TLDR
- AEHR posted a Q3 loss of $0.05/share, beating estimates of -$0.07, but revenue of $10.3M missed the $10.8M forecast
- Quarterly bookings hit $37.2M with a book-to-bill ratio above 3.5x, a major jump from $6.2M last quarter
- Backlog reached a record “effective” $50.9M after adding $12.2M in bookings in the first five weeks of Q4
- Full-year FY2026 revenue now expected at the high end of the $45Mâ$50M guidance range
- Lake Street Capital raised its price target to $56 from $50; William Blair maintained an Outperform rating
Aehr Test Systems had a quarter where the numbers on the surface looked mixed â but Wall Street looked past the revenue miss and zeroed in on the bookings explosion.
Q3 revenue came in at $10.3 million, down 44% year-over-year and just below the $10.8M consensus. The company posted a non-GAAP net loss of $1.5 million. But the loss per share of $0.05 beat estimates by $0.02.
The real story was the bookings. Aehr reported $37.2 million in Q3 bookings, up sharply from just $6.2 million the prior quarter. The book-to-bill ratio came in above 3.5x â a level that signals strong demand for future revenue.
$AEHR Q3 EARNINGS
⢠Revenue: $10.3M vs. Est. $10.9M
⢠EPS: ($0.05) vs. Est. ($0.07)
⢠Bookings: $37M (+54% YoY)
⢠Backlog: $51M (+113% YoY)Key Wins This Quarter
⢠Demand running at 3.5x Aehrâs current ability to recognize revenue
⢠Won production burn-in contract for⌠pic.twitter.com/qCErjCvjwL— Shay Boloor (@StockSavvyShay) April 7, 2026
Backlog at quarter-end stood at $38.7 million. After factoring in $12.2 million in new orders received in the first five weeks of Q4, effective backlog reached a record $50.9 million. Management now expects to hit the high end of its $60Mâ$80M second-half bookings target.
CEO Gayn Erickson said the company is “the first company to successfully demonstrate and ship a wafer level burn-in solution for AI processors.” He pointed to a $14 million follow-on production order from its lead AI accelerator customer for FOX-XP systems configured to test nine 300mm wafers in parallel.
AI and Silicon Photonics Fuel Order Growth
A new silicon photonics customer placed an initial order for multiple FOX-XP systems targeting the hyperscale data center optical interconnect market. Those systems are scheduled to ship in fiscal Q4, ending May 29, 2026.
Aehr’s lead silicon photonics customer also placed a follow-on order for a new high-power FOX-XP WaferPak system and an upgrade to its existing setup.
On the power semiconductor side, a new silicon carbide customer in Taiwan â focused on the Greater China EV market â ordered a FOX-XP system for qualification and production. Erickson noted he’s seeing an “uptick in activity” from silicon carbide players but said Aehr is not yet counting on meaningful revenue from that segment.
Memory and FY2026 Outlook
Memory remains a longer-term opportunity. Aehr is in discussions with a key supplier about specs for next-generation high-bandwidth flash, with a potential development agreement expected to close in the coming months. That could lead to a 12â18 month development cycle, with order ramps possible in fiscal 2028.
For the full year, Aehr reaffirmed its FY2026 revenue guidance of $45Mâ$50M and now expects results at the high end of that range. The company also raised the full $40 million ATM authorization and ended Q3 with $37.1 million in cash.
Lake Street Capital raised its price target to $56 and kept its Buy rating, calling the bookings inflection the “headline story.” William Blair’s Jed Dorsheimer, who holds an Outperform rating, said more customer announcements are “inbound.”
AEHR entered Wednesday up 35% in April and over 140% on the year, per Dow Jones Market Data.
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