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Aehr Test Systems, Inc. ( Aehr Test, Aehr, or we ) was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and have installed thousands of systems worldwide.
The business is unprofitable at the operating level (-9.63% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.9% YoY. Margins deteriorated 24.8pp alongside, both lines moving the wrong way.
Free cash flow declined 1331% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.97% to -3.57%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (FY)
$59M
▼ -10.9% YoY
Net Income (TTM)
-$11M
▼ -111.8% YoY
Op. Margin
-9.63%
▼ -24.8pp YoY
ROIC
-3.57%
▼ -11.5pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$12M
▼ -1330.6% YoY
Op. Cash Flow (FY)
-$7M
▼ -521.4% YoY
Net Debt
-$27M
Net Cash Position
Cash & Equiv.
$37M
5Y CAGR: +21.5%
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