Aehr Reports Record Revenue for Fiscal 2022 Fourth Quarter and Full Year Driven by Demand for Semiconductor Wafer Test and Burn-in for Electric Vehicles

AEHR TEST SYSTEMS AND SUBSIDIARIES 
Reconciliation of GAAP and Non-GAAP Results 
(in thousands, except per share data) 
(unaudited) 
             
             
   Three Months Ended Year Ended 
   May 31, Feb 28, May 31, May 31, May 31, 
    2022   2022  2021  2022   2021  
             
             
GAAP net income (loss) $5,794  $2,243 $567 $9,450  $(2,027) 
Stock-based compensation expense  737   880  303     2,923       1,101    
Excess and obsolesence provision     (16 )     1,026     60     1,031       176    
Income from forgiveness of PPP loan     -       -     -     (1,698 )     -    
Income from disolution of Aehr Test Systems Japan     -       -     -     -       (2,401 )  
Non-GAAP net income (loss)   $ 6,515     $ 4,149   $ 930   $ 11,706     $ (3,151 )  
                         
GAAP net income (loss) per diluted share   $ 0.20     $ 0.08   $ 0.02   $ 0.34     $ (0.09 )  
Non-GAAP net income (loss) per diluted share   $ 0.23     $ 0.14   $ 0.04   $ 0.42     $ (0.13 )  
Shares used in GAAP and non-GAAP diluted shares calculation       28,568       28,854     23,916     27,774       23,457    
     
                         
Non-GAAP net income (loss) is a non-GAAP measure and should not be considered a replacement for GAAP results. Non-GAAP net income (loss) is a financial measure the Company uses to evaluate the underlying results and operating performance of the business. The limitation of this measure is that it excludes items that impact the Company's current period net income (loss). This limitation is best addressed by using this measure in combination with net income (loss) (the most directly comparable GAAP financial measure). These measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies.   
   
We believe these measures enhance investors’ ability to review the company’s business from the same perspective as the Company’s management and facilitate comparisons of this period’s results with prior periods.              
   
   



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