Aehr Test Systems Tag Archive

  • Aehr Test Systems Reports Fiscal 2025 Second Quarter Financial Results

    Aehr Test Systems Reports Fiscal 2025 Second Quarter Financial Results

    10 Min Read

    Aehr Test Systems announced financial results for its second quarter of fiscal 2025 ended November 29, 2024. 

    Fiscal Second Quarter Financial Results: 

    • Net revenue was $13.5 million, compared to $21.4 million in the second quarter of fiscal 2024.
    • GAAP net loss was $(1.0) million, or $(0.03) per diluted share, compared to GAAP net income of $6.1 million, or $0.20 per diluted share, in the second quarter of fiscal 2024.
    • Non-GAAP net income, which excludes the impact of stock-based compensation, amortization of intangible assets, the acquisition-related fair value adjustment to inventory, and acquisition-related costs, was $0.7 million, or $0.02 per diluted share, compared to non-GAAP net income of $6.7 million, or $0.23 per diluted share, in the second quarter of fiscal 2024.
    • Bookings were $9.2 million for the quarter.
    • Backlog as of November 29, 2024 was $12.4 million. Effective backlog, including bookings since November 29, 2024, is $26.6 million.
    • Total cash, cash equivalents and restricted cash as of November 29, 2024 was $35.2 million, compared to $40.8 million as of August 30, 2024.

    Fiscal First Six Months Financial Results:

    • Net revenue was $26.6 million, compared to $42.1 million in the first six months of fiscal 2024.
    • GAAP net loss was $(0.4) million, or $(0.01) per diluted share, compared to GAAP net income of $10.8 million, or $0.36 per diluted share, in the first six months of fiscal 2024.
    • Non-GAAP net income was $2.8 million, or $0.10 per diluted share, which excludes the impact of stock-based compensation, amortization of intangible assets, the acquisition-related fair value adjustment to inventory, and acquisition-related costs, compared to non-GAAP net income of $11.9 million, or $0.40 per diluted share, in the first six months of fiscal 2024.
    • Cash used in operating activities was $3.5 million for the first six months of fiscal 2025.

    Recent Business Achievements:

    • Secured the first artificial intelligence (AI) processor customer for wafer level burn-in, utilizing the new high-power FOX-XPTM solution for wafer level production test and burn-in of AI processors.
    • Secured the first volume production orders from an AI processor customer for package part burn-in, utilizing recently acquired Sonoma ultra-high-power systems for high-volume production test and burn-in of AI processors.
    • Secured the first gallium nitride (GaN) customer for high-volume production wafer level burn-in of GaN devices using Aehr FOX-XP platform. 

    Gayn Erickson, President and CEO of Aehr Test Systems, commented: 

    “We achieved significant progress on the key objectives we outlined at the start of the fiscal year, most notably expanding our product reach into additional large and fast-growing markets. Market diversification into artificial intelligence (AI) processors, gallium nitride power semiconductors, data storage devices, silicon photonics integrated circuits, and flash memory is driving new opportunities in terms of customers and revenue. This progress includes our wafer level burn-in solutions and also the success we’re achieving with the new semiconductor package part test and burn-in product line from the acquisition of Incal Technology we closed last August. The acquisition has led to the acceleration of our market diversification with particular success and leverage expanding our total available market (TAM) in AI processors.

    “Last month, we reached a significant milestone by securing our first AI processor customer for wafer level burn-in. This includes initial volume production orders for multiple high-power FOX-XP systems and our proprietary WaferPakTM Contactors, which enable full wafer contact for testing and burn-in of AI processors in wafer form before system integration. This achievement represents a technological and commercial breakthrough for Aehr, significantly expanding the market potential for our FOX-XP wafer level test and burn-in systems.

    “During the quarter, we secured our first production AI processor customer for package part burn-in, receiving initial volume production orders for multiple Sonoma ultra-high-power systems. This customer is a large-scale data center hyperscaler and provides computing power and storage capacity to millions of individuals and organizations worldwide. System shipments have already commenced to their contract manufacturer doing test and burn-in for them in Asia. We see a significant potential to expand our packaged part test and burn-in business with the product line acquired from Incal, and feel we are particularly well positioned to capitalize on opportunities in the rapidly growing AI semiconductor market with the ultra-high power Sonoma product line. We estimate that the combined wafer level and package part reliability test and production burn-in market for AI processors will exceed $100 million annually in the future, and with our comprehensive product portfolio we believe we can capture a meaningful share of this market.

    “Last week we announced another exciting milestone with our first gallium nitride (GaN) semiconductor production order. This achievement expands our production wafer level burn-in market for power semiconductors beyond silicon carbide used in electric vehicles, data center power conversion, and solar to now include GaN, a high-performance compound semiconductor optimized for mid-power applications such as data centers, solar energy, automotive systems, and consumer computing. Over the past 12 months, we have collaborated with this lead customer using our FOX-NP system, leading to their purchase of multiple WaferPak reference designs for diverse GaN applications. GaN offers a broader application range than silicon carbide and is poised for significant growth in the coming decade. With an expected compound annual growth rate (CAGR) exceeding 40%, the GaN market is projected to surpass $2 billion in annual device sales by 2029, according to Yole Group’s Power SiC/GaN Compound Semiconductor Market Monitor. Additionally, Frost & Sullivan estimates GaN semiconductors will account for over 10% of the worldwide power semiconductor industry by 2028. This transformative technology represents a significant growth opportunity for Aehr’s wafer level test and burn-in solutions, positioning us to capitalize on the rapid expansion of the GaN market.

    “In addition, we are excited about our opportunity for production burn-in and stabilization of devices used in hard disk drives using our FOX-CP systems and WaferPak Contactors. Our lead customer for this application is ramping this year and has told us that they will purchase multiple production systems from us over the next few quarters to support their planned new product rollout and ramp. This customer, first announced back in 2019 prior to the COVID-19 pandemic, initially purchased our FOX-CP single wafer test and burn-in solution to support the qualification and early test stages of this new product aimed at the enterprise and data center markets. We view the data storage market both for hard disk drives and flashed-based semiconductor solid-state disk drives as significant growth opportunities for our systems. These markets have applications with devices made up of multiple die in complex structures, or in multiple die stacked on top of each other before they are put into higher-level packages or systems. These devices require exceptionally high levels of quality and long-term reliability of the die before they are put into these packages or systems, which aligns perfectly with the capabilities of our wafer level test and burn-in systems.

    “Aehr also continues to expand its presence in the silicon carbide power semiconductor market, a critical sector for power conversion for electric vehicle traction inverters, charging infrastructure, and a range of industrial, data center, and infrastructure applications. Based on recent market forecasts, growth in silicon carbide sales outside of China should remain challenging before recovering in calendar 2026. We believe we are well positioned in this market as we have a large customer base and are currently engaged in benchmarking efforts with multiple potential new silicon carbide customers around the globe, including in China. While we remain cautiously optimistic about the opportunities in China, we also recognize the geopolitical, trade, and intellectual property risks associated with this market. Recently, we filed a lawsuit in China against a local supplier for intellectual property infringement. This action relates to features of products by that company targeted at wafer level burn-in of silicon carbide devices that we believe infringe on Aehr’s intellectual property and patents granted to Aehr by the Chinese patent office. Our current fiscal year forecast includes contemplated orders and revenue yet to be booked for silicon carbide wafer level burn-in systems and WaferPaks destined for silicon carbide manufacturers in China. It is important to bring this to our shareholders attention, as recent trade-related developments in the U.S. and the emergence of competitive offerings in China that we believe infringe on our intellectual property have heightened the risk associated with bookings and revenue from Chinese customers.

    “As we look at the composition of our total revenue for this fiscal year, silicon carbide is expected to account for less than half our total revenue as we have seen our expansion into additional markets capture real market share gains. AI processors, including wafer level and package parts, could comprise as much as 40% of our total revenue this fiscal year, up from effectively zero revenue last year. GaN, hard disk drives, silicon photonics integrated circuits, and other semiconductor package part revenues will comprise about another 20% of total revenue. We are not pivoting away from silicon carbide but rather are generating growth in these other markets while not seeing the growth in silicon carbide this year like we saw last year. According to recent market research from companies such as Yole, the estimated revenue for silicon carbide semiconductors in 2024 was around $2.5 billion and is expected to reach $10 billion by the end of the decade. To put this into perspective, the semiconductor market is projected to grow from about $600 billion overall in 2024 to over $1 trillion by the end of this decade, so silicon carbide will be about 1% of the overall semiconductor market by 2030.

    “Aehr’s innovative solutions are poised to capitalize on this growth in the overall semiconductor market by addressing the critical reliability needs of next-generation applications and leveraging key megatrends shaping the semiconductor industry. Reliability has become a critical priority across a wide range of industries, including combustion and electric vehicles, data centers, electrification of the worlds infrastructure, and a wide range of AI applications. Factors such as smaller semiconductor geometries, the increasing adoption of compound and optical semiconductors, and the complexities of ensuring semiconductor reliability ever increasing power and performance of semiconductors and advanced packaging are driving the demand for wafer level and packaged part test and burn-in systems. Aehr’s solutions are instrumental in reducing early operational failures and ensuring long-term device performance in these rapidly advancing markets.

    “With strong customer engagements, expanding market opportunities, and innovative products designed to meet evolving demands, we are optimistic as we move into the second half of our fiscal year and maintain our previously stated financial guidance for the fiscal year.

    “As we’ve stated before, given the nature of our business with our high ASPs, our quarterly revenue can experience significant variability if system orders anticipated by quarter-end are delayed by even a few days. This was the case in this last quarter, and why we do not provide quarterly guidance. In the case of both our new GaN and wafer level AI customers, both requested pre-built systems that we fully expected to ship to them within the quarter. However, the purchase orders were not finalized until after the quarter ended. Looking past quarterly variations to the full year and beyond, we are excited about the current and emerging market opportunities for our products, which not only position us for a successful fiscal year, but also lay a solid foundation for long-term, sustainable growth in the years ahead.” 

    Fiscal 2025 Financial Guidance: 

    For the fiscal year ending May 30, 2025, Aehr is reiterating its previously provided guidance for total revenue of at least $70 million and non-GAAP net profit before taxes of at least 10% of revenue.

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  • Aehr Secures Major Order for FOX-XP Multi-Wafer Test System from Leading GaN Power Semiconductor Supplier

    Aehr Secures Major Order for FOX-XP Multi-Wafer Test System from Leading GaN Power Semiconductor Supplier

    4 Min Read

    Aehr Test Systems has received an initial production order from a top tier automotive semiconductor supplier for a FOX-XP™ wafer level test and burn-in system with fully integrated FOX WaferPak™ Aligner for production test of their gallium nitride (GaN) power semiconductor devices. The FOX-XP system with integrated WaferPak Aligner is scheduled to ship immediately.

    Gayn Erickson, President and CEO of Aehr Test Systems, commented, “We have been working closely with this customer for over a year to support their evaluation and qualification process for delivering GaN power semiconductor devices to their customers. We are thrilled to receive this initial production purchase order, signaling their commitment to move forward with volume production wafer level burn-in of their GaN devices on our FOX-XP platform.

    “This customer has extensively utilized a FOX-NP system under an evaluation agreement for production qualification and reliability testing of their devices over the past year. As part of the evaluation, they purchased a significant number of our proprietary WaferPak full wafer Contactors to successfully qualify a wide range of GaN device types designed for multiple end use applications including industrial, solar, data center, and automotive markets.

    “Our FOX-P platform allows customers using the FOX-NP for device qualification and reliability testing of power semiconductors like GaN and silicon carbide (SiC) to transition seamlessly to the FOX-XP multi-wafer fully automated system, which is capable of testing up to nine wafers in parallel and is specifically designed to handle high-voltage testing and high temperature Gate and Drain stress test requirements. By leveraging our FOX-XP system and our proprietary WaferPak full wafer Contactors, customers can easily test wafers of varying sizes from 6 to 12 inches by simply purchasing new WaferPaks, while utilizing the same FOX-XP system and FOX WaferPak Aligner.

    “Like SiC, GaN semiconductor MOSFETs are wide bandgap devices that offer significantly higher power conversion efficiency than silicon. GaN is particularly well suited for lower power applications such as sub-1000-watt power converters (fast chargers) used in consumer electronics like cell phones, tablets, and laptops. Additionally, it is increasingly being adopted for automotive power converters, supporting electrical systems in both electric and traditional gasoline-powered cars, as well as being targeted at data center power applications where power efficiency and delivery are critical to support the massive amount of computing power and data storage being installed over the next decade. Along with the increased usage in automotive and data centers, many industry experts and analysts predict that GaN MOSFETs will eventually replace silicon as the preferred technology for power conversion in photovoltaic (solar panel) applications.

    “We view GaN as a transformative and rapidly growing technology in the power semiconductor market. With an anticipated compound annual growth rate of more than 40%, the GaN market is projected to reach $2.5 billion in annual device sales by 2029 according to Yole Group’s Power SiC/GaN Compound Semiconductor Market Monitor. In addition, Frost & Sullivan estimates GaN semiconductors will account for over 10% of the worldwide power semiconductor industry by the year 2028. This represents a significant growth opportunity for Aehr’s wafer level test and burn-in solutions.”

    The FOX-XP and FOX-NP systems, available with multiple WaferPak Contactors (full wafer test) or multiple DiePakTM Carriers (singulated die/module test) configurations, are capable of functional test and burn-in/cycling of devices such as silicon carbide and gallium nitride power semiconductors, artificial intelligence processors, silicon photonics as well as other optical devices, 2D and 3D sensors, flash memories, magnetic sensors, microcontrollers, and other leading-edge ICs in either wafer form factor, before they are assembled into single or multi-die stacked packages, or in singulated die or module form factor.

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  • Aehr Test Systems Announced Q1 FY25 Financial Results

    Aehr Test Systems Announced Q1 FY25 Financial Results

    6 Min Read

    Aehr Test Systems announced financial results for its first quarter of fiscal 2025 ended August 30, 2024. 

    Fiscal First Quarter Financial Results: 

    • Net revenue was $13.1 million, compared to $20.6 million in the first quarter of fiscal 2024.
    • GAAP net income was $0.7 million, or $0.02 per diluted share, compared to GAAP net income of $4.7 million, or $0.16 per diluted share, in the first quarter of fiscal 2024.
    • Non-GAAP net income, which excludes the impact of stock-based compensation, acquisition-related costs, and amortization of intangible assets, was $2.2 million, or $0.07 per diluted share, compared to non-GAAP net income of $5.2 million, or $0.18 per diluted share, in the first quarter of fiscal 2024.
    • Bookings were $16.8 million for the quarter.
    • Backlog as of August 30, 2024 was $16.6 million.
    • Total cash, cash equivalents and restricted cash as of August 30, 2024 were $40.8 million, compared to $49.3 million at May 31, 2024, reflecting $10.6 million in net cash paid during the quarter for the acquisition of Incal Technology, Inc.

    Gayn Erickson, President and CEO of Aehr Test Systems, commented:

    “We finished the first quarter with revenue and non-GAAP net income ahead of consensus estimates and are off to a good start to our fiscal year. Silicon carbide wafer level burn-in test systems and full wafer contactors are poised to be key contributors to revenue again this year. We are also forecasting material bookings and revenue contributions from several other markets this fiscal year, as we are successfully executing on our strategy to expand our test and burn-in products into other large and fast-growing markets such as artificial intelligence processors, gallium nitride power semiconductors, hard disk drive components and flash memory devices.

    “We have been seeing a stabilization and increasingly positive discussions within the silicon carbide power semiconductor market over the past quarter. Electric vehicle (EV) suppliers are clearly moving towards silicon carbide in integrated modules, combining silicon carbide MOSFETs into single packages to meet the industry’s power, efficiency, and cost-effectiveness demands. Due to the need for extensive test and burn-in of these devices to ensure reliability for mission-critical applications like EVs, the benefits of conducting this screening at the wafer level before integrating them into modules, which may sometimes contain 32 or more other devices, are becoming clear. The process improves yields and reduces costs, driving demand for wafer level burn-in, an area where Aehr Test stands as the low-cost leader and proven solution for this critical testing. We are highly optimistic about our silicon carbide business and expect it to gain momentum over the next few quarters. Our silicon carbide customers are forecasting capacity expansion needs in calendar 2025, with several anticipating purchases of one or two systems in early 2025, followed by production volumes in the second half of the year, and ramping further into 2026.

    “Meanwhile, we continue to see strong demand for our FOX WaferPakTM full wafer Contactors for silicon carbide, driven by a record number of new device designs started this past quarter. These designs are expected to lead to additional WaferPak purchases for engineering qualification as well to volume production orders as they advance to production. We had another solid quarter for WaferPak sales, generating over $12 million in revenue from WaferPaks in the first quarter.

    “We are also making steady progress on our previously announced benchmarks and engagements with new silicon carbide device and module suppliers. We are confident that we will add several new silicon carbide customers this year, establishing our solution as their tool of record for volume production. Additionally, silicon carbide is gaining traction in applications beyond electric vehicles, such as solar, industrial, and data centers, which will expand our addressable markets.

    “We are now in negotiations with our first gallium nitride (GaN) semiconductor customer for volume production wafer level test and burn-in of their devices. This past year, this customer purchased a significant number of WaferPaks to successfully qualify a wide range of GaN device types aimed at multiple markets, including consumer, industrial, and automotive. In addition, we have had increased discussions and engagements with multiple potential new GaN suppliers. We believe GaN is a significant up and coming technology for power semiconductors. With a forecasted CAGR of more than 40% to over $2 billion in GaN devices sold annually by 2029, it has the potential to be a significant market opportunity for Aehr’s wafer level solutions.

    “Last quarter, we announced that an Artificial Intelligence (AI) accelerator company committed to evaluating our FOXTM solution for wafer level burn-in of their high-power processors. This evaluation is underway at our Fremont facility, where multiple wafers are being tested using our proprietary WaferPaks and new high-power FOX-XP and NP systems, which provide up to 3500 watts of power delivery and thermal control per wafer. We are delivering over 2000 amperes of current to a single 300 mm wafer, allowing us to burn-in numerous processors with our proprietary test modes. The evaluation is progressing very well, and once we demonstrate successful wafer level test results and throughput, we anticipate they will adopt our high-power FOX-XP systems for production of their next-generation AI processors, beginning this fiscal year.

    “During the quarter we announced and completed our acquisition of Incal Technology, Inc. We are excited to bring the combined strengths of both companies to market as we begin engaging with Incal’s customers, including many AI industry leaders. Customer feedback to this acquisition has been overwhelmingly positive, with several meetings held over the past few weeks where some customers indicated increased forecasts for engineering qualification as well as for volume production.

    “Last month, we were pleased to announce the first volume production orders for Incal’s new Sonoma ultra-high-power semiconductor packaged part test and burn-in solution designed for AI accelerators, graphics processors, network processors, and high-performance computing processors. These orders were placed by a large-scale data center hyperscaler that provides computing power and storage capacity to millions of users worldwide. The integration with Incal is progressing well. We have already shipped several systems since the acquisition, and we plan to consolidate personnel and manufacturing into Aehr’s Fremont facility by the end of the fiscal year.

    “Last quarter, we announced a key customer in the hard disk drive space that is now forecasting a production ramp-up starting this fiscal year for a new high-volume data storage device application. This customer is finalizing their capacity requirements, and we expect this ramp-up to drive orders for multiple FOX-CP production systems and WaferPak Contactors, with shipments likely occurring in the second half of this fiscal year. We see the data storage market, along with various devices supporting the global 5G expansion, as new growth opportunities for our systems, as these markets require devices with exceptionally high levels of quality and long-term reliability.

    “With all of these customer engagements, market opportunities, and the products to address them, we are very optimistic about the year ahead, and we are reaffirming our financial guidance for revenue growth and profitability for the year.” 

    For the fiscal year ending May 30, 2025, Aehr is reiterating its previously provided guidance for total revenue of at least $70 million and net profit before taxes of at least 10% of revenue.

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  • Aehr Test Systems Completed Acquisition of Incal Technology

    Aehr Test Systems Completed Acquisition of Incal Technology

    2 Min Read

    Aehr Test Systems has completed its acquisition of Incal Technology, Inc., a Fremont, California-based, privately held manufacturer of packaged part reliability/burn-in test solutions used by a significant number of leading Artificial Intelligence (AI) semiconductor manufacturers.

    Gayn Erickson, President and CEO of Aehr Test Systems, commented, “We are very pleased to have closed this acquisition so quickly and seamlessly and to have received such positive feedback on this combination from customers, vendors, shareholders and employees from both companies. We are excited to now bring the combined strengths of both companies to market as we begin engaging with Incal’s customers, which include a significant number of AI industry leaders. This unique combination strongly positions Aehr to capitalize on the significant opportunity within the AI semiconductor market, and expands our addressable market substantially.”

    Incal’s high-power capabilities, combined with Aehr’s industry-leading lineup of wafer level test and reliability solutions, uniquely positions Aehr to capitalize on this rapidly growing opportunity within the AI semiconductor market as a turn-key provider of reliability and testing that span from engineering to high volume production. 

    The acquisition expands Aehr’s product portfolio to include Incal’s highly acclaimed test solutions, particularly its ultra-high-power capabilities for AI accelerators, GPUs, and high-performance computing (HPC) processors. AI semiconductors are among the highest power consumption devices in the entire semiconductor industry, with power levels of recent devices reaching 1,000 watts or more, well beyond any existing devices. These previously unseen power levels require new, unique test solutions that Aehr will now provide.

    The rapidly growing artificial intelligence semiconductor market is still in the early stages, and we see a significant opportunity in this market for wafer level burn-in using our new high-power FOX multi-wafer production system. In addition, given the unique challenges of testing very high-power devices related to AI processors, there is a very real need for a significant amount of engineering qualification and process development as well as a significant new opportunity for production reliability screening at the packaged part level.

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  • Aehr Test Systems Announced FY 2024 Results

    Aehr Test Systems Announced FY 2024 Results

    6 Min Read

    Aehr Test Systems announced financial results for its fiscal 2024 fourth quarter and full year ended May 31, 2024.

    Fiscal Fourth Quarter Financial Results:

    • Net revenue was $16.6 million, compared to $22.3 million in the fourth quarter of fiscal 2023
    • GAAP net income was $23.9 million, or $0.81 per diluted share, which includes the impact of a tax benefit resulting from the release of the Company’s full income tax valuation allowance of approximately $20.8 million, compared to GAAP net income of $6.1 million, or $0.21 per diluted share, in the fourth quarter of fiscal 2023.
    • Non-GAAP net income was $24.7 million, or $0.84 per diluted share, which includes the tax benefit and excludes acquisition related costs and the impact of stock-based compensation, compared to non-GAAP net income of $6.8 million, or $0.23 per diluted share, in the fourth quarter of fiscal 2023.
    • Bookings were $4.0 million for the quarter
    • Backlog as of May 31, 2024, was $7.3 million. Effective backlog, which includes all orders received since the end of the fourth quarter, is $20.8 million.
    • Total cash and cash equivalents as of May 31, 2024 were $49.2 million, up from $47.6 million at February 29, 2024

    Fiscal Year Financial Results:

    • Net revenue was a record $66.2 million, compared to $65.0 million in fiscal 2023
    • GAAP net income was $33.2 million, or $1.12 per diluted share, which includes the impact of a tax benefit resulting from the release of the Company’s full income tax valuation allowance of approximately $20.8 million recognized in the fourth quarter, compared to GAAP net income of $14.6 million, or $0.50 per diluted share, in fiscal 2023.
    • Non-GAAP net income, which includes the tax benefit and excludes acquisition related costs and the impact of stock-based compensation, was $35.8 million, or $1.21 per diluted share, compared to non-GAAP net income of $17.3 million, or $0.59 per diluted share, in fiscal 2023.

    An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr’s non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.

    Gayn Erickson, President and CEO of Aehr Test Systems, commented:

    “Our full-year revenue and net income results exceeded our previously provided guidance and surpassed analyst consensus. Although we saw customer pushouts of silicon carbide devices due to slower electric vehicle (EV) demand in the second half of our fiscal year, we achieved another record year for annual revenue for Aehr. 

    “Wafer level test and burn-in of silicon carbide power semiconductors used in EVs was a key driver of our business in the last year, and we anticipate silicon carbide will continue to be a key contributor to revenue in the current fiscal year and beyond. To that point, we announced today that we received $12.7 million in orders from one of our silicon carbide test and burn-in customers for FOX WaferPak™ full wafer Contactors to support production of silicon carbide power devices for electric vehicles to be delivered over the next three months.

    “The silicon carbide market continues to be an enormous opportunity for Aehr as we see more auto suppliers committed to silicon carbide in their EVs, as well as roadmaps that are based on modules for their electric motor power inverters. By 2030, battery EVs are forecasted to more than triple last year’s sales to 30 million or 30% of total vehicles manufactured worldwide.

    “We remain actively engaged with a significant number of new silicon carbide device and module suppliers and seek to meet their anticipated capacity coming online beginning in 2025. We are also seeing growing demand for silicon carbide devices beyond the EV market, such as solar, data center, and other industrial applications for power conversion. We believe we are well positioned to continue to grow our business in silicon carbide, and we expect to receive first orders from a significant number of additional silicon carbide customers by the end of this fiscal year.

    “We are also seeing traction with several emerging opportunities for our test and burn-in solutions in new target markets and expect bookings and revenue across a much broader range of customers and markets this fiscal year.

    “One of the key new market opportunities we are focusing on is the growing demand for Artificial Intelligence (AI) processor test and burn-in at both the wafer level and the packaged part level.

    “We are currently working with an AI accelerator company and have secured a commitment from them to evaluate our FOX solution for use in production wafer level burn-in of their high-power processors. Upon successful demonstration of wafer level test results and throughput, we expect they will utilize our new high-power FOX-XP systems for production of their next generation AI processors, starting this fiscal year.

    “We also announced today in a separate press release our acquisition of Incal Technology, a manufacturer of highly acclaimed reliability test and burn-in solutions of a wide range of semiconductor devices and markets, with a new product family of ultra-high-power test solutions for AI accelerators, graphics & network processors, and high-performance computing processors. We believe that between wafer level and package part, the reliability test and production burn-in market for AI processors exceeds $100 million annually, and with this combined product portfolio we believe we have the opportunity to capture a meaningful share of the market this fiscal year.  

    “This past year we announced our first order for a FOX wafer level test and burn-in system for gallium nitride (GaN) devices. While silicon carbide will be the semiconductor material of choice for EV traction inverters, GaN is expected to gain significant penetration in the on-board charging market as well as other automotive, solar, and data center power conversion applications. We are working with several of the GaN market leaders, and received a significant number of WaferPak orders throughout the year for gallium nitride reliability test and qualification. We have now received our first forecasts for wafer level production burn-in systems to be delivered during this fiscal year. We continue to be encouraged by this market and believe it will be significant in market size for semiconductors and has the potential to be a solid market opportunity for Aehr’s solutions.

    “Within the silicon photonics market, we shipped the first order from a major silicon photonics customer for the new high-power configuration of our FOX-XP system this last fiscal year. This new configuration expands our market opportunity by enabling cost-effective volume production test of wafers of next-generation photonic ICs that are targeted for use in the new optical I/O or co-packaged optics market. Nvidia, AMD, and Intel have all discussed the potential for adding optical chip-to-chip communication for performance improvement and power savings for AI processors and High-Performance Computing chips. 

    “Looking ahead, we believe Aehr has significant opportunities for growth in fiscal 2025 and beyond with our industry-leading product portfolio, and we look forward to updating you on our progress throughout the year as we seek to capitalize on these exciting new opportunities.”

    Fiscal 2025 Financial Guidance:

    For the fiscal year ending May 30, 2025, Aehr expects total revenue of at least $70 million and net profit before taxes of at least 10% of revenue.

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  • Aehr Test Systems Announced Financial Results for the Third Quarter of Fiscal 2024

    Aehr Test Systems Announced Financial Results for the Third Quarter of Fiscal 2024

    5 Min Read

    Aehr Test Systems announced financial results for its third quarter of fiscal 2024 ended February 29, 2024.

    Fiscal Third Quarter Financial Results:

    • Net revenue was $7.6 million, compared to $17.2 million in the third quarter of fiscal 2023.
    • GAAP net loss was $(1.5) million, or $(0.05) per diluted share, compared to GAAP net income of $4.1 million, or $0.14 per diluted share, in the third quarter of fiscal 2023.
    • Non-GAAP net loss, which excludes the impact of stock-based compensation, was $(0.9) million, or $(0.03) per diluted share, compared to non-GAAP net income of $4.7 million, or $0.16 per diluted share, in the third quarter of fiscal 2023.
    • Bookings were $24.5 million for the quarter.
    • Backlog as of February 29, 2024 was $20 million.
    • Total cash and cash equivalents as of February 29, 2024 were $47.6 million, compared to $50.5 million at November 30, 2023.

    Fiscal First Nine Months Financial Results:

    • Net revenue was $49.6 million, compared to $42.7 million in the first nine months of fiscal 2023.
    • GAAP net income was $9.3 million, or $0.31 per diluted share, compared to GAAP net income of $8.4 million, or $0.29 per diluted share, in the first nine months of fiscal 2023.
    • Non-GAAP net income was $11.0 million, or $0.37 per diluted share, which excludes the impact of stock-based compensation, compared to $10.5 million, or $0.36 per diluted share, in the first nine months of fiscal 2023.
    • Cash provided by operations was $0.5 million for the first nine months of fiscal 2024.

    An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr’s non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.

    Gayn Erickson, President and CEO of Aehr Test Systems, commented:


    “As we noted in our preliminary earnings release in March, our third quarter results reflect delays in wafer level burn-in system orders for silicon carbide semiconductor devices used in electric vehicles. Due to this, we had revised our guidance for our fiscal 2024 full year ending May 31, 2024 to be greater than $65 million in total revenue and net income of at least $11 million, which we are reiterating today. We still expect to finish this fiscal year with annual revenue that is near or above our full year record.

    “Last week we announced an initial order for our FOX-NP solution from a new customer that is a multi-billion dollar per year global semiconductor company, and is entering the silicon carbide market to address several applications that include automotive, industrial, and electrification infrastructure. This is our third straight new customer for silicon carbide that is primarily focused on applications other than electric vehicles, expanding our opportunity within silicon carbide beyond electric vehicles.

    “We are still in continued engagements up to and including on-wafer evaluations with well over a dozen silicon carbide suppliers that are focusing on both electric vehicles and other applications and are forecasting production needs for wafer level test and burn-in of their devices with decision timelines that spread out over the next year. We are focused on the qualification process with as many new customers as possible, as once we have demonstrated our FOX wafer level test and burn-in solution using their own wafers, we have not yet lost a potential customer.

    “Our discussions with customers indicate that the key markets Aehr is addressing for semiconductor wafer level test and burn-in have significant growth opportunities that will expand this year and throughout this decade, and we are seeing increased customer engagement in each of these markets. We have also seen a recent strengthening in the silicon carbide market for electric vehicles outside the US in what appears to be a shift in the market share of electric vehicle suppliers. This includes Asia where we recently had extensive and very productive and positive visits with a significant number of silicon carbide suppliers and electric vehicle suppliers that we will provide additional details on during our earnings call.

    “According to many market forecasts, including the Semiconductor Industry Association, the semiconductor industry is expected to grow from $600 billion in 2022 to over $1 trillion at or around 2030. This acceleration is coming from mega market drivers including artificial intelligence (AI), green energy and decarbonization, and IoT-based digital transformation. Increased reliability concerns about semiconductors, a growing number of mission critical applications, and more multi-chip modules or heterogeneous integration with multiple devices being assembled in a single package are driving the need for wafer level burn-in. At semiconductor industry conferences around the world, we are seeing an increased focus on test and burn-in moving to wafer level before these devices are put into multi-chip packages and modules.

    “These favorable macro trends are driving the business that drives Aehr Test and include:

    • silicon carbide power devices going into high-density modules for power conversion in electric vehicles;
    • gallium nitride power semiconductors going into automotive, solar, and other mission critical industrial applications;
    • silicon photonics integrated circuits being put into transceivers for data center infrastructure and optical chip-to-chip communication of CPU, GPU, and AI processors;
    • memory devices for solid state disk drives used in enterprise and data storage or for AI processors.

    “Our continued investments in the FOX platform like the new 3.5 kW per wafer FOX-XP multi-wafer production system we began shipping last month also position us well to address the requirements of other new market segments that we believe we will be able to discuss over the next several months.

    “As we head toward fiscal 2025, we are encouraged by our increasing engagements with current and potential customers and the long-term growth opportunities of all these markets.”

    Fiscal 2024 Financial Guidance:


    For the fiscal year ending May 31, 2024, Aehr is reiterating its previously provided guidance for total revenue of greater than $65 million and GAAP net income of approximately $11 million or more, or $0.38 per diluted share.

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  • Aehr Test Systems Expands its Customers' Network for FOX-NP™ Multi-Wafer Test and Burn-in System for SiC MOSFETs

    Aehr Test Systems Expands its Customers’ Network for FOX-NP™ Multi-Wafer Test and Burn-in System for SiC MOSFETs

    4 Min Read

    Aehr Test Systems announced it has received an initial customer order for a FOX-NP™ wafer level test and burn-in system, multiple WaferPak™ Contactors, and a FOX WaferPak Aligner to be used for engineering, qualification, and small lot production wafer level test and burn-in of their silicon carbide devices.

    The customer is multiple billion dollar per year global semiconductor company with locations across Europe, Asia, and the Americas that serves various industries including automotive, industrial, mobile, and consumer applications. The FOX-NP system, including the FOX WaferPak Aligner and initial WaferPaks, are scheduled to ship over the next few months.

    The FOX-NP system is configured with the new Bipolar Voltage Channel Module (BVCM) and Very High Voltage Channel Module (VHVCM) options that enable new advanced test and burn-in capabilities for silicon carbide power semiconductors using Aehr’s proprietary WaferPak full wafer Contactors. 

    Gayn Erickson, President and CEO of Aehr Test Systems, commented, “We are very excited that this new customer selected our FOX-P solution for engineering, qualification, and production of their silicon carbide power devices. After working with the Aehr team and our technology solutions over an extended period of time, they felt secure in our ability to aid them in achieving these goals. A key feature in their selection of our FOX solution is its proven ability to cost-effectively implement their target burn-in and stabilization requirements, including 100% traceability and proof that every device on the wafer is burned in for the needed test duration. 

    “This customer currently has a wide range of automotive products and is entering the silicon carbide market to address several applications that include automotive, industrial, and electrification infrastructure. Key capabilities of our solution include our ability to scale from engineering and qualification and small lot production with the FOX-NP system to large scale production with the FOX-XP with Automated WaferPak Aligner. They have told us that they plan to transition to our FOX-XP multi-wafer test and burn-in systems for high-volume production. Aehr’s FOX-P technology facilitates a seamless transition from engineering to high-volume production with 100% compatibility between systems.

    “This customer sees the enormous opportunity for silicon carbide power devices in industrial and power applications. William Blair forecasts that in addition to the 4.5 million six-inch equivalent wafers that will be needed to meet the demand for electric vehicle related silicon carbide devices in 2030, another 2.8 million wafers are needed to address industrial, solar, electric trains, energy conversion and other applications in 2030. The cost of ownership of our solution proves to be more cost-effective and efficient for these devices than package part burn-in after the die are packaged. This is a strong testimony of the advantage of wafer level burn-in as a better alternative to package part burn-in. 

    “The FOX family of compatible systems including the FOX-NP and FOX-XP multi-wafer test and burn-in systems and Aehr’s proprietary WaferPak full wafer contactors provide a uniquely cost-effective solution for burning in multiple wafers of devices at a single time to remove early life failures of silicon carbide devices, which is critical to meeting the initial quality and long-term reliability of the automotive, industrial, and electrification infrastructure industry needs.” 

    The FOX-XP and FOX-NP systems, available with multiple WaferPak Contactors (full wafer test) or multiple DiePakTM Carriers (singulated die/module test) configurations, are capable of functional test and burn-in/cycling of devices such as silicon carbide and gallium nitride power semiconductors, silicon photonics as well as other optical devices, 2D and 3D sensors, flash memories, magnetic sensors, microcontrollers, and other leading-edge ICs in either wafer form factor, before they are assembled into single or multi-die stacked packages, or in singulated die or module form factor.

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  • Aehr Test Systems Announced Preliminary Financial Results for Its Third Quarter of Fiscal 2024

    Aehr Test Systems Announced Preliminary Financial Results for Its Third Quarter of Fiscal 2024

    4 Min Read

    Aehr Test Systems announced preliminary financial results for its third quarter of fiscal 2024 ended February 29, 2024. Preliminary results reflect delays in wafer level burn-in system orders for semiconductor devices used in electric vehicles that have created a short-term gap in revenue and profitability. Additionally, Aehr provided updated revenue guidance for its full fiscal year ending May 31, 2024.

    For the fiscal third quarter ended February 29, 2024, Aehr expects:

    • Revenue of approximately $7.6 million
    • GAAP net loss of approximately $1.5 million to $1.8 million, or $0.05 to $0.06 per diluted share 
    • Non-GAAP net loss of approximately $0.9 million to $1.2 million, or $0.03 to $0.04 per diluted share, which excludes the impact of stock-based compensation
    • Bookings of $24.5 million
    • Backlog as of February 29, 2024, of $20 million

    For the fiscal 2024 full year ending May 31, 2024, Aehr expects:

    • Total revenue of at least $65 million
    • GAAP net income of approximately $11 million or more, or $0.38 per diluted share
    • Non-GAAP net income of approximately $14 million or more, or $0.48 per diluted share, which excludes the impact of stock-based compensation

    An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr’s non-GAAP financial measures to the most directly comparable GAAP financial measures will be included when Aehr releases its full financial results for the fiscal 2024 third quarter on April 9, 2024.

    Aehr Test Systems President and CEO Gayn Erickson commented: “As we discussed in our second quarter earnings call, we had seen several push outs of forecasted orders by current and new customers that impacted our fiscal year revenue. We believe that this was due to two key factors. There is clearly softness in the overall semiconductor capital spending, particularly in automotive applications, related to a glut in inventory driving down near-term orders to these companies and has caused them to push out capital spending and drive cost reductions. Multiple companies including the companies we had expected orders from have publicly discussed inventory related headwinds in their public earnings calls and press releases. In addition, we have seen specific shifts in order timing of our equipment used for wafer level test and burn-in of silicon carbide power semiconductors used in electric vehicles. In just the last two weeks of the quarter, we saw delays in orders for silicon carbide systems with customer-requested ship dates within the quarter as well as a last-minute push out by a customer of a system in our backlog. The net effect of this was a significant shift in revenues out of the third and fourth quarters. Until this time, we had been hearing from those customers that their silicon carbide-based capital investments were not being impacted. 

    “It is now clear that the recent overall softness in semiconductors and the impact of shifts in electric vehicle introductions and ramps are impacting our bookings and revenue forecasts more than we understood only two months ago at our last earnings call. We now expect this to last for another quarter or two before the orders resume based on the latest roll up of direct forecasts from over a dozen silicon carbide companies. We are now forecasting revenue for the full fiscal year to be $65 million or more, representing revenue of at least $15.4 million in our fiscal fourth quarter. We still expect to finish the year with near or above record annual revenue for the year. 

    “Our discussions with customers indicate to us that the key markets Aehr is addressing for semiconductor wafer level test and burn-in have significant long-term growth opportunities that will continue to expand throughout this decade. Despite what we believe are temporary delays in current and new customer orders, we believe Aehr will experience significant order, revenue, and earnings growth from these market opportunities. Our unique, proprietary wafer level test and burn-in offering for semiconductors addresses the need for the critical reliability testing and screening of semiconductors used in the worldwide electrification infrastructure, battery and hybrid electric vehicles, data and telecommunications and data storage, machine learning and Artificial Intelligence processors and communications chips, and in the large and growing semiconductor memory market. We look forward to discussing the impact and timing of these markets and the increase in customer engagements in all these markets on our earnings call planned for April 9th.”

    The foregoing preliminary financial information reflects management’s current views with respect to the Company’s financial results. These preliminary results remain subject to the completion of normal quarter-end accounting procedures and closing adjustments. Aehr plans to release its full financial results for the fiscal 2024 third quarter on April 9, 2024, and will provide the time and conference call details in a later press release. No independent registered public accounting firm has reviewed, examined, or performed any procedures with respect to, nor have they expressed any form of assurance on, these preliminary estimated results.

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  • Aehr Test Systems Receives More Orders for FOXTM

    Aehr Test Systems Receives More Orders for FOXTM

    3 Min Read

    Aehr Test Systems announced it has received new follow-on orders totaling $23 million from existing customers for FOXTM wafer level test and burn-in products to be used for production and engineering qualification needs for wafer level burn-in and screening of their silicon carbide devices. Customer-requested ship dates for these orders range from immediate shipment through the end of Aehr’s current fiscal year, which ends May 31, 2024. 

    The orders include a significant number of FOX WaferPakTM full wafer Contactors for both current design capacity increases as well as new device designs that are expected to drive additional orders in calendar year 2024 and beyond.

    FOX WaferPak Contactors are used in conjunction with the company’s FOX-NP and FOX-XP wafer level test and burn-in systems to contact 100% of the die on a wafer up to several thousand devices at a time. These proprietary WaferPak designs are specific to a customer’s application as well as die layout and unique electrical contact pads. Aehr’s FOX systems and WaferPaks are currently being used on wafer sizes ranging from 4”, 6”, 8” and 12” wafers and can be configured for a wide range of device applications.

    Gayn Erickson, President and CEO of Aehr Test Systems, commented, “We are excited to help our customers meet their new design and production capacity needs with our industry-leading lead times and capacity for wafer level stress tests, screening, stabilization, and burn-in. Our proprietary WaferPak Contactors are unique to each end customer’s device design and grow with the number of device designs and capacity needed for volume production of those devices. As we have stated in the past, we are able to quickly ship a large quantity of WaferPaks with very short lead times with our increased design resources, optimized supply chain, and manufacturing and test processes. We continue to believe our WaferPak business will grow in absolute revenue and also as a percent of the overall revenue for the company. In addition, we have increased our material availability and manufacturing capacity to shorten lead times on our FOX-NP and FOX-XP test and burn-in systems and automated FOX WaferPak Aligners.”

    The FOX-XP and FOX-NP systems and proprietary WaferPaks are capable of functional test and burn-in/cycling of silicon carbide and gallium nitride power semiconductors, silicon photonics integrated circuits as well as other optical devices, 2D and 3D sensors, flash memories, magnetic sensors, microcontrollers, and other leading-edge ICs in either wafer form factor before they are assembled into single or multi-die stacked packages, or in singulated die or module form factor.

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  • Aehr Reports Strong Revenue and Earnings Growth

    Aehr Reports Strong Revenue and Earnings Growth

    7 Min Read

    Aehr Test Systems announced financial results for its second quarter of fiscal 2024 ended November 30, 2023.

    Fiscal Second Quarter Financial Results:

    • Net revenue was $21.4 million, up 45% from $14.8 million in the second quarter of fiscal 2023.
    • GAAP net income was $6.1 million, or $0.20 per diluted share, up 63% from GAAP net income of $3.7 million, or $0.13 per diluted share, in the second quarter of fiscal 2023.
    • Non-GAAP net income, which excludes the impact of stock-based compensation, was $6.7 million, or $0.23 per diluted share, up 49% compared to non-GAAP net income of $4.5 million, or $0.16 per diluted share, in the second quarter of fiscal 2023.
    • Bookings were $2.2 million for the quarter.
    • Backlog as of November 30, 2023, was $3.0 million. 
    • Total cash and cash equivalents as of November 30, 2023 were $50.5 million, compared to $51.0 million at August 31, 2023.

    Fiscal First Six Months Financial Results:

    • Net revenue was $42.1 million, up 65% from $25.5 million in the first six months of fiscal 2023.
    • GAAP net income was $10.8 million, or $0.36 per diluted share, up 149% compared to GAAP net income of $4.3 million, or $0.15 per diluted share, in the first six months of fiscal 2023.
    • Non-GAAP net income was $11.9 million, or $0.40 per diluted share, which excludes the impact of stock-based compensation, up 105% compared to non-GAAP net income of $5.8 million, or $0.20 per diluted share, in the first six months of fiscal 2023.
    • Cash provided by operations was $3.4 million for the first six months of fiscal 2024.

    Gayn Erickson, President and CEO of Aehr Test Systems, commented:

    “We had another solid quarter with strong year-over-year growth in revenue and net income as we continue to see increased demand for our wafer level test and burn-in products. Revenue for the quarter was $21.4 million, an increase of 45% year over year, and we generated non-GAAP net income of $6.7 million, slightly over 31% net profit. For the first half of the fiscal year, we grew revenue 65% over the same period last year. 

    “In the last sixty days, we have seen how the slowing of the growth rate of the electric vehicle market has had a negative impact on the timing of several current and new customer orders and capacity increases for silicon carbide devices used in them. For clarity, we do not see the silicon carbide market decreasing, only a temporary slowing of the growth rate. We are also experiencing the impact of shifts in our customers’ product mix, which specifically includes an increase in WaferPakTM full wafer contactors from our lead silicon carbide customer. The net of this is that we now expect a delay in the timing of new orders from current and new customers that will most likely impact this fiscal year’s revenue.  

    “Given the latest forecasts from our customers and the uncertainty on the timing of their orders, we believe it makes sense to take a more conservative approach to our fiscal year forecast and have reduced our growth estimates for fiscal 2024 revenue. We are reducing our revenue expectations of at least $100 million this fiscal year by 15% to 25% to a range of $75 million to $85 million dollars. This is still a growth rate of 15% to 30% year over year.

    “Despite this uncertainty in the timing of orders, we remain confident about the future demand for our unique semiconductor test solutions and the markets they address. We have not reduced our growth expectations for the years ahead, where we continue to see tremendous opportunity. We continue to hear from our current customers as well as companies we are engaged in evaluations with that wafer level burn-in is critical to their product roadmaps to address multiple large and growing markets, including battery and hybrid electric vehicles, industrial and solar power conversion, data and telecommunications infrastructure, and the new and coming optical I/O and co-packaged optics semiconductor markets. 

    “Last month, we announced our first order for a FOXTM wafer level test and burn-in system to be used for gallium nitride (GaN) applications. This customer is a leading global supplier of semiconductor devices used in electric vehicles and power infrastructure and adds another major customer to the list of companies using Aehr’s FOX products for wafer level test and burn-in of wide bandgap compound semiconductors. We were able to ship this system within a few weeks to meet their needs. We are now working with two of the market leaders in gallium nitride, which positions us front and center in a market that we believe is another potential growth driver for our wafer level solutions. 

    “We continue to make great progress with our previously announced benchmarks and engagements with prospective new customers, including the significant automotive qualification of wafer level burn-in we have been doing with one of the market leaders in silicon carbide (SiC). We believe we have a large opportunity with this potential new customer and feel confident they will move forward with our FOX-XP multi-wafer solution for their high-volume needs, but the timing is taking longer than anticipated. We remain confident that we will receive initial purchase orders from them in fiscal 2024; however, it is not clear whether they will have the infrastructure ready to take shipments from us within our fiscal year that ends on May 31st.

    “We have made significant progress in expanding our customer base for SiC and GaN wafer level burn-in for a wide variety of applications. We currently have a total of seven customers purchasing our solutions for SiC and GaN devices and are also actively engaged with more than two dozen SiC and GaN companies to address their needs for wafer level test and burn-in of these devices. Importantly, 10 of these additional companies have already engaged with Aehr for on-wafer benchmarks. We have never lost a full wafer level burn-in evaluation since introducing our FOX-NP and XP configured with the SiC and GaN nitride test resources, and we believe we will have over 12 SiC/GaN customers buying our wafer level test and burn-in solutions by the end of calendar 2024.

    “In anticipation of both our current and new customers’ forecasted needs, Aehr has put in place the inventory, infrastructure, and processes to increase our manufacturing and installation capacity as well as significantly lower our lead times to meet our customers’ future capacity needs.

    “While we have seen delays in orders from our automotive customers, we are seeing a pick-up in opportunities for SiC wafer level burn-in for applications outside of the electric vehicle market, including industrial, solar, and commuter electric trains as the efficiency and value of SiC is being recognized for these additional markets. While the largest market opportunity for SiC is still electric vehicles and charging infrastructure, industrial and other power conversion market segments represent significant additional opportunities for SiC and for Aehr’s products. William Blair forecasts that the total silicon carbide market is growing at a CAGR of greater than 40% to $8.5 billion in 2025, and over 25% of that will be in industrial and energy power conversion applications.  

    “We are also excited about the potential for the new silicon photonic optical I/O or co-packaged optics market and are expecting to ship our first FOX production system in our third fiscal quarter. This FOX-XP system with new high-power WaferPaks is configured to enable cost-effective production test of up to 3,500 watts of power per wafer and up to nine full wafers in parallel. It also enables our customers to easily dock to our new FOX WaferPak Auto Aligner for hands free operation of 6” to 12” wafers using industry standard wafer cassettes and FOUPs including robotic and overhead transport of wafers in FOUPs. This new FOX-XP configuration allows for the testing of as many as 8,000 high-power optical devices in parallel on each of nine wafers before they are singulated and placed into a photonic application such as fiberoptic transceiver modules or for placement in co-packaged optics for optical chip-to-chip communication, as has been announced on product roadmaps by companies including Nvidia, Intel, AMD, TSMC, and GlobalFoundries. 

    “As we look ahead, we expect continued strong demand for our wafer level burn-in solutions for the markets we currently address, as well as increased demand from the new market opportunities we are seeing. Even with our more conservative guidance, we expect solid year-over-year revenue growth and believe we are poised for continued strong growth for years to come.”

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