Aehr Test Systems (NASDAQ:AEHR), a worldwide provider of test systems for burn-in test equipment and logic, optical and memory integrated circuits worldwide, stock plunged 15.86% (As on October 6, 11:49:50 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 24 but unchanged full-year guidance. Bookings were $18.4 million for the quarter, and the company ended the period with a backlog of $22.3 million. That backlog had increased to $24 million as of the date of the earnings release. Aehr generated cash of $3.9 million running its operations during the quarter. It ended the period with cash and cash equivalents of $51 million, up from $47.9 million in the prior quarter. It has no long-term debt.
AEHR in the first quarter of FY 24 has reported the adjusted earnings per share of 18 cents, beating the analysts’ estimates for the adjusted earnings per share of 16 cents. The company had reported the adjusted revenue growth of 93 percent to $20.6 million in the first quarter of FY 24, beating the analysts’ estimates for revenue of $19.23 million.
The company reiterated its previously provided full-year guidance for total revenue to be at least $100M (vs. consensus of 102.93M), representing annual growth of over 50% and GAAP net income of at least $28M, representing annual growth of more than 90%.
Meanwhile, during the quarter the company had record shipments of the FOX WaferPak full wafer Contactors in both revenue and units and are very pleased with the continued stream of new designs the company is seeing. The company’s new design volume has tripled over the last nine months as the company is seeing more electric vehicles coming online with their own specific device design for inverters and onboard chargers. Further, the company has now received customer acceptance of both configurations of the new fully automated FOX WaferPak Aligner, which allows hands free operation of WaferPak handling and alignment and is available either as a standalone unit or in full integration with the FOX-XP system. The company has recognized revenue for two standalone WaferPak Aligners in the first quarter and received customer acceptance and sign off on two fully integrated WaferPak Aligners with the integrated FOX-XPs in September. The company had announced last month the sixth customer for silicon carbide wafer level burn-in. This new customer is a US-based multibillion-dollar semiconductor supplier that serves several markets, including automotive, computing, consumer, energy, industrial, and medical markets.