Aehr Reports Record Revenue for Fiscal 2022 Fourth Quarter and Full Year Driven by Demand for Semiconductor Wafer Test and Burn-in for Electric Vehicles

Management Conference Call and Webcast

Aehr Test Systems will host a conference call and webcast today at 5:00 p.m. Eastern (2:00 p.m. PT) to discuss its fiscal 2022 fourth quarter and full year operating results. To access the live call, dial +1 877-270-2148 (US and Canada) or +1 412-902-6510 (International) and ask to join the Aehr Test Systems earnings call. In addition, a live and archived webcast of the conference call will be available over the Internet at www.aehr.com in the Investor Relations section and may also be accessed by clicking here. A replay of the conference call will also be available via telephone beginning approximately two hours after conclusion of the call and will remain available for one week. To access the call replay, dial +1 877-344-7529 or +1 412-317-0088 (International) and enter replay passcode: 2181375.

About Aehr Test Systems

Headquartered in Fremont, California, Aehr Test Systems is a worldwide provider of test systems for burning-in and testing logic, optical and memory integrated circuits and has installed over 2,500 systems worldwide. Increased quality and reliability needs of the Automotive and Mobility integrated circuit markets are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products in package, wafer level, and singulated die/module level test. Aehr Test has developed and introduced several innovative products, including the ABTSTM and FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX-XP WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The ABTS system is used in production and qualification testing of packaged parts for both lower power and higher power logic devices as well as all common types of memory devices. The FOX-XP and FOX-NP systems are full wafer contact and singulated die/module test and burn-in systems used for burn-in and functional test of complex devices, such as leading-edge silicon carbide-based power semiconductors, memories, digital signal processors, microprocessors, microcontrollers, systems-on-a-chip, and integrated optical devices. The FOX-CP system is a new low-cost single-wafer compact test and reliability verification solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The WaferPak Contactor contains a unique full wafer probe card capable of testing wafers up to 300mm that enables IC manufacturers to perform test and burn-in of full wafers on Aehr Test FOX systems. The DiePak Carrier is a reusable, temporary package that enables IC manufacturers to perform cost-effective final test and burn-in of both bare die and modules. For more information, please visit Aehr Test Systems’ website at www.aehr.com.

Safe Harbor Statement

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," “sees,” or "continue," or the negative of these words or other similar terms or expressions that concern Aehr’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, Aehr’s ability to generate bookings and revenue increases in the future, including the first quarter of fiscal 2023; future requirements and orders of Aehr’s new and existing customers; bookings forecasted for proprietary WaferPakTM and DiePak consumables across multiple market segments; the temporary nature of customer pushouts; shipping timelines for products and follow-on capacity orders; the growth of Aehr’s systems and consumables, including as a percentage of total sales; financial guidance for fiscal 2023, including related to revenue and profitability, and expectations regarding fiscal 2023; Aehr’s ability to expand its number of customers using its FOX-PTM solutions; the ability to secure potential customer engagements; expectations related to long-term demand for Aehr’s productions and the attractiveness of key markets; the belief that Aehr will be stronger after the current worldwide COVID-19 pandemic, including expectations related to greater production, more customers, more applications, and higher value products. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr’s recent 10-K, 10-Q and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

– Financial Tables to Follow –

           
           
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
           
    Three Months Ended Year Ended
  May 31, Feb 28, May 31, May 31,  May 31,
      2022       2022       2021       2022       2021  
                     
Net sales $ 20,289     $ 15,283     $ 7,638     $ 50,829     $ 16,600  
Cost of sales   9,821       8,886       4,104       27,164       10,568  
Gross profit   10,468       6,397       3,534       23,665       6,032  
                     
Operating expenses:                  
  Selling, general and administrative   2,993       2,612       1,904       10,047       6,562  
  Research and development   1,655       1,529       1,029       5,818       3,652  
      Total operating expenses   4,648       4,141       2,933       15,865       10,214  
                     
      Income (loss) from operations   5,820       2,256       601       7,800       (4,182 )
                     
Interest income (expense), net   22       1       (11 )     13       (46 )
Income from forgiveness of PPP loan   -       -       -       1,698       -  
Net gain from dissolution of Aehr Test Systems Japan   -       -       -       -       2,186  
Other (expense) income, net   (38 )     10       (23 )     30       (162 )
                     
       Income (loss) before income tax (expense) benefit     5,804       2,267       567       9,541       (2,204 )
                     
Income tax (expense) benefit   (10 )     (24 )     -       (91 )     177  
                     
       Net income (loss) $ 5,794     $ 2,243     $ 567     $ 9,450     $ (2,027 )
                     
Net income (loss) per share                  
        Basic $ 0.21     $ 0.08     $ 0.02     $ 0.36     $ (0.09 )
        Diluted $ 0.20     $ 0.08     $ 0.02     $ 0.34     $ (0.09 )
                     
Shares used in per share calculations:                  
        Basic   27,003       26,871       23,659       26,014       23,457  
        Diluted   28,568       28,854       23,916       27,774       23,457  
                     
                     



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