Aehr Test Systems Reports Third Quarter Fiscal 2024 Financial Results and Reiterates Fiscal 2024 Full Year Financial Guidance
- Aehr Test Systems reported a decrease in net revenue for Q3 fiscal 2024 compared to the same period last year.
- The company experienced a shift from net income to a net loss in both GAAP and non-GAAP measures.
- Bookings for the quarter were $24.5 million with a backlog of $20 million, indicating ongoing business activity.
- Total cash and equivalents decreased slightly from the previous quarter but remained at a healthy level of $47.6 million.
- For the first nine months of fiscal 2024, Aehr Test Systems saw an increase in net revenue and net income compared to the same period in fiscal 2023.
- The company provided $0.5 million in cash from operations for the first nine months of fiscal 2024, showcasing financial stability.
- Aehr Test Systems revised its guidance for fiscal 2024, aiming for total revenue greater than $65 million and net income of at least $11 million.
- The company secured a new customer for its FOX-NP solution, expanding its reach in the silicon carbide market beyond electric vehicles.
- Aehr Test Systems is engaging with multiple silicon carbide suppliers for wafer level test and burn-in solutions, indicating potential growth opportunities.
- The semiconductor industry is projected to grow significantly, presenting favorable market conditions for Aehr Test Systems.
- Net revenue decreased significantly in Q3 fiscal 2024 compared to the same period last year.
- The company reported a net loss in both GAAP and non-GAAP measures for the quarter.
- Total cash and equivalents decreased slightly from the previous quarter, potentially impacting financial liquidity.
- Aehr Test Systems faces delays in wafer level burn-in system orders for silicon carbide semiconductor devices, affecting revenue.
- Despite positive customer engagements, the company is yet to convert all potential customers for its FOX wafer level test and burn-in solution.
Insights
The financial results reported by Aehr Test Systems reveal a significant downturn in quarterly revenue year-over-year, from $17.2 million to $7.6 million. This is a noteworthy contraction that suggests a challenging quarter for the company. However, the bookings value of $24.5 million indicates a potential rebound, as it represents future recognized revenue once the products and services are delivered. The backlog of $20 million further supports this, as it reflects orders that have been placed but not yet fulfilled or recognized as revenue.
Investors may find the company's liquidity position, with $47.6 million in cash and equivalents, reassuring in the short term. However, the decrease from $50.5 million in the previous quarter could raise concerns about cash burn rate and the sustainability of operations without additional capital influx or improved sales performance. The forecasted annual revenue and net income figures provided by the CEO suggest optimism for the fiscal year's end, but these projections should be approached with caution given the current quarter's performance.
From a financial perspective, the discrepancy between GAAP and non-GAAP figures, particularly the net loss on a GAAP basis versus the smaller non-GAAP net loss, highlights the impact of stock-based compensation on the company's profitability. Investors should consider this difference when evaluating the company's performance, as non-GAAP measures can sometimes provide a clearer picture of operational efficiency by excluding non-cash expenses.
The company's mention of delays in wafer level burn-in system orders for silicon carbide semiconductor devices points to specific industry challenges. The reliance on the automotive industry, particularly electric vehicles, is both an opportunity and a risk, as evidenced by the current order delays. Diversification into other silicon carbide applications could mitigate this risk, as suggested by the CEO's comments on new customer engagements.
The semiconductor industry's projected growth, as referenced by the Semiconductor Industry Association, is a positive sign for companies like Aehr Test Systems. The company's focus on wafer level test and burn-in solutions positions it well to capitalize on the expected industry expansion driven by AI, green energy and digital transformation. However, the current financial performance indicates that Aehr may be experiencing difficulty in capturing this market potential in the short term.
It's important to note the strategic significance of the initial order from a new, large semiconductor company entering the silicon carbide market. This could represent a diversification of Aehr's customer base and a reduction of dependency on the electric vehicle market. The CEO's comments on the qualification process and the company's track record of converting evaluations into sales provide a positive outlook on future growth, assuming these engagements translate into actual sales.
FREMONT, CA / ACCESSWIRE / April 9, 2024 / Aehr Test Systems (NASDAQ:AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for its third quarter of fiscal 2024 ended February 29, 2024.
Fiscal Third Quarter Financial Results:
- Net revenue was
$7.6 million , compared to$17.2 million in the third quarter of fiscal 2023. - GAAP net loss was
$(1.5) million , or$(0.05) per diluted share, compared to GAAP net income of$4.1 million , or$0.14 per diluted share, in the third quarter of fiscal 2023. - Non-GAAP net loss, which excludes the impact of stock-based compensation, was
$(0.9) million , or$(0.03) per diluted share, compared to non-GAAP net income of$4.7 million , or$0.16 per diluted share, in the third quarter of fiscal 2023. - Bookings were
$24.5 million for the quarter. - Backlog as of February 29, 2024 was
$20 million . - Total cash and cash equivalents as of February 29, 2024 were
$47.6 million , compared to$50.5 million at November 30, 2023.
Fiscal First Nine Months Financial Results:
- Net revenue was
$49.6 million , compared to$42.7 million in the first nine months of fiscal 2023. - GAAP net income was
$9.3 million , or$0.31 per diluted share, compared to GAAP net income of$8.4 million , or$0.29 per diluted share, in the first nine months of fiscal 2023. - Non-GAAP net income was
$11.0 million , or$0.37 per diluted share, which excludes the impact of stock-based compensation, compared to$10.5 million , or$0.36 per diluted share, in the first nine months of fiscal 2023. - Cash provided by operations was
$0.5 million for the first nine months of fiscal 2024.
An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr's non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
"As we noted in our preliminary earnings release in March, our third quarter results reflect delays in wafer level burn-in system orders for silicon carbide semiconductor devices used in electric vehicles. Due to this, we had revised our guidance for our fiscal 2024 full year ending May 31, 2024 to be greater than
"Last week we announced an initial order for our FOX-NP solution from a new customer that is a multi-billion dollar per year global semiconductor company, and is entering the silicon carbide market to address several applications that include automotive, industrial, and electrification infrastructure. This is our third straight new customer for silicon carbide that is primarily focused on applications other than electric vehicles, expanding our opportunity within silicon carbide beyond electric vehicles.
"We are still in continued engagements up to and including on-wafer evaluations with well over a dozen silicon carbide suppliers that are focusing on both electric vehicles and other applications and are forecasting production needs for wafer level test and burn-in of their devices with decision timelines that spread out over the next year. We are focused on the qualification process with as many new customers as possible, as once we have demonstrated our FOX wafer level test and burn-in solution using their own wafers, we have not yet lost a potential customer.
"Our discussions with customers indicate that the key markets Aehr is addressing for semiconductor wafer level test and burn-in have significant growth opportunities that will expand this year and throughout this decade, and we are seeing increased customer engagement in each of these markets. We have also seen a recent strengthening in the silicon carbide market for electric vehicles outside the US in what appears to be a shift in the market share of electric vehicle suppliers. This includes Asia where we recently had extensive and very productive and positive visits with a significant number of silicon carbide suppliers and electric vehicle suppliers that we will provide additional details on during our earnings call.
"According to many market forecasts, including the Semiconductor Industry Association, the semiconductor industry is expected to grow from
"These favorable macro trends are driving the business that drives Aehr Test and include:
- silicon carbide power devices going into high-density modules for power conversion in electric vehicles;
- gallium nitride power semiconductors going into automotive, solar, and other mission critical industrial applications;
- silicon photonics integrated circuits being put into transceivers for data center infrastructure and optical chip-to-chip communication of CPU, GPU, and AI processors;
- memory devices for solid state disk drives used in enterprise and data storage or for AI processors.
"Our continued investments in the FOX platform like the new 3.5 kW per wafer FOX-XP multi-wafer production system we began shipping last month also position us well to address the requirements of other new market segments that we believe we will be able to discuss over the next several months.
"As we head toward fiscal 2025, we are encouraged by our increasing engagements with current and potential customers and the long-term growth opportunities of all these markets."
Fiscal 2024 Financial Guidance:
For the fiscal year ending May 31, 2024, Aehr is reiterating its previously provided guidance for total revenue of greater than
Management Conference Call and Webcast:
Aehr Test Systems will host a conference call and webcast today at 5:00 p.m. Eastern (2:00 p.m. PT) to discuss its third quarter fiscal 2024 operating results. To access the live call, dial +1 888-506-0062 (US and Canada) or +1 973-528-0011 (International) and give the participant passcode 333674.
In addition, a live and archived webcast of the conference call will be available over the Internet at www.aehr.com in the Investor Relations section and may also be accessed by clicking here. A phone replay of the conference call will also be available beginning approximately two hours after conclusion of the live call and will remain available for one week. To access the call replay, dial +1 877-481-4010 (US and Canada) or +1 919-882-2331 (International) and enter replay passcode 50082.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, data and telecommunications infrastructure, and solid-state memory and storage, are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products and solutions. Aehr has developed and introduced several innovative products including the FOX-PTM families of test and burn-in systems and FOX WaferPakTM 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 other 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. 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, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. For more information, please visit Aehr Test Systems' website at www.aehr.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "sees," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr's expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, Aehr's ability to generate bookings and revenue increases in the future; the timing of Aehr's ability to recognize revenue; future requirements and orders of Aehr's new and existing customers; bookings forecasted for proprietary WaferPakTM and DiePak consumables across multiple market segments; shipping timelines for products and new and follow-on capacity orders; the impact of shifting sales mix on revenue; the growth of Aehr's systems and consumables, including as a percentage of total revenue; financial guidance for fiscal 2024, including related to revenue and profitability, and expectations regarding fiscal 2024; Aehr's ability to expand its number of customers using its FOX-PTM solutions and the timing of such expansion; the ability to secure potential customer engagements and Aehr's plans to meet with potential new customers and end users; expectations related to long-term demand for Aehr's products; market opportunity expansion; the growth and attractiveness of key markets and Aehr's ability to receive orders and generate revenue in the future. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr's recent 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Contacts: | ||
| Aehr Test Systems | MKR Investor Relations Inc. | |
| Chris Siu | Todd Kehrli or Jim Byers | |
| Chief Financial Officer | Analyst/Investor Contact | |
| csiu@aehr.com | (323) 468-2300 | |
| aehr@mkr-group.com |
Financial Tables to Follow
AEHR TEST SYSTEMS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| Feb 29, | Nov 30, | Feb 28, | Feb 29, | Feb 28, | ||||||||||||
(In thousands, except per share data) | 2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||
Revenue: | ||||||||||||||||
Product | $ | 6,730 | $ | 19,837 | $ | 16,120 | $ | 45,924 | $ | 39,715 | ||||||
Services | 833 | 1,594 | 1,086 | 3,694 | 2,977 | |||||||||||
Total revenue | 7,563 | 21,431 | 17,206 | 49,618 | 42,692 | |||||||||||
Cost of revenue: | ||||||||||||||||
Product | 3,948 | 9,707 | 7,728 | 23,574 | 19,739 | |||||||||||
Services | 459 | 766 | 603 | 1,949 | 1,686 | |||||||||||
Total cost of revenue | 4,407 | 10,473 | 8,331 | 25,523 | 21,425 | |||||||||||
Gross profit | 3,156 | 10,958 | 8,875 | 24,095 | 21,267 | |||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 2,139 | 1,972 | 1,832 | 6,568 | 4,881 | |||||||||||
Selling, general and administrative | 3,063 | 3,518 | 3,250 | 9,990 | 8,650 | |||||||||||
Total operating expenses | 5,202 | 5,490 | 5,082 | 16,558 | 13,531 | |||||||||||
Income (loss) from operations | (2,046 | ) | 5,468 | 3,793 | 7,537 | 7,736 | ||||||||||
Interest income, net | 584 | 631 | 374 | 1,796 | 758 | |||||||||||
Other income (expense), net | (2 | ) | 10 | (18 | ) | 2 | 1 | |||||||||
Income (loss) before provision for income taxes | (1,464 | ) | 6,109 | 4,149 | 9,335 | 8,495 | ||||||||||
Provision for income taxes | 7 | 20 | 17 | 43 | 49 | |||||||||||
Net income (loss) | $ | (1,471 | ) | $ | 6,089 | $ | 4,132 | $ | 9,292 | $ | 8,446 | |||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | (0.05 | ) | $ | 0.21 | $ | 0.15 | $ | 0.32 | $ | 0.31 | |||||
Diluted | $ | (0.05 | ) | $ | 0.20 | $ | 0.14 | $ | 0.31 | $ | 0.29 | |||||
Shares used in per share calculations: | ||||||||||||||||
Basic | 28,866 | 28,801 | 27,893 | 28,773 | 27,571 | |||||||||||
Diluted | 28,866 | 29,769 | 29,373 | 29,670 | 29,080 | |||||||||||
AEHR TEST SYSTEMS
Reconciliation of GAAP to Non-GAAP Results
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| Feb 29, | Nov 30, | Feb 28, | Feb 29, | Feb 28, | ||||||||||||
(In thousands, except per share data) | 2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||
Reconciliation of GAAP to non-GAAP gross profit | ||||||||||||||||
GAAP gross profit | $ | 3,156 | $ | 10,958 | $ | 8,875 | $ | 24,095 | $ | 21,267 | ||||||
Special items: | ||||||||||||||||
a) Stock-based compensation expense | 58 | 101 | 75 | 222 | 252 | |||||||||||
Non-GAAP gross profit | $ | 3,214 | $ | 11,059 | $ | 8,950 | $ | 24,317 | $ | 21,519 | ||||||
Reconciliation of GAAP to non-GAAP operating expenses | ||||||||||||||||
GAAP operating expenses | $ | 5,202 | $ | 5,490 | $ | 5,082 | $ | 16,558 | $ | 13,531 | ||||||
Special items: | ||||||||||||||||
a) Stock-based compensation expense | (525 | ) | (537 | ) | (517 | ) | (1,521 | ) | (1,843 | ) | ||||||
Non-GAAP operating expenses | $ | 4,677 | $ | 4,953 | $ | 4,565 | $ | 15,037 | $ | 11,688 | ||||||
Reconciliation of GAAP to non-GAAP income (loss) from operations | ||||||||||||||||
GAAP income (loss) from operations | $ | (2,046 | ) | $ | 5,468 | $ | 3,793 | $ | 7,537 | $ | 7,736 | |||||
Special items: | ||||||||||||||||
a) Stock-based compensation expense | 583 | 638 | 592 | 1,743 | 2,095 | |||||||||||
Non-GAAP (loss) income from operations | $ | (1,463 | ) | $ | 6,106 | $ | 4,385 | $ | 9,280 | $ | 9,831 | |||||
Reconciliation of GAAP to non-GAAP income (loss) before taxes | ||||||||||||||||
GAAP income (loss) before taxes | $ | (1,464 | ) | $ | 6,109 | $ | 4,149 | $ | 9,335 | $ | 8,495 | |||||
Special items: | ||||||||||||||||
a) Stock-based compensation expense | 583 | 638 | 592 | 1,743 | 2,095 | |||||||||||
Non-GAAP income (loss) before taxes | $ | (881 | ) | $ | 6,747 | $ | 4,741 | $ | 11,078 | $ | 10,590 | |||||
Reconciliation of GAAP to non-GAAP net income (loss) | ||||||||||||||||
GAAP net income (loss) | $ | (1,471 | ) | $ | 6,089 | $ | 4,132 | $ | 9,292 | $ | 8,446 | |||||
Special items: | ||||||||||||||||
a) Stock-based compensation expense | 583 | 638 | 592 | 1,743 | 2,095 | |||||||||||
Non-GAAP net income (loss) | $ | (888 | ) | $ | 6,727 | $ | 4,724 | $ | 11,035 | $ | 10,541 | |||||
GAAP earnings diluted per share | $ | (0.05 | ) | $ | 0.20 | $ | 0.14 | $ | 0.31 | $ | 0.29 | |||||
Non-GAAP earnings diluted per share | $ | (0.03 | ) | $ | 0.23 | $ | 0.16 | $ | 0.37 | $ | 0.36 | |||||
Non-GAAP measures should not be considered a replacement for GAAP results. The non-GAAP measures indicated above are financial measures the Company uses to evaluate the underlying results and operating performance of the business. The limitation of these measures is that they exclude items that impact the Company's current period GAAP measures. This limitation is best addressed by using these measures in combination with the most directly comparable GAAP financial measures. These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies.
We believe these measures enhance investors' ability to review the Company's business from the same perspective as the Company's management and facilitate comparisons of this period's results with prior periods.
AEHR TEST SYSTEMS
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| February 29, | May 31, | ||||||||
(In thousands, except par value) | 2024 | 2023 | |||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 47,581 | $ | 30,054 | |||||
Short-term investments | - | 17,853 | |||||||
Accounts receivable, net | 5,468 | 16,594 | |||||||
Inventories | 38,085 | 23,908 | |||||||
Prepaid expenses and other current assets | 1,215 | 621 | |||||||
Total current assets | 92,349 | 89,030 | |||||||
Property and equipment, net | 3,150 | 2,759 | |||||||
Operating lease right-of-use assets, net | 5,863 | 6,123 | |||||||
Other non-current assets | 234 | 231 | |||||||
Total assets | $ | 101,596 | $ | 98,143 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 4,979 | $ | 9,206 | |||||
Accrued expenses | 3,287 | 4,143 | |||||||
Operating lease liabilities, short-term | 428 | 137 | |||||||
Deferred revenue, short-term | 486 | 2,822 | |||||||
Total current liabilities | 9,180 | 16,308 | |||||||
Operating lease liabilities, long-term | 5,878 | 6,163 | |||||||
Deferred revenue, long-term | - | 31 | |||||||
Other long-term liabilities | 41 | 41 | |||||||
Total liabilities | 15,099 | 22,543 | |||||||
Shareholders' equity: | |||||||||
Preferred stock, | |||||||||
Issued and outstanding: none | - | - | |||||||
Common stock, | |||||||||
Issued and outstanding: 28,906 shares and 28,539 shares at February 29, 2024 and May 31, 2023, respectively | 289 | 285 | |||||||
Additional paid-in-capital | 129,366 | 127,776 | |||||||
Accumulated other comprehensive loss | (144 | ) | (155 | ) | |||||
Accumulated deficit | (43,014 | ) | (52,306 | ) | |||||
Total shareholders' equity | 86,497 | 75,600 | |||||||
Total liabilities and shareholders' equity | $ | 101,596 | $ | 98,143 | |||||
The Condensed Consolidated Balance Sheet as of May 31, 2023 has been derived from the audited consolidated financial statements.
AEHR TEST SYSTEMS
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine Months Ended November 30 | ||||||||
| February 29, | February 28, | |||||||
(In thousands) | 2024 | 2023 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 9,292 | $ | 8,446 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Stock-based compensation expense | 1,744 | 2,095 | ||||||
Depreciation and amortization | 469 | 337 | ||||||
Accretion of investment discount | (130 | ) | (305 | ) | ||||
Amortization of operating lease right-of-use assets | 522 | 479 | ||||||
Provision for doubtful accounts | - | 24 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 11,130 | 1,414 | ||||||
Inventories | (14,182 | ) | (6,783 | ) | ||||
Prepaid expenses and other current assets | (600 | ) | (167 | ) | ||||
Accounts payable | (4,232 | ) | 822 | |||||
Accrued expenses | (874 | ) | (126 | ) | ||||
Deferred revenue | (2,368 | ) | (1,633 | ) | ||||
Operating lease liabilities | (257 | ) | (469 | ) | ||||
Income taxes payable | 18 | 9 | ||||||
Net cash provided by operating activities | 532 | 4,143 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (703 | ) | (178 | ) | ||||
Proceeds from maturities of investments | 18,000 | 8,000 | ||||||
Purchases of investments | - | (33,294 | ) | |||||
Net cash provided by (used in) investing activities | 17,297 | (25,472 | ) | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common stock under employee plans | 1,270 | 1,965 | ||||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (1,480 | ) | (1,680 | ) | ||||
Issuance proceeds (cost) of common stock offering | (72 | ) | 6,853 | |||||
Net cash provided by (used in) financing activities | (282 | ) | 7,138 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (20 | ) | (35 | ) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 17,527 | (14,226 | ) | |||||
Cash, cash equivalents and restricted cash, beginning of period (1) | 30,204 | 31,564 | ||||||
Cash, cash equivalents and restricted cash, end of period (1) | $ | 47,731 | $ | 17,338 | ||||
- Includes restricted cash in other assets.
SOURCE: Aehr Test Systems
View the original press release on accesswire.com
FAQ
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