Aehr Test Systems announced financial results for its first quarter of fiscal 2027, which ended September 25, 2026. The company reported record quarterly revenue of $33.0 million, a significant increase from $11.0 million in the same period of the prior fiscal year and up 75% sequentially.
For the quarter, the company reported GAAP gross margin of 47.5% and non-GAAP gross margin of 48.5%. GAAP net income was $7.2 million, or $0.21 per diluted share, compared to a net loss of $(2.1) million, or $(0.07) per diluted share, in the prior year. Non-GAAP net income was $9.4 million, or $0.28 per diluted share, representing a sequential increase of approximately 163%.
Bookings for the quarter totaled $46.7 million, resulting in a book-to-bill ratio of approximately 1.4. The company reported a backlog of $100.9 million as of September 25, 2026, with an effective backlog of $109.3 million as of November 1, 2026. Cash, cash equivalents, and restricted cash totaled $105.1 million as of September 25, 2026.
Management raised its fiscal 2027 revenue outlook to $150 million, up from the previous guidance range of $130 million to $150 million. The company expects non-GAAP net income to be at least 20% of revenue for the fiscal year ending June 25, 2027. This updated outlook represents 200% growth over fiscal 2026 revenue.
The company cited strong demand for its FOX wafer-level burn-in solutions and its Sonoma high-power package-level burn-in solutions as key drivers of the results. Management noted that bookings exceeded revenue by over 40% and highlighted progress with a major supplier of AI accelerators and CPUs that is installing a FOX-XP WLBI test cell in Taiwan.
