Aehr Test Systems Reports First Quarter Fiscal 2021 Financial Results and Maintains Financial Guidance for Growth and Profitability in Fiscal 2021
September 24, 2020 at 16:05 PM EDT
FREMONT, Calif., Sept. 24, 2020 (GLOBE NEWSWIRE) -- 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 2021 ended August 31, 2020.
Fiscal First Quarter Financial Results:
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.
Fiscal First Quarter COVID-19 Related Business Impacts:
Fiscal First Quarter and Recent Business Highlights:
Gayn Erickson, President and CEO of Aehr Test Systems, commented:
“While COVID-19 has created real challenges due to travel restrictions and overall caution that resulted in delays of some customer production ramps, we believe these delays are temporary and do not impact the demand for our products or the attractiveness of the key markets that we serve. We maintain our belief 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 are serving some of the highest growth markets including data centers, 5G infrastructure, sensors and technology for smartphones and tablets, electric and hybrid electric vehicles, and memory and data storage in computing, data centers, mobile devices and hundreds of applications that are keeping the world connected. As a result, we believe our products will be in high demand this year and for years to come.
“We saw our silicon photonics customers move to production with our FOX systems for the first time this past fiscal 2020, which includes our lead customer and three additional silicon photonics customers who have each told us that they expect to ramp production during Aehr’s fiscal 2021, adding capacity in both systems and consumables. During the quarter we shipped and installed a FOX-NP TM system for initial production burn-in and stabilization for a new customer in the silicon photonics space who is also forecasting to transition to our FOX-XP wafer-level test and burn-in systems during this fiscal year to meet their volume production forecast.
“We continue to 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 this 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.
“Last quarter, we completed organizational changes to move to more effective third party sales representatives in Europe and Japan, and this quarter put in place temporary expense reductions across the company in response to COVID-19 related delays in orders and impacts on revenue. Together these changes will result in total cost savings of almost $700,000 per quarter, lowering Aehr’s revenue break even by approximately $4.5 million per year.
“As we continue into fiscal 2021, we remain optimistic about the growth opportunities for our systems and consumables within our installed base of customers, as well as our ability to expand the number of customers using 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 –