Aehr Test Systems (NASDAQ: AEHR) is a semiconductor test equipment company that designs and sells systems for testing, burning-in, and stabilizing semiconductor devices at the wafer level, singulated die level, and packaged part level. Revenue comes from transactional sales of test systems, WaferPak Contactors, DiePak Carriers, and services. The company was incorporated in California on May 25, 1977, and is headquartered in Fremont, California. Full wafer contact product lines, systems, WaferPak Contactors, DiePak Carriers, and services generated $39.2 million in FY2025, representing 66% of net revenues, down from $64.6 million and 98% of net revenues in FY2024. Customer concentration is high: the five largest customers accounted for 77% of net revenues in FY2025, with two customers individually representing 39% and 15%. Sales and service operations run across the United States, Germany, Japan, the Philippines, and Taiwan. End markets include electric vehicles, AI compute data centers, electric vehicle charging infrastructure, solar and wind power, and solid-state memory storage.

Revenue model

Transactional sales of burn-in and test systems, WaferPak Contactors, DiePak Carriers, and associated services. Full wafer contact product lines plus systems and services were $39.2M in FY2025 (66% of net revenues), $64.6M in FY2024 (98%), and $63.5M in FY2023 (98%).

Products and services

Wafer-level burn-in and test systems (FOX systems), WaferPak Contactors, DiePak Carriers, packaged-part test during burn-in (TDBI) systems including pattern generation and test electronics, control software, network interface, environmental chambers, and burn-in boards (BIBs) and burn-in modules (BIMs). The company also acquired Incal on July 31, 2024.

Customers and end markets

Highly concentrated customer base: top five customers = 77% of net revenues in FY2025; two customers = 39% and 15% individually in FY2025. End markets include AI compute data centers, electric vehicles, EV charging infrastructure, solar and wind power, data and telecommunications infrastructure, and solid-state memory storage.

Value-chain role

Equipment supplier in the semiconductor manufacturing value chain, providing burn-in and reliability screening systems used before and after wafer dicing. Burn-in screens for early device failures by stressing devices at elevated voltages and temperatures up to 150 degrees Celsius, targeting applications such as silicon carbide power semiconductors used in EV drivetrains.

Geographic exposure

Sales and service operations in the United States, Germany, Japan, the Philippines, and Taiwan. Components and sub-assemblies sourced from suppliers outside the United States.

Source: SEC 10-K, filed 2025-07-28

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