Exhibit 99.1
FOR IMMEDIATE RELEASE
Contacts:
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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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Aehr Test Systems Reports Record Bookings in First Quarter of
Fiscal 2022;
Raises Annual Guidance Approximately 80% on Strength of
Semiconductor Test and Burn-in Sales for Electric
Vehicles
Fremont, CA (September 23, 2021) – Aehr Test Systems (NASDAQ: AEHR), a
worldwide supplier of semiconductor test and reliability
qualification equipment, today announced financial results for its
first quarter of fiscal 2022 ended August 31, 2021. The Company
also raised its revenue guidance for fiscal 2022 by approximately
80% to at least $50 million.
Fiscal First Quarter Financial Results:
●
Net
sales were $5.6 million, up 181% from $2.0 million in the first
quarter of fiscal 2021.
●
GAAP
net income was $696,000, or $0.03 per diluted share, which includes
the impact of forgiveness of $1.7 million in loans from the
Paycheck Protection Program (“PPP”) it received in
fiscal 2020. This compares to GAAP net income of $107,000, or $0.00
per diluted share, in the first quarter of fiscal 2021, which
includes the impact of a gain of $2.4 million related to the
closure of Aehr’s Japan subsidiary during the
quarter.
●
Non-GAAP net loss was $414,000, or $0.02 per
diluted share, which excludes the impact of stock-based compensation and
forgiveness of the PPP loan. This compares to non-GAAP net loss of
$2.0 million, or $0.09 per diluted share, in the first quarter of
fiscal 2021, which excludes the impact of stock-based compensation,
and the non-cash net gain related to the closure of Aehr’s
Japan subsidiary.
●
Backlog as of
August 31, 2021 was $16.6 million, up from $1.6 million as of May
31, 2021. Effective backlog, which includes all orders announced
since the end of the first quarter, is over $36
million.
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.
Gayn Erickson, President and CEO of Aehr Test Systems,
commented:
“We are off to a strong start for fiscal 2022, finishing the
first quarter with record bookings for a single quarter of $20.7
million. Since the end of the quarter, we have announced an
additional $19.4 million in bookings, bringing our total bookings
for the fiscal year to over $40 million as of today’s
date.
“Our strong bookings include several sizable orders received
over the past few months from our lead silicon carbide test and
burn-in customer for our FOX-XP™ systems and WaferPak™
Contactors to support testing of silicon carbide power devices for
electric vehicles. Each of these silicon carbide-focused FOX-XP
systems is configured to test eighteen silicon carbide wafers in
parallel in the footprint of a typical single wafer test solution,
while contacting and testing 100% of the devices in parallel on
each wafer. This Fortune 500 customer is a major automotive
semiconductor supplier, and we continue to work closely with them
to achieve their test and burn-in requirements and capacity needs.
They continue to forecast orders for additional FOX systems and
WaferPaks this fiscal year and a significant number of systems and
WaferPaks over the next several years driven by electric vehicle
semiconductor test and burn-in demand.
“In addition to this large opportunity with our lead silicon
carbide customer, we are currently in detailed discussions with
multiple other major silicon carbide suppliers regarding their
wafer level test and burn-in needs. We believe we will add several
new silicon carbide customers over the next 18 months that will
ramp into production on our solutions.
“We are seeing very strong demand across the industry for
wafer level burn-in of silicon carbide devices and continue to ramp
our FOX multi-wafer test and burn-in systems and full wafer
WaferPaks to meet this silicon carbide market opportunity which we
believe is only just beginning. We believe silicon carbide power
semiconductors have emerged as the preferred technology for the
electric power conversion and control of the electric engines in
what are called traction inverters as well as the on-board electric
vehicle battery chargers.
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Aehr Test Systems Reports First Quarter Fiscal 2022 Financial
Results
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September 23, 2021
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Page 2 of 6
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“The silicon carbide power semiconductor device market is
expected to increase over 500% between 2020 and 2026, growing at a
compound average growth rate (“CAGR”) of 36% to $4.5
billion, according to Yole Research’s latest
forecast. And a report from Deloitte forecasts that the total
electric vehicle industry will likely grow at a CAGR of 29%
from 2020 to 2025, before reaching 31.1 million vehicles by
2030 and securing approximately 32% of the total market share
for new car sales. Market research firm Exawatt (exa-watt.com)
estimates that the total market for silicon carbide wafers for
power semiconductors for electric vehicles in 2021 will be 133,000
150mm equivalent wafers and the total market will exceed 1.23
million 150 mm equivalent wafers in 2030. These stats highlight the
tremendous opportunity Aehr Test has in front of it with its wafer
level test and burn-in solution for electric vehicle
semiconductors.
“In addition to the devices in the electric vehicles, the
energy infrastructure market that includes charging stations, wind
farms, and solar panels in both solar farms and for individual
homes and businesses all are markets that are consuming more
silicon carbide devices than electric vehicles today and are
growing at a rapid rate over the next decade. We believe it is very
clear that this infrastructure is going to need to grow to support
the electric vehicle demand. Many countries including the United
States are putting in place government subsidies and infrastructure
for these charging stations, wind farms, and solar farms to be
installed to support a greener, more sustainable, and reduced
carbon emission world.
“Our FOX family of products are cost-effective solutions for
ensuring the critical quality and reliability of devices in these
markets, and we anticipate that wafer level test and burn-in will
become the industry standard for quality and reliability screening
of silicon carbide devices. With the most cost-effective solution
in the market to address this opportunity, we believe that Aehr has
the chance to achieve a significant market share.
“In addition to our success in the silicon carbide
applications, we continue to see signs of strengthening in the
silicon photonics test and burn-in market. During this quarter we
received and shipped our first order in China for our FOX solution
for production test of silicon photonics devices, expanding our
customer base for silicon photonics with this new customer that
serves international as well as China markets.
“Several other customers addressing the silicon photonics
market have also forecast additional system and contactor capacity
needs this fiscal year. These include needs to address incremental
production capacity as well as capacity to address new customer and
new product qualification and engineering. Silicon photonics
devices address the 5G and data center infrastructure industry as
well as several other key markets, and Yole Research predicts that
the silicon photonics market will grow at a 36% CAGR from 2020 to
2025.
“Our customers are using our FOX wafer level solutions for
100% test and burn-in rather than just sampling of their integrated
silicon photonics devices, and we currently have five silicon
photonics customers that are shipping products to their customers
using our FOX solution. We see a significant opportunity for growth
as we expand within these customers and add additional new silicon
photonics customers.
“We also continue with multiple programs using our FOX
systems for production test and burn-in of new applications for
2D/3D sensors for mobile devices. We expect to see meaningful
bookings and revenue from these programs this fiscal year and
continue to be optimistic about this market space.
“As we discussed and anticipated last year during the
beginning of the COVID-19 pandemic, we have emerged a stronger
company, with more production customers, more markets and
applications, and higher value products than we had before the
start of the pandemic. With our record bookings and the strength of
our semiconductor test and burn-in solutions as well as the
positive response we are getting from multiple new potential
customers in the silicon carbide space, we are confident in our
growth and are raising our guidance for revenue for the
year.”
Fiscal 2022 Financial Guidance:
For the fiscal year ending May 31, 2022, Aehr is raising its
previously provided guidance for full year total revenue of greater
than $28 million by approximately 80% to at least $50 million,
which is over three times the previous fiscal year’s revenue.
The Company expects to be profitable for the fiscal year at these
revenue levels based upon its operating model.
Management Conference Call and
Webcast
Aehr
Test Systems will host a conference call and webcast today at 5:00
p.m. Eastern (2:00 p.m. PT) to discuss its fiscal 2022 first
quarter operating results. To access the live call, dial
800-437-2398 (US and Canada) or +1
323-289-6576 (International) and give the participant passcode
5352296. In addition, a live and archived webcast of the
conference call will be available over the Internet at www.aehr.com in
the Investor Relations section. A replay of the conference call
will also be available via telephone beginning approximately two
hours after conclusion of the call through 8:00 p.m. ET on
September 30, 2021. To access the replay dial-in information,
please click
here.
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Aehr Test Systems Reports First Quarter Fiscal 2022 Financial
Results
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September 23, 2021
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Page 3 of 6
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About Aehr Test Systems
Headquartered
in Fremont, California, Aehr Test Systems is a worldwide provider
of test systems for burning-in and testing logic, optical and
memory integrated circuits and has installed over 2,500 systems worldwide.
Increased quality and reliability needs of the Automotive and
Mobility integrated circuit markets are driving additional test
requirements, incremental capacity needs, and new opportunities for
Aehr Test products in package, wafer level, and singulated
die/module level test. Aehr Test has developed and introduced
several innovative products, including the ABTSTM and
FOX-PTM
families of test and burn-in systems and FOX WaferPakTM Aligner, FOX-XP
WaferPak Contactor, FOX DiePak® Carrier and FOX
DiePak Loader. The ABTS system is used in production and
qualification testing of packaged parts for both lower power and
higher power logic devices as well as all common types of memory
devices. The FOX-XP and FOX-NP systems are full wafer contact and
singulated die/module test and burn-in systems used for burn-in and
functional test of complex devices, such as leading-edge memories,
digital signal processors, microprocessors, microcontrollers,
systems-on-a-chip, and integrated optical devices. The FOX-CP
system is a new low-cost single-wafer compact test and reliability
verification solution for logic, memory and photonic devices and
the newest addition to the FOX-P product family. The WaferPak
Contactor contains a unique full wafer probe card capable of
testing wafers up to 300mm that enables IC manufacturers to perform
test and burn-in of full wafers on Aehr Test FOX systems. The
DiePak Carrier is a reusable, temporary package that enables IC
manufacturers to perform cost-effective final test and burn-in of
both bare die and modules. For more information, please visit Aehr
Test Systems’ website at www.aehr.com.
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 first quarter of
fiscal 2022; 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 2022, including related to revenue
and profitability, and expectations regarding fiscal 2022;
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 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 –
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Aehr Test Systems Reports First Quarter Fiscal 2022 Financial
Results
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September 23, 2021
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Page 4 of 6
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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Condensed Consolidated Statements of Operations
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(in thousands,
except per share data)
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||||||||
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(unaudited)
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Three Months
Ended
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Aug
31,
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May
31,
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Aug
31,
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2021
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2021
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2020
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Net
sales
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$5,646
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$7,638
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$2,012
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Cost of
sales
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3,365
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4,104
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1,785
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Gross
profit
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2,281
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3,534
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227
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Operating
expenses:
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Selling,
general and administrative
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1,953
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1,904
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1,514
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Research
and development
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1,321
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1,029
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900
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Total
operating expenses
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3,274
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2,933
|
2,414
|
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(Loss)
income from operations
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(993)
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601
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(2,187)
|
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Interest expense,
net
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(9)
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(11)
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(13)
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Net gain from
dissolution of Aehr Test Systems Japan
|
-
|
-
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2,186
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Income from forgiveness
of PPP loan
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1,698
|
-
|
-
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Other income (expense),
net
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23
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(23)
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(94)
|
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Income
(loss) before income tax (expense) benefit
|
719
|
567
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(108)
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Income tax (expense)
benefit
|
(23)
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-
|
215
|
|
|
|
|
|
|
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Net
income
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$696
|
$567
|
$107
|
|
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Net income per
share
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Basic
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$0.03
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$0.02
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$0.00
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Diluted
|
$0.03
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$0.02
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$0.00
|
|
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Shares used in per
share calculations:
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Basic
|
23,999
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23,659
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23,248
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Diluted
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25,356
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23,916
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23,455
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-more-
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Aehr Test Systems Reports First Quarter Fiscal 2022 Financial
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September 23, 2021
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Page 5 of 6
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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Reconciliation of GAAP to Non-GAAP Results
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(in thousands,
except per share data)
|
|||||||||
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(unaudited)
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Three Months
Ended
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Aug
31,
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May
31,
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Aug
31,
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2021
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2021
|
2020
|
|
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GAAP net
income
|
$696
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$567
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$107
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Stock-based
compensation expense
|
588
|
303
|
270
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Dissolution of Aehr
Test Systems Japan
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-
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-
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(2,401)
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Income from forgiveness
of PPP loan
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(1,698)
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-
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-
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Non-GAAP net (loss)
income
|
$(414)
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$870
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$(2,024)
|
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GAAP net income per
diluted share
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$0.03
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$0.02
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$0.00
|
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Non-GAAP net (loss)
income per diluted share
|
$(0.02)
|
$0.04
|
$(0.09)
|
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Shares used in GAAP
diluted shares calculation
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25,356
|
23,916
|
23,455
|
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Shares used in non-GAAP
diluted shares calculation
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23,999
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23,916
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23,248
|
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 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.
-more-
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Aehr Test Systems Reports First Quarter Fiscal 2022 Financial
Results
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September 23, 2021
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Page 6 of 6
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AEHR TEST SYSTEMS AND SUBSIDIARIES
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Condensed Consolidated Balance Sheets
|
||||||
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(in
thousands)
|
||||||
|
(unaudited)
|
||||||
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August
31,
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May
31,
|
|
|
2021
|
2021
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ASSETS
|
|
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|
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Current
assets:
|
|
|
|
Cash and
cash equivalents
|
$6,530
|
$4,582
|
|
Accounts
receivable, net
|
4,264
|
5,202
|
|
Inventories
|
10,146
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8,849
|
|
Prepaid
expenses and other
|
759
|
551
|
|
Total
current assets
|
21,699
|
19,184
|
|
|
|
|
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Property and equipment,
net
|
676
|
677
|
|
Operating lease
right-of-use assets
|
1,437
|
1,606
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Other
assets
|
189
|
198
|
|
Total
assets
|
$24,001
|
$21,665
|
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LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
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Current
liabilities:
|
|
|
|
Accounts
payable
|
2,753
|
2,893
|
|
Accrued
expenses
|
1,978
|
2,163
|
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Operating
lease liabilities, short-term
|
750
|
737
|
|
Customer
deposits and deferred revenue, short-term
|
3,279
|
189
|
|
Line of
credit
|
-
|
1,400
|
|
Current
portion of long-term debt
|
-
|
1,679
|
|
Total
current liabilities
|
8,760
|
9,061
|
|
|
|
|
|
Operating lease
liabilities, long-term
|
813
|
1,007
|
|
Deferred revenue,
long-term
|
150
|
99
|
|
Other
liabilities
|
46
|
49
|
|
Total
liabilities
|
9,769
|
10,216
|
|
|
|
|
|
Total
shareholders' equity
|
14,232
|
11,449
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$24,001
|
$21,665
|
# #
#