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Aehr Test Systems reported results for its fiscal second quarter ended November 28, 2025, and reinstated guidance for the second half of fiscal 2026.
Fiscal second quarter highlights:
- Net revenue: $9.9 million (vs. $13.5 million in Q2 FY2025)
- GAAP net loss: $(3.2) million, or $(0.11) per diluted share (vs. $(1.0) million, or $(0.03) per diluted share)
- Non-GAAP net loss: $(1.3) million, or $(0.04) per diluted share (vs. non-GAAP net income of $0.7 million, or $0.02 per diluted share)
- Bookings: $6.2 million
- Backlog: $11.8 million as of November 28, 2025; effective backlog $18.3 million including post-quarter bookings
- Total cash, cash equivalents and restricted cash: $31.0 million (vs. $24.7 million at August 29, 2025)
Fiscal first six months:
- Net revenue: $20.9 million (vs. $26.6 million in the first half of FY2025)
- GAAP net loss: $(5.3) million, or $(0.18) per diluted share (vs. $(0.4) million, or $(0.01) per diluted share)
- Non-GAAP net loss: $(1.0) million, or $(0.04) per diluted share (vs. non-GAAP net income of $2.8 million, or $0.10 per diluted share)
- Cash used in operating activities: $1.5 million
CEO Gayn Erickson noted softer-than-anticipated Q2 revenue but highlighted progress across wafer-level burn-in (WLBI) and packaged-part burn-in (PPBI). Based on recent customer forecasts, the company expects second-half bookings between $60 million and $80 million, positioning Aehr for a strong fiscal 2027 beginning May 30, 2026.Operational updates:
- WLBI momentum: Production installations expanded across multiple end markets. A lead AI processor customer requested additional capacity this fiscal year and plans to add systems and transition to Aehr’s fully integrated automatic WaferPak™ aligner for 300 mm wafers.
- New WLBI hardware: Initial high-power fine-pitch WaferPak for AI processors entered testing under a benchmark program with a top-tier AI supplier using FOX-XP™ systems. Two additional AI companies requested WLBI benchmark evaluations.
- Services partnership: Aehr announced a strategic partnership with ISE Labs to deliver advanced wafer-level test and burn-in services for next-generation HPC and AI applications.
- PPBI traction: Growing packaged-part qualification and production burn-in for AI is driving orders for the Sonoma™ ultra-high-power PPBI platform. Fiscal Q3-to-date orders exceed $5.5 million, including initial orders for the next-generation fully automated Sonoma platform from a premier Silicon Valley lab.
- Pipeline and forecasts: New Sonoma wins for HTOL qualification are expected to drive additional capacity at test houses, with at least one customer planning production later this calendar year. The lead PPBI production customer for AI processors forecasts substantial growth in 2026 and beyond, with requested shipments beginning in Q1 fiscal 2027.
- Memory and photonics: WLBI benchmark with a global flash leader demonstrated FOX-XP as a competitive alternative to traditional packaged-part test; proposals extended to High Bandwidth Flash (HBF). In silicon photonics, a lead customer has firmed up a production ramp early in next fiscal year; another large customer finalized a forecast for data center devices with a roadmap to optical I/O.
For the second half of fiscal 2026 (November 29, 2025–May 29, 2026), Aehr expects revenue of $25 million to $30 million and non-GAAP net loss per diluted share between $(0.09) and $(0.05). The company reiterated that diversification beyond silicon carbide for EVs—into AI processors, GaN power, data storage, silicon photonics and flash memory—expands its addressable market and supports long-term growth and profitability.Original – Aehr Test Systems
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Analog Devices, Inc. announced its financial results for the fourth quarter and full fiscal year ended November 1, 2025, highlighting consistent growth across key end markets and strong shareholder returns.
For the fourth quarter of fiscal 2025, Analog Devices reported revenue of $3.08 billion, reflecting year-over-year growth across all major end markets, led by Communications and Industrial segments. Fiscal 2025 revenue reached $11.0 billion, representing a 17% increase compared to the prior year.
The company generated operating cash flow of $4.8 billion and free cash flow of $4.3 billion, accounting for 44% and 39% of total revenue, respectively. Analog Devices returned 96% of its fiscal 2025 free cash flow to shareholders, including $2.2 billion through share repurchases and $1.9 billion in dividend payments.
Vincent Roche, CEO and Chair of Analog Devices, stated, “Our strong fourth quarter concluded a year of robust growth, driven by both cyclical tailwinds and our differentiated market position. These results reflect the strength of our business model, as well as our unwavering focus on delivering high-performance technologies that solve complex challenges for our customers. This has built deep customer trust and a rapidly expanding design pipeline, reinforcing our confidence in delivering long-term value.”
Richard Puccio, Chief Financial Officer, added, “We saw healthy booking trends continue through the fourth quarter, with particular strength in our Communications market and steady growth in Industrial. While macroeconomic uncertainty may influence the near-term landscape, we are well positioned to benefit from both cyclical recovery and long-term secular growth trends.”
Analog Devices expects first-quarter fiscal 2026 revenue of approximately $3.1 billion, plus or minus $100 million. At the midpoint of this outlook, the company anticipates a reported operating margin of 31.0% (±130 basis points) and an adjusted operating margin of 43.5% (±100 basis points). Reported earnings per share (EPS) are projected at $1.60 (±$0.10), with adjusted EPS expected at $2.29 (±$0.10).
Analog Devices’ Board of Directors has declared a quarterly cash dividend of $0.99 per share. The dividend will be payable on December 22, 2025, to shareholders of record as of the close of business on December 8, 2025.
All non-GAAP financial measures mentioned are reconciled to the most directly comparable GAAP measures in the company’s financial tables and filings.
Original – Analog Devices
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Soitec reported revenue of €139 million for the second quarter of fiscal year 2026 (ended September 30, 2025), representing a 47% sequential increase on an organic basis. Compared to the same period last year, revenue declined by 36% both organically and on a reported basis.
For the first half of fiscal 2026, revenue totaled €231 million, reflecting a 29% organic and 32% reported decrease year-on-year. The results reflect diverging trends across business units: while the Edge & Cloud AI division grew 34% year-on-year (excluding the anticipated phase-out of Imager-SOI), the Mobile Communications and Automotive divisions continued to experience weaker demand.
Soitec is actively implementing targeted measures to enhance cash generation. In the first half, the company achieved an EBITDA margin of 34.1%, with EBITDA totaling €79 million—down 30% year-on-year. The net result was impacted by non-recurring items.
Looking ahead, Soitec expects third quarter FY26 revenue to increase by a mid-to-high single-digit percentage sequentially, on an organic basis.
Pierre Barnabé, Chief Executive Officer of Soitec, stated:
“Second-quarter performance aligned with our expectations and reflects current market dynamics: strong growth in Edge & Cloud AI, continued customer inventory adjustments in Mobile Communications, and subdued demand in the Automotive sector. We are taking deliberate steps to improve cash generation and continue to apply strong financial discipline.At the same time, we are accelerating progress in innovation and diversifying our product portfolio. Our new organizational structure, focused on aligning product development closely with customer needs, positions Soitec for future expansion into both SOI and beyond-SOI markets. The company’s long-term growth potential remains robust in an industry expected to grow at a double-digit pace.”
Soitec remains committed to strategic R&D investments to support future product developments and address new high-growth markets.
Original – Soitec
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Applied Materials, Inc. announced its financial results for the fourth quarter and fiscal year ended October 26, 2025. The company delivered its sixth consecutive year of growth, driven by strong demand in advanced semiconductors and wafer fabrication equipment fueled by ongoing AI adoption.
President and Chief Executive Officer Gary Dickerson commented, “As AI adoption drives substantial investment in advanced semiconductors and wafer fab equipment, Applied Materials delivered its sixth consecutive year of growth in fiscal 2025. We are well positioned at the highest value technology inflections in the fastest growing areas of the market, enabling us to extend our leadership in leading-edge logic, DRAM, and advanced packaging as next-generation technologies ramp in volume production over the coming years.”
Brice Hill, Senior Vice President and Chief Financial Officer, added, “Based on our conversations with our customers and partners, we are preparing Applied’s operations and service organizations to be ready to support higher demand beginning in the second half of calendar 2026. We have targeted our R&D investments to create new products and technologies that will enable even faster and more energy-efficient transistors, chips, and systems and drive our growth in the years ahead.”
Fourth Quarter and Fiscal Year 2025 Results:
Metric Q4 FY2025 Q4 FY2024 FY2025 FY2024 Q4 YoY Change FY YoY Change Net Revenue $6.80 billion $7.05 billion $28.37 billion $27.18 billion -3% +4% Gross Margin 48.0% 47.3% 48.7% 47.5% +0.7 pts +1.2 pts Operating Margin 25.2% 29.0% 29.2% 28.9% -3.8 pts +0.3 pts Net Income $1.90 billion $1.73 billion $6.99 billion $7.18 billion +10% -2% Diluted EPS $2.38 $2.09 $8.66 $8.61 +14% +1% Non-GAAP Results:
Metric Q4 FY2025 Q4 FY2024 FY2025 FY2024 Q4 YoY Change FY YoY Change Gross Margin 48.1% 47.5% 48.8% 47.6% +0.6 pts +1.2 pts Operating Margin 28.6% 29.3% 30.2% 29.2% -0.7 pts +1.0 pts Net Income $1.73 billion $1.92 billion $7.61 billion $7.21 billion -10% +6% Diluted EPS $2.17 $2.32 $9.42 $8.65 -6% +9% Free Cash Flow $2.04 billion $2.17 billion $5.70 billion $7.49 billion -6% -24% Business Outlook for Q1 FY2026:
- Total net revenue expected to be approximately $6.85 billion, plus or minus $500 million
- Non-GAAP diluted earnings per share projected at $2.18, plus or minus $0.20
Applied Materials continues to align its investments and operational capacity with the expected growth in demand for advanced semiconductor solutions, preparing to support increased customer needs in the second half of 2026.
Original – Applied Materials
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Semiconductor Manufacturing International Corporation has announced its consolidated financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Highlights:
- Revenue reached $2,381.8 million, an increase from $2,209.1 million in Q2 2025 and $2,171.2 million in Q3 2024.
- Gross profit was $522.8 million, compared to $449.8 million in the previous quarter and $444.2 million in the same period last year.
- Gross margin rose to 22.0%, up from 20.4% in Q2 2025 and 20.5% in Q3 2024.
- Capacity utilization rate improved to 95.8%, increasing by 3.3 percentage points sequentially.
According to unaudited figures, revenue for the first three quarters of 2025 totaled $6,838 million, marking a 17.4% increase compared to the same period in 2024. The gross margin for the nine-month period reached 21.6%, up 5.3 percentage points year-over-year.
Outlook for Q4 2025:
SMIC expects revenue to remain flat or increase by up to 2% quarter-over-quarter. The gross margin is projected to range from 18% to 20%, reflecting continued efforts to optimize operations amid evolving market conditions.
Management attributed the strong third-quarter performance to sustained customer demand and efficient utilization of manufacturing capacity. The company continues to monitor global market trends and remains focused on operational excellence to support long-term growth.
Original – Semiconductor Manufacturing International Corporation
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Infineon Technologies AG has announced its financial results for the fourth quarter and full fiscal year 2025, which ended on 30 September 2025. Despite macroeconomic headwinds and ongoing geopolitical uncertainty, the company delivered solid results, demonstrating the resilience of its diversified business model.
Q4 FY 2025 Highlights
- Revenue: €3.943 billion
- Segment Result: €717 million
- Segment Result Margin: 18.2%
Full-Year FY 2025 Highlights
- Revenue: €14.662 billion, down 2% compared to the previous year
- Segment Result: €2.560 billion
- Segment Result Margin: 17.5%
- Adjusted earnings per share: €1.39
- Negative Free Cash Flow of €1.051 billion, due to the acquisition of Marvell’s Automotive Ethernet business
- Adjusted Free Cash Flow (excluding strategic investments): €1.803 billion
CEO Commentary
“Infineon has met expectations in the 2025 fiscal year despite challenging macroeconomic and geopolitical conditions. Our results underline the resilience of our business model,” said Jochen Hanebeck, CEO of Infineon Technologies AG. “In the 2026 fiscal year, we are expecting moderate growth in a still mixed market environment. While momentum in automotive, industrial, and consumer markets remains modest, we are seeing rapid global investment in AI infrastructure, and we anticipate significant growth in demand for our power supply solutions for AI data centers.”Outlook for FY 2026
Based on an assumed exchange rate of US$1.15 to the euro, Infineon projects:- Q1 FY 2026 Revenue: Approximately €3.6 billion
- Q1 Segment Result Margin: Forecast in the mid-to-high teens percentage range
- Full-Year FY 2026 Revenue: Moderate growth expected, despite currency headwinds
- Adjusted Gross Margin: Low-forties percentage range
- Segment Result Margin: High-teens percentage range
- Planned Investments: Approximately €2.2 billion
- Free Cash Flow: Expected at around €1.1 billion
- Adjusted Free Cash Flow (excluding frontend building investments): Estimated at €1.6 billion
Infineon is significantly increasing its AI data center revenue target for fiscal year 2026 to around €1.5 billion, with a long-term market opportunity projected to reach between €8 billion and €12 billion by the end of the decade.
“Our success in the AI infrastructure market will depend on our innovation, speed of development, manufacturing capabilities, and close customer relationships,” Hanebeck added. “These strengths position us well to capture opportunities in this high-growth segment.”
Infineon continues to focus on technology leadership in power semiconductors, automotive solutions, and industrial applications as it navigates a complex but opportunity-rich global market environment.
Original – Infineon Technologies
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GlobalFoundries Inc. has announced its preliminary financial results for the third quarter ended September 30, 2025, highlighting strong performance across revenue, profitability, and cash flow metrics. The company also shared recent business milestones that reinforce its strategic position in key semiconductor markets.
Third Quarter 2025 Financial Highlights
- Revenue: $1.688 billion
- Gross margin: 24.8%, with non-IFRS gross margin at 26.0%
- Operating margin: 11.6%, with non-IFRS operating margin at 15.4%
- Net income: $249 million, with non-IFRS net income at $232 million
- Diluted earnings per share: $0.44, with non-IFRS diluted EPS at $0.41
- Adjusted EBITDA (non-IFRS): $573 million
- Cash, cash equivalents, and marketable securities: $4.2 billion
- Cash flow from operations: $595 million
- Adjusted free cash flow (non-IFRS): $451 million
“GF delivered a strong third quarter, with revenue, gross margin, operating margin, and earnings per share at the high end of the guidance ranges,” said Tim Breen, CEO of GlobalFoundries. “We continue to see momentum across key applications including automotive, communications infrastructure, and data centers. Our improved product mix is contributing to enhanced profitability, and we are encouraged by the continued interest in our silicon photonics and FDX platforms.”
Recent Business Developments
- In August, GlobalFoundries launched volume production of its Complementary Bi-CMOS (CBIC) platform, a high-performance silicon germanium (SiGe) process optimized for markets requiring energy-efficient, high-speed connectivity such as wireless infrastructure, smartphones, satellite communications, and industrial IoT.
- In October, the company expanded its partnership with Silicon Labs to manufacture wireless SoCs on GF’s new 40nm Ultra Low Power platform at its Malta, New York facility. This builds on its manufacturing footprint in Singapore and Germany and enhances U.S.-based chip supply capabilities.
- Supported by funding under the European Chips Act, GF also announced plans to scale its Dresden facility to produce more than one million wafers annually by the end of 2028. This investment will position the site as the largest of its kind in Europe and support long-term partnerships with customers including NXP, Infineon, Aumovio, and Bosch.
GlobalFoundries continues to execute on its strategy of enabling high-value semiconductor platforms tailored for growth markets, while maintaining financial discipline and expanding global capacity. The company remains focused on long-term innovation across differentiated technologies and regional manufacturing capabilities.
Original – GlobalFoundries
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CVD Equipment Corporation has announced its financial results for the third quarter ended September 30, 2025, alongside the initiation of a comprehensive transformation strategy aimed at enhancing operational efficiency and achieving sustainable profitability.
Third Quarter 2025 Financial Highlights
- Orders totaled $2.2 million, primarily driven by demand for gas delivery systems within the SDC segment.
- Revenue was $7.4 million, down 9.6% from the prior-year quarter. Year-to-date revenue reached $20.8 million, reflecting a 7.1% increase over the same period in 2024. The quarterly decline was attributed to reduced revenue from the MesoScribe product line, which ceased operations in 2024.
- Backlog stood at $8.0 million as of September 30, 2025, compared to $13.2 million at the end of the second quarter.
- Gross margin improved significantly to 32.7%, up from 21.5% in Q3 2024, due to a more favorable contract mix in the CVD Equipment segment.
- Net income was $384,000, or $0.06 per basic and diluted share, up from $203,000 or $0.03 per share in the third quarter of 2024.
- Cash and cash equivalents were $8.4 million as of September 30, 2025, compared to $12.6 million at the end of 2024.
Manny Lakios, President and CEO of CVD Equipment Corporation, noted that booking levels were affected by various external factors, including proposed tariffs, reduced U.S. government funding for universities, and the government shutdown. He emphasized the company’s ongoing efforts to adapt to changing market conditions and geopolitical developments.
Strategic Transformation Plan
On November 6, 2025, the company’s Board of Directors approved a set of initiatives to reduce fixed operating costs and increase organizational agility. The plan includes:
- A transition from vertically integrated fabrication to outsourced manufacturing for select components within the CVD Equipment business.
- Workforce reduction within the CVD Equipment division, expected to be completed by December 31, 2025, which is projected to yield approximately $2.0 million in annual cost savings beginning in fiscal 2026. The SDC division will remain unaffected.
- A revised sales strategy that introduces external distributors and sales representatives to complement the internal sales team and expand market reach.
- Exploration of strategic alternatives, including potential divestitures of non-core business lines or assets.
“These strategic initiatives will enable our company to operate more efficiently as we focus on our core competencies of engineering design, assembly, test, installation, and customer service,” said Lakios. “We continue to target high-growth applications in aerospace and defense, industrial markets including silicon carbide on graphite, high-power SiC electronics, and EV battery materials. Our long-term strategy remains focused on expanding in markets where our technologies provide critical value.”
The company reaffirmed its commitment to achieving profitability and positive cash flow through targeted operational improvements and market-driven execution.
Original – CVD Equipment
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Veeco Instruments Inc. has reported its financial results for the third quarter ended September 30, 2025. The company delivered solid performance amid continued demand in semiconductor markets, particularly those driven by artificial intelligence and high-performance computing applications.
According to U.S. generally accepted accounting principles (GAAP), Veeco reported revenue of $165.9 million for the third quarter of 2025, compared to $184.8 million in the same period last year. GAAP net income for the quarter was $10.6 million, or $0.17 per diluted share, down from $22.0 million or $0.36 per diluted share in Q3 2024.
On a non-GAAP basis, the company reported operating income of $23.1 million, compared to $31.0 million a year earlier. Non-GAAP net income for the quarter was $21.8 million, or $0.36 per diluted share, compared to $28.3 million or $0.46 per diluted share in the third quarter of 2024.
“Veeco’s strong financial results this quarter reflect continued momentum in the semiconductor market driven by AI and high-performance computing,” said Bill Miller, Ph.D., Chief Executive Officer of Veeco. “We are also excited about new product traction in our MOCVD business. We have won multiple orders for our 300 mm gallium nitride single wafer and arsenide phosphide batch systems.”
Dr. Miller also noted the strategic importance of the pending merger with Axcelis Technologies, Inc., which is expected to broaden Veeco’s technology portfolio and expand market opportunities. “The merger marks a significant step to better serve our customers and to deliver long-term value through an enhanced product offering and scale,” he added.
Outlook for Q4 2025
For the fourth quarter of 2025, Veeco expects:
- Revenue in the range of $155 million to $175 million
- GAAP diluted earnings (loss) per share in the range of ($0.07) to $0.05
- Non-GAAP diluted earnings per share in the range of $0.16 to $0.32
Veeco remains focused on executing its strategic initiatives and leveraging its technology leadership in compound semiconductors, wafer processing, and emerging growth markets.
Original – Veeco Instruments
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Vishay Intertechnology, Inc. has announced financial results for the fiscal third quarter ended September 27, 2025.
The company reported third-quarter revenue of $790.6 million. Gross margin was 19.5 percent, which included an approximate 150 basis point negative impact related to its Newport operations. Vishay reported a GAAP loss per share of $(0.06) and an adjusted earnings per share of $0.04.
The company’s book-to-bill ratio for the quarter was 0.97, with a ratio of 0.96 for semiconductors and 0.98 for passive components. The backlog at quarter-end stood at 4.4 months.
“Our third quarter revenue growth demonstrates Vishay’s alignment with high-growth markets including smart grid infrastructure, AI-related power requirements, automotive, and aerospace/defense, while the market overall continues to gradually recover,” said Joel Smejkal, President and CEO of Vishay. “The heavy investments in capacity expansion we have made over the past three years are enabling Vishay to capitalize on market upcycles in these high-growth segments, reliably meeting quick-turn delivery requirements while maintaining competitive lead times.”
For the fourth quarter of 2025, Vishay expects revenue in the range of $790 million, plus or minus $20 million. Gross profit margin is projected to be approximately 19.5 percent, plus or minus 50 basis points. This guidance includes an expected 150 to 175 basis point negative impact related to Newport.
Original – Vishay Intertechnology
