Fiscal Second Quarter Financial Results:
- Net sales were
$9.6 million , up 471% from$1.7 million in the second quarter of fiscal 2021. - GAAP net income was
$717,000 , or$0.03 per diluted share, compared to a GAAP net loss of$2.0 million , or$0.08 per diluted share, in the second quarter of fiscal 2021. - Non-GAAP net income was
$1.4 million , or$0.05 per diluted share, which excludes the impact of stock-based compensation, compared to a non-GAAP net loss of$1.7 million , or$0.07 per diluted share, in the second quarter of fiscal 2021. - Bookings were
$29.1 million for the quarter endedNovember 30, 2021 , the Company’s quarterly highest bookings on record, compared to$1.6 million in the second quarter of fiscal 2021. - Backlog as of
November 30, 2021 was$36.1 million , the Company’s highest backlog on record.
Fiscal First Six Months Financial Results:
- Net sales were
$15.3 million , up 313% from$3.7 million in the first six months of fiscal 2021. - GAAP net income was
$1.4 million , or$0.05 per diluted share, which includes the impact of forgiveness of$1.7 million in loans from the Paycheck Protection Program (“PPP”) received in fiscal 2020. This compares to a GAAP net loss of$1.9 million , or$0.08 per diluted share, in the first six months of fiscal 2021, which includes the impact of stock-based compensation and a non-cash net gain of$2.2 million and tax benefit of$215,000 related to the closure of Aehr’sJapan subsidiary during the first quarter of fiscal 2021. - Non-GAAP net income was
$1.0 million , or$0.04 per diluted share, which excludes the impact of stock-based compensation and forgiveness of the PPP loan. This compares to a non-GAAP net loss of$3.7 million , or$0.16 per diluted share, in the first six months of fiscal 2021, which excludes the impact of stock-based compensation and the net gain related to the closure of Aehr’sJapan subsidiary during the first quarter of fiscal 2021.
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.
“We finished the second quarter with record bookings for a single quarter of
“We continue to see very strong interest and demand for wafer level test and burn-in of silicon carbide devices, particularly for use directly in, and in support of, the electric vehicle market. We are ramping our FOX™ multi-wafer test and burn-in systems and full wafer WaferPak™ capacity to meet this upcoming silicon carbide market opportunity, which we believe will grow significantly over the next decade or more. We are only at the very beginning of this ramp as electric vehicles accounted for a very small percentage share of the overall market last year and are expected to be over 30% of total vehicles sold by 2030.
“During the quarter we received a
“In addition to a very strong backlog and forecast from our lead silicon carbide customer, we are currently engaged in discussions and/or evaluations with several other silicon carbide suppliers regarding their wafer level test and burn-in needs. This includes at least one large silicon carbide supplier that has moved to on-wafer evaluation and benchmarking of Aehr’s FOX-XP multi-wafer system for testing and burning in their silicon carbide wafers. We believe we will add several new silicon carbide customers that will ramp into production by next fiscal year on our solutions.
“Another positive is that we continue to see signs of strengthening in the silicon photonics test and burn-in market as our
“During the last few months, we received orders from a current silicon photonics customer for six additional FOX-NP™ systems to support the characterization and product qualification of new types of photonics-based devices. This customer is expected to purchase new sets of WaferPaks to be used with these systems. As the applications and market for silicon photonics-based devices continue to grow, we expect this customer to continue to increase their capacity in the future.
“Several other customers addressing the silicon photonics market have also forecast additional
“We remain very focused on serving the very large market opportunities we see ahead, which include the significant opportunity for test and burn-in of silicon carbide devices for electric vehicles and electrification infrastructure, silicon photonics devices for data center and 5G infrastructure, and 2D/3D sensors for mobile and wearable devices. With our record bookings and the strength of our semiconductor test and burn-in solutions, we are confident in our ability to deliver significant revenue growth and are reiterating our guidance for revenue for the year.”
Fiscal 2022 Financial Guidance:
For the fiscal year ending
Management Conference Call and Webcast
About
Headquartered in
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," “sees,” 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, Aehr’s ability to generate bookings and revenue increases in the future, including the first quarter of fiscal 2022; future requirements and orders of Aehr’s new and existing customers; bookings forecasted for proprietary WaferPak™ and DiePak consumables across multiple market segments; the temporary nature of customer pushouts; shipping timelines for products and follow-on capacity orders; the growth of Aehr’s systems and consumables, including as a percentage of total sales; financial guidance for fiscal 2022, including related to revenue and profitability, and expectations regarding fiscal 2022; Aehr’s ability to expand its number of customers using its FOX-P™ solutions; the ability to secure potential customer engagements; expectations related to long-term demand for Aehr’s productions and the attractiveness of key markets; the belief that Aehr will be stronger after the current worldwide COVID-19 pandemic, including expectations related to greater production, more customers, more applications, and higher value products. 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 10-K, 10-Q and other reports filed from time to time with the
- Financial Tables to Follow –
AEHR TEST SYSTEMS AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Net sales | $ | 9,611 | $ | 5,646 | $ | 1,683 | $ | 15,257 | $ | 3,695 | ||||||||||
Cost of sales | 5,092 | 3,365 | 1,306 | 8,457 | 3,091 | |||||||||||||||
Gross profit | 4,519 | 2,281 | 377 | 6,800 | 604 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | 2,489 | 1,953 | 1,501 | 4,442 | 3,015 | |||||||||||||||
Research and development | 1,313 | 1,321 | 820 | 2,634 | 1,720 | |||||||||||||||
Total operating expenses | 3,802 | 3,274 | 2,321 | 7,076 | 4,735 | |||||||||||||||
Income (loss) from operations | 717 | (993 | ) | (1,944 | ) | (276 | ) | (4,131 | ) | |||||||||||
Interest expense, net | (1 | ) | (9 | ) | (12 | ) | (10 | ) | (25 | ) | ||||||||||
Income from forgiveness of PPP loan | - | 1,698 | - | 1,698 | - | |||||||||||||||
Net gain from dissolution of Aehr Test Systems Japan | - | - | - | - | 2,186 | |||||||||||||||
Other income (expense), net | 35 | 23 | (6 | ) | 58 | (100 | ) | |||||||||||||
Income (loss) before income tax (expense) benefit | 751 | 719 | (1,962 | ) | 1,470 | (2,070 | ) | |||||||||||||
Income tax (expense) benefit | (34 | ) | (23 | ) | (4 | ) | (57 | ) | 211 | |||||||||||
Net income (loss) | $ | 717 | $ | 696 | $ | (1,966 | ) | $ | 1,413 | $ | (1,859 | ) | ||||||||
Net income (loss) per share | ||||||||||||||||||||
Basic | $ | 0.03 | $ | 0.03 | $ | (0.08 | ) | $ | 0.06 | $ | (0.08 | ) | ||||||||
Diluted | $ | 0.03 | $ | 0.03 | $ | (0.08 | ) | $ | 0.05 | $ | (0.08 | ) | ||||||||
Shares used in per share calculations: | ||||||||||||||||||||
Basic | 26,205 | 23,999 | 23,396 | 25,102 | 23,322 | |||||||||||||||
Diluted | 28,342 | 25,356 | 23,396 | 26,849 | 23,322 | |||||||||||||||
AEHR TEST SYSTEMS AND SUBSIDIARIES | |||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Results | |||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||
GAAP net income (loss) | $ | 717 | $ | 696 | $ | (1,966 | ) | $ | 1,413 | $ | (1,859 | ) | |||||||||
Stock-based compensation expense | 718 | 588 | 257 | 1,306 | 527 | ||||||||||||||||
Income from forgiveness of PPP loan | - | (1,698 | ) | - | (1,698 | ) | - | ||||||||||||||
Income from disolution of Aehr Test Systesm Japan | - | - | - | - | (2,401 | ) | |||||||||||||||
Non-GAAP net income (loss) | $ | 1,435 | $ | (414 | ) | $ | (1,709 | ) | $ | 1,021 | $ | (3,733 | ) | ||||||||
GAAP net income (loss) per diluted share | $ | 0.03 | $ | 0.03 | $ | (0.08 | ) | $ | 0.05 | $ | (0.08 | ) | |||||||||
Non-GAAP net income (loss) per diluted share | $ | 0.05 | $ | (0.02 | ) | $ | (0.07 | ) | $ | 0.04 | $ | (0.16 | ) | ||||||||
Shares used in GAAP diluted shares calculation | 28,342 | 25,356 | 23,396 | 26,849 | 23,322 | ||||||||||||||||
Shares used in non-GAAP diluted shares calculation | 28,342 | 23,999 | 23,396 | 26,849 | 23,322 | ||||||||||||||||
Non-GAAP net income (loss) is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net income (loss) is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The limitation of this measure is that it excludes items that impact the Company's current period net income. This limitation is best addressed by using this measure in combination with net income (loss) (the most directly comparable GAAP financial measure). 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 AND SUBSIDIARIES | ||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
(unaudited) | ||||||||||||||
2021 | 2021 | 2021 | ||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 35,031 | $ | 6,530 | $ | 4,582 | ||||||||
Accounts receivable, net | 7,391 | 4,264 | 5,202 | |||||||||||
Inventories | 13,033 | 10,146 | 8,849 | |||||||||||
Prepaid expenses and other | 622 | 759 | 551 | |||||||||||
Total current assets | 56,077 | 21,699 | 19,184 | |||||||||||
Property and equipment, net | 661 | 676 | 677 | |||||||||||
Operating lease right-of-use assets | 1,265 | 1,437 | 1,606 | |||||||||||
Other assets | 182 | 189 | 198 | |||||||||||
Total assets | $ | 58,185 | $ | 24,001 | $ | 21,665 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 3,386 | $ | 2,753 | $ | 2,893 | ||||||||
Accrued expenses | 2,254 | 1,978 | 2,163 | |||||||||||
Operating lease liabilities, short-term | 763 | 750 | 737 | |||||||||||
Customer deposits and deferred revenue, short-term | 10,142 | 3,279 | 189 | |||||||||||
Line of credit | - | - | 1,400 | |||||||||||
Current portion of long-term debt | - | - | 1,679 | |||||||||||
Total current liabilities | 16,545 | 8,760 | 9,061 | |||||||||||
Operating lease liabilities, long-term | 616 | 813 | 1,007 | |||||||||||
Long-term debt, net of current portion | - | - | - | |||||||||||
Deferred revenue, long-term | 116 | 150 | 99 | |||||||||||
Other liabilities | 46 | 46 | 49 | |||||||||||
Total liabilities | 17,323 | 9,769 | 10,216 | |||||||||||
Total shareholders' equity | 40,862 | 14,232 | 11,449 | |||||||||||
Total liabilities and shareholders' equity | $ | 58,185 | $ | 24,001 | $ | 21,665 | ||||||||
Contacts: | |
MKR Investor Relations Inc. | |
Ken Spink | |
Chief Financial Officer | Analyst/Investor Contact |
(510) 623-9400 x309 | (323) 468-2300 |
aehr@mkr-group.com |
![](https://ml.globenewswire.com/media/ODQwMGZkMDAtZDc4MC00MWQyLWIyZDctYTdiMDFmNTBmYTBlLTEwMzIzOTI=/tiny/Aehr-Test-Systems.png)
2022 GlobeNewswire, Inc., source