# EDGAR Filing Document

**Accession Number:** 0001040470
**File Stem:** 0001654954-25-011494
**Filing Date:** 2025-10
**Character Count:** 35146
**Document Hash:** 6d3d33f672dc0aec7a74c36f362fac9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-011494.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001654954-25-011494

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251006

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**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:** 251377232

**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)

**October 6, 2025**

---

| |
|:---|
| **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**

<u>**FREMONT, CA 94539**</u>

(Address of principal executive offices, including zip code)

<u>**510-623-9400**</u>

(Registrant's telephone number, including area code)

 **<u>N/A</u>**

(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 October 6, 2025, Aehr Test Systems, a California corporation (the "Company"), issued a press release announcing the Company's financial results for its first quarter ended August 29, 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 of Aehr Test Systems dated October 6, 2025 entitled "Aehr Test Systems Reports Fiscal 2026 First Quarter Financial Results"](aehr_ex991.htm) |
| 104  | Cover Page Interactive Data File (embedded within the Inline XBRL document)  |

---

**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: October 6, 2025 | By: | /s/ Chris P. Siu |
|  |  | Chris P. Siu |
|  |  | Executive Vice President of Finance and |
|  |  | Chief Financial Officer |

---

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## Exhibit 99.1

**EXHIBIT 99.1**

![](aehr_ex991img1.jpg)

**Contacts:**

---

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

---

**Aehr Test Systems Reports Fiscal 2026 First Quarter Financial Results;**

**Strong AI and Data Center-Related Semiconductor Test and Burn-in Activity Underscores Multi-Year Market Opportunity**

**Fremont, CA (October 6, 2025)** – Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and burn-in equipment, today announced financial results for its first quarter of fiscal 2026 ended August 29, 2025.

**Fiscal First Quarter Financial Results:**

· Net revenue was $11.0 million, compared to $13.1 million in the first quarter of fiscal 2025.

· GAAP net loss was $(2.1) million, or $(0.07) per diluted share, compared to GAAP net income of $0.7 million, or $0.02 per diluted share, in the first quarter of fiscal 2025.

· Non-GAAP net income, which excludes stock-based compensation, acquisition-related adjustments and restructuring charges, was $0.2 million, or $0.01 per diluted share, compared to non-GAAP net income of $2.2 million, or $0.07 per diluted share, in the first quarter of fiscal 2025.

· Bookings were $11.4 million for the quarter.

· Backlog as of August 29, 2025 was $15.5 million. Effective backlog, including bookings since August 29, 2025, is $17.5 million.

· Total cash, cash equivalents and restricted cash as of August 29, 2025 was $24.7 million, compared to $26.5 million at May 30, 2025.

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.

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

"We are pleased with the start to this fiscal year, with revenues across several market segments and momentum in sales and customer engagements in both wafer level and packaged part test and burn-in of artificial intelligence (AI) processors. While we had not provided guidance for the quarter, we did finish ahead of the street consensus estimates for both revenue and our bottom line.

"Momentum in packaged part qualification and production burn-in for AI processors continued to drive growth in our new Sonoma ultra-high-power packaged part burn-in systems and consumables. During the quarter, our lead production customer, a world-leading hyperscaler, placed multiple follow-on volume production orders for Sonoma systems and requested shorter lead times to support higher-than-expected volumes as they ramp up development of their own advanced AI processors. This customer has already outlined plans to expand capacity for this device and introduce new AI processors over the coming year to be tested and burned in on our Sonoma platform at one of the world's leading test houses. We are also collaborating with them on future generations of processors to ensure we can meet their long-term production needs for both package and even wafer level burn-in.

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

*October 6, 2025*

*Page 2 of 8*

"Since the acquisition of Incal Technology last year, Aehr has introduced several enhancements to the Sonoma system to address both qualification and production test and burn-in requirements across a broad range of AI processor suppliers, test labs, and Outsourced Assembly and Test Houses (OSATs). Key upgrades include expanding power-per-device to 2000W, increased parallelism, and full automation with an integrated package device handler. Over just the last quarter, including an open house held recently at our headquarters in Fremont, California, we have had 10 companies visit Aehr to review our Sonoma system and its new enhancements, including a fully automated device handler that we have installed at our Fremont facility. Customer feedback on these enhancements and the device handler has been very positive, and we anticipate these new features to drive new applications and orders this fiscal year. Our acquisition of Incal Technology has provided us with intimate visibility into the long-term needs of a large number of leading AI processor companies.

"This past year, we delivered the world's first production wafer level burn-in (WLBI) systems for AI processors. Importantly, these systems are installed at one of the premier global OSATs, creating a highly visible showcase to other potential AI customers and strengthening our position in the market. We expect follow-on orders from this cutting-edge AI customer as volumes increase, and other AI processor suppliers have already approached us about the feasibility of WLBI for their devices.

"We are also developing a strategic partnership with this world's leading OSAT to provide advanced wafer level test and burn-in solutions for high-performance computing (HPC) and AI processors. This joint solution, already in operation at their facility, marks a significant milestone for the industry. By combining Aehr's technological leadership with this OSAT's global reach we can showcase our unique capabilities to the world. This model offers a complete turnkey solution from design to high-volume production, and several customers have already visited Aehr to see these systems in action.

"Additionally, we launched a benchmark evaluation program with a top tier AI processor supplier to validate our FOX-XP<sup>TM</sup> production systems for WLBI and functional test of their high-performance, high-power AI processors. This paid evaluation, which includes a custom high-power WaferPak<sup>TM</sup> and development of a production WLBI test program, is a significant step toward adoption of WLBI as an alternative to later-stage burn-in and into future generations of their products.

"Beyond AI processors, we are seeing signs of increasing demand across the other segments we serve, including silicon photonics, hard disk drives, gallium nitride, and silicon carbide. For silicon photonics, we upgraded another one of our major silicon photonics customer's FOX-XPs to the new higher-power configuration this quarter, doubling their device test parallelism with up to 3.5kW power per wafer in a nine-wafer configuration. This latest system shipment includes our fully integrated and automated WaferPak Aligner configured for single touchdown test and burn in of all devices on their 300mm wafers. We expect additional orders and shipments this fiscal year to meet their production capacity needs for wafer level test and burn-in of their optical I/O silicon photonics integrated circuits. In hard disk drives, AI-driven applications are generating unprecedented amounts of data, creating new demand for our WLBI systems, with our lead production customer that is one of the world's top storage suppliers already planning additional purchases. Gallium nitride devices are increasingly being used for data center power efficiency, automotive systems, and electrical infrastructure, with multiple new engagements underway. Moreover, although silicon carbide growth is expected to be weighted toward the second half of the year, we continue to see opportunities for upgrades, WaferPaks, and capacity expansion as that market rebounds.

"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.

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

*October 6, 2025*

*Page 3 of 8*

"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.

"We are excited about the year ahead and believe nearly all our served markets will see order growth in the fiscal year, with silicon carbide growth expected to strengthen further into fiscal 2027. Although we remain cautious due to ongoing tariff-related uncertainty and are not yet reinstating formal guidance, we are confident in the broad-based growth opportunities ahead across AI and our other markets."

**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 first 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 304180. 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 52949.

**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 <u>www.aehr.com</u>.

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

*October 6, 2025*

*Page 4 of 8*

**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 requirements and orders of Aehr's new and existing customers; future applications and orders for the AI processors, test solutions for AI semiconductor manufacturers and the Sonoma system; bookings and revenue forecasted for proprietary WaferPak<sup>TM</sup> and DiePak consumables, as well as the ability to generate bookings and revenue from application of Aehr's solutions in emerging markets; Aehr's ability to receive orders and generate revenue in the future, as well as Aehr's beliefs regarding the factors impacting the foregoing; expectations related to long-term demand for Aehr's products; expectations regarding current and future partnerships; expectations regarding industry demand as a whole and smaller segments within it; the attractiveness of key markets 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 First Quarter Fiscal 2026 Financial Results*

*October 6, 2025*

*Page 5 of 8*

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **August 29,** | **May 30,** | **August 30,** |
| **(In thousands, except per share data)** | **2025** | **2025** | **2024** |
| Revenue | $10969 | $14089 | $13119 |
| Cost of revenue | 7250 | 9817 | 6041 |
| Gross profit | 3719 | 4272 | 7078 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 2849 | 2686 | 2361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 4717 | 3926 | 4558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | 219 | 864 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 7785 | 7476 | 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | (4066) | (3204) | 159 |
| Interest income, net | 179 | 222 | 681 |
| Other income (expense), net | 1051 | (4) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income tax expense (benefit) | (2836) | (2986) | 814 |
| Income tax expense (benefit) | (752) | (87) | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(2084) | $(2899) | $660 |
| Net income (loss) per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.07) | $(0.10) | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.07) | $(0.10) | $0.02 |
| Shares used in per share calculations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 29923 | 29823 | 29107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 29923 | 29823 | 29632 |

---

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

*October 6, 2025*

*Page 6 of 8*

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **August 29,** | **May 30,** | **August 30,** |
| **(In thousands, except per share data)** | **2025** | **2025** | **2024** |
| **Reconciliation of GAAP to non-GAAP gross profit** |  |  |  |
| GAAP gross profit | $3719 | $4272 | $7078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | 159 | 357 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | 237 | 260 | - |
| Non-GAAP gross profit | $4115 | $4889 | $7171 |
| **Reconciliation of GAAP to non-GAAP operating expenses** |  |  |  |
| GAAP operating expenses | $7785 | $7476 | $6919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | (1512) | (1064) | (777) |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | (105) | (106) | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | (219) | (864) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | - | - | (477) |
| Non-GAAP operating expenses | $5949 | $5442 | $5519 |
| **Reconciliation of GAAP to non-GAAP income (loss) from operations** |  |  |  |
| GAAP income (loss) from operations | $(4066) | $(3204) | $159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | 1671 | 1421 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | 342 | 366 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | 219 | 864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | - | - | 477 |
| Non-GAAP income (loss) from operations | $(1834) | $(553) | $1652 |
| **Reconciliation of GAAP to non-GAAP income (loss) before income tax benefit** |  |  |  |
| GAAP income (loss) before income tax benefit | $(2836) | $(2986) | $814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | 1671 | 1421 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | 365 | 389 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | 219 | 864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | - | - | 477 |
| Non-GAAP income (loss) before income tax benefit | $(581) | $(312) | $2307 |
| **Reconciliation of GAAP to non-GAAP net income (loss)** |  |  |  |
| GAAP net income (loss) | $(2084) | $(2899) | $660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | 1671 | 1421 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | 365 | 389 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | 219 | 864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | - | - | 477 |
| Non-GAAP net income (loss) | $171 | $(225) | $2153 |
| **Reconciliation of GAAP to non-GAAP income (loss) per diluted share** |  |  |  |
| GAAP net income (loss) per diluted share | $(0.07) | $(0.10) | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;a) Stock-based compensation expense | $0.06 | 0.05 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;b) Acquisition-related adjustments | $0.01 | 0.01 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;c) Restructuring charges | $0.01 | 0.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;d) Acquisition-related costs | $- | - | 0.02 |
| Non-GAAP net income (loss) per diluted share | $0.01 | $(0.01) | $0.07 |

---

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 employee termination benefits, impairment of long-lived assets that will no longer be used in operations, including right-of-use assets and facility-related property, contract termination costs and facility exit-related costs.

d) Represents acquisition activity costs.

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.

&nbsp;&nbsp;&nbsp;&nbsp;<br>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 First Quarter Fiscal 2026 Financial Results*

*October 6, 2025*

*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)** |
|  | **August 29,** | **May 30,** |
| **(In thousands, except par value)** | **2025** | **2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $22708 | $24529 |
| Accounts receivable | 13055 | 14191 |
| Inventories | 41842 | 41997 |
| Prepaid expenses and other current assets | 6447 | 8061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 84052 | 88778 |
| Property and equipment, net | 9001 | 8969 |
| Goodwill | 10719 | 10719 |
| Intangible assets, net | 10439 | 10781 |
| Deferred tax assets, net | 19875 | 19114 |
| Operating lease right-of-use assets, net | 9422 | 9601 |
| Other non-current assets | 584 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $144092 | $148508 |
| **LIABILITIES AND SHAREHOLDERS EQUITY** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $3380 | $6728 |
| Accrued expenses and other current liabilities | 6509 | 6020 |
| Operating lease liabilities, short-term | 905 | 909 |
| Deferred revenue, short-term | 1119 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 11913 | 15638 |
| Operating lease liabilities, long-term | 9710 | 9921 |
| Deferred revenue, long-term | 35 | 36 |
| Other long-term liabilities | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 21698 | 25637 |
| Shareholders equity: |  |  |
| Preferred stock, $0.01 par value: Authorized: 10,000 shares; Issued and outstanding: none |  |  |
| Common stock, $0.01 par value: Authorized: 75,000 shares; Issued and outstanding: 29,973 shares and 29,877 shares at August 29, 2025 and May 30, 2025, respectively | 300 | 299 |
| Additional paid-in capital | 147333 | 145758 |
| Accumulated other comprehensive loss | (95) | (126) |
| Accumulated deficit | (25144) | (23060) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 122394 | 122871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders equity | $144092 | $148508 |

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

*October 6, 2025*

*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)** |
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **August 29,** | **August 30,** |
| **(In thousands)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $(2084) | $660 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1671 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 743 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (761) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 179 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 1140 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 218 | (2880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1576 | (719) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2401) | (628) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 505 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (863) | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (215) | (205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 10 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | (282) | 2380 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (1391) | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for business acquisition, net of cash and cash equivalents acquired | - | (10615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | (1391) | (10812) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock under employee plans | 170 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased for tax withholdings on vesting of restricted stock units | (328) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | (158) | (106) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in cash, cash equivalents and restricted cash** | (1822) | (8529) |
| **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>** | $24658 | $40780 |

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(1) Includes restricted cash within prepaid expenses and other current assets.