Aehr Test(AEHR) - 2025 Q2 - Quarterly Report

Revenue Performance - Revenue decreased to $26.6 million for the six months ended November 29, 2024 from$42.1 million for the six months ended November 30, 2023, driven by a decline in power semiconductor demand for electric vehicles[110] - Asia revenue decreased by 48% to $9.83 million for the three months ended November 29, 2024 compared to$18.92 million for the same period in 2023[111] - United States revenue increased by 412% to $3.46 million for the three months ended November 29, 2024 compared to$0.68 million for the same period in 2023, driven by contributions from Incal customers[111] - Asia region net revenues for Q3 2024 were $9.825 million, a 48.1$18.922 million in Q3 2023[76] - United States net revenues for Q3 2024 were $3.462 million, a 412.1$676 thousand in Q3 2023[76] - Europe net revenues for Q3 2024 were $166 thousand, a 90.9$1.833 million in Q3 2023[76] - Systems product category net revenues for Q3 2024 were $3.410 million, a 68.1$10.685 million in Q3 2023[76] - Contactors product category net revenues for Q3 2024 were $8.575 million, a 6.3$9.152 million in Q3 2023[76] - Services net revenues for Q3 2024 were $1.468 million, a 7.9$1.594 million in Q3 2023[76] - Total net revenues for Q3 2024 were $13.453 million, a 37.2$21.431 million in Q3 2023[76] - Asia region net revenues for H1 2024 were $22.403 million, a 41.3$38.153 million in H1 2023[76] - United States net revenues for H1 2024 were $3.984 million, a 172.0$1.465 million in H1 2023[76] - Europe net revenues for H1 2024 were $185 thousand, a 92.4$2.437 million in H1 2023[76] Gross Profit and Margin - Gross profit decreased by 51% to $5.4 million for the three months ended November 29, 2024 compared to$10.96 million for the same period in 2023[112] - Gross margin decreased to 40.1% for the three months ended November 29, 2024 from 51.1% for the same period in 2023[112] Cash and Investments - Cash, cash equivalents, and restricted cash decreased to $35.2 million as of November 29, 2024 from$50.7 million as of November 30, 2023[121] - Net cash used in investing activities increased by $28.7 million for the six months ended November 29, 2024 compared to the same period in 2023, primarily due to the$10.6 million acquisition of Incal[125] Tax and Financial Impact - The company recognized an income tax benefit due to quarter-to-date and year-to-date losses in the U.S. for the three and six months ended November 29, 2024[120] Geopolitical Risks - Geopolitical tensions between the United States and China could create barriers to selling products and services in China, potentially impacting the company's growth prospects and financial condition[133] Systems Revenue - The company's systems revenue decreased by $15.3 million for the six months ended November 29, 2024 compared to the same period in 2023, partially offset by a$5.0 million increase in package parts burn-in systems revenue from the Incal acquisition[110]