California
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000-22893
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94-2424084
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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400 KATO TERRACE, FREMONT, CA 94539
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(Address
of principal executive offices, including zip code)
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510-623-9400
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(Registrant’s
telephone number, including area code)
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N/A
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(Former
name or former address, if changed since last report)
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Title
of each class
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Trading
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Name of
each exchange on which registered
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Symbol(s)
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Common
Stock, par value $0.01 per share
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AEHR
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The
NASDAQ Capital Market
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Exhibit No.
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Description
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Press Release of
Aehr Test Systems dated April 8, 2021 entitled “Aehr Test
Systems Reports Third
Quarter Fiscal 2021 Financial Results; $8.0 Million Bookings
Quarter Begins COVID-19 Recovery.”
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Aehr
Test Systems
(Registrant)
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Date: April 8,
2021
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By:
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/s/
Kenneth B. Spink
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Kenneth
B. Spink
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Vice
President of Finance and Chief
Financial
Officer
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Aehr
Test Systems
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MKR
Investor Relations Inc.
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Ken
Spink
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Todd Kehrli or Jim
Byers
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Chief Financial
Officer
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Analyst/Investor
Contact
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(510) 623-9400
x309
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(323)
468-2300
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aehr@mkr-group.com
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Three Months
Ended
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Nine Months
Ended
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|||
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Feb
28,
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Nov
30,
|
Feb
29,
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Feb
28,
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Feb
29,
|
|
2021
|
2020
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2020
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2021
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2020
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Net sales
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$5,267
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$1,683
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$6,111
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$8,962
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$18,518
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Cost of sales
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3,373
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1,306
|
3,120
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6,464
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10,054
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Gross profit
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1,894
|
377
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2,991
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2,498
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8,464
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Operating
expenses:
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Selling, general and
administrative
|
1,643
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1,501
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1,891
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4,658
|
5,856
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Research and
development
|
903
|
820
|
845
|
2,623
|
2,532
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Total
operating expenses
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2,546
|
2,321
|
2,736
|
7,281
|
8,388
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(Loss)
income from operations
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(652)
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(1,944)
|
255
|
(4,783)
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76
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|
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Interest (expense) income,
net
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(10)
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(12)
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13
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(35)
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27
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Net gain from dissolution of Aehr
Test Systems Japan
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-
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-
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-
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2,186
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-
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Other (expense) income,
net
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(39)
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(6)
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(9)
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(139)
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6
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(Loss)
income before income tax (expense) benefit
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(701)
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(1,962)
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259
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(2,771)
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109
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|
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Income tax (expense)
benefit
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(34)
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(4)
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(14)
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177
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(26)
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Net
(loss) income
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(735)
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(1,966)
|
245
|
(2,594)
|
83
|
|
|
|
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Less: Net income attributable to
the noncontrolling
interest
|
-
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-
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-
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-
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-
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Net
(loss) income attributable to Aehr Test Systems common
shareholders
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$(735)
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$(1,966)
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$245
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$(2,594)
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$83
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Net (loss) income per
share
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Basic
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$(0.03)
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$(0.08)
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$0.01
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$(0.11)
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$0.00
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Diluted
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$(0.03)
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$(0.08)
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$0.01
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$(0.11)
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$0.00
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Shares used in per share
calculations:
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Basic
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23,525
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23,396
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22,937
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23,390
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22,823
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Diluted
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23,525
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23,396
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23,130
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23,390
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22,940
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Three Months
Ended
|
Nine Months
Ended
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|||
|
Feb
28,
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Nov
30,
|
Feb
29,
|
Feb
28,
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Feb
29,
|
|
2021
|
2020
|
2020
|
2021
|
2020
|
|
|
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|
|
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GAAP net (loss)
income
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$(735)
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$(1,966)
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$245
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$(2,594)
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$83
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Stock-based compensation
expense
|
271
|
257
|
207
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798
|
611
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Income from dissolution of Aehr Test
Systems Japan
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-
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-
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-
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(2,401)
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-
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Non-GAAP net (loss)
income
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$(464)
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$(1,709)
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$452
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$(4,197)
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$694
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GAAP net (loss) income per diluted
share
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$(0.03)
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$(0.08)
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$0.01
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$(0.11)
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$0.00
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Non-GAAP net (loss) income per
diluted share
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$(0.02)
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$(0.07)
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$0.02
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$(0.18)
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$0.03
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Shares used in GAAP diluted shares
calculation
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23,525
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23,396
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23,130
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23,390
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22,940
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Shares used in non-GAAP diluted
shares calculation
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23,525
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23,396
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23,130
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23,390
|
22,940
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Non-GAAP net (loss) income is a
non-GAAP measure and should not be considered a replacement for
GAAP results. Non-GAAP net (loss) income 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
(loss) income. This limitation is best addressed by using this
measure in combination with net (loss) income (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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-more-
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February
28,
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November
30,
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May
31,
|
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2021
|
2020
|
2020
|
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ASSETS
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Current assets:
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Cash and cash
equivalents
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$4,738
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$3,449
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$5,433
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Accounts receivable,
net
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2,721
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1,429
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3,717
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Inventories
|
8,339
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9,057
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7,989
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Prepaid expenses and
other
|
571
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433
|
512
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Total
current assets
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16,369
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14,368
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17,651
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Property and equipment,
net
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617
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683
|
663
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Operating lease right-of-use
assets
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1,763
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1,918
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2,107
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Other assets
|
142
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142
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153
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Total
assets
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$18,891
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$17,111
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$20,574
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LIABILITIES AND
SHAREHOLDERS' EQUITY
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Current
liabilities:
|
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Accounts
payable
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$1,086
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$1,155
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$945
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Accrued
expenses
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1,624
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1,344
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1,439
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Operating lease
liabilities, short-term
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722
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705
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658
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Customer deposits and
deferred revenue, short-term
|
587
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66
|
170
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Line of
credit
|
1,400
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-
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-
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Current portion of
long-term debt
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1,492
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1,213
|
653
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Total
current liabilities
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6,911
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4,483
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3,865
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Operating lease liabilities,
long-term
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1,185
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1,361
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1,605
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Long-term debt, net of current
portion
|
187
|
466
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1,026
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Deferred revenue,
long-term
|
80
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9
|
22
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Other
liabilities
|
43
|
-
|
-
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Total
liabilities
|
8,406
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6,319
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6,518
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Aehr Test Systems shareholders'
equity
|
10,485
|
10,792
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14,077
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Noncontrolling
interest
|
-
|
-
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(21)
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Total
shareholders' equity
|
10,485
|
10,792
|
14,056
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|
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Total
liabilities and shareholders' equity
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$18,891
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$17,111
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$20,574
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