Aehr Test Systems
aehr.comAehr 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.
Products & 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.
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%).
Customers & 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.
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.
Financial Snapshot
Loading...
