Aehr Test Systems (AEHR) Stock Surges 30% on Record Bookings and Strong Outlook

TLDR

• AEHR jumped ~30% in premarket trading Wednesday after Q4 earnings beat Wall Street expectations
• Q4 revenue came in at $18.84 million, with EPS of 11 cents vs. an expected loss of 1 cent
• Record quarterly bookings of $60.7 million, up from $11.1 million a year earlier
• Fiscal 2027 revenue guidance of $130M–$150M far exceeds analyst consensus of $85.13 million
• Business has shifted dramatically — nearly 95% of fiscal 2026 revenue came from outside silicon carbide/EV markets

Aehr Test Systems (AEHR) was trading up roughly 30% in premarket Wednesday, hitting $93.46, after the company posted fiscal fourth-quarter results that blew past analyst estimates and issued full-year guidance well above what Wall Street had penciled in.

Aehr Test Systems, AEHR

The stock had already closed up 5.9% on Tuesday at $72.01 before the results dropped.

Q4 revenue came in at $18.84 million, up from $14.09 million a year earlier and just above the consensus estimate of $18.69 million. Earnings per share of 11 cents crushed expectations for a loss of 1 cent.

$AEHR Q4 EARNINGS

• Revenue: $19M vs. Est. $19M
• EPS: $0.11 vs. Est. ($0.01)
• Bookings: $61M
• Backlog: $100M

FY27 Guidance
• Revenue: $140M vs. Est. $85M (+180% YoY)

Silicon photonics now has two customers including a new global networking leader forecasting additional… pic.twitter.com/QfvLnGzuGi

— Shay Boloor (@StockSavvyShay) July 14, 2026

Bookings were the real headline. At $60.7 million for the quarter, they were more than five times the $11.1 million recorded in the same period last year, driven by demand for Aehr’s Sonoma and FOX burn-in systems, WaferPaks, and AI processor testing applications.

Backlog at fiscal year-end stood at a record $80.6 million. Including roughly $20 million in orders received after the period closed, effective backlog climbed to $100.6 million. The company also received $8 million in new silicon carbide orders in just the past month.

A Business That Looks Very Different Than It Did a Year Ago

One of the more striking data points from the results: Aehr’s revenue mix has flipped completely. Previously, more than 95% of revenue came from silicon carbide applications tied to electric vehicles. In fiscal 2026, nearly 95% came from outside that segment.

Markets now driving growth include AI processors, silicon photonics, and power semiconductors.

During the quarter, Aehr completed more than 12 gallium nitride WaferPak designs that are now in customer evaluation. The company also launched what it says is the industry’s first 300-millimeter GaN wafer-level burn-in solution for high-temperature reverse-bias testing.

It also completed its first FOX system sale for silicon MOSFET applications and added its first silicon carbide customer in Taiwan.

Fiscal 2027 Guidance Lands Well Above Consensus

Aehr guided for fiscal 2027 revenue of $130 million to $150 million. That’s roughly 160% to 200% growth year-over-year and well above the $85.13 million analyst consensus.

The company expects non-GAAP pre-tax margin of 18% to 22% and said it does not anticipate manufacturing capacity constraints even at the high end of guidance.

CEO Gayn Erickson said AI will be a bigger part of the business in fiscal 2027 — in both dollars and revenue mix. “AI is going to be a big chunk of our business this year, both in dollars and percentage,” he said.

Erickson noted that current guidance is based largely on existing customers, meaning new AI wins could push numbers higher.

Cash, cash equivalents, and restricted cash totaled $116.5 million at fiscal year-end.

AEHR is up 257% year-to-date through Tuesday’s close and up 387% over the past 12 months.

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