Non-GAAP measures should not be considered a replacement for GAAP results. The Non-GAAP measures indicated above are financial measures the Company uses to evaluate the underlying results and operating performance of the business. The limitation of these measures are that they exclude items that impact the Company’s current period GAAP measures. This limitation is best addressed by using these measures in combination with the most directly comparable GAAP financial measures. 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.

AEHR TEST SYSTEMS
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
	August 31,				May 31,
(In thousands, except par value)		2023				2023
ASSETS
Current assets:
Cash and cash equivalents	$	50,955			$	30,054
Short-term investments		-				17,853
Accounts receivable, net		13,161				16,594
Inventories		31,557				23,908
Prepaid expenses and other current assets		540				621
Total current assets		96,213				89,030
Property and equipment, net		3,083				2,759
Operating lease right-of-use assets, net		5,951				6,123
Other non-current assets		222				231
Total assets	$	105,469			$	98,143
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		8,328				9,206
Accrued expenses		4,536				4,143
Operating lease liabilities, short-term		275				137
Deferred revenue, short-term		6,114				2,822
Total current liabilities		19,253				16,308
Operating lease liabilities, long-term		5,997				6,163
Deferred revenue, long-term		33				31
Other long-term liabilities		41				41
Total liabilities		25,324				22,543
Shareholders’ equity:
Preferred stock, $0.01 par value: Authorized: 10,000 shares;
Issued and outstanding: none		-				-
Common stock, $0.01 par value: Authorized: 75,000 shares;
Issued and outstanding: 28,763 shares and 28,539 shares at August 31, 2023 and May 31, 2023, respectively		288				285
Additional paid-in-capital		127,630				127,776
Accumulated other comprehensive loss		(141	)			(155	)
Accumulated deficit		(47,632	)			(52,306	)
Total shareholders' equity		80,145				75,600
Total liabilities and shareholders’ equity	$	105,469			$	98,143
The Condensed Consolidated Balance Sheet as of May 31, 2023 has been derived from the audited consolidated financial statements at that date

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »