Aehr Test(US:AEHR)2026-01-08 22:04Financial Performance - Net revenue for Q2 fiscal 2026 was $9.9 million, down 26.67% from $13.5 million in Q2 fiscal 2025[7] - GAAP net loss for Q2 fiscal 2026 was $(3.2) million, or $(0.11) per diluted share, compared to a loss of $(1.0) million, or $(0.03) per diluted share in Q2 fiscal 2025[7] - Non-GAAP net loss for Q2 fiscal 2026 was $(1.3) million, or $(0.04) per diluted share, compared to non-GAAP net income of $0.7 million, or $0.02 per diluted share in Q2 fiscal 2025[7] - Revenue for the three months ended November 28, 2025, was $9,884,000, a decrease of 9.9% compared to $10,969,000 for the same period in 2024[25] - Gross profit for the three months ended November 28, 2025, was $2,545,000, down 31.5% from $3,719,000 in the prior year[25] - Net loss for the three months ended November 28, 2025, was $3,230,000, compared to a net loss of $2,084,000 for the same period in 2024, representing a 55% increase in losses[25] - Non-GAAP gross profit for the three months ended November 28, 2025, was $2,950,000, compared to $4,115,000 in the same period of 2024, a decline of 28.3%[28] - Non-GAAP income (loss) from operations for the three months ended November 28, 2025, was $(2,724,000), compared to $(1,834,000) in the prior year, indicating a worsening of 48.6%[28] - The company reported a GAAP loss before income tax benefit of $4,444,000 for the three months ended November 28, 2025, compared to a loss of $2,836,000 in the same period of 2024, an increase of 56.9%[28] - Basic net loss per share for the three months ended November 28, 2025, was $(0.11), compared to $(0.07) for the same period in 2024[25] Cash and Assets - Total cash and cash equivalents as of November 28, 2025, were $31.0 million, an increase from $24.7 million at August 29, 2025[7] - Total current assets increased slightly to $88,189,000 from $88,778,000, with cash and cash equivalents rising to $30,835,000 from $24,529,000[32] - Cash, cash equivalents, and restricted cash at the end of the period totaled $30,985,000, up from $35,168,000[34] - Net cash used in operating activities was $1,453,000, an improvement from $3,493,000 in the prior year[34] - Cash flows from financing activities provided $9,619,000, significantly higher than $488,000 in the previous year, driven by stock issuance[34] - The company reported a decrease in accounts payable to $3,548,000 from $6,728,000, indicating improved cash management[32] Expenses and Liabilities - Research and development expenses increased to $2,972,000 for the three months ended November 28, 2025, compared to $2,849,000 in the same period of 2024, reflecting a rise of 4.3%[25] - Total operating expenses for the three months ended November 28, 2025, were $7,193,000, a decrease of 7.6% from $7,785,000 in the same period of 2024[25] - Stock-based compensation expense rose to $3,512,000 from $1,945,000, indicating increased investment in employee incentives[34] - Total liabilities decreased to $17,958,000 from $25,637,000, primarily due to a reduction in current liabilities[32] Business Developments - Bookings for Q2 fiscal 2026 were $6.2 million, with a backlog of $11.8 million as of November 28, 2025[7] - For the second half of fiscal 2026, revenue is expected to be between $25 million and $30 million, with a non-GAAP net loss per diluted share between $(0.09) and $(0.05)[19] - Significant progress was made in wafer-level burn-in (WLBI) and packaged-part burn-in (PPBI) segments, with expectations of bookings between $60 million and $80 million in the second half of fiscal 2026[6] - A strategic partnership with ISE Labs was announced to enhance wafer-level test and burn-in services for high-performance computing and AI applications[10] - The company completed development of a new custom high-power fine-pitch WaferPak for AI processors, currently in testing with a top-tier supplier[9] - The Sonoma ultra-high-power PPBI systems received orders totaling more than $5.5 million during the fiscal third quarter to date, exceeding total orders for the entire second quarter[11]