Aehr Reports Record Revenue and Profit for Fiscal 2023 and Guides for Over 50% Increase in Revenue for Fiscal 2024 on Strength from Semiconductor Wafer Level Test and Burn-in Demand


AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
           
  Three Months Ended Year Ended
  May 31, Feb 28, May 31, May 31, May 31,
   2023   2023   2022   2023   2022 
           
           
GAAP net income $6,111  $4,132  $5,794  $14,557  $9,450 
Stock-based compensation expense  654    592       737       2,749       2,923  
Gain from forgiveness of PPP loan     -       -       -       -       (1,698 )
Non-GAAP net income   $ 6,765     $ 4,724     $ 6,531     $ 17,306     $ 10,675  
                     
GAAP earnings per diluted share   $ 0.21     $ 0.14     $ 0.20     $ 0.50     $ 0.34  
Non-GAAP earnings per diluted share   $ 0.23     $ 0.16     $ 0.23     $ 0.59     $ 0.38  
Shares used in GAAP diluted shares calculation     29,572       29,373       28,568       29,215       27,774  
Shares used in non-GAAP diluted shares calculation     29,572       29,373       28,568       29,215       27,774  
   
                     
Non-GAAP net income is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net income is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The limitation of this measure is that it excludes items that impact the Company's current period net income. This limitation is best addressed by using this measure in combination with net income (the most directly comparable GAAP financial measure). These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies.

We believe these measures enhance investors’ ability to review the company’s business from the same perspective as the Company’s management and facilitate comparisons of this period’s results with prior periods.

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