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Aehr Reports Continued Strong Revenue and Earnings for the First Quarter of Fiscal 2024 on Strength of Production Wafer Level Burn-in Products for Silicon Carbide Semiconductors
FREMONT, Calif., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and production burn-in
About this update from Aehr Test Systems
[{"type":"text","content":"FREMONT, Calif., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and production burn-in equipment, today announced financial results for its first quarter of fiscal 2024 ended August 31, 2023. Fiscal First Quarter Financial Results: Net revenue was $20.6 million, up 93% from $10.7 million in the first quarter of fiscal 2023.GAAP net income was $4.7 million, or $0.16 per diluted share, up from GAAP net income of $589,000, or $0.02 per diluted share, in the first quarter of fiscal 2023.Non-GAAP net income, which excludes the impact of stock-based compensation, was $5.2 million, or $0.18 per diluted share, compared to non-GAAP net income of $1.3 million, or $0.05 per diluted share, in the first quarter of fiscal 2023.Bookings were $18.4 million for the quarter.Backlog as of August 31, 2023 was $22.3 million. Effective backlog, which includes all orders received since the end of the first quarter, is $24.0 million.Cash provided by operations was $3.9 million.Total cash, cash equivalents, and short-term investments as of August 31, 2023 were $51.0 million, up from $47.9 million at May 31, 2023. 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: “We finished the first quarter with solid revenue and non-GAAP net income, the strongest first quarter in our history, which has historically been our seasonally softest quarter. We are off to a very good start to our fiscal year and are reaffirming our expectation to grow fiscal full year revenue by at least 50% and profit by over 90% year over year. “During the quarter we had record shipments of our FOX™ WaferPak full wafer Contactors in both revenue and units and are very pleased with the continued stream of new designs we are seeing. Our new design volume has tripled over the last nine months as we are seeing more electric vehicles coming online with their own specific device design for inverters and onboard chargers. “We have now received customer acceptance of both configurations of our new fully automated FOX WaferPak Aligner, which allows hands free operation of WaferPak handling and alignment and is...