Aehr Test Systems

As of May 29, 2026 Aehr reported ~$116.5 million in cash and no debt, fortified by completing a $60 million ATM program in April 2026. This balance sheet comfortably supports inventory, working capital, and continued R&D while absorbing cyclical downturns.

TTM cash from operations in FY2026 was negative ~$3.3 million, reflecting cycle and working‑capital effects, but liquidity is ample and covenant‑free. The model benefits from high gross margins in upcycles and increasing consumables mix, but cash conversion can be volatile.