AEHR TEST SYSTEMS Reports FY24 Results

TL;DR

AEHR FY24 revenue $75M, net income $28.5M. Stock event July 1.

AI Summary

AEHR TEST SYSTEMS filed its 10-K for the fiscal year ending May 31, 2024, reporting significant financial activities. The company's fiscal year 2024 saw revenues of $75 million, a substantial increase from the previous year. Net income for fiscal year 2024 was $28.5 million, up from $28.9 million in fiscal year 2023. The company also reported a subsequent event on July 1, 2024, related to its stock.

Why It Matters

This filing provides investors with a comprehensive overview of AEHR TEST SYSTEMS' financial performance and strategic positioning for the fiscal year ending May 31, 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The company operates in a specialized technology sector, which can be subject to rapid technological changes and market demand fluctuations.

Key Numbers

• $75.0B — Revenue FY24 (Represents the total sales for the fiscal year ending May 31, 2024.)
• $28.5B — Net Income FY24 (Indicates the company's profitability for the fiscal year ending May 31, 2024.)
• $29.0B — Net Income FY23 (Provides a comparison point for profitability from the prior fiscal year.)

Key Players & Entities

• AEHR TEST SYSTEMS (company) — Filer of the 10-K
• 2024-05-31 (date) — End of fiscal year for the report
• $75,000,000 (dollar_amount) — Revenue for fiscal year 2024
• $28,539,000 (dollar_amount) — Net income for fiscal year 2024
• $28,995,000 (dollar_amount) — Net income for fiscal year 2023
• 2024-07-01 (date) — Date of a subsequent event

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share AEHR The NASDAQ Capital M
• $22.96 — strant, based upon the closing price of $22.96 on November 30, 2023, as reported on th
• $64.6 m — es for fiscal 2024, 2023, and 2022 were $64.6 million, $63.5 million, and $48.9 million
• $63.5 m — 024, 2023, and 2022 were $64.6 million, $63.5 million, and $48.9 million, respectively,
• $48.9 m — were $64.6 million, $63.5 million, and $48.9 million, respectively, and accounted for

Filing Documents

• aehr_10k.htm (10-K) — 1417KB
• aehr_ex231.htm (EX-23.1) — 2KB
• aehr_ex311.htm (EX-31.1) — 13KB
• aehr_ex312.htm (EX-31.2) — 14KB
• aehr_ex321.htm (EX-32.1) — 3KB
• aehr_ex322.htm (EX-32.2) — 4KB
• aehr_ex97.htm (EX-97) — 20KB
• 0001654954-24-009642.txt ( ) — 6884KB
• aehr-20240531.xsd (EX-101.SCH) — 49KB
• aehr-20240531_lab.xml (EX-101.LAB) — 379KB
• aehr-20240531_cal.xml (EX-101.CAL) — 56KB
• aehr-20240531_pre.xml (EX-101.PRE) — 324KB
• aehr-20240531_def.xml (EX-101.DEF) — 171KB
• aehr_10k_htm.xml (XML) — 1189KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54 Item 9A.

Controls and Procedures

Controls and Procedures 54 Item 9B. Other Information 54 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 54 PART III Item 10. Directors, Executive Officers and Corporate Governance 55 Item 11.

Executive Compensation

Executive Compensation 55 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 55 Item 13. Certain Relationships and Related Transactions, and Director Independence 55 Item 14. Principal Accountant Fees and Services 55 PART IV Item 15. Exhibits and Financial Statement Schedules 56 Item 16. Form 10-K Summary 58

Signatures

Signatures 59 2 Table of Contents This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "plan," "intend," "expect," "could," "target," "project," "should," "predict," "potential," "would," "seek" and similar expressions and the negative of those expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. These risks include but are not limited to those factors identified in "Risk Factors" beginning on page [12] of this Annual Report on Form 10-K, those factors that we may from time to time identify in our periodic filings with the Securities and Exchange Commission, as well as other factors beyond our control. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. Unless the context requires otherwise, references in this Form 10-K to "Aehr Test," the "Company," "we," "us" and "our" refer to Aehr Test Systems. Investors and others should note that we announce material financial information to our investors using our investor relations website (https://www.aehr.com/investor-relations/), SEC filings, press releases, public conference calls and webcasts. We use these channels to communicate with our invest

Business

Item 1. Business OVERVIEW Aehr Test Systems, Inc. ("Aehr Test," "Aehr," or "we") was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors. The applications include electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, data and telecommunications infrastructure, and solid-state memory storage. The trend is driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products and solutions. We have developed and introduced several innovative products including the FOX-P TM family of test and burn-in systems and FOX WaferPak TM 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 gallium nitride 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 used in artificial intelligence. 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, burn-in, and stabilization of singul

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View this 10-K filing on SEC EDGAR