Aehr Test Systems (NASDAQ: AEHR) has reported its fiscal first quarter financial results for 2025, showing a decline in net revenue compared to the same period in 2024. The net revenue for the first quarter of fiscal 2025 was $13.1 million, down from $20.6 million in the first quarter of fiscal 2024.
The GAAP net income for the first quarter of fiscal 2025 was $0.7 million, or $0.02 per diluted share, compared to GAAP net income of $4.7 million, or $0.16 per diluted share, in the first quarter of fiscal 2024. Meanwhile, non-GAAP net income, which excludes the impact of stock-based compensation, acquisition-related costs, and amortization of intangible assets, was $2.2 million, or $0.07 per diluted share, compared to non-GAAP net income of $5.2 million, or $0.18 per diluted share, in the first quarter of fiscal 2024.
Bookings for the quarter were $16.8 million, and the backlog as of August 30, 2024, stood at $16.6 million. Total cash, cash equivalents, and restricted cash as of August 30, 2024, were $40.8 million, reflecting a decrease from $49.3 million at the end of the previous quarter.
The company also highlighted a stabilization and positive discussions within the silicon carbide power semiconductor market, with expectations of capacity expansion needs in calendar 2025. Aehr Test Systems expressed optimism about its silicon carbide business and the momentum it expects to gain over the next few quarters.
Furthermore, the company reported strong demand for its FOX WaferPak™ full wafer contactors for silicon carbide, driven by a record number of new device designs. It also mentioned making progress on engagements with new silicon carbide device and module suppliers, as well as negotiations with its first gallium nitride (GaN) semiconductor customer for volume production wafer level test and burn-in of their devices.
Aehr Test Systems reaffirmed its financial guidance for fiscal 2025, reiterating its previously provided guidance for total revenue of at least $70 million and net profit before taxes of at least 10% of revenue.
In addition, the company announced the completion of its acquisition of Incal Technology, Inc., expressing excitement about bringing the combined strengths of both companies to market. It reported that customer feedback to this acquisition has been overwhelmingly positive, with several meetings indicating increased forecasts for engineering qualification as well as for volume production.
Aehr Test Systems will host a conference call and webcast to discuss its first quarter fiscal 2025 operating results. The company's products include innovative solutions for testing, burning-in, and stabilizing semiconductor devices, with a focus on addressing the increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications.
As the company moves forward, it remains optimistic about the year ahead and is reaffirming its financial guidance for revenue growth and profitability for the year. The market has reacted to these announcements by moving the company's shares 20.1% to a price of $15.99. For more information, read the company's full 8-K submission here.
