Aehr Test Systems (AEHR) Reports Strong Q1 Fiscal 2024 Earnings, Reaffirms Full Year Guidance
On October 5, 2023, Aehr Test Systems (NASDAQ:AEHR), a global supplier of semiconductor test and production burn-in equipment, announced its financial results for the first quarter of fiscal 2024, which ended on August 31, 2023. The company reported a strong start to the fiscal year, with record revenue and solid non-GAAP net income marking the strongest first quarter in its history.
Financial Highlights
Aehr Test Systems (NASDAQ:AEHR) reported net revenue of $20.6 million for Q1 2024, a significant increase of 93% from $10.7 million in Q1 2023. GAAP net income was $4.7 million, or $0.16 per diluted share, up from $589,000, or $0.02 per diluted share, in the same period last year. Non-GAAP net income, which excludes the impact of stock-based compensation, was $5.2 million, or $0.18 per diluted share, compared to $1.3 million, or $0.05 per diluted share, in Q1 2023.
Company Commentary
Gayn Erickson, President and CEO of Aehr Test Systems, commented on the company's performance, stating:
We finished the first quarter with solid revenue and non-GAAP net income, the strongest first quarter in our history, which has historically been our seasonally softest quarter. We are off to a very good start to our fiscal year and are reaffirming our expectation to grow fiscal full year revenue by at least 50% and profit by over 90% year over year."
Future Outlook
For the fiscal year ending May 31, 2024, Aehr Test Systems (NASDAQ:AEHR) is reiterating its previously provided guidance for total revenue to be at least $100 million, representing growth of over 50% year over year, and GAAP net income of at least $28 million, representing earnings growth of greater than 90% year over year.
Conclusion
The strong financial results and positive outlook for Aehr Test Systems (NASDAQ:AEHR) reflect the company's continued growth and solid performance. The company's commitment to innovation and expanding its market opportunities, as well as its strong financial position, make it a compelling consideration for value investors.
This article first appeared on GuruFocus.
