Aehr Test Systems (NASDAQ:AEHR) fell hard Friday, despite Aehr Test Systems reporting an earnings and revenue beat for its first quarter. The company also reaffirmed its guidance for the fiscal year.
Net revenue was $20.6 million, up 93% from $10.7 million in the first quarter of fiscal 2023. GAAP net income was $4.7 million, or $0.16 per diluted share, up from GAAP net income of $589,000, or $0.02 per diluted share, in the first quarter of fiscal 2023.
Bookings were $18.4 million for the quarter. Backlog as of August 31, 2023 was $22.3 million. Effective backlog, which includes all orders received since the end of the first quarter, is $24.0 million.
Cash provided by operations was $3.9 million. Total cash, cash equivalents, and short-term investments as of August 31, 2023 were $51.0 million, up from $47.9 million at May 31, 2023.
Said CEO Gayn Erickson, “We finished the first quarter with solid revenue and non-GAAP net income, the strongest first quarter in our history, which has historically been our seasonally softest quarter. We are off to a very good start to our fiscal year and are reaffirming our expectation to grow fiscal full year revenue by at least 50% and profit by over 90% year over year.
“During the quarter we had record shipments of our FOX™ WaferPak full wafer Contactors in both revenue and units and are very pleased with the continued stream of new designs we are seeing.”
AEHR shares dropped $7.20, or 16.4%, to $36.94.
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