Aehr Test Systems just reminded Wall Street why the picks-and-shovels play in the AI gold rush still works. The semiconductor testing company posted fiscal Q4 2026 results on July 14 that blew past analyst expectations, sending shares up between 21% and 29% in the aftermath.
The numbers tell a clear story: $18.8 million in quarterly revenue, a 34% jump year-over-year, paired with record quarterly bookings of $60.7 million. But the real jaw-dropper was the guidance. Aehr is projecting fiscal 2027 revenue between $130 million and $150 million, which represents 160% to 200% growth over the $50 million it reported for fiscal 2026.
A backlog that speaks volumes
The company’s effective backlog hit $100.6 million as of the earnings announcement, giving it exceptional visibility into future revenue. That’s roughly twice its entire fiscal 2026 top line, already sitting in the pipeline.
On the bottom line, Aehr posted GAAP net income of $1.4 million, or $0.04 per share, for the quarter. The non-GAAP figure looked healthier at $3.6 million, translating to $0.11 per share. For fiscal 2027, the company is targeting non-GAAP net income margins between 18% and 22% of revenue.
