Aehr Test Systems (AEHR) Q3 2026 Financial Results Summary

On April 7, 2026, Aehr Test Systems (NASDAQ: AEHR) released its financial results for the third quarter of fiscal 2026, ended February 27, 2026.

Financial Performance Highlights

• Net Revenue:
  • $10.3 million for Q3 2026, a decrease of 43.8% compared to $18.3 million in Q3 2025.
• Net Loss:
  • GAAP net loss of $(3.2) million, or $(0.10) per diluted share, compared to a loss of $(0.6) million, or $(0.02) per diluted share in Q3 2025.
  • Non-GAAP net loss was $(1.5) million, or $(0.05) per diluted share, compared to non-GAAP net income of $2.0 million, or $0.07 per diluted share in Q3 2025.
• Bookings:
  • Quarterly bookings were $37.2 million, representing a book-to-bill ratio exceeding 3.5x.
• Backlog:
  • Total backlog as of February 27, 2026, stood at $38.7 million.
  • Effective backlog, including recent bookings, increased to $50.9 million.
• Total Cash:
  • Total cash, cash equivalents, and restricted cash reached $37.1 million, rising from $31.0 million as of November 28, 2025.

Detailed Financial Results for the First Nine Months of Fiscal 2026

• Net Revenue:
  • $31.2 million, down 30.5% from $44.9 million for the same period in fiscal 2025.
• Net Loss:
  • GAAP net loss of $(8.5) million, or $(0.28) per diluted share, versus a loss of $(1.0) million, or $(0.03) per diluted share in the first nine months of fiscal 2025.
  • Non-GAAP net loss was $(2.6) million, or $(0.09) per diluted share, compared to a non-GAAP net income of $4.8 million, or $0.16 per diluted share the previous year.
• Cash Utilization:
  • The cash used in operating activities was $5.1 million in the first nine months of fiscal 2026.

Additional Highlights

There were significant orders leading to the prospects of robust near-term production requirements, especially from a major hyperscale customer. Aehr expects bookings to be on the high end of the previously stated $60 million to $80 million range for the second half of fiscal 2026, which aligns with the company's forecast for revenue of $45 million to $50 million for the full year.

Dividends and Share Repurchase

The report did not mention any quarterly dividend declaration. There was a share repurchase for tax withholdings related to the vesting of restricted stock units amounting to $1.27 million.

Conclusion

Aehr Test Systems continues to navigate a challenging market with significant fluctuations in revenue and net loss metrics. However, the underlying demand for its test and burn-in solutions appears robust, given the considerable increase in bookings and a solid backlog, indicating future growth potential as the company positions itself to capitalize on market opportunities in AI and data center applications. The results reflect intensive efforts to maintain operational efficiency while expanding production capabilities to meet anticipated customer demand.

Note: The amounts in the following tables are in thousands.

Three Months Ended	February 27, 2026	November 28, 2025	February 28, 2025	Nine Months Ended	February 27, 2026	February 28, 2025
Revenue	10,313	9,884	18,307	31,166	44,879
Cost of revenue	6,945	7,339	11,124	21,534	25,218
Gross profit	3,368	2,545	7,183	9,632	19,661
Operating expenses:
Research and development	3,167	2,972	3,140	8,988	7,777
Selling, general and administrative	4,430	4,434	5,162	13,581	14,357
Restructuring charges	-	(213)	-	6	-
Total operating expenses	7,597	7,193	8,302	22,575	22,134
Loss from operations	(4,229)	(4,648)	(1,119)	(12,943)	(2,473)
Interest income, net	240	194	270	613	1,179
Other income (expense), net	(12)	10	(25)	1,049	(11)
Loss before income tax benefit	(4,001)	(4,444)	(874)	(11,281)	(1,305)
Income tax benefit	(798)	(1,214)	(231)	(2,764)	(294)
Net loss	(3,203)	(3,230)	(643)	(8,517)	(1,011)
Net loss per share:
Basic	(0.10)	(0.11)	(0.02)	(0.28)	(0.03)
Diluted	(0.10)	(0.11)	(0.02)	(0.28)	(0.03)
Shares used in per share calculations:
Basic	30,695	30,177	29,733	30,265	29,500
Diluted	30,695	30,177	29,733	30,265	29,500

ASSETS	February 27, 2026	May 30, 2025
Current assets:
Cash and cash equivalents	36,911	24,529
Accounts receivable	11,808	14,191
Inventories	41,162	41,997
Prepaid expenses and other current assets	6,019	8,061
Total current assets	95,900	88,778
Property and equipment, net	9,277	8,969
Goodwill	10,719	10,719
Intangible assets, net	9,847	10,781
Deferred tax assets, net	21,883	19,114
Operating lease right-of-use assets, net	9,089	9,601
Other non-current assets	331	546
Total assets	157,046	148,508
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	2,103	6,728
Accrued expenses and other current liabilities	4,176	6,020
Operating lease liabilities, short-term	606	909
Deferred revenue, short-term	1,857	1,981
Total current liabilities	8,742