Aehr Test Lifts Full-Year Revenue Target to $150 Million as AI Chip Demand Swells Order Book
Published on 11/03/2026 at 18:02 | Editorial boerse-global.de
Aehr Test Systems has raised its revenue guidance for fiscal 2027 to $150 million, pushing the forecast to the top of its previous $130 million to $150 million range after a record-breaking quarter fueled by demand for AI chip testing equipment. The company still expects adjusted net income of at least 20% of annual revenue — a profitability target it left unchanged even as it lifted the top line.
The update, delivered alongside yesterday's results, sent the stock up 21% as investors cheered both the earnings beat and the brighter outlook.
Orders Outpace Revenue
Revenue for the first quarter of fiscal 2027 hit a record $33.0 million, up 200% from the year-earlier period and 75% higher than the immediately preceding quarter. Bookings came in at $46.7 million, giving a book-to-bill ratio of roughly 1.4 — meaning new orders exceeded what the company shipped.
Including orders placed after the quarter closed, Aehr's effective backlog stood at $109.3 million as of Sunday. That figure provides the foundation for the raised guidance, though it also includes bookings received after the period ended, so it does not yet represent revenue in hand.
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The bottom line swung firmly into positive territory. GAAP net income reached $7.2 million, reversing a $2.1 million loss in the same quarter a year earlier. On an adjusted basis, earnings came to $0.28 per diluted share — well ahead of the $0.11 analyst consensus. Adjusted net income totaled $9.4 million.
Margins Face a Mix Shift
Profitability carries a caveat tied to product composition. Adjusted gross margin in the opening quarter came in at 48.5%. Management cautioned that the following quarter will see a lower margin because of a higher proportion of Sonoma systems in the delivery mix. For the full year, the company expects gross margin to land roughly at the first-quarter level.
Consumables, which supplement the systems business, contributed $13.5 million, or 41% of revenue, in the first quarter. Their share is projected to fall to about 35% for the full year — another factor shaping the revenue structure. More business, in other words, does not automatically translate into a higher gross margin every quarter.
Taiwan Installation Is the Next Test
Beyond the current order book, Aehr is eyeing opportunities across more than a dozen customers spanning AI processors, silicon photonics, silicon carbide and gallium nitride. A major AI accelerator supplier has ordered a FOX-XP test cell for evaluation at a manufacturing service provider in Taiwan, with installation slated for early 2027.
A decision on deploying the system in high-volume production is not expected until several months after installation and validation. That sequence matters: the installation marks concrete project progress, but it is not yet a confirmed green light for mass production. Additional production revenue remains contingent on the successful completion of those next steps.
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Meanwhile, Aehr is already shipping more than a dozen Sonoma systems per month for the first AI processor of a leading customer. The second processor has been qualified, with its production ramp anticipated in 2027.
NAND Lags as AI Carries the Outlook
Not every segment is accelerating. Opportunities in the NAND business are developing more slowly than expected, leaving the growth story resting chiefly on AI demand. The distinction is a crucial one for investors: the existing backlog underpins the guidance, while further customer programs offer additional upside that is not yet secured.
Execution now becomes the yardstick. The company must convert its order book into shipments and deliver the promised profitability despite a shifting product mix — and the Taiwan validation will be watched closely as the clearest signal of whether the next leg of growth materializes.
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