On October 5, 2023, Aehr Test Systems (AEHR, Financial), a global supplier of semiconductor test and production burn-in equipment, announced its financial results for the first quarter of fiscal 2024, which ended on August 31, 2023. The company reported a strong start to the fiscal year, with record revenue and solid non-GAAP net income marking the strongest first quarter in its history.
Financial Highlights
Aehr Test Systems (AEHR, Financial) reported net revenue of $20.6 million for Q1 2024, a significant increase of 93% from $10.7 million in Q1 2023. GAAP net income was $4.7 million, or $0.16 per diluted share, up from $589,000, or $0.02 per diluted share, in the same period last year. Non-GAAP net income, which excludes the impact of stock-based compensation, was $5.2 million, or $0.18 per diluted share, compared to $1.3 million, or $0.05 per diluted share, in Q1 2023.
Company Commentary
Gayn Erickson, President and CEO of Aehr Test Systems, commented on the company's performance, stating:
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."
Future Outlook
For the fiscal year ending May 31, 2024, Aehr Test Systems (AEHR, Financial) is reiterating its previously provided guidance for total revenue to be at least $100 million, representing growth of over 50% year over year, and GAAP net income of at least $28 million, representing earnings growth of greater than 90% year over year.
Conclusion
The strong financial results and positive outlook for Aehr Test Systems (AEHR, Financial) reflect the company's continued growth and solid performance. The company's commitment to innovation and expanding its market opportunities, as well as its strong financial position, make it a compelling consideration for value investors.
