Aehr Test Systems forecasts $60M to $80M in bookings for the second half of fiscal 2026, primarily from AI wafer-level and packaged-part burn-in testing equipment. The company disclosed January 8 that its lead Sonoma production customer provided a large forecast for AI ASIC testing, with shipments expected to begin Q1 FY2027 starting May 30, 2026.
Q2 FY2026 revenue dropped 27% year-over-year to $9.9M from $13.5M. Bookings totaled $6.2M in Q2, down from $11.4M in Q1. However, Sonoma system orders in Q3 to date reached $5.5M, exceeding the entire Q2 total. Effective backlog stands at $18.3M, including $6.5M in orders received during the first six weeks of Q3.
Non-GAAP gross margin compressed to 29.8% from 45.3% a year earlier due to lower WaferPak volumes and unfavorable product mix. Contactor revenue fell to $3.4M, representing 35% of total revenue versus $8.6M and 64% in the prior year period. The company posted a non-GAAP net loss of $1.3M or $0.04 per share, compared to net income of $0.7M or $0.02 per share a year ago.
Aehr raised $10M gross proceeds through its at-the-market equity program by selling 384,000 shares in Q2. Cash position improved to $31M from $24.7M in Q1. The company has $30M remaining under its $40M ATM offering, part of a $100M shelf registration filed in Q2 FY2025.
CEO Gayn Erickson stated production capacity exceeds 20 systems per month for both wafer-level and packaged-part configurations. The company expanded its partnership with ISE Labs and ASE for testing services targeting top-tier semiconductor customers in high-performance computing and AI applications.
Delayed WaferPak shipments totaling approximately $2M for gallium nitride customers shifted from Q2 to Q3 due to high-voltage faults requiring protection circuit redesigns. Multiple orders arrived for new high-power Sonoma configurations capable of testing devices at up to 2,000 watts per device through the company's Silicon Valley test lab.
Aehr projects second-half FY2026 revenue of $25M to $30M with a non-GAAP net loss of $0.09 to $0.05 per share. The company closed its Incal facility May 30, 2025, consolidating operations to Fremont and recognizing a $213,000 restructuring reversal from early lease termination.