AEHR stock increases by more than 20% before market: why it happened
- Aehr Test Systems (NASDAQ: AEHR) share price rose more than 20% before market. That’s why it happened.
Aehr Test Systems (NASDAQ: AEHR) share price – a global supplier of semiconductor reliability testing and qualification equipment – rose more than 20% before market. Investors are responding positively to Aehr Test Systems’ announcement of financial results for the fourth quarter of fiscal 2021 and the fiscal year ended May 31, 2021.
Fourth Quarter Financial Results
– Net sales were $ 7.6 million, up 102% from $ 3.8 million in the fourth quarter of fiscal 2020.
– GAAP net income was $ 567,000, or $ 0.02 per diluted share, compared to a GAAP net loss of $ 2.9 million, or $ 0.13 per diluted share, which included approximately 1.9 million dollars in inventory and restructuring charges, or $ 0.08 per share, in the fourth quarter of 2020.
– Non-GAAP net income was $ 870,000, or $ 0.04 per diluted share, which excludes the impact of stock-based compensation, compared to a non-GAAP net loss of $ 720,000 , or $ 0.03 per diluted share, which excludes the impact of stock-based compensation compensation costs and inventory and restructuring charges, in the fourth quarter of 2020.
– Reservations were $ 5.5 million for the quarter, up 113% from $ 2.6 million in the fourth quarter of fiscal 2020.
– The backlog at May 31, 2021 was $ 1.6 million. The actual backlog, which includes backlog at the end of the fourth quarter plus orders since the end of the fourth quarter, is $ 7.0 million.
Financial results for the year:
– Net sales amounted to $ 16.6 million, compared to $ 22.3 million for fiscal 2020.
– The net loss under GAAP was $ 2 million, which included the impact of a net non-cash gain of $ 2.2 million and a tax benefit of $ 215,000 related to the closure of the subsidiary of Aehr in Japan in the first quarter, or $ 0.09 per diluted share, versus a GAAP net loss of $ 2.8 million, or $ 0.12 per diluted share, which included approximately $ 1.9 million of inventory and restructuring charges, or $ 0.08 per share, in fiscal 2020.
– The non-GAAP net loss was $ 3.3 million, or $ 0.14 per diluted share, which excludes the impact of stock-based compensation and the $ 2.4 million related to the closure of the Japanese subsidiary of Aehr. And that compares to a non-GAAP net loss of $ 27,000, or $ 0.00 per diluted share, which excludes the impact of stock-based compensation charges and inventory and restructuring costs, during fiscal year 2020.
“We are delighted to report improved revenue and operating income in the fiscal fourth quarter that reflects a return to higher levels than before the pandemic. We are also encouraged by the strong increase in customer demand during the quarter, which is a positive turnaround from customer production ramp delays and the surges we experienced last year due to COVID-19. . We are off to a good start in fiscal 2022 with $ 5.4 million in bookings and an effective backlog of $ 7 million to date. “
“We have made significant inroads over the past year in the emerging market for silicon carbide devices, which continues to be a very promising growth engine for Aehr and will be a major focus during the year to come. Silicon carbide power semiconductors have become the preferred technology for electric vehicle battery power conversion in on-board and off-board electric vehicle battery chargers and electric power conversion and control of electric motors. Our FOX-P family of products is a highly cost-effective solution to ensuring the critical quality and reliability of devices in this market, where performance and reliability can not only mean increased battery life, but also if you need to. return on foot from a vehicle with a failed power semiconductor in the powertrain.
“In this past fiscal year, our primary silicon carbide customer, one of the leading Fortune 500 semiconductor device suppliers with a significant customer base in the automotive semiconductor market,” FOX said. XP from Aehr for high-volume production burn-in and infant mortality screening of wafer-level silicon carbide power devices for electric vehicle power modules.
“This customer has now qualified several devices for automotive applications on our solution, ordered several FOX-XP systems and purchased several new designs of WaferPak contactors which are expected to be qualified and go into production during this fiscal year. This customer anticipates orders for several additional FOX systems and complete WaferPaks exclusive to Aehr this year and a significant number of systems and WaferPaks in the coming years. Our FOX-XP systems are configured to test eighteen silicon carbide wafers in parallel in the footprint of a typical single wafer test solution, while contacting and testing 100% of the devices in parallel on each wafer. Aehr provides a single fully integrated solution that includes test systems, complete WaferPak contactors and WaferPak aligners.
“Aehr is in discussions with several other silicon carbide suppliers regarding our wafer level testing and burn-in solutions and we plan to move to wafer evaluations with several new potential customers during this fiscal year. We anticipate that wafer-level testing and burn-in will become the industry standard for testing the quality and reliability of silicon carbide devices for the automotive market, and that Aehr has the most effective solution. profitable market to seize this opportunity. “
“We are seeing improvement in several testing and debugging segments, including silicon photonics, which has been significantly affected by the pandemic over the past 12 months. Silicon photonic fiber optic transceivers that are used in data storage and 5G infrastructure, require a manufacturing process step called stabilization where devices are subjected to high temperatures and high power to stabilize their power. Release. Our customers use our FOX wafer-level test and etch solutions to test and etch 100% of their integrated silicon photonics devices, and we currently have five silicon photonics customers shipping products to their customers using our FOX solution. . We see a significant growth opportunity as we expand within these customers and add new customers in silicon photonics. “
“Last year, we successfully implemented our FOX systems and DiePak media for production testing and debugging of two new 2D / 3D sensor applications for mobile devices. We expect to see system capacity orders and DiePaks follow this year and continue to be optimistic about this market space. We are excited about our new DiePak solution, which is able to handle extremely small and complex devices and very high power density devices with higher parallelism than before. “
“With the momentum we’re seeing for wafer-level testing and debugging of silicon carbide devices for electric vehicles, silicon photonics devices for data centers and 5G infrastructure, and 2D / 3D sensors for mobile devices, we are very confident in our growth projections this fiscal year.
– Gayn Erickson, President and CEO of Aehr Test Systems
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