# EDGAR Filing Document

**Accession Number:** 0001040470
**File Stem:** 0001654954-26-000197
**Filing Date:** 2026-1
**Character Count:** 36052
**Document Hash:** 580f955b4e8e59f248f58238b6466a28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-26-000197.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001654954-26-000197

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260108

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AEHR TEST SYSTEMS
- **CENTRAL INDEX KEY:** 0001040470
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 942424084
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22893
- **FILM NUMBER:** 26520515

**BUSINESS ADDRESS:**
- **STREET 1:** 400 KATO TERRACE
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94539
- **BUSINESS PHONE:** 5106239400

**MAIL ADDRESS:**
- **STREET 1:** 400 KATO TERRACE
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94539

?xml version='1.0' encoding='ASCII'? aehr_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported)

**<u>January 8, 2026</u>**

---

| |
|:---|
| **AEHR TEST SYSTEMS** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **California** | **000-22893** | **94-2424084** |
| (State or other jurisdiction<br>of incorporation) | (Commission <br>File Number) | (IRS Employer<br>Identification No.) |
| **400 KATO TERRACE**<br>**<u>FREMONT, CA 94539</u>** | **400 KATO TERRACE**<br>**<u>FREMONT, CA 94539</u>** | **400 KATO TERRACE**<br>**<u>FREMONT, CA 94539</u>** |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |
| **<u>510-623-9400</u>** | **<u>510-623-9400</u>** | **<u>510-623-9400</u>** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
|  **<u>N/A</u>** |  **<u>N/A</u>** |  **<u>N/A</u>** |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | AEHR | The NASDAQ Capital Market |

---

**Item 2.02. Results of Operations and Financial Condition.**

On January 8, 2026, Aehr Test Systems, a California corporation (the "Company"), issued a press release announcing the Company's financial results for its second quarter ended November 28, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in this Item 2.02 and Exhibit 99.1 are furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Item 2.02 and Exhibit 99.1 shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description** |
| [99.1](aehr_ex991.htm) | [Press Release dated January 8, 2026, announcing the Company's fiscal 2026 second quarter financial results and reinstatement of fiscal 2026 guidance](aehr_ex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

2<br>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** |
| Date: January 8, 2026 | By: | /s/ Chris P. Siu |
|  |  | Chris P. Siu |
|  |  | Executive Vice President of Finance and |
|  |  | Chief Financial Officer |

---

3<br>

## Exhibit 99.1

**EXHIBIT 99.1**

![](aehr_ex991img6.jpg)

**Contacts:**

---

| | |
|:---|:---|
| **Aehr Test Systems** <br> Chris Siu <br> Chief Financial Officer <br> csiu@aehr.com | **PondelWilkinson, Inc.**<br> Todd Kehrli or Jim Byers<br> Investor Contact<br> tkehrli@pondel.com<br> jbyers@pondel.com |

---

**Aehr Test Systems Reports Fiscal 2026 Second Quarter Financial Results** 

**and Reinstates Guidance Driven by Improved Visibility for AI Processor and Data Center Semiconductor Test and Burn-In Systems**

**Fremont, CA (January 8, 2026)** – Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and burn-in solutions, today announced financial results for its second quarter of fiscal 2026 ended November 28, 2025.

**Fiscal Second Quarter Financial Results:**

· Net revenue was $9.9 million, compared to $13.5 million in the second quarter of fiscal 2025.

· GAAP net loss was $(3.2) million, or $(0.11) per diluted share, compared to GAAP net loss of $(1.0) million, or $(0.03) per diluted share, in the second quarter of fiscal 2025.

· Non-GAAP net loss, which excludes stock-based compensation, acquisition-related adjustments and restructuring charges, was $(1.3) million, or $(0.04) per diluted share, compared to non-GAAP net income of $0.7 million, or $0.02 per diluted share, in the second quarter of fiscal 2025.

· Bookings were $6.2 million for the quarter.

· Backlog as of November 28, 2025 was $11.8 million. Effective backlog, including bookings since November 28, 2025, is $18.3 million.

· Total cash, cash equivalents and restricted cash as of November 28, 2025 was $31.0 million, compared to $24.7 million at August 29, 2025.

**Fiscal First Six Months Financial Results:**

· Net revenue was $20.9 million, compared to $26.6 million in the first six months of fiscal 2025.

· GAAP net loss was $(5.3) million, or $(0.18) per diluted share, compared to GAAP net loss of $(0.4) million, or $(0.01) per diluted share, in the first six months of fiscal 2025.

· Non-GAAP net loss was $(1.0) million, or $(0.04) per diluted share, which excludes stock-based compensation, acquisition-related adjustments and restructuring charges, compared to non-GAAP net income of $2.8 million, or $0.10 per diluted share, in the first six months of fiscal 2025.

· Cash used in operating activities was $1.5 million for the first six months of fiscal 2026.

An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr's non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.

*Aehr Test Systems Reports Second Quarter Fiscal 2026 Financial Results*

*January 8, 2026*

*Page 2 of 8*

**Gayn Erickson, President and CEO of Aehr Test Systems, commented:**

"While second quarter revenue was softer than anticipated, we made significant progress in both wafer-level burn-in (WLBI) and packaged-part burn-in (PPBI) segments and are very excited about our prospects moving forward. Based on customer forecasts recently provided to Aehr, we believe our bookings in the second half of this fiscal year will be between $60 million and $80 million, which would set the stage for a very strong fiscal 2027 that begins on May 30, 2026.

"During the quarter, we expanded engagements and completed production installations for WLBI across multiple end markets. Our lead WLBI customer for artificial intelligence (AI) processors, which is developing its next-generation device, has requested additional capacity this fiscal year and plans to add systems and transition to our fully integrated automatic WaferPak<sup>TM</sup> aligner for its 300mm wafers. We expect this customer to continue scaling and are excited to support its growth.

"We also completed development of an initial new custom high-power fine-pitch WaferPak for AI processors, which is currently in testing as part of our benchmark evaluation program with a top-tier AI processor supplier. This program is designed to validate our FOX-XP<sup>TM</sup> production systems for WLBI and functional test of their high-performance, high-power AI processors. We expect to complete data collection this quarter and are confident in our ability to support its devices. In addition, two other AI companies have requested benchmark evaluations for wafer-level testing of their processors as an alternative to system-level or PPBI test. These benchmarks typically take approximately six months, and we expect to make meaningful progress beginning this quarter.

"During the quarter, we announced a strategic partnership with ISE Labs to deliver advanced wafer-level test and burn-in services for next-generation high-performance computing (HPC) and AI applications. This partnership brings breakthrough capabilities to the market while accelerating time to market and improving performance for our customers.

"We are seeing continued momentum in packaged-part qualification and production burn-in for AI processors, driving growth in our new Sonoma™ ultra-high-power PPBI systems and consumables. As we announced today in a separate press release, during our fiscal third quarter to date we have received orders from multiple customers totaling more than $5.5 million for our Sonoma ultra-high-power PPBI systems, including initial orders from a premier global Silicon Valley lab for our newly introduced next-generation fully automated Sonoma platform. These orders already exceed total Sonoma orders for the entire second quarter, highlighting the accelerating demand we are seeing for our package-level burn-in of high-powered AI and compute devices.

"This quarter, we also secured key new device wins on the Sonoma platform for high-temperature operating life (HTOL) qualification. These wins are expected to drive additional capacity at test houses, with at least one customer planning to transition to production later this calendar year, generating significant system demand. Our lead PPBI production customer for AI processors continues to ramp and is forecasting substantial growth in 2026 and beyond. Although we have not yet received the purchase order, we have received a substantial forecast from this customer for AI ASIC production capacity, with requested shipments beginning in the first quarter of our fiscal 2027, which we expect to contribute to very strong bookings in fiscal 2026 and generate significant revenue growth in fiscal 2027.

"Beyond AI processors, we recently completed our WLBI benchmark with a global leader in flash memory, demonstrating that our FOX-XP platform can serve as a competitive, cost-effective alternative to traditional packaged-part test and burn-in methods for semiconductor memory devices. The customer has taken the wafers back for further processing to confirm correlation with their existing process. We have also proposed a solution to support testing of an emerging memory technology, High Bandwidth Flash (HBF), which we believe represents a new industry standard, with additional updates to come.

*Aehr Test Systems Reports Second Quarter Fiscal 2026 Financial Results*

*January 8, 2026*

*Page 3 of 8*

"In silicon photonics, our lead customer has now firmed up its production ramp, with production beginning early in our next fiscal year. We believe this is tied to recently announced products from major AI processor suppliers and could drive orders in calendar 2026 for delivery in late 2026 to early 2027. We have also finalized a forecast with another large customer for silicon photonics devices initially targeted at data center applications, with a roadmap extending to optical I/O. Silicon photonics for data centers, optical I/O and chip-to-chip communication appears to be emerging as a significant driver of demand for our WLBI systems and WaferPaks.

"As stated last quarter, the rapid advancement of generative AI and the accelerating electrification of transportation and global infrastructure represent two of the most significant macro trends impacting the semiconductor industry today. These transformative forces are driving enormous growth in semiconductor demand while fundamentally increasing the performance, reliability, safety, and security requirements of the devices used across computing and data infrastructure, telecommunications networks, hard disk drive and solid-state storage solutions, electric vehicles, charging systems, and renewable energy generation.

"As these applications operate at ever-higher power levels and in increasingly mission-critical environments, the need for comprehensive test and burn-in has become more essential than ever. Semiconductor manufacturers are turning to advanced wafer-level and package-level burn-in systems to screen for early life failures, validate long-term reliability, and ensure consistent performance under extreme electrical and thermal stress. This growing emphasis on reliability testing reflects a fundamental shift in the industry - from simply achieving functionality to guaranteeing dependable operation throughout a product's lifetime, a requirement that continues to expand alongside the scale and complexity of next-generation semiconductor devices.

"This year, we are making significant progress expanding into additional key markets for our semiconductor test and burn-in solutions, including AI processors, gallium nitride power semiconductors, data storage devices, silicon photonics integrated circuits, and flash memory. This diversification of our markets and customers is significant, given our revenue concentration in silicon carbide for electric vehicles the last two years. This progress on key initiatives expands our total addressable market, diversifies our customer base, and provides us with new products, capabilities, and capacity, all aimed at driving revenue growth and increasing profitability.

"The progress we made this quarter with a significant number of customer engagements and production installations provides improved visibility into future demand. As a result, we are reinstating guidance for the second half of fiscal 2026."

**Financial Guidance:**

For the second half of fiscal year 2026 that began November 29, 2025 and ends May 29, 2026, Aehr expects revenue between $25 million and $30 million and non-GAAP net loss per diluted share between $(0.09) and $(0.05).

**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 2026 second quarter operating results. To access the live call, dial +1 888-506-0062 (US and Canada) or +1 973-528-0011 (International) and give the participant passcode 182595. 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 phone replay of the call will be available approximately two hours following the end of the live call and will remain available for one week. To access the call replay, dial +1 877-481-4010 (US and Canada) or +1 919-882-2331 (International) and enter replay passcode 53319.

*Aehr Test Systems Reports Second Quarter Fiscal 2026 Financial Results*

*January 8, 2026*

*Page 4 of 8*

**About Aehr Test Systems**

Headquartered in Fremont, California, Aehr Test Systems is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and packaged part form, and has installed thousands of systems worldwide. Increasing quality, reliability, safety, and security needs of semiconductors used across multiple applications, including electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, advanced artificial intelligence (AI) processors, data and telecommunications infrastructure, and solid-state memory and storage, are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr's products and solutions. Aehr has developed and introduced several innovative products including the FOX-P<sup>TM</sup> families of test and burn-in systems and FOX WaferPak<sup>TM</sup> Aligner, FOX WaferPak Contactor, FOX DiePak<sup>®</sup> Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full-wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full-wafer contactor capable of testing wafers up to 300mm that enables IC manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Acquired through its acquisition of Incal Technology, Inc., Aehr's new line of high-power packaged part reliability/burn-in test solutions for AI semiconductor manufacturers, including its ultra-high-power Sonoma family of test solutions for AI accelerators, GPUs, and high-performance computing (HPC) processors, position Aehr within the rapidly growing AI market as a turnkey provider of reliability and testing that span from engineering to high volume production. 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," 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, future bookings, benchmark evaluations and product development from Aehr's new and existing customers; future applications and orders for the AI processors, test solutions for AI semiconductor manufacturers and the Sonoma system; revenue and revenue growth forecasted; financial performance and bookings forecasted; financial guidance for the second half of fiscal 2026 and the full fiscal year 2027; expectations regarding current and future partnerships; expectations regarding industry demand and emerging technologies as a whole and smaller segments within it; and the ability for Aehr to successfully enter new markets. 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 Form 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 Reports Second Quarter Fiscal 2026 Financial Results*

*January 8, 2026*

*Page 5 of 8*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** |
| **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **November 28,** | **August 29,** | **November 29,** | **November 28,** | **November 29,** |
| **(In thousands, except per share data)** | **2025** | **2025** | **2024** | **2025** | **2024** |
| Revenue | $9884 | $10969 | $13453 | $20853 | $26572 |
| Cost of revenue | 7339 | 7250 | 8053 | 14589 | 14094 |
| Gross profit | 2545 | 3719 | 5400 | 6264 | 12478 |
| Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Research and development | 2972 | 2849 | 2276 | 5821 | 4637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 4434 | 4717 | 4637 | 9151 | 9195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring charges | (213) | 219 | - | 6 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 7193 | 7785 | 6913 | 14978 | 13832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from operations | (4648) | (4066) | (1513) | (8714) | (1354) |
| Interest income, net | 194 | 179 | 228 | 373 | 909 |
| Other income, net | 10 | 1051 | 40 | 1061 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss before income tax benefit | (4444) | (2836) | (1245) | (7280) | (431) |
| Income tax benefit | (1214) | (752) | (217) | (1966) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(3230) | $(2084) | $(1028) | $(5314) | $(368) |
| Net income (loss) per share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | $(0.11) | $(0.07) | $(0.03) | $(0.18) | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(0.11) | $(0.07) | $(0.03) | $(0.18) | $(0.01) |
| Shares used in per share calculations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | 30177 | 29923 | 29659 | 30050 | 29383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | 30177 | 29923 | 29659 | 30050 | 29383 |

---

*Aehr Test Systems Reports Second Quarter Fiscal 2026 Financial Results*

*January 8, 2026*

*Page 6 of 8*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** |
| **RECONCILIATION OF GAAP TO NON-GAAP RESULTS** | **RECONCILIATION OF GAAP TO NON-GAAP RESULTS** | **RECONCILIATION OF GAAP TO NON-GAAP RESULTS** | **RECONCILIATION OF GAAP TO NON-GAAP RESULTS** | **RECONCILIATION OF GAAP TO NON-GAAP RESULTS** | **RECONCILIATION OF GAAP TO NON-GAAP RESULTS** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **November 28,** | **August 29,** | **November 29,** | **November 28,** | **November 29,** |
| **(In thousands, except per share data)** | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of GAAP to non-GAAP gross profit** |  |  |  |  |  |
| GAAP gross profit | $2545 | $3719 | $5400 | $6264 | $12478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | 215 | 159 | 69 | 374 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | 190 | 237 | 629 | 427 | 629 |
| Non-GAAP gross profit | $2950 | $4115 | $6098 | $7065 | $13269 |
| **Reconciliation of GAAP to non-GAAP operating expenses** |  |  |  |  |  |
| GAAP operating expenses | $7193 | $7785 | $6913 | $14978 | $13832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | (1626) | (1512) | (1006) | (3138) | (1783) |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | (106) | (105) | 5 | (211) | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | 213 | (219) |  | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | - | - | (20) | - | (497) |
| Non-GAAP operating expenses | $5674 | $5949 | $5892 | $11623 | $11411 |
| **Reconciliation of GAAP to non-GAAP income (loss) from operations** |  |  |  |  |  |
| GAAP loss from operations | $(4648) | $(4066) | $(1513) | $(8714) | $(1354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Special items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | 1841 | 1671 | 1075 | 3512 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | 296 | 342 | 624 | 638 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | (213) | 219 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | - | - | 20 | - | 497 |
| Non-GAAP income (loss) from operations | $(2724) | $(1834) | $206 | $(4558) | $1858 |
| **Reconciliation of GAAP to non-GAAP income (loss) before income tax benefit** |  |  |  |  |  |
| GAAP loss before income tax benefit | $(4444) | $(2836) | $(1245) | $(7280) | $(431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Special items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | 1841 | 1671 | 1075 | 3512 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | 312 | 365 | 624 | 677 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | (213) | 219 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | - | - | 20 | - | 497 |
| Non-GAAP income (loss) before income tax benefit | $(2504) | $(581) | $474 | $(3085) | $2781 |
| **Reconciliation of GAAP to non-GAAP net income (loss)** |  |  |  |  |  |
| GAAP net loss | $(3230) | $(2084) | $(1028) | $(5314) | $(368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Special items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | 1841 | 1671 | 1075 | 3512 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | 312 | 365 | 624 | 677 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | (213) | 219 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | - | - | 20 | - | 497 |
| Non-GAAP net income (loss) | $(1290) | $171 | $691 | $(1119) | $2844 |
| **Reconciliation of GAAP to non-GAAP income (loss) per diluted share**  |  |  |  |  |  |
| GAAP loss per diluted share | $(0.11) | $(0.07) | $(0.03) | $(0.18) | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Special items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | $0.06 | $0.06 | $0.03 | $0.12 | $0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | $0.01 | $0.01 | $0.02 | $0.02 | $0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | $(0.01) | $0.01 | $- | $0.00 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | $- | $- | $0.00 | $- | $0.02 |
| Non-GAAP income (loss) per diluted share \* | $(0.04) | $0.01 | $0.02 | $(0.04) | $0.10 |

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a) Represents compensation expense for equity awards granted to employees and directors.

b) Represents amortization of acquired intangible assets and accretion expense of escrow payable.

c) Represents a net credit to restructuring charges, primarily related to a lease early termination, along with employee termination benefits from a separate restructuring initiative.

d) Represents acquisition activity costs.

\* Per share amounts may not sum due to rounding to the nearest cent per diluted share

Non-GAAP measures should not be considered a replacement for GAAP results. The non-GAAP measures indicated above are financial measures the Company uses to evaluate the underlying results and operating performance of the business. The limitation of these measures are that they exclude items that impact the Company's current period GAAP measures. This limitation is best addressed by using these measures in combination with the most directly comparable GAAP financial measures. 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.

*Aehr Test Systems Reports Second Quarter Fiscal 2026 Financial Results*

*January 8, 2026*

*Page 7 of 8*

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| | | |
|:---|:---|:---|
| **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **November 28,** | **May 30,** |
| **(In thousands, except par value)** | **2025** | **2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $30835 | $24529 |
| Accounts receivable | 10282 | 14191 |
| Inventories | 42723 | 41997 |
| Prepaid expenses and other current assets | 4349 | 8061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 88189 | 88778 |
| Property and equipment, net | 8987 | 8969 |
| Goodwill | 10719 | 10719 |
| Intangible assets, net | 10143 | 10781 |
| Deferred tax assets, net | 21076 | 19114 |
| Operating lease right-of-use assets, net | 9272 | 9601 |
| Other non-current assets | 348 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $148734 | $148508 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $3548 | $6728 |
| Accrued expenses and other current liabilities | 3729 | 6020 |
| Operating lease liabilities, short-term | 585 | 909 |
| Deferred revenue, short-term | 443 | 1981 |
| Total current liabilities | 8305 | 15638 |
| Operating lease liabilities, long-term | 9578 | 9921 |
| Deferred revenue, long-term | 35 | 36 |
| Other long-term liabilities | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 17958 | 25637 |
| Shareholders' equity: |  |  |
| Preferred stock, $0.01 par value: Authorized: 10,000 shares; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued and outstanding: none |  |  |
| Common stock, $0.01 par value: Authorized: 75,000 shares; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued and outstanding: 30,624 shares and 29,877 shares at November 28, 2025 and May 30, 2025, respectively | 306 | 299 |
| Additional paid-in capital | 158954 | 145758 |
| Accumulated other comprehensive loss | (110) | (126) |
| Accumulated deficit | (28374) | (23060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 130776 | 122871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $148734 | $148508 |

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*Aehr Test Systems Reports Second Quarter Fiscal 2026 Financial Results*

*January 8, 2026*

*Page 8 of 8*

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| | | |
|:---|:---|:---|
| **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** | **AEHR TEST SYSTEMS** |
| **CONDENSED CONSOLIDATED SATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED SATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED SATEMENTS OF CASH FLOWS** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Six Months Ended**  | **Six Months Ended**  |
|  | **November 28,** | **November 29,** |
| **(In thousands)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(5314) | $(368) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | 3512 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1433 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (1962) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of operating lease right-of-use assets | 360 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 3891 | 3718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories | (654) | (3638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 2108 | (2940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (2114) | (1880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | (483) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | (1539) | (1209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (697) | (478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable | 6 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | (1453) | (3493) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | (1858) | (518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for business acquisition, net of cash and cash equivalents acquired | (1801) | (10615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | (3659) | (11133) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of common stock from public offering, net of issuance costs | 9371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of common stock under employee plans | 1067 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased for tax withholdings on vesting of restricted stock units | (819) | (343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | 9619 | 488 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in cash, cash equivalents and restricted cash** | 4505 | (14141) |
| **Cash, cash equivalents and restricted cash, beginning of period<sup>(1)</sup>** | 26480 | 49309 |
| **Cash, cash equivalents and restricted cash, end of period <sup>(1)</sup>** | $30985 | $35168 |
| (1) Includes restricted cash within prepaid expenses and other current assets and other non-current assets. |  |  |

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