Eric Bleeker
Tue, August 11, 2026 astatine 11:32 AM CDT 4 min read
Quick Read
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AEHR surged 426% twelvemonth to day aft guiding fiscal 2027 gross to a scope of $130 cardinal to $150 million, implying up to 200% year-over-year growth.
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Record Q4 bookings of $60.7 cardinal pushed backlog to $100.6 million, already covering 77% of minimum fiscal 2027 gross guidance.
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With a P/S ratio of 69 and a just worth estimation of $18, insider selling and a support filing awesome caution astatine existent levels.
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Shares of Aehr Test Systems (NASDAQ:AEHR) are up 6.1% successful midday trading Tuesday, extending a torrid summertime tally successful the semiconductor trial instrumentality name. The banal present trades adjacent $116, closing successful connected its 52-week precocious of $126.62 aft a caller question of buying tied to the company's AI burn-in and silicon photonics story.
Earnings Momentum Keeps Fueling the Rally
The determination builds connected a blowout fiscal Q4 report. Aehr delivered Q4 gross of $18.84 million, swung backmost to profitability with nett income of $1.39 million, and posted EPS of $0.11 against expectations for a constrictive gain. Record Q4 bookings of $60.7 cardinal pushed effectual backlog to $100.6 million, giving the institution visibility into a overmuch larger fiscal 2027.
Management's guardant outlook is what changed the stock's ceiling. Aehr guided fiscal 2027 gross to $130 cardinal to $150 million, implying 160% to 200% year-over-year growth. CEO Gayn Erickson has been wide astir the driver: "We are precise pleased with the beardown momentum successful our concern crossed aggregate marketplace segments, highlighted by much than $37 cardinal successful quarterly bookings and a book-to-bill ratio exceeding 3.5x." AI processors and silicon photonics investigating unneurotic accounted for 91% of Q4 revenue, a melodramatic premix displacement from the silicon carbide-heavy concern investors bought 2 years ago.
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The Silicon Photonics Whipsaw
Here is wherever the communicative gets much complicated, and wherefore the banal has been truthful volatile. Aehr is present 1 of the purest nationalist plays connected optical interconnects for hyperscale AI, a country of the marketplace that has been swinging connected each headline. On August 4, Aehr announced a follow-on accumulation bid from its pb silicon photonics lawsuit for a afloat automated FOX-XP multi-wafer strategy with 9 autarkic WaferPak trial blades, expected to vessel successful the archetypal fractional of 2027. Erickson framed the bid arsenic grounds that silicon photonics is moving "from exertion adoption to manufacturing scale-up."

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