NEW YORK, July 14, 2026, 18:06 EDT
- The stock finished up 5.9% at $72.01. After hours, shares jumped another 27% or so to around $92.
- Aehr’s effective backlog sits at $100.6 million, covering roughly 67% to 77% of its fiscal 2027 revenue target.
- The outlook points to adjusted net income of $23.4 million to $33 million, up from $910,000 in fiscal 2026.
Aehr Test Systems NASDAQ:AEHR shares jumped in late trading Tuesday after the chip-testing tools company posted record orders. The company now sees 2027 revenue between $130 million and $150 million, ending June 25. Profit is the tougher metric—Aehr needs adjusted earnings to grow at least 25 times from 2026 levels to match the outlook. Investors are backing the guidance.
Effective backlog, which includes firm orders and bookings taken since the quarter closed, hit $100.6 million. That’s up from $50.9 million back in April. The current order book covers about two-thirds to three-quarters of the revised full-year sales target, without any additional wins. Orders aren’t holding things back anymore.
Fourth-quarter bookings came in at $60.7 million, while revenue was $18.835 million, putting the book-to-bill at 3.2. Revenue climbed 33.7% from last year. Adjusted earnings, which cut out stock comp and acquisition items, swung to 11 cents a share from a one-cent loss, topping the consensus for a one-cent loss. Investors got an earnings beat and a stronger outlook.
The reported numbers break down how much of the fiscal 2027 plan is already backed by orders, and how much is still tied to future execution:
| Metric | Reported figure | Calculated investor read-through |
|---|---|---|
| Q4 bookings versus revenue | $60.7m on bookings, $18.835m revenue | Book-to-bill at 3.2x |
| Effective backlog | $100.6m | Double since April; covers 67% to 77% of their guidance |
| Fiscal 2027 revenue forecast | $130m-$150m | That’s 2.6x to 3.0x over fiscal 2026 revenue |
| Implied fiscal 2027 adjusted net income | $23.4m-$33.0m | Works out to roughly 26x to 36x fiscal 2026 adjusted profit |
Aehr’s headline quarterly earnings don’t tell the whole story on margins. The fourth-quarter adjusted net margin came in at 18.9%, landing inside the company’s 18%-22% target. But adjusted operating margin was much lower at 5.1%, and adjusted pretax margin was 9.1%. The company posted a $1.846 million income-tax benefit, about 52% of adjusted net income. The reported net margin makes underlying profitability look stronger than the operating pace.
The profit numbers for the quarter lay out the gap:
| Q4 fiscal 2026 measure | Amount | Share of revenue |
|---|---|---|
| Adjusted gross profit | $8.426m | 44.7% |
| Adjusted operating income | $0.955m | 5.1% |
| Adjusted pretax income | $1.706m | 9.1% |
| Income-tax benefit | $1.846m | 9.8% |
| Adjusted net income | $3.552m | 18.9% |
Scale looks like it’s kicking in. Adjusted gross margin moved up to 44.7% in the fourth quarter from 36.5% in the third. Sequential revenue jumped about 83%. Adjusted operating expenses rose about 18%. So more sales are showing up on the operating line.
CEO Gayn Erickson said the backlog gives “substantial visibility” and said Aehr’s main AI production customer is “shifting their burn-in from system-level to all wafer-level.” Aehr wrapped benchmark testing for another big processor supplier. About $8 million in recent silicon-carbide orders added some auto and power-chip work to the pipeline. Diversification is important. SEC
Aehr jumped more than the PHLX Semiconductor Index’s 2.54% advance in the regular session, ahead of an even bigger move after earnings. With the share count at 32.48 million as of May 29 and the stock near $92 late, Aehr’s equity is almost $3 billion, putting the price-to-sales multiple at around 20 to 23 times its projected fiscal 2027 revenue. Price-to-sales means market cap over predicted sales. Investors want to see more evidence.
The risks here are pretty direct. Backlog depends on customer production schedules, and most of the forecast is tied to large customer ramps that Aehr hasn’t disclosed. Cash hit $116.5 million, but $97.4 million of that is from public share sales. Operations burned $3.3 million, with shares outstanding up 8.7% over last year. Balance sheet looks better, but the extra cash meant more dilution.
The next hurdle for Aehr isn’t lining up AI demand. The company now has to deliver on its $100.6 million backlog as planned, and grow operating profit to hit an 18%-22% adjusted net margin target—without counting on a fresh big tax benefit to help. Execution timing is key.
