Fiscal First Quarter Financial Results:
- Net sales were
$10.7 million , up 89% from$5.6 million in the first quarter of fiscal 2022. - GAAP net income was
$589,000 , or$0.02 per diluted share, compared to GAAP net income of$696,000 , or$0.03 per diluted share, in the first quarter of fiscal 2022, which includes the impact of forgiveness of$1.7 million in loans from the Paycheck Protection Program (“PPP”). - Non-GAAP net income was
$1.3 million , or$0.05 per diluted share, which excludes the impact of stock-based compensation, compared to a non-GAAP net loss of$414,000 , or$0.02 per diluted share, in the first quarter of fiscal 2022, which excludes the impact of stock-based compensation and forgiveness of the PPP loan. - Bookings were
$19.1 million for the quarter endedAugust 31, 2022 . - Backlog as of
August 31, 2022 was$19.5 million . - Total cash and cash equivalents as of
August 31, 2022 were$36.1 million , up from$6.5 million at the end of the first quarter of fiscal 2022.
An explanation of the use of non-GAAP financial measures and a reconciliation of Aehr’s non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.
“We are off to a good start this year, finishing the first quarter with revenue and net income ahead of consensus estimates, and with strong bookings of
“We are currently engaged or in discussions with almost all the existing and future silicon carbide suppliers regarding our unique, low cost, multi-wafer level test and burn-in solution that provides test electronics and device contactor technology that enables contact to 100% of devices on a single wafer. This allows our customers to burn-in every device at a lower cost than they could in any other form due to our ability to contact thousands of devices on a single wafer and test 18 wafers in a single system at one time with our FOX-XPTM multi-wafer test and burn-in system and proprietary
“Our lead customer for silicon carbide wafer level burn-in continues to ramp up use of our FOX-XP multi-wafer test and burn-in systems and WaferPaks, placing another significant order with us during this quarter. Similar to past orders, they purchased the systems without the necessary WaferPak full wafer contactors and as such, we expect significant orders from them for WaferPaks to match these systems. This need for additional capacity is being driven by increased demand for silicon carbide semiconductors for electric vehicles. This customer recently announced that they expect their growth rate to accelerate faster than previously forecasted, and they continue to forecast orders for a significant number of
“Our previously announced benchmarks and evaluations with two additional major silicon carbide semiconductor suppliers continued to move forward with great progress during the quarter. Following the end of the quarter, we announced an initial purchase order from one of these suppliers for our FOX-NP multi-wafer test and burn-in system, multiple WaferPak Contactors, and a FOX WaferPak Aligner to be used for qualification of our wafer level burn-in solution for silicon carbide devices for electric vehicles and other markets. This new customer is one of the world’s largest suppliers of silicon carbide devices serving several significant markets including the electric vehicle industry. We have already shipped the system to them, and we believe we will achieve their specific performance and functionality evaluation criteria on their test floor during the next three to six months as well as expect that they will be purchasing our FOX-XP production systems for shipment before the end of this fiscal year ending
“We see demand building for wafer level burn-in of silicon carbide devices and specifically for traction inverters and onboard and offboard chargers for electric vehicles. During the last few months, multiple additional silicon carbide suppliers have asked us to provide technical feasibility, quotations, and schedules for production test and burn-in of their wafers. While some of these companies want to do on-wafer validation of our solutions before they place orders for systems from us, others are planning to move directly to purchasing our
“In addition to our progress with silicon carbide applications, we are seeing an increase in our wafer level burn-in business for silicon photonics devices used in data communications. We shipped multiple FOX-NP systems this quarter to support the characterization and product qualification of new photonics-based devices. We have also received multiple orders for upgrades to existing systems that enable a higher number of devices and higher power per wafer, as well as for new designs for WaferPaks that we expect will first be ordered for engineering and new product introduction, and then turn to volume production with higher quantity orders.
“We are very encouraged by the continued positive momentum and expanding growth opportunities we are seeing with current and prospective customers and are reiterating our previously announced guidance for revenue this fiscal year as we expect revenue to grow over the next three quarters. We believe that we will receive production orders from several silicon carbide customers beyond our lead customer and begin shipping systems to meet their production capacity by the end of our current fiscal year that ends
Fiscal 2023 Financial Guidance:
For the fiscal year ending
Management Conference Call and Webcast
About
Headquartered in
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," “sees,” 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 quarter of fiscal 2023; 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 2023, including related to revenue and profitability, and expectations regarding fiscal 2023; 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 recent 10-K, 10-Q and other reports filed from time to time with the
– Financial Tables to Follow –
AEHR TEST SYSTEMS AND SUBSIDIARIES | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||
(in thousands, except per share data) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | |||||||||||
2022 | 2022 | 2021 | |||||||||
Net sales | $ | 10,671 | $ | 20,289 | $ | 5,646 | |||||
Cost of sales | 6,190 | 9,821 | 3,365 | ||||||||
Gross profit | 4,481 | 10,468 | 2,281 | ||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | 2,525 | 2,993 | 1,953 | ||||||||
Research and development | 1,498 | 1,655 | 1,321 | ||||||||
Total operating expenses | 4,023 | 4,648 | 3,274 | ||||||||
Income (loss) from operations | 458 | 5,820 | (993 | ) | |||||||
Interest income (expense), net | 121 | 22 | (9 | ) | |||||||
Gain from forgiveness of PPP loan | - | - | 1,698 | ||||||||
Other income (expense), net | 24 | (38 | ) | 23 | |||||||
Income before income tax expense | 603 | 5,804 | 719 | ||||||||
Income tax expense | (14 | ) | (10 | ) | (23 | ) | |||||
Net income | $ | 589 | $ | 5,794 | $ | 696 | |||||
Net income per share | |||||||||||
Basic | $ | 0.02 | $ | 0.21 | $ | 0.03 | |||||
Diluted | $ | 0.02 | $ | 0.20 | $ | 0.03 | |||||
Shares used in per share calculations: | |||||||||||
Basic | 27,242 | 27,003 | 23,999 | ||||||||
Diluted | 28,788 | 28,568 | 25,356 | ||||||||
AEHR TEST SYSTEMS AND SUBSIDIARIES | |||||||||
Reconciliation of GAAP to Non-GAAP Results | |||||||||
(in thousands, except per share data) | |||||||||
(unaudited) | |||||||||
Three Months Ended | |||||||||
2022 | 2022 | 2021 | |||||||
GAAP net income | $ | 589 | $ | 5,794 | $ | 696 | |||
Stock-based compensation expense | 710 | 737 | 588 | ||||||
Gain from forgiveness of PPP loan | - | - | (1,698 | ) | |||||
Non-GAAP net income (loss) | $ | 1,299 | $ | 6,531 | $ | (414 | ) | ||
GAAP net income per diluted share | $ | 0.02 | $ | 0.20 | $ | 0.03 | |||
Non-GAAP net income (loss) per diluted share | $ | 0.05 | $ | 0.23 | $ | (0.02 | ) | ||
Shares used in GAAP diluted shares calculation | 28,788 | 28,568 | 25,356 | ||||||
Shares used in non-GAAP diluted shares calculation | 28,788 | 28,568 | 23,999 | ||||||
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. 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. | |||||||||
AEHR TEST SYSTEMS AND SUBSIDIARIES | |||||
Condensed Consolidated Balance Sheets | |||||
(in thousands) | |||||
(unaudited) | |||||
2022 | 2022 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 36,147 | $ | 31,484 | |
Accounts receivable, net | 5,116 | 12,859 | |||
Inventories | 17,233 | 15,051 | |||
Prepaid expenses and other | 833 | 613 | |||
Total current assets | 59,329 | 60,007 | |||
Property and equipment, net | 1,322 | 1,203 | |||
Operating lease right-of-use assets | 740 | 917 | |||
Other assets | 187 | 201 | |||
Total assets | $ | 61,578 | $ | 62,328 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Accounts payable | 3,387 | 4,195 | |||
Accrued expenses | 2,479 | 3,610 | |||
Operating lease liabilities, short-term | 741 | 794 | |||
Customer deposits and deferred revenue, short-term | 3,292 | 2,415 | |||
Total current liabilities | 9,899 | 11,014 | |||
Operating lease liabilities, long-term | 73 | 212 | |||
Deferred revenue, long-term | 47 | 69 | |||
Other liabilities | 41 | 44 | |||
Total liabilities | 10,060 | 11,339 | |||
Total shareholders' equity | 51,518 | 50,989 | |||
Total liabilities and shareholders' equity | $ | 61,578 | $ | 62,328 | |
Contacts:
MKR Investor Relations Inc. | |
Chief Financial Officer | Analyst/Investor Contact |
(510) 623-9400 x309 | (213) 277-5550 |
aehr@mkr-group.com |
Source:
2022 GlobeNewswire, Inc., source