Aehr Test Systems designs, engineers, and manufactures advanced testing and burn-in equipment for semiconductor devices, serving a global customer base with innovative, platform-based modular systems.

# Summary of Aehr Test Systems

## Company Overview
- **Founded:** Incorporated in California on May 25, 1977.
- **Headquarters:** Fremont, California.
- **Business Focus:** Designs, engineers, and manufactures advanced test and burn-in equipment for the semiconductor industry.
- **Main Products:**
  - **Full wafer contact test systems:** FOX-XP, FOX-NP, FOX-CP
  - **Burn-in systems for packaged parts:** Sonoma series (ultra-high-power), Tahoe series (medium-power), Echo series (low-power/high parallelism)
  - **Test fixtures and accessories:** WaferPak contactors, DiePak carriers, WaferPak aligners, DiePak loaders.
- **Technology:** Platform-based configure-to-order systems with modular high-quality components for testing wafers, singulated dies, modules, and packaged circuits.

## Industry and Applications
- Increased demand driven by **decabonization, AI, digitalization**
- Key markets:
  - **AI processors:** Testing and burn-in for large language modules, inference, chip reliability.
  - **Power Semiconductors:** Silicon Carbide (SiC) and Gallium Nitride (GaN) used in electric vehicles and renewable energy.
  - **Silicon Photonics:** Data centers, 5G infrastructure, optical communication.
  - **Memory and Storage:** NAND Flash, DRAM for industrial, enterprise, and consumer applications.
  - **Sensors:** 2D/3D sensors for consumer electronics, automotive, and advanced sensing applications.
  - **Automotive Semiconductors:** Sensing and safety systems like ADAS, LIDAR, RADAR, autonomous vehicle components.

## Customers
- Mainly serves **semiconductor manufacturers, contract assemblers, electronics manufacturers, burn-in/test service companies**.
- **Top Customers:** 5 largest customers accounted for approximately **77%** of revenue in FY 2025.
  - **Fiscal 2025:** Two customers made up **39% and 15%** of total revenue.
  - **Fiscal 2024:** Two customers made up **67% and 17%**.
  - **Fiscal 2023:** Two customers made up **79% and 10%**.
- **Number of Customers:** As of July 15, 2025, there were **131 shareholders of record**; a larger number beneficially hold shares.

## Employees
- **Total Employees (as of May 30, 2025):** **136** full-time employees.
  - R&D: 38
  - Manufacturing: 50
  - Sales, Marketing, Support: 33
  - Administration, Finance, IT: 15
- **Global Footprint:** U.S., Germany, Taiwan, Philippines, and distributors in China and South Korea.
- **Employee retention:** Over 54% have been with the company for **5 or more years**.

## Financial Highlights (FY 2025)
- **Revenue:** **$58.97 million** (down from $66.22 million in FY 2024)
- **Gross Profit:** **$23.93 million** (gross margin of 40.6%)
- **Net Income (loss):** **($3.91 million)** (loss compared to profit in prior year)
- **Research & Development Expenses:** **$10.46 million**
- **Selling, General & Administrative:** **$18.28 million**
- **Restructuring Charges:** **$864,000**
- **Total Assets:** **$148.51 million**
- **Shareholders’ Equity:** **$122.87 million**
- **Cash & Equivalents:** **$24.53 million**
- **Major customers:** 5 largest accounted for 77% of FY 2025 revenue.

## Recent Strategic and Product Developments
- Introduced and developed innovative products like the FOX-P system family, FOX WaferPak Contactor, and FOX DiePak Carrier.
- Acquired **Incal Technology, Inc.** in July 2024, expanding into packaged part burn-in solutions, with products addressing ultra-high-power, medium-power, and high-parallelism testing.
- Products address critical applications including AI chips, electric vehicle power electronics, silicon photonics, and advanced sensors.

This summary reflects specific operational, financial, and product details as provided by the company’s filings.

Aehr Test Systems, Inc. is a leading provider of advanced test solutions for semiconductor devices, specializing in wafer level, die, and packaged part testing.

# Company Overview: Aehr Test Systems, Inc.

## Business Summary
Aehr Test Systems, Inc. ("Aehr Test") is a leading provider of test solutions for semiconductor devices. Established in 1977 and headquartered in Fremont, California, Aehr Test specializes in testing, burning-in, and stabilizing semiconductor devices across various forms, including wafer level, singulated die, and packaged parts. The company has installed thousands of systems globally, catering to mission-critical applications such as electric vehicles, renewable energy (solar and wind), computing, telecommunications, and solid-state memory storage. 

### Products and Technologies
Aehr Test has developed several innovative product families, including:
- **FOX-PTM Systems**: Advanced test and burn-in systems.
- **FOX WaferPak™**: Aligners and contactors for full wafer testing.
- **FOX DiePak®**: Carriers for singulated die and modules.
- **FOX-XP and FOX-NP**: Systems for full wafer testing and singulated die/module testing.

#### Testing Process
Aehr Test's solutions perform critical steps in semiconductor manufacturing:
1. **Wafer Probe Testing**: Initial tests to identify defects before cutting wafers into individual dice.
2. **Burn-In Testing**: Stress testing devices at elevated temperatures and voltages to screen for early failures.
3. **Final Testing**: Automatic tests post burn-in to ensure product reliability and performance.

## Market Focus
Aehr Test's products serve varied markets, prominently featuring:
- **Power Semiconductors (Silicon Carbide and Gallium Nitride)**: Critical for electric vehicles.
- **Silicon Photonics**: Integrating high-speed communications into data centers and telecommunications.
- **Data Storage and Memory**: Including NAND Flash and potential DRAM applications.
- **Artificial Intelligence**: Focusing on AI processor testing.
- **Mobile Sensors**: Supports 2D and 3D sensor development.

### Financials
- **Total Revenue for FY 2024**: $66.2 million (with $64.6 million from full wafer contact products).
- **Total Revenue for FY 2023**: $64.9 million.
- **Net Revenue for FY 2022**: $50.8 million.
- **Research and Development Expenses**: $8.7 million (FY 2024), up from $5.8 million (FY 2022).

### Customer Base
- The company has a concentrated customer base, with five largest customers accounting for approximately:
  - **93% of Net Revenues in FY 2024**
  - **97% in FY 2023**
  - **98% in FY 2022**
- The largest customers consist of major semiconductor manufacturers and contract test/assembly companies.

### Employee Count
- **Total Employees (as of May 31, 2024)**: 115 regular full-time employees.
  - **Research and Development**: 28 employees.
  - **Manufacturing**: 39 employees.
  - **Marketing, Sales, and Customer Support**: 33 employees.
  - **General Administration, Finance, IT**: 15 employees.

## Conclusion
Aehr Test Systems is positioned as an essential technology partner in the semiconductor industry with a strong focus on quality, reliability, and innovative testing solutions. The company's strategic emphasis on developing comprehensive testing and burn-in products aims to address the growing demand for semiconductor integrity across critical applications.

AEHR TEST SYSTEMS

10-K / July 28, 2025

10-K / July 30, 2024

10-K / July 28, 2025

Summary of Aehr Test Systems

Company Overview

Industry and Applications

Customers

Employees

Financial Highlights (FY 2025)

Recent Strategic and Product Developments