Aehr Stock Surges After Record Bookings, Ambitious Outlook

Aehr Test Systems’ stock rose sharply in extended trading after the company reported stronger-than-expected quarterly results, record bookings and an aggressive revenue forecast for fiscal 2027. The stock moved from a regular-session close of $72.01 to about $92 in after-hours trading before easing, trading about 28% higher the following day.

For the fiscal fourth quarter, Aehr reported revenue of $18.8 million, up from $14.1 million a year earlier and slightly above the $18.7 million consensus estimate. Adjusted earnings reached $0.11 per share, compared with expectations for a small loss. Bookings for the quarter totaled a record $60.7 million. Backlog stood at $80.6 million at the end of May, and effective backlog, including orders received after the quarter closed, reached $100.6 million.

The company provided a fiscal 2027 revenue forecast of $130 million to $150 million, versus roughly $50 million in fiscal 2026. Management also projected adjusted net income equal to about 18% to 22% of revenue for fiscal 2027.

Aehr makes test equipment that stresses processors under high temperatures and electrical loads to uncover defects before chips are installed in servers and data centers. Its Sonoma systems target packaged AI accelerators, GPUs and high-performance processors. The FOX platform tests chips while still on the wafer to find failures earlier in manufacturing. The company also supplies tools for silicon-photonics components, which use light to move data between processors, switches and servers.

Management described a rapid shift in end markets. Two years ago, more than 95% of Aehr’s business was linked to silicon-carbide chips for electric vehicles, the chief executive told investors. By fiscal 2026, almost 95% of revenue came from other markets. Management expects AI processors to account for about 70% of fiscal 2027 revenue, with silicon photonics contributing roughly 15% to 20%. Potential memory-testing revenue was not included in the guidance.

Financial firms and analysts have highlighted the surge in bookings as the central development. Lake Street Capital Markets had previously identified order momentum as the main investment story and raised its price target after earlier results. An analyst team at William Blair upgraded the company to Outperform following several package- and wafer-level AI design wins and estimated the market for AI-processor burn-in equipment could reach $1.5 billion to $2.3 billion by 2030.

Earlier valuation targets were set before the recent share-price increase. The new share price surpasses many of those older targets. The company did not disclose a direct commercial relationship with any major AI-chip designer, though its equipment serves processors used in hyperscale data centers and AI clusters.