Aehr Test Systems

Revenue and cash flow remain lumpy given project timing, device qualifications, and milestone acceptances. FY2025 and early FY2026 reflected the downcycle and customer pauses, while Q4 FY2026 saw record bookings and an effective backlog of roughly $100.6 million, plus FY2027 guidance of $130–$150 million revenue with 18–22% non‑GAAP net margin.

The shift from a SiC‑heavy mix toward AI processors and silicon photonics should reduce single‑end‑market dependence over time, yet visibility still hinges on a small number of large programs and qualification calendars. Country, regulatory, and IP risks also affect predictability.