Aehr Test Systems Reports Fiscal 2020 Fourth Quarter and Full Year Results and Provides Financial Guidance for Growth and Profitability in Fiscal 2021
July 16, 2020 at 16:05 PM EDT
FREMONT, Calif., July 16, 2020 (GLOBE NEWSWIRE) -- Aehr Test Systems (NASDAQ: AEHR), a worldwide supplier of semiconductor test and reliability qualification equipment, today announced financial results for its fiscal 2020 fourth quarter and full year ended May 31, 2020.
Fiscal Fourth Quarter Financial Results:
Fiscal Year Financial Results:
An explanation of the use of non-GAAP financial information and a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables.
Fourth Quarter and Fiscal Year 2020 Business Highlights:
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
“We made substantial progress with our new FOX products for wafer and singulated die test and burn-in during the year that strengthened our customer base, expanded our markets, and enhanced our operations and sales capabilities to capitalize on the significant market opportunities we see ahead.
“We added three key Tier 1 customers this past fiscal year. We now have six significantly large Tier 1 customers with applications and market sizes that are each capable of driving sales of $6 million to $10 million or more per year of our FOX wafer level and singulated die test systems and consumables. We also have another seven Tier 2 customers that are each capable of FOX product sales typically within $1 million to $3 million per year. In addition, five of our customers moved to production during the fiscal year using our FOX products for 100% stabilization or infant mortality burn-in of devices.
“This past fiscal year we successfully installed our first production capacity for silicon carbide devices, adding it to the list of markets such as silicon photonics, 2D & 3D sensors, automotive, and lasers used in photonics devices that have shown the value and feasibility of using our FOX solutions to address these market needs. We see an increasing awareness and adoption rate that we believe could drive the majority of the market for silicon carbide as well as silicon photonics to move to wafer level or singulated die burn-in within the next few years.
“This new silicon carbide application with a Fortune 500 market leader in silicon carbide and power modules adds a significant new Tier 1 customer of our FOX-XP™ system and WaferPaks for whole wafer burn-in and infant mortality screening of silicon carbide (SIC) devices. Since our initial installation in January, we have received multiple follow on orders for additional WaferPaks including multiple new designs and now have a significant number of different devices that have been put into production. This customer is forecasting additional capacity needs for our FOX-XP Wafer Level Test & Burn-in systems during this fiscal year and for years into the future.
“We saw our silicon photonics customers move to production for the first time in fiscal 2020. During the fiscal year, we saw our lead customer for silicon photonics move to full volume production for the first time. We expect them to purchase additional systems this fiscal year and into the future as they continue to maintain or grow their market share and add additional silicon photonics devices to the mix. We also moved three additional silicon photonics customers to production with our FOX systems in fiscal 2020. All three of these customers are expected to ramp production during this fiscal 2021, adding capacity in both systems and consumables. Near fiscal year end, we announced another new silicon photonics customer that will deploy our FOX-NP™ system for initial production burn-in and stabilization of their high performance silicon photonic devices, and has forecasted to then transition to our FOX-XP wafer-level test and burn-in systems during this fiscal year to meet their volume production forecast.
“We see the total available opportunity for silicon carbide and silicon photonics wafer level and singulated die test markets to be approximately $250 million of needed capacity including consumables. We are currently engaged with over a dozen potential Tier 1 and Tier 2 customers for both silicon photonics and silicon carbide applications, and we expect several of these potential customers to place initial orders this fiscal year, with ramps into production later in the current fiscal year or in fiscal 2022. We are also seeing renewed activity and interest for our FOX systems and consumables for several new applications in the 2D and 3D sensor markets particularly for mobile devices and believe this could add to our currently forecasted revenue for this fiscal year and next.
“Although COVID-19 has created challenges such as international travel, some small impacts on our supply chain, and caution and/or delays with some customer production ramps, we believe there will be no long-term impact to Aehr, the demand for our products, or for the attractiveness of the key markets that we serve. We absolutely believe that we will come out of this worldwide pandemic stronger than we went in with more production customers, more applications, and higher value products. Our key customers’ products are being used to build out new data centers, improve data rates and increase storage in data centers, build out of the 5G infrastructure, enable the newest sensors and technology in smartphones and tablets, enable the wide spread adoption of electric and hybrid electrics vehicles and charging stations, and address the unstoppable demand for memory and data storage in computing, data centers, mobile devices and hundreds of applications that are keeping the world connected.
“As we move into fiscal 2021, we remain optimistic about growth in systems and consumables within our installed base of customers as well as expanding the number of customers with our family of FOX-P solutions. We expect significant growth in both our top and bottom lines moving forward, with much lower fixed operating expenses and significantly higher margin products and services.”
Fiscal 2021 Financial Guidance:
Management Conference Call and Webcast
About Aehr Test Systems
Safe Harbor Statement
– Financial Tables to Follow –