Aehr Test Systems Reports Third Quarter Fiscal 2021 Financial Results; $8.0 Million Bookings Quarter Begins COVID-19 Recovery

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 fourth quarter of fiscal 2021; future requirements and orders of Aehr’s new and existing customers; bookings forecasted for proprietary WaferPak™ 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, and expectations regarding fiscal 2022; Aehr’s ability to expand its number of customers using its FOX-P™ 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, second and third fiscal quarters 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  Nine Months Ended
  Feb 28, Nov 30, Feb 29, Feb 28, Feb 29,
   2021   2020   2020   2021   2020 
           
Net sales$5,267  $1,683  $6,111  $8,962  $18,518 
Cost of sales 3,373   1,306   3,120   6,464   10,054 
Gross profit  1,894       377       2,991       2,498       8,464  
                     
Operating expenses:                  
  Selling, general and administrative   1,643       1,501       1,891       4,658       5,856  
  Research and development   903       820       845       2,623       2,532  
      Total operating expenses   2,546       2,321       2,736       7,281       8,388  
                     
      (Loss) income from operations   (652 )     (1,944 )     255       (4,783 )     76  
                     
Interest (expense) income, net   (10 )     (12 )     13       (35 )     27  
Net gain from dissolution of Aehr Test Systems Japan   -       -       -       2,186       -  
Other (expense) income, net   (39 )     (6 )     (9 )     (139 )     6  
                     
       (Loss) income before income tax (expense) benefit     (701 )     (1,962 )     259       (2,771 )     109  
                     
Income tax (expense) benefit   (34 )     (4 )     (14 )     177       (26 )
                     
       Net (loss) income   (735 )     (1,966 )     245       (2,594 )     83  
                     
Less: Net income attributable to the                  
       noncontrolling interest   -       -       -       -       -  
       Net (loss) income attributable to Aehr Test                  
      Systems common shareholders $ (735 )   $ (1,966 )   $ 245     $ (2,594 )   $ 83  
                     
Net (loss) income per share                  
        Basic $ (0.03 )   $ (0.08 )   $ 0.01     $ (0.11 )   $ 0.00  
        Diluted $ (0.03 )   $ (0.08 )   $ 0.01     $ (0.11 )   $ 0.00  
                     
Shares used in per share calculations:                  
        Basic   23,525       23,396       22,937       23,390       22,823  
        Diluted   23,525       23,396       23,130       23,390       22,940  
                     
                     
-more-
                     



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