Aehr Test Systems

Aehr Test Systems designs and assembles semiconductor test, burn-in, and stabilization equipment used to screen devices at wafer, die, and package level. Its core systems are built around the FOX platform and related WaferPak, DiePak, and packaged-part burn-in solutions, which are used to improve reliability and identify early-life failures in high-value chips. The company serves customers in power semiconductors, AI accelerators, GPUs, HPC processors, logic, SoCs, and mixed-signal devices. Aehr also provides installation, repair, applications engineering, spare parts, training, and service contracts to support deployed systems worldwide. Final assembly is performed in Fremont, California, while sales and service are supported through a global network of subsidiaries, distributors, and representatives.

−22,7 %

35,3 %

−14,3 %

−15,2 %

10.33

8.01

— Aehr Test Systems
%
Wafer-level test and burn-in systems45% FOX platforms used to test, burn-in, and stabilize full wafers before dicing.
Singulated die and module test solutions15% DiePak-based systems and carriers for bare die and small modules.
Packaged-part burn-in systems34% Sonoma, Tahoe, and Echo systems for reliability testing of packaged ICs.
Consumables and interface products4% WaferPak, DiePak, sockets, contactors, and related test interfaces.
Services and support2% Installation, repair, training, applications engineering, and service contracts.

Aehr sells to semiconductor manufacturers, semiconductor contract assemblers, electronics manufacturers, and...

  • Semiconductor manufacturersprimary

    Buy FOX and packaged-part systems to qualify and stabilize chips in production, especially where reliability screening is critical.

  • Burn-in and test service companiesprimary

    Use Aehr systems to provide outsourced reliability testing and burn-in services to chip designers and manufacturers.

  • Semiconductor contract assemblerssecondary

    Purchase systems and interface products to support outsourced assembly, test, and burn-in workflows.

  • Large IC manufacturers in Asiaprimary

    Buy directly or through affiliated suppliers for high-volume production and reliability screening.

  • AI and high-performance computing customersemerging

    Buy high-power burn-in solutions such as Sonoma for GPUs, AI accelerators, and HPC processors.

Revenue is generated globally, with customer shipments and services performed at customer locations rather than from a...

  • •Final assembly and testing are performed in Fremont, California
  • •Sales and service operations in the United States, Germany, Japan, the Philippines, and Taiwan
  • •Dedicated sales and service resources in China and South Korea
  • •Customer shipments and services are performed at customer locations globally
  • •Asia remains a major revenue region, especially for semiconductor manufacturing
  • •U.S. demand has recently been supported by AI-related systems and contactors
  • •Europe contributes through systems sold to customers and distributors

Aehr’s strategy is centered on expanding its installed base of semiconductor reliability test systems and increasing...

01
Scale packaged-part burn-in productsmedium-term

This expands the addressable market beyond wafer-level testing and increases exposure to high-power semiconductor applications.

02
Win AI and HPC-related demandshort-term

AI-driven chips require high-reliability screening and can support higher-value system sales.

03
Strengthen customer support and installed-base serviceshort-term

Close engineering support helps secure repeat orders, service revenue, and competitive differentiation.

Aehr is highly exposed to customer concentration, with a small number of customers accounting for most revenue and...

critical

Customer concentration

A small number of customers account for a very large share of revenue, so the loss or delay of one customer can materially affect results.

Scope
Five largest customers accounted for 77% of fiscal 2025 revenue.
Materiality
high
high

Semiconductor demand cyclicality

Demand for test and burn-in systems depends on semiconductor production volumes and capital budgets, which are cyclical.

Scope
Power semiconductor softness tied to electric vehicles was cited as a revenue headwind.
Materiality
high
high

Supply chain and tariff disruption

The company buys components worldwide and relies on subcontractors for many parts and subassemblies.

Scope
Environmental chambers, power supplies, ICs, sockets, and interconnects are externally sourced.
Materiality
medium
medium

Competitive displacement

Larger competitors and customer captive suppliers can pressure pricing and win rates.

Scope
WaferPak, DiePak, and packaged-part burn-in products face direct competition.
Materiality
medium
medium

Cybersecurity and IP loss

Operational systems and customer/supplier data are stored on company and cloud systems, creating breach risk.

Scope
ERP and proprietary information systems are explicitly cited as attack surfaces.
Materiality
medium
Revenue recognition and customer acceptance
Can defer revenue and shift margins between quarters
Inventory valuation and purchase accounting
Impacts cost of sales and gross margin
Goodwill and acquired intangible assets
Affects operating income and could create impairment charges
Quarter-end revenue concentration
Can cause large swings in quarterly revenue and receivables

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: 11/08/2026