Aehr Test(US:AEHR)2025-04-08 21:06Financial Performance - Net revenue for Q3 fiscal 2025 was $18.3 million, a 141% increase from $7.6 million in Q3 fiscal 2024[6] - GAAP net loss was $(0.6) million, or $(0.02) per diluted share, compared to a loss of $(1.5) million, or $(0.05) per diluted share in Q3 fiscal 2024[6] - Non-GAAP net income was $2.0 million, or $0.07 per diluted share, compared to a non-GAAP net loss of $(0.9) million, or $(0.03) per diluted share in Q3 fiscal 2024[6] - Total revenue for the three months ended February 2025 was $18,307,000, a 36.5% increase from $13,453,000 in the same period of 2024[20] - Gross profit for the three months ended February 2025 was $7,183,000, compared to $5,400,000 for the same period in 2024, representing a 33.0% increase[20] - Operating expenses for the three months ended February 2025 totaled $8,302,000, up from $6,913,000 in the same period of 2024, indicating a 20.1% increase[20] - Net loss for the three months ended February 2025 was $643,000, an improvement from a net loss of $1,028,000 in the same period of 2024[20] - Non-GAAP net income for the three months ended February 2025 was $1,981,000, compared to $691,000 in the same period of 2024[21] - The diluted net income (loss) per share for the three months ended February 2025 was $(0.02), compared to $(0.03) for the same period in 2024[21] Revenue Sources and Market Opportunities - The company has diversified its revenue sources, with SiC wafer level burn-in (WLBI) accounting for less than 40% of business, down from over 90% in fiscal 2024[7] - The SiC market remains a significant opportunity, with recovery in utilization rates and customer forecasts, driven by electric vehicles and adjacent sectors[10] - Aehr is strategically expanding into high-growth sectors, including AI processors, GaN power semiconductors, and flash memory, to drive revenue growth[13] Technological Advancements - The new high-power FOX-XP WLBI system can test up to nine 300mm AI processor wafers simultaneously, marking a significant technological advancement[8] - Aehr has expanded into production PPBI for AI processors and has shipped multiple Sonoma production burn-in systems to a leading hyperscaler[9] Guidance and Future Outlook - The company is temporarily withdrawing its fiscal 2025 guidance due to ongoing tariff uncertainty, but remains optimistic about future growth[12] Expenses and Investments - Research and development expenses for the three months ended February 2025 were $3,140,000, an increase from $2,276,000 in the same period of 2024, reflecting a 37.9% rise[20] - Total cost of revenue for the three months ended February 2025 was $11,124,000, up from $8,053,000 in the same period of 2024, marking a 38.5% increase[20] - The company incurred stock-based compensation expenses of $218,000 for the three months ended February 2025, compared to $69,000 in the same period of 2024[21] - Stock-based compensation expense increased to $3,741,000 from $1,744,000, indicating a rise of approximately 114.3%[26] - The company invested $11,075,000 in business acquisitions during the nine months ended February 28, 2025[26] Balance Sheet and Cash Flow - Total assets increased to $145,607,000 as of February 28, 2025, up from $127,912,000 on May 31, 2024, representing a growth of approximately 13.8%[25] - Cash and cash equivalents decreased to $29,411,000 from $49,159,000, reflecting a decline of approximately 40.3%[25] - Total current liabilities rose to $16,064,000, an increase of 52.9% from $10,508,000 in the previous period[25] - Shareholders' equity increased to $124,210,000 from $111,593,000, marking an increase of approximately 11.3%[25] - Cash flows from operating activities resulted in a net outflow of $5,098,000 for the nine months ended February 28, 2025, compared to a net inflow of $532,000 in the prior year[26] Inventory and Receivables - Inventories increased to $42,329,000 from $37,470,000, reflecting a growth of approximately 12.4%[25] - The company reported a decrease in accounts receivable to $11,991,000 from $9,796,000, an increase of approximately 22.3%[25]