“We continue to receive specific forecasts from existing customers for additional new capacity and expect additional bookings and shipments/revenue for our systems and consumables. These customers are in key growth segments that we have started to penetrate including silicon photonics and silicon carbide, and they have asked us to anticipate and secure specific capacity to meet their needs and have indicated they expect to place orders for this capacity this fiscal year. At the same time, COVID-19 related impacts have affected our customers and have hindered our ability to forecast the timing of these orders.
“Given this fiscal year’s guidance has been almost entirely based on current customer forecasts, we are taking a more conservative approach to our fiscal year forecast and revising our revenue guidance for fiscal 2021 to be between $20 million and $25 million, while continuing to expect to be GAAP profitable for the fiscal year. With a fiscal year second half revenue range of $16 million to $21 million, this new revenue range reflects significantly increased revenue in the second half compared to first half revenue of under $4 million.
“As we look to the second half of fiscal 2021, we remain optimistic about the growth opportunities for our systems and consumables within our installed base of customers, as well as our ability to expand the number of customers using our family of FOX-PTM solutions and have additional potential customer engagements that could provide upside to our revenue for the fiscal year. We maintain our confidence in the long-term demand for our products, the attractiveness of the key markets that we serve, and our belief that we will come out of this worldwide pandemic stronger than we went in with more production customers, more applications, and higher value products.”
Fiscal 2021 Financial Guidance:
For the fiscal year ending May 31, 2021, Aehr is revising its expected full year total revenue to between $20 million and $25 million, down from between $25 million and $28 million, and continues to expect to be profitable for the fiscal year.
Management
Conference Call and Webcast
Aehr Test Systems will host a conference call and webcast today at 5:00 p.m. Eastern (2:00 p.m. PT) to discuss its second quarter fiscal 2021 operating results. To access the call dial 800-437-2398 (+1 929-477-0577 outside the United States) and give the participant pass code 4081095. In addition, a live and archived webcast of the conference call will be available over the Internet at
www.aehr.com in the Investor Relations section. A replay of the conference call will also be available via telephone beginning approximately two hours after conclusion of the call through 8:00 p.m. ET on January 14, 2021. To access the replay dial-in information, please
click here.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a worldwide provider of test systems for burning-in and testing logic, optical and memory integrated circuits and has installed over 2,500 systems worldwide. Increased quality and reliability needs of the Automotive and Mobility integrated circuit markets are driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products in package, wafer level, and singulated die/module level test. Aehr Test has developed and introduced several innovative products, including the ABTSTM and FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX-XP WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader. The ABTS system is used in production and qualification testing of packaged parts for both lower power and higher power logic devices as well as all common types of memory devices. The FOX-XP and FOX-NP systems are full wafer contact and singulated die/module test and burn-in systems used for burn-in and functional test of complex devices, such as leading-edge memories, digital signal processors, microprocessors, microcontrollers, systems-on-a-chip, and integrated optical devices. The FOX-CP system is a new low-cost single-wafer compact test and reliability verification solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The WaferPak contactor contains a unique full wafer probe card capable of testing wafers up to 300mm that enables IC manufacturers to perform test and burn-in of full wafers on Aehr Test FOX systems. The DiePak Carrier is a reusable, temporary package that enables IC manufacturers to perform cost-effective final test and burn-in of both bare die and modules. For more information, please visit Aehr Test Systems’ website at
www.aehr.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Aehr’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern Aehr’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, Aehr’s ability to generate bookings and revenue increases in the future, including the second half of fiscal 2021; future requirements and orders of Aehr’s new and existing customers; bookings forecasted for proprietary WaferPakTM and DiePak consumables across multiple market segments; the temporary nature of customer pushouts; shipping timelines for products and follow-on capacity orders; the growth of Aehr’s systems and consumables, including as a percentage of total sales; financial guidance for fiscal 2021, including related to revenue and profitability; Aehr’s ability to expand its number of customers using its FOX-PTM solutions; the ability to secure potential customer engagements; expectations related to long-term demand for Aehr’s productions and the attractiveness of key markets; the belief that Aehr will be stronger after the current worldwide COVID-19 pandemic, including expectations related to greater production, more customers, more applications, and higher value products. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Aehr’s Form 10-K for fiscal 2020, Form 10-Q for the first fiscal quarter of fiscal 2021 and other reports filed from time to time with the Securities and Exchange Commission. Aehr disclaims any obligation to update information contained in any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
– Financial Tables to Follow –
| AEHR TEST SYSTEMS AND SUBSIDIARIES | ||||||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Nov 30, | Aug 31, | Nov 30, | Nov 30, | Nov 30, | ||||||||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
| Net sales | $ | 1,683 | $ | 2,012 | $ | 6,874 | $ | 3,695 | $ | 12,407 | ||||||||||
| Cost of sales | 1,306 | 1,785 | 3,672 | 3,091 | 6,934 | |||||||||||||||
| Gross profit | 377 | 227 | 3,202 | 604 | 5,473 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Selling, general and administrative | 1,501 | 1,514 | 2,157 | 3,015 | 3,965 | |||||||||||||||
| Research and development | 820 | 900 | 795 | 1,720 | 1,687 | |||||||||||||||
| Total operating expenses | 2,321 | 2,414 | 2,952 | 4,735 | 5,652 | |||||||||||||||
| (Loss) income from operations | (1,944 | ) | (2,187 | ) | 250 | (4,131 | ) | (179 | ) | |||||||||||
| Interest (expense) income, net | (12 | ) | (13 | ) | 2 | (25 | ) | 14 | ||||||||||||
| Net gain from dissolution of Aehr Test Systems Japan | - | 2,186 | - | 2,186 | - | |||||||||||||||
| Other (expense) income, net | (6 | ) | (94 | ) | 5 | (100 | ) | 15 | ||||||||||||
| (Loss) income before income tax (expense) benefit | (1,962 | ) | (108 | ) | 257 | (2,070 | ) | (150 | ) | |||||||||||
| Income tax (expense) benefit | (4 | ) | 215 | (6 | ) | 211 | (12 | ) | ||||||||||||
| Net (loss) income | (1,966 | ) | 107 | 251 | (1,859 | ) | (162 | ) | ||||||||||||
| Net (loss) income attributable to Aehr Test Systems common shareholders | $ | (1,966 | ) | $ | 107 | $ | 251 | $ | (1,859 | ) | $ | (162 | ) | |||||||
| Net (loss) income per share | ||||||||||||||||||||
| Basic | $ | (0.08 | ) | $ | 0.00 | $ | 0.01 | $ | (0.08 | ) | $ | (0.01 | ) | |||||||
| Diluted | $ | (0.08 | ) | $ | 0.00 | $ | 0.01 | $ | (0.08 | ) | $ | (0.01 | ) | |||||||
| Shares used in per share calculations: | ||||||||||||||||||||
| Basic | 23,396 | 23,248 | 22,823 | 23,322 | 22,765 | |||||||||||||||
| Diluted | 23,396 | 23,455 | 22,912 | 23,322 | 22,765 | |||||||||||||||
