume forecast increase,
eliminating all manual interfaces for automated handling can become
critical. The added automation capability of our new Aligner gives
our wafer level test and burn-in offering even greater value and
opens several incremental markets to Aehr, such as high-volume
processors and chipsets with integrated photonics transceivers,
flash and ultimately DRAM memories. This capability is also
important for high volume, high mix devices requiring extremely
high reliability and 100% burn-in such as automotive
microcontrollers and sensors. We have received positive feedback on
our new Aligner from multiple current and prospective customers
across several markets and believe it will be an important addition
to our product portfolio going forward.
“The market forecast for wafer level burn-in products is
significant. William Blair estimates that the total available
market for wafer level burn-in products for silicon carbide alone
will be over $400 million by 2027. We believe Aehr has the
potential to capture a significant portion of that market based on
the level of silicon carbide engagements we have with customers
across the globe.
“We start fiscal 2024 with an effective backlog of almost $40
million and a strong forecast from our current and prospective
customers. Our engagements with numerous potential customers give
us confidence in our growth expectations over the next several
years, including record revenue and profit projections for this
current fiscal year that ends next May, particularly as the
positive momentum in demand for silicon carbide in electric
vehicles continues to accelerate.”
Fiscal 2024 Financial Guidance:
For the fiscal year ending May 31, 2024, Aehr expects total
revenue to be at least $100 million, representing growth of over
50% year over year, and GAAP net income of at least $28 million,
representing earnings growth of greater than 90% year over
year.
Management Conference Call and Webcast
Aehr Test Systems will host a conference call and webcast today
at 5:00 p.m. Eastern (2:00 p.m. PT) to discuss its fiscal 2023
fourth quarter and full year operating results. To access the live
call, dial +1 844-735-3765 (US and Canada) or +1 412-317-5712
(International) and ask to join the Aehr Test Systems earnings
call.
In addition, a live and archived webcast of the conference call
will be available over the Internet at www.aehr.com in the Investor
Relations section and may also be accessed by clicking here. A
replay of the conference call will also be available via telephone
beginning approximately two hours after conclusion of the call and
will remain available for one week. To access the call replay, dial
+1 877-344-7529 (US and Canada) or +1 412-317-0088 (International)
and enter replay passcode 7898611.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a
leading provider of test solutions for testing, burning-in, and
stabilizing semiconductor devices in wafer level, singulated die,
and package part form, and has installed thousands of systems
worldwide. Increasing quality, reliability, safety, and security
needs of semiconductors used across multiple applications,
including electric vehicles, electric vehicle charging
infrastructure, solar and wind power, computing, data and
telecommunications infrastructure, and solid-state memory and
storage, are driving additional test requirements, incremental
capacity needs, and new opportunities for Aehr Test products and
solutions. Aehr has developed and introduced several innovative
products including the FOX-P™ families of test and burn-in
systems and FOX WaferPak™ Aligner, FOX WaferPak Contactor, FOX
DiePak® Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP
systems are full wafer contact and singulated die/module test and
burn-in systems that can test, burn-in, and stabilize a wide range
of devices such as leading-edge silicon carbide-based and other
power semiconductors, 2D and 3D sensors used in mobile phones,
tablets, and other computing devices, memory semiconductors,
processors, microcontrollers, systems-on-a-chip, and photonics and
integrated optical devices. The FOX-CP system is a low-cost
single-wafer compact test solution for logic, memory and photonic
devices and the newest addition to the FOX-P product family. The
FOX WaferPak Contactor contains a unique full wafer contactor
capable of testing wafers up to 300mm that enables IC manufacturers
to perform test, burn-in, and stabilization of full wafers on the
FOX-P systems. The FOX DiePak Carrier allows testing, burning in,
and stabilization of singulated bare die and modules up to 1024
devices in parallel per DiePak on the FOX-NP and FOX-XP systems up
to nine DiePaks at a time. For more information, please visit Aehr
Test Systems’ website at www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or Aehr’s future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates,” “going
to,” "could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential," “sees,” or
"continue," or the negative of these words or other similar terms
or expressions that concern Aehr’s expectations, strategy,
priorities, plans, or intentions. Forward-looking statements in
this press release include, but are not limited to, Aehr’s ability
to generate bookings and revenue increases in the future; future
requirements and orders of Aehr’s new and existing customers;
bookings forecasted for proprietary WaferPak™ and DiePak
consumables across multiple market segments; the temporary nature
of customer pushouts; shipping timelines for products and follow-on
capacity orders; the growth of Aehr’s systems and consumables,
including as a percentage of total sales; financial guidance for
fiscal 2024, including related to revenue and profitability, and
expectations regarding fiscal 2024; Aehr’s ability to expand its
number of customers using its FOX-P™ solutions; the ability to
secure potential customer engagements; and expectations related to
long-term demand for Aehr’s productions and the attractiveness of
key markets. The forward-looking statements contained in this press
release are also subject to other risks and uncertainties,
including those more fully described in Aehr’s recent 10-K, 10-Q
and other reports filed from time to time with the Securities and
Exchange Commission. Aehr disclaims any obligation to update
information contained in any forward-looking statement to reflect
events or circumstances occurring after the date of this press
release.
– Financial Tables to Follow
–
|
AEHR TEST SYSTEMS AND SUBSIDIARIES |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share data) |
(unaudited) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
May 31, |
|
Feb 28, |
|
May 31, |
|
May 31, |
|
May 31, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
22,269 |
|
|
$ |
17,206 |
|
|
$ |
20,289 |
|
|
$ |
64,961 |
|
|
$ |
50,829 |
|
Cost of sales |
|
|
10,790 |
|
|
|
8,331 |
|
|
|
9,821 |
|
|
|
32,215 |
|
|
|
27,164 |
|
Gross profit |
|
|
11,479 |
|
|
|
8,875 |
|
|
|
10,468 |
|
|
|
32,746 |
|
|
|
23,665 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
3,587 |
|
|
|
3,250 |
|
|
|
2,993 |
|
|
|
12,237 |
|
|
|
10,047 |
|
Research and development |
|
|
2,253 |
|
|
|
1,832 |
|
|
|
1,655 |
|
|
|
7,134 |
|
|
|
5,818 |
|
Total operating expenses |
|
|
5,840 |
|
|
|
5,082 |
|
|
|
4,648 |
|
|
|
19,371 |
|
|
|
15,865 |
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
5,639 |
|
|
|
3,793 |
|
|
|
5,820 |
|
|
|
13,375 |
|
|
|
7,800 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
487 |
|
|
|
374 |
|
|
|
22 |
|
|
|
1,245 |
|
|
|
13 |
|
Gain from forgiveness of PPP loan |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,698 |
|
Other (expense) income, net |
|
|
(4 |
) |
|
|
(18 |
) |
|
|
(38 |
) |
|
|
(3 |
) |
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
|
|
6,122 |
|
|
|
4,149 |
|
|
|
5,804 |
|
|
|
14,617 |
|
|
|
9,541 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(11 |
) |
|
|
(17 |
) |
|
|
(10 |
) |
|
|
(60 |
) |
|
|
(91 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,111 |
|
|
$ |
4,132 |
|
|
$ |
5,794 |
|
|
$ |
14,557 |
|
|
$ |
9,450 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.21 |
|
|
$ |
0.15 |
|
|
$ |
0.21 |
|
|
$ |
0.52 |
|
|
$ |
0.36 |
|
Diluted |
|
$ |
0.21 |
|
|
$ |
0.14 |
|
|
$ |
0.20 |
|
|
$ |
0.50 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per share calculations: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
28,425 |
|
|
|
27,893 |
|
|
|
27,003 |
|
|
|
27,785 |
|
|
|
26,014 |
|
Diluted |
|
|
29,572 |
|
|
|
29,373 |
|
|
|
28,568 |
|
|
|
29,215 |
|
|
|
27,774 |
|
AEHR TEST SYSTEMS AND SUBSIDIARIES |
Reconciliation of GAAP and Non-GAAP Results |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
May 31, |
|
Feb 28, |
|
May 31, |
|
May 31, |
|
May 31, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
6,111 |
|
|
$ |
4,132 |
|
|
$ |
5,794 |
|
|
$ |
14,557 |
|
|
$ |
9,450 |
|
Stock-based compensation expense |
|
|
654 |
|
|
|
592 |
|
|
|
737 |
|
|
|
2,749 |
|
|
|
2,923 |
|
Gain from forgiveness of PPP loan |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,698 |
) |
Non-GAAP net income |
|
$ |
6,765 |
|
|
$ |
4,724 |
|
|
$ |
6,531 |
|
|
$ |
17,306 |
|
|
$ |
10,675 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per diluted share |
|
$ |
0.21 |
|
|
$ |
0.14 |
|
|
$ |
0.20 |
|
|
$ |
0.50 |
|
|
$ |
0.34 |
|
Non-GAAP earnings per diluted share |
|
$ |
0.23 |
|
|
$ |
0.16 |
|
|
$ |
0.23 |
|
|
$ |
0.59 |
|
|
$ |
0.38 |
|
Shares used in GAAP diluted shares calculation |
|
|
29,572 |
|
|
|
29,373 |
|
|
|
28,568 |
|
|
|
29,215 |
|
|
|
27,774 |
|
Shares used in non-GAAP diluted shares calculation |
|
|
29,572 |
|
|
|
29,373 |
|
|
|
28,568 |
|
|
|
29,215 |
|
|
|
27,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income is a non-GAAP measure and should not be
considered a replacement for GAAP results. Non-GAAP net income is a
financial measure the Company uses to evaluate the underlying
results and operating performance of the business. The limitation
of this measure is that it excludes items that impact the Company's
current period net income. This limitation is best addressed by
using this measure in combination with net income (the most
directly comparable GAAP financial measure). These measures are not
in accordance with GAAP and may differ from non-GAAP methods of
accounting and reporting used by other companies.We believe these
measures enhance investors’ ability to review the company’s
business from the same perspective as the Company’s management and
facilitate comparisons of this period’s results with prior
periods. |
AEHR TEST SYSTEMS AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
May 31, |
|
February 28, |
|
May 31, |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
30,054 |
|
|
$ |
17,188 |
|
|
$ |
31,484 |
|
Short-term investments |
|
|
17,853 |
|
|
|
25,577 |
|
|
|
- |
|
Trade and other accounts receivable, net |
|
|
16,594 |
|
|
|
11,389 |
|
|
|
12,859 |
|
Inventories |
|
|
23,908 |
|
|
|
21,619 |
|
|
|
15,051 |
|
Prepaid expenses and other |
|
|
621 |
|
|
|
808 |
|
|
|
613 |
|
Total current assets |
|
|
89,030 |
|
|
|
76,581 |
|
|
|
60,007 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
2,759 |
|
|
|
1,281 |
|
|
|
1,203 |
|
Operating lease right-of-use assets |
|
|
6,123 |
|
|
|
6,293 |
|
|
|
917 |
|
Other assets |
|
|
231 |
|
|
|
241 |
|
|
|
201 |
|
Total assets |
|
$ |
98,143 |
|
|
$ |
84,396 |
|
|
$ |
62,328 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
9,206 |
|
|
$ |
4,988 |
|
|
$ |
4,195 |
|
Accrued expenses |
|
|
4,143 |
|
|
|
3,489 |
|
|
|
3,610 |
|
Operating lease liabilities, short-term |
|
|
137 |
|
|
|
68 |
|
|
|
794 |
|
Customer deposits and deferred revenue, short-term |
|
|
2,822 |
|
|
|
843 |
|
|
|
2,415 |
|
Total current liabilities |
|
|
16,308 |
|
|
|
9,388 |
|
|
|
11,014 |
|
|
|
|
|
|
|
|
Operating lease liabilities, long-term |
|
|
6,163 |
|
|
|
6,324 |
|
|
|
212 |
|
Deferred revenue, long-term |
|
|
31 |
|
|
|
8 |
|
|
|
69 |
|
Other liabilities |
|
|
41 |
|
|
|
42 |
|
|
|
44 |
|
Total liabilities |
|
|
22,543 |
|
|
|
15,762 |
|
|
|
11,339 |
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
75,600 |
|
|
|
68,634 |
|
|
|
50,989 |
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
98,143 |
|
|
$ |
84,396 |
|
|
$ |
62,328 |
|
Contacts:Aehr Test SystemsChris
SiuChief Financial Officercsiu@aehr.com |
MKR Investor Relations Inc.Todd Kehrli or Jim
ByersAnalyst/Investor Contact (323) 468-2300aehr@mkr-group.com |
Aehr Test Systems (NASDAQ:AEHR)
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