Company: AEHR
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001654954-25-000285
Chunk: 34

Company: AEHR TEST SYSTEMS
Filing Date: 2025-01-13
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 and other income, net $268  $641  (58%)  $923  $1,216  (24%) 

Interest and other income, net, primarily consists of interest income and foreign currency transaction exchange gains and losses. Interest and other income, net, decreased for the three and six months ended November 29, 2024, compared to the same periods in the prior year, primarily driven by lower interest income earned due to lower average cash balances and lower yields from our investments in money market funds.

Income tax expense (benefit)

  Three Months Ended     Six Months Ended       November 29,   November 30,   Percent November 29,   November 30,   Percent (Dollars in thousands) 2024  2023  Change 2024  2023  Change Income tax expense (benefit) $(217) $20  N.M. $(63) $36  (275%)

N.M. – not meaningful

For the three and six months ended November 29, 2024, the Company recognized an income tax benefit due to quarter-to-date and year-to-date losses in the U.S. For the three and six months ended November 30, 2023, income tax expense was primarily related to foreign operations as the Company maintained a full valuation allowance on all the U.S. net deferred tax assets through the first six months of fiscal 2024.

Liquidity and Capital Resources

Cash, cash equivalents, and restricted cash were $35.2 million as of November 29, 2024, compared to $50.7 million as of November 30, 2023. We believe that our existing cash resources and anticipated funds from operations will satisfy our cash requirements to fund our operating activities, capital expenditures and other obligations for the next twelve months.

  Six Months Ended       November 29,   November 30,    (In thousands) 2024  2023  Change Operating activities $(3,493) $3,356  $(6,849)Investing activities  (11,133)  17,560   (28,693)Financing activities  488   (440)  928 Effect of exchange rate changes on cash, cash equivalents and restricted cash  (3)  (16