FREMONT, CA - Aehr Test Systems (NASDAQ:AEHR), a global provider of semiconductor test equipment, reported preliminary financial outcomes for its third quarter of fiscal 2024, which ended on February 29, 2024. The company anticipates a revenue shortfall and a net loss for the quarter, attributing the downturn to delayed orders for its wafer level burn-in systems, particularly those for electric vehicle semiconductors.
For the third quarter, Aehr expects revenue to be around $7.6 million with a GAAP net loss between $1.5 million and $1.8 million, or $0.05 to $0.06 per diluted share. On a non-GAAP basis, which excludes stock-based compensation, the net loss is projected to be between $0.9 million and $1.2 million, or $0.03 to $0.04 per diluted share. Despite the quarterly setback, bookings reached $24.5 million, and the company reported a backlog of $20 million as of February 29, 2024.
Looking ahead, Aehr has revised its full-year revenue guidance for fiscal 2024, ending May 31, 2024. The company now forecasts total revenue of at least $65 million, with GAAP net income expected to be around $11 million or more, or $0.38 per diluted share. Non-GAAP net income, which again excludes stock-based compensation, is projected to be approximately $14 million or more, or $0.48 per diluted share.
Gayn Erickson, President and CEO of Aehr, pointed to broader industry challenges, including a general softness in semiconductor capital spending and inventory gluts that have led to deferred orders. Erickson also noted specific delays in orders for silicon carbide systems used in electric vehicles. He remains optimistic about the long-term growth opportunities in the semiconductor wafer level test and burn-in market, which spans across various applications including electric vehicles, renewable energy, and data storage.
The company will further discuss the market impact and increase in customer engagements during its earnings call scheduled for April 9, 2024. The full financial results for the third quarter will be released on the same date, and these preliminary figures are subject to completion of standard quarter-end accounting procedures.
This news report is based on a press release statement from Aehr Test Systems.
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