AEHR Test Systems FY2026 10-K: Revenue Slides 15% to $50M and Net Loss Widens to $7.1M, but Backlog Surges to $80.6M and Cash Hits $116.5M After $97M ATM Raise
AEHR has more than doubled off its 52-week low of $15.94.
Summary
AEHR Test Systems filed its FY2026 10-K, reporting a 15% revenue decline to $50M and a net loss of $7.1M, but ending the year with a record $80.6M backlog and $116.5M in cash after fully utilizing its $100M ATM program.
Key Events · Earnings and Guidance · AEHR
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FY2026 Revenue Down 15%, Net Loss of $7.1M
Revenue fell to $50.0M from $59.0M, driven by a $19.9M drop in wafer-level contactor sales due to soft EV demand. Net loss was $7.1M vs. a $3.9M loss last year. Gross margin compressed to 35.3% from 40.6% on higher costs and tariffs.
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Record Backlog of $80.6M Signals Demand Rebound
Backlog surged to $80.6M from $15.2M a year ago, driven by record Q4 bookings of $60.7M. This suggests a sharp revenue inflection ahead, particularly in silicon photonics and AI-related test systems.
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$97.4M Raised via ATM, Fully Utilizing $100M Program
The company sold 1.94M shares through its ATM at an average price of ~$50.14, raising $97.4M net. The program is now fully utilized. Cash and equivalents ended the year at $116.5M, up from $26.5M.
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No Going Concern, Clean Audit Opinion
The auditor issued a clean opinion. No material weaknesses in internal controls, no restatements, and no going concern language. Deferred tax assets of $23.8M remain fully realizable per management.
Analysis · AEHR · Industrial Applications And Services
AEHR's annual report reveals a challenging year, with revenue falling 15% to $50 million and a net loss of $7.1 million, driven by softness in EV power semiconductor demand. Yet the company ended the year with a record backlog of $80.6 million—more than five times the prior year—and a fortified balance sheet carrying $116.5 million in cash after raising $97.4 million through its at-the-market program. The ATM was fully utilized, diluting shareholders but providing ample runway. There is no going concern warning, no material weaknesses, and no restatements. The fiscal year-end is changing to June 30, which will shift reporting periods. The stock has rallied sharply from its fiscal-year lows, and the massive backlog suggests a potential revenue inflection, but the recent insider selling pattern and the dilutive ATM raise temper the outlook.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 36.4% of the 1070 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, AEHR was trading at $77.00 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $15.94 to $126.62. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.