Aehr Test Systems

Management used equity when it was available to derisk operations and fund growth, completing an ATM in FY2026 and earlier a ~$21 million acquisition of Incal Technology (cash and shares). Incal brings Sonoma/Tahoe/Echo systems for ultra‑high‑power and package‑level burn‑in in AI/HPC, broadening TAM and product depth.

SBC is present and should be monitored. There is no pattern of serial, large or low‑return M&A, and capex remains modest relative to revenue, with flexibility to scale. We view the Incal deal as strategically sound and the ATM as prudent for resilience, though dilution tempers per‑share compounding.