olivLaw · US equity research
Aehr Test Systems, Inc. AEHR
Instruments For Meas & Testing of Electricity & Elec Signals · SIC 3825 · Vertical: Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825)
Aehr Test Systems designs and sells test and burn-in systems for semiconductors, used especially in wafer-level burn-in for AI processors and in silicon carbide devices for electric vehicles. The company enters fiscal 2027 with a record backlog, and its guidance points to revenue growth of over 160% if the expected customer demand materializes as estimated.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Aehr Test Systems, Inc. (AEHR) stock was 60.84 USD (−6.56% on the day), with market capitalisation 2.0 bn USD, beta 3.38, 52-week range 19.40–145.61 USD. Latest reported quarter (Q4 2026): revenue of 18.8 m USD (+33.7% YoY), net income of 1.4 m USD, diluted EPS 0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 46.05 – 84.71
- in the lower half of the band · %B 0.38 · band width 59.1%
- SMA 50 / 200
- 81.34 / 74.87
- mixed trend
- MACD (12, 26, 9)
- -7.75 / -8.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −41.7% | −1.1% | −40.6 pp | — |
| 3 months | −38.4% | −0.5% | −38.0 pp | — |
| 6 months | −37.1% | +4.4% | −41.5 pp | — |
| Year to date | +201.3% | +12.3% | +189.0 pp | — |
| 1 year | +145.3% | +13.5% | +131.8 pp | +47.7% |
| 3 years | +148.3% | +76.4% | +71.9 pp | +50.8% |
| 5 years | +136.5% | +63.7% | +72.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 29 May 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.1 m | 13.5 m | 18.3 m | 14.1 m | 11.0 m | 9.9 m | 10.3 m | 18.8 m |
| Cost of revenue | 6.0 m | 8.1 m | 11.1 m | 9.8 m | 7.3 m | 7.3 m | 6.9 m | 10.8 m |
| Gross profit | 7.1 m | 5.4 m | 7.2 m | 4.3 m | 3.7 m | 2.5 m | 3.4 m | 8.0 m |
| Research & development | 2.4 m | 2.3 m | 3.1 m | 2.7 m | 2.8 m | 3.0 m | 3.2 m | 3.6 m |
| SG&A | 4.6 m | 4.6 m | 5.2 m | 3.9 m | 4.7 m | 4.4 m | 4.4 m | 5.6 m |
| Operating income | 159.0 k | -1.5 m | -1.1 m | -3.2 m | -4.1 m | -4.6 m | -4.2 m | -1.2 m |
| Depreciation & amortisation | 347.0 k | 606.0 k ≈ | 620.0 k ≈ | 739.0 k | 743.0 k | 690.0 k ≈ | 677.0 k ≈ | 689.0 k |
| Pre-tax income | 814.0 k | -1.2 m | -874.0 k | -3.0 m | -2.8 m | -4.4 m | -4.0 m | -455.0 k |
| Income tax | 154.0 k | -217.0 k | -231.0 k | -87.0 k | -752.0 k | -1.2 m | -798.0 k | -1.8 m |
| Net income | 660.0 k | -1.0 m | -643.0 k | -2.9 m | -2.1 m | -3.2 m | -3.2 m | 1.4 m |
| Diluted EPS | 0.02 | -0.03 | -0.02 | -0.10 ≈ | -0.07 | -0.11 | -0.10 | 0.04 ≈ |
| Operating cash flow | 2.4 m | -5.9 m ≈ | -1.6 m ≈ | -2.3 m | -282.0 k | -1.2 m ≈ | -3.7 m ≈ | 1.8 m |
| Capex | 197.0 k | 321.0 k ≈ | 1.7 m ≈ | 2.8 m | 1.4 m | 467.0 k ≈ | 74.0 k ≈ | 134.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.1 m | 22.3 m | 16.6 m | 50.8 m | 65.0 m | 66.2 m | 59.0 m | 50.0 m |
| Revenue YoY | −28.8% | +5.9% | −25.5% | +206.2% | +27.8% | +1.9% | −10.9% | −15.2% |
| Net income | -5.2 m | -2.8 m | -2.0 m | 9.5 m | 14.6 m | 33.2 m | -3.9 m | -7.1 m |
| Net income YoY | −1,091.5% | unavailable | unavailable | unavailable | +54.0% | +127.8% | −111.8% | unavailable |
| Diluted EPS | -0.23 | -0.12 | -0.09 | 0.34 | 0.50 | 1.12 | -0.13 | -0.23 |
| Diluted EPS YoY | −1,250.0% | unavailable | unavailable | unavailable | +47.1% | +124.0% | −111.6% | unavailable |
| net % | -24.9% | -12.6% | -12.2% | 18.6% | 22.4% | 50.1% | -6.6% | -14.3% |
| Free cash flow | -5.8 m | -2.2 m | -2.9 m | 1.1 m | 8.6 m | 1.0 m | -12.4 m | -5.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 29 May 2026
- Cash
- 116.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 219.5 m USD
- Total assets
- 246.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 10.33x
- ROE
- -4.2%
- ROA
- -3.6%
- FCF margin
- -10.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 16.6 m | 50.8 m | 65.0 m | 66.2 m | 59.0 m | 50.0 m | SEC (XBRL)· 27 Jul 2026verified |
| Cost of revenue | 10.6 m | 27.2 m | 32.2 m | 33.7 m | 35.0 m | 32.4 m | SEC (XBRL)· 27 Jul 2026verified |
| Gross profit | 6.0 m | 23.7 m | 32.7 m | 32.5 m | 23.9 m | 17.7 m | SEC (XBRL)· 27 Jul 2026verified |
| Research & development | 3.7 m | 5.8 m | 7.1 m | 8.7 m | 10.5 m | 12.6 m | SEC (XBRL)· 27 Jul 2026verified |
| SG&A | 6.6 m | 10.0 m | 12.2 m | 13.7 m | 18.3 m | 19.2 m | SEC (XBRL)· 27 Jul 2026verified |
| Operating income | -4.2 m | 7.8 m | 13.4 m | 10.1 m | -5.7 m | -14.1 m | SEC (XBRL)· 27 Jul 2026verified |
| Depreciation & amortisation | 328.0 k | 356.0 k | 450.0 k | 657.0 k | 2.3 m | 2.8 m | SEC (XBRL)· 27 Jul 2026verified |
| EBITDA | -3.9 m ≈ | 8.2 m ≈ | 13.8 m ≈ | 10.7 m ≈ | -3.4 m ≈ | -11.4 m ≈ | SEC (XBRL)· 27 Jul 2026derived |
| Pre-tax income | -2.2 m | 9.5 m | 14.6 m | 12.5 m | -4.3 m | -11.7 m | SEC (XBRL)· 27 Jul 2026verified |
| Income tax | -177.0 k | 91.0 k | 60.0 k | -20.7 m | -381.0 k | -4.6 m | SEC (XBRL)· 27 Jul 2026verified |
| Net income | -2.0 m | 9.5 m | 14.6 m | 33.2 m | -3.9 m | -7.1 m | SEC (XBRL)· 27 Jul 2026verified |
| Diluted EPS | -0.09 | 0.34 | 0.50 | 1.12 | -0.13 | -0.23 | SEC (XBRL)· 27 Jul 2026verified |
| Weighted average diluted shares | 23.5 m | 27.8 m | 29.2 m | 29.6 m | 29.6 m | 30.7 m | SEC (XBRL)· 27 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.6 m | 31.5 m | 30.1 m | 49.2 m | 24.5 m | 116.4 m | SEC (XBRL)· 27 Jul 2026verified |
| Receivables | 5.2 m | 12.9 m | — | — | — | — | SEC (XBRL)· 26 Aug 2022verified |
| Inventories | 8.8 m | 15.1 m | 23.9 m | 37.5 m | 42.0 m | 41.4 m | SEC (XBRL)· 27 Jul 2026verified |
| Current assets | 19.2 m | 60.0 m | 89.0 m | 97.8 m | 88.8 m | 184.4 m | SEC (XBRL)· 27 Jul 2026verified |
| Property, plant & equipment, net | 677.0 k | 1.2 m | 2.8 m | 3.3 m | 9.0 m | 8.9 m | SEC (XBRL)· 27 Jul 2026verified |
| Goodwill | — | — | — | 0 | 10.7 m | 10.7 m | SEC (XBRL)· 27 Jul 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 0 | 10.8 m | 9.6 m | SEC (XBRL)· 27 Jul 2026verified |
| Total assets | 21.7 m | 62.3 m | 98.1 m | 127.9 m | 148.5 m | 246.7 m | SEC (XBRL)· 27 Jul 2026verified |
| Accounts payable | 2.9 m | 4.2 m | 9.2 m | 5.3 m | 6.7 m | 6.8 m | SEC (XBRL)· 27 Jul 2026verified |
| Short-term debt | 1.7 m | 0 | — | — | — | — | SEC (XBRL)· 26 Aug 2022verified |
| Long-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 27 Aug 2021verified |
| Current liabilities | 9.1 m | 11.0 m | 16.3 m | 10.5 m | 15.6 m | 17.9 m | SEC (XBRL)· 27 Jul 2026verified |
| Total liabilities | 10.2 m | 11.3 m | 22.5 m | 16.3 m | 25.6 m | 27.2 m | SEC (XBRL)· 27 Jul 2026verified |
| Equity | 11.4 m | 51.0 m | 75.6 m † | 111.6 m † | 122.9 m † | 219.5 m † | SEC (XBRL)· 27 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -2.7 m | 1.5 m | 10.0 m | 1.8 m | -7.4 m | -3.3 m | SEC (XBRL)· 27 Jul 2026verified |
| Capex | 227.0 k | 416.0 k | 1.4 m | 749.0 k | 5.0 m | 2.1 m | SEC (XBRL)· 27 Jul 2026verified |
| Free cash flow | -2.9 m ≈ | 1.1 m ≈ | 8.6 m ≈ | 1.0 m ≈ | -12.4 m ≈ | -5.4 m ≈ | SEC (XBRL)· 27 Jul 2026derived |
| Investing cash flow | -227.0 k | -416.0 k | -18.7 m | 17.3 m | -16.1 m | -3.9 m | SEC (XBRL)· 27 Jul 2026verified |
| Financing cash flow | 2.0 m | 25.8 m | 7.3 m | 139.0 k | 625.0 k | 97.2 m | SEC (XBRL)· 27 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -14.3% | 11 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.4% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 10.3x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial11/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AEHR TEST SYSTEMS (AEHR). Latest full fiscal year: 2026; data up to 2026-05-29.
Figures computed from the financial statements: revenue 50.0 m USD in 2026; YoY growth -15.2%; net margin -14.3%; ROE -4.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 10.3x
What contradicts it
- Net margin: -14.3%
- Revenue CAGR 3Y: -8.4%
- FCF yield: -0.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TERTeradyne, Inc. | 39.2 bn | 28.8 | 42.9% | 27.5% | +13.1% | +38% / +172% |
| VLTOVeralto Corporation | 28.5 bn | 28.9 | 33.0% | 17.3% | +6.0% | +16% / +51% |
| ITRIItron, Inc. | 4.5 bn | 16.4 | 16.5% | 12.1% | −3.0% | +3% / +51% |
| COHUCohu, Inc. | 2.1 bn | — | -2.8% | -4.0% | +12.7% | +81% / +39% |
| AEHRAehr Test Systems | 2.0 bn | — | -4.2% | -14.3% | −15.2% | +145% / +148% |
| ALNTAllient Inc | 1.4 bn | 35.8 | 12.1% | 6.2% | +4.6% | +48% / +205% |
| TRNSTranscat, Inc. | 1.0 bn | 226.7 | 1.5% | 1.3% | +19.2% | +91% / +10% |
| FEIMFrequency Electronics, Inc. | 693.5 m | 243.8 | 3.0% | 3.7% | −9.4% | +115% / +523% |
| INTTinTest Corporation | 175.9 m | 335.2 | 0.6% | 0.5% | −12.9% | +74% / +7% |
| DAIOData I | 25.2 m | — | -61.2% | -50.1% | −1.2% | −16% / −16% |
1- and 3-year price returns: for AEHR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 8-K (02 Nov 2026 · results).
In brief
Aehr Test Systems designs and sells test and burn-in systems for semiconductors, used especially in wafer-level burn-in for AI processors and in silicon carbide devices for electric vehicles. The company enters fiscal 2027 with a record backlog, and its guidance points to revenue growth of over 160% if the expected customer demand materializes as estimated 2.
SWOT
Strengths
- The company has an integrated range of wafer-level and package-level test, plus a record backlog that gives visibility on future revenue 2.
- WaferPak contactors and DiePak carriers are patented and designed for each device type, which creates recurring consumables 1.
- The company has shown good benchmark results with a major AI processor supplier 2.
Weaknesses
Opportunities
- If AI processor makers extend burn-in to wafer level, the company could sell more FOX systems 2.
- HBM and NAND memory could open new markets for wafer-level test, if memory makers align their capacity 12.
- A recovery in SiC and GaN demand tied to electric vehicles could support growth in WaferPak contactors 2.
Risks
- Customer concentrationhigh
A small number of customers account for most sales, and a change in priorities or purchasing by a major customer could seriously affect results 1.
- Shipments concentrated at quarter endmedium
A substantial part of sales is realized near the end of each quarter, and shipment delays can move revenue from one quarter to another 1.
- Pace of innovation and product launchesmedium
Delays in product development or reliability problems could reduce the company's ability to enter new markets 1.
- Cybersecuritymedium
The company's systems and customer data are exposed to cyberattacks, which could disrupt operations 1.
- Fiscal 2027 guidancehigh
The revenue guidance rests on the backlog and expected demand, and a delay in new orders could materially change the outcome 2.
Investment thesis
What would need to be true (bull case)
- A record backlog and expected revenue growth could show that the AI and silicon photonics business is moving beyond the traditional equipment cycle 2.
- If a major AI customer moves to wafer-level burn-in at scale, the company could become a main supplier for several devices 2.
- Recurring consumables such as WaferPak contactors could stabilize revenue beyond one-time system sales 1.
What would break the thesis
- Revenue declined in fiscal 2026 and the company reported GAAP losses, so next year's guidance depends on execution 2.
- Customer concentration and reliance on a few large orders make quarterly results hard to predict 1.
- Competition from larger manufacturers and from customers building their own systems could limit margin growth 1.
What to watch
- Realization of revenue in the fiscal 2027 guidance2027
- Conversion of the backlog above $100 million into quarterly revenueQ1 2027
- Development of tariffs and their effect on costs and margins2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Jul 2026; since then the company filed 8-K (02 Nov 2026 · results).
The business
Aehr Test Systems, Inc. is a provider of test, burn-in and stabilization solutions for semiconductors at wafer, singulated die and package level, headquartered in Fremont, California 1. Its main products are the FOX-P family, including the FOX-XP, FOX-NP and FOX-CP systems, together with WaferPak contactors and DiePak carriers, plus Sonoma, Tahoe and Echo package-level burn-in systems acquired with Incal 1. The revenue model combines high-value system sales, proprietary consumables and services, so results depend on the number and timing of orders 1.
Segments
Wafer-level test and burn-in (FOX)
The FOX-XP and FOX-NP lines test and burn in entire wafers or singulated die, with WaferPak contactors that remove the need for a dedicated prober per wafer 1. This line generates most of the revenue and is tied to demand for AI processors, silicon photonics and power devices 2.
Market context
Trends
- Demand for AI processors and wafer-level burn-intailwind
AI processors have an architecture in which a defect in one die affects the whole stack, which makes early wafer-level test more valuable 1. A major AI customer is shifting its burn-in from system level to wafer level, which could significantly raise capacity needs 2.
- Silicon photonics for data centerstailwind
Rapid growth in photonic devices for data centers and 5G networks requires stabilization burn-in, which the company can perform at wafer level before packaging 1. A new major networking customer has signaled capacity expansion, if its deployment pace holds 2.
- Recovery in silicon carbide and gallium nitride demandmixed
Demand for SiC devices weakened in fiscal 2025 and 2026, but the company sees signs of recovery as electric vehicle programs accelerate 12. This recovery could be delayed if the pace of vehicle electrification slows.
- Uncertainty in trade and tariff policyheadwind
U.S. tariffs and policy changes may raise the cost of imported goods and affect the supply chain and margins 1. The company says the final effects remain uncertain and that it evaluates them continuously 1.
Competitive position
Aehr faces larger system manufacturers, independent labs that build their own burn-in systems, and Asian manufacturers that buy from captive or affiliated suppliers 1. Several companies are developing full-wafer probe cards and products for testing multiple die, and price competition is present mainly in less advanced products 1.
Competition is intensified by industry consolidation, and competitors have greater financial, engineering and marketing resources than Aehr 1. The company must keep investing in product development and customer service to remain competitive 1.
- Large semiconductor test system manufacturers
Companies with more technology and manufacturing capacity, described generically in the source 1.
- Independent test laboratories
Customers that build their own burn-in systems, which reduces demand for external products 1.
- Asian affiliated system suppliers
Large IC manufacturers that buy burn-in systems from captive or affiliated suppliers 1.
- Full-wafer probe card developers
Companies that have developed or are developing full-wafer probe cards, a direct competitor to WaferPak contactors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Better Artificial Intelligence Stock: Aehr Test Systems vs. KLA CorporationYahoo Finance — News · 19 Sept 2026 · EN
- Better Artificial Intelligence Stock: Aehr Test Systems vs. Super Micro ComputerYahoo Finance — News · 19 Sept 2026 · EN
- Aehr Test Systems (AEHR) Climbs 13%; Hedge Fund Holdings Rocket by EightfoldYahoo Finance — News · 04 Sept 2026 · EN
- Aehr Test Systems Insider Sells $847,000 Worth of StockYahoo Finance — News · 31 Aug 2026 · EN
The latest news item in our archive is from 19 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report29 Oct 2026Departure or appointment of officers
- Current report20 Oct 2026Shareholder vote
- Proxy statement09 Sept 2026
- Annual report27 Jul 2026
- Current report14 Jul 2026Results of operations · Financial statements and exhibits
- Current report20 Apr 2026Other events · Financial statements and exhibits
- Current report08 Apr 2026Material agreement · Financial statements and exhibits
- Quarterly report08 Apr 2026
- Current report07 Apr 2026Results of operations · Amendments to articles or bylaws · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-05-29 · SEC / Aehr Test Systems, Inc. · 27 Jul 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Aehr Test Systems, Inc. · 14 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.