Business
Aehr Reports Record Quarterly Bookings Driven by Demand for Wafer Level Test and Burn-in of Semiconductors for Electric Vehicles
FREMONT, Calif., March 30, 2023 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and reliability qualification
About this update from Aehr Test Systems
[{"type":"text","content":"FREMONT, Calif., March 30, 2023 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and reliability qualification equipment, today announced financial results for its third quarter of fiscal 2023 ended February 28, 2023. Fiscal Third Quarter Financial Results: Net sales were $17.2 million, up 13% from $15.3 million in the third quarter of fiscal 2022.GAAP net income was $4.1 million, or $0.14 per diluted share, up 84% compared to GAAP net income of $2.2 million, or $0.08 per diluted share, in the third quarter of fiscal 2022, which includes the impact of a $1.0 million adjustment for excess and obsolete inventory related to legacy products.Non-GAAP net income, which excludes the impact of stock-based compensation, was $4.7 million, or $0.16 per diluted share, compared to non-GAAP net income of $3.1 million, or $0.11 per diluted share, in the third quarter of fiscal 2022.Bookings were $33.3 million, the highest quarterly bookings in the Company’s history.Backlog as of February 28, 2023, was $31.6 million. Effective backlog which includes all orders received since the end of the third quarter is $41 million. Fiscal First Nine Months Financial Results: Net sales were $42.7 million, up 40% from $30.5 million in the first nine months of fiscal 2022.GAAP net income was $8.4 million, or $0.29 per diluted share, compared to GAAP net income of $3.7 million, or $0.13 per diluted share, in the first nine months of fiscal 2022, which includes the impact of a $1.7 million gain from the forgiveness of the Paycheck Protection Program loan and a $1.0 million excess and obsolete inventory adjustment related to legacy products.Non-GAAP net income was $10.5 million, or $0.36 per diluted share, which excludes the impact of stock-based compensation, compared to non-GAAP net income of $4.1 million, or $0.15 per diluted share, in the first nine months of fiscal 2022, which excludes the impact of stock-based compensation, and forgiveness of the Paycheck Protection Program loan. 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: “Aehr had another great quarter, with revenue and net inc...