aehr_ex991
FOR IMMEDIATE RELEASE
Contacts:
|
|
Aehr
Test Systems
|
MKR
Investor Relations Inc.
|
Ken
Spink
|
Todd Kehrli or Jim
Byers
|
Chief Financial
Officer
|
Analyst/Investor
Contact
|
(510) 623-9400
x309
|
(323)
468-2300
|
|
aehr@mkr-group.com
|
Aehr Test Systems Reports Return to Above Pre-pandemic Revenues in
Fourth Quarter of Fiscal 2021 and Guides to 70% Revenue Growth Year
over Year for Fiscal 2022 on
Strength from Electric Vehicle Semiconductor
Test Demand
Fremont, CA (July 15,
2021) – Aehr Test Systems
(NASDAQ: AEHR), a worldwide
supplier of semiconductor test and reliability qualification
equipment, today announced
financial results for its fiscal 2021 fourth quarter and
full year ended May 31, 2021.
Fiscal Fourth Quarter Financial Results:
●
Net
sales were $7.6 million, up 102% from $3.8 million in the fourth
quarter of fiscal 2020.
●
GAAP
net income was $567,000, or $0.02 per diluted share, compared to a
GAAP net loss of $2.9 million, or $0.13 per diluted share, which
included approximately $1.9 million in inventory and restructuring
charges, or $0.08 per share, in the fourth quarter of
2020.
●
Non-GAAP net income was $870,000, or $0.04 per
diluted share, which excludes the impact of stock-based compensation, compared
to a non-GAAP net loss of $720,000, or $0.03 per diluted share,
which excludes the impact of stock-based compensation expense and
inventory and restructuring charges, in the fourth quarter of
2020.
●
Bookings were $5.5 million for the quarter, up
113% from $2.6 million in the fourth quarter
of fiscal 2020.
●
Backlog as of May
31, 2021 was $1.6 million. Effective backlog, which includes backlog at the end of the
fourth quarter plus orders since the end of the fourth quarter, is
$7.0 million.
Fiscal
Year Financial Results:
●
Net
sales were $16.6 million, compared to $22.3 million in fiscal
2020.
●
GAAP net loss was $2.0 million, which included the
impact of a non-cash net gain of $2.2 million and tax benefit of
$215,000 related to the closure of Aehr’s Japan subsidiary in
the first quarter, or $0.09 per diluted share, compared
to a GAAP net loss of $2.8 million, or
$0.12 per diluted share, which included approximately $1.9 million
in inventory and restructuring
charges, or $0.08 per share, in fiscal 2020.
●
Non-GAAP
net loss was $3.3 million, or $0.14 per diluted share, which
excludes the impact of stock-based compensation and the $2.4
million related to the closure of Aehr’s Japan subsidiary.
This compares to non-GAAP net loss of $27,000, or $0.00 per diluted
share, which excludes the impact of stock-based compensation
expense and inventory and restructuring charges, in fiscal
2020.
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.
Aehr Test Systems Reports Fiscal 2021 Fourth Quarter and Full Year
Financial Results
July 15, 2021
Page 2 of 7
Gayn Erickson, President and CEO of Aehr Test Systems,
commented:
“We are pleased to report improved revenue
and operating profit in the fiscal fourth quarter that reflect a
return to above pre-pandemic levels. We are also encouraged by the
strong increase in customer demand during the quarter, which is a
positive turnaround from customer production ramp delays and
push outs we experienced this past year related to COVID-19. We are
off to a strong start for fiscal 2022 with $5.4 million in bookings
and an effective backlog of $7 million quarter to date.
“We made significant inroads this past
fiscal year into the emerging silicon carbide device market, which
continues to be a very promising growth driver for Aehr and will be
a major focus in the coming fiscal year. Silicon carbide power
semiconductors have emerged as the preferred technology for battery
electric vehicle power conversion in on-board and off-board
electric vehicle battery chargers and the electric power conversion
and control of the electric engines. Our FOX-P family of products
are very cost-effective solutions for ensuring the critical quality
and reliability of devices in
this market, where performance and reliability can not only mean
increased battery life, but also whether you have to walk home from
a vehicle whose power semiconductor fails in the power
train.
“During this last fiscal year, our lead
silicon carbide customer, a leading Fortune 500 supplier of
semiconductor devices with a
significant customer base in the automotive semiconductor market,
qualified Aehr’s FOX-XP system for high volume production
burn-in and infant mortality screening of silicon carbide power
devices at wafer level for electric vehicle power
modules.
“This
customer has now qualified several devices for automotive
applications on our solution, ordered multiple FOX-XP systems, and
has purchased multiple new WaferPak Contactor designs that are
expected to be qualified and move to production during this fiscal
year. This customer is forecasting orders for multiple additional
FOX systems and Aehr proprietary full wafer WaferPaks this year and
a significant number of systems and WaferPaks over the next several
years. Our FOX-XP systems are 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. Aehr provides a unique fully
integrated solution that includes the test systems, full wafer
WaferPak Contactors, and WaferPak Aligners.
“Aehr is in
discussions with several other silicon carbide suppliers regarding
our wafer level test and burn-in solutions and we expect to move to
on-wafer evaluations with multiple potential new customers this
fiscal year. We anticipate that wafer
level test and burn-in will become the industry standard for
quality and reliability screening for silicon carbide devices for
the automotive market, and that Aehr has the most cost-effective
solution on the market to address this
opportunity.
“We
are seeing improvement in multiple test and burn-in segments
including silicon photonics, which was significantly impacted by
the pandemic over the last 12 months. Silicon photonics fiber optic
transceivers which are used in data storage and 5G infrastructure,
require a process step in manufacturing called stabilization where
the devices are subjected to high temperatures and power to
stabilize their output power. Our customers are using our FOX wafer
level test and burn in solutions for test and burn-in of 100% 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.
“This last
year we successfully implemented our FOX systems and DiePak
Carriers for production test and burn-in of two new applications
for 2D/3D sensors for mobile devices. We expect to see follow on
orders for system capacity and DiePaks this year and continue to be optimistic about this market
space. We are excited about our newest DiePak solution
that is capable of handling extremely
small and complex devices and very high power-density devices with
higher parallelism than available before.
Aehr Test Systems Reports Fiscal 2021 Fourth Quarter and Full Year
Financial Results
July 15, 2021
Page 3 of 7
“With the momentum we are seeing for
wafer level test and burn-in of silicon carbide devices for
electric vehicles, silicon photonics
devices for data center and 5G infrastructure, and 2D/3D sensors
for mobile devices, we are very confident in our growth projections
this fiscal year.”
Fiscal
2022 Financial Guidance:
For the fiscal year
ending May 31, 2022, Aehr expects full
year total revenue to be greater than $28 million, which would
represent growth of approximately 70% year over year, and to be
profitable for the fiscal year.
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 2021 fourth quarter and full
year operating results. To access the call dial 800-367-2403 (+1 334-777-6978 outside the United States)
and give the participant pass code 9748167. 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 July 22,
2021. To access the replay dial-in information, please click
here.
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.
Aehr Test Systems Reports Fiscal 2021 Fourth Quarter and Full Year
Financial Results
July 15, 2021
Page 4 of 7
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,"
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 Form
10-K for fiscal 2020, Form 10-Q for the first, second and third
fiscal quarters of fiscal 2021 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 –
Aehr Test Systems Reports Fiscal 2021 Fourth Quarter and Full Year
Financial Results
July 15, 2021
Page 5 of 7
AEHR TEST
SYSTEMS AND SUBSIDIARIES
Condensed
Consolidated Statements of Operations
(in thousands, except per share
data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$7,638
|
$5,267
|
$3,773
|
$16,600
|
$22,291
|
Cost of
sales
|
4,104
|
3,373
|
3,866
|
10,568
|
13,920
|
Gross profit
(loss)
|
3,534
|
1,894
|
(93)
|
6,032
|
8,371
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Selling,
general and administrative
|
1,904
|
1,643
|
1,674
|
6,562
|
7,530
|
Research
and development
|
1,029
|
903
|
854
|
3,652
|
3,386
|
Restructuring
|
-
|
-
|
220
|
-
|
220
|
Total
operating expenses
|
2,933
|
2,546
|
2,748
|
10,214
|
11,136
|
|
|
|
|
|
|
Income
(loss) from operations
|
601
|
(652)
|
(2,841)
|
(4,182)
|
(2,765)
|
|
|
|
|
|
|
Interest (expense)
income, net
|
(11)
|
(10)
|
(17)
|
(46)
|
10
|
Net gain from
dissolution of Aehr Test Systems Japan
|
-
|
-
|
-
|
2,186
|
-
|
Other expense,
net
|
(23)
|
(39)
|
(17)
|
(162)
|
(11)
|
|
|
|
|
|
|
Income
(loss) before income tax (expense) benefit
|
567
|
(701)
|
(2,875)
|
(2,204)
|
(2,766)
|
|
|
|
|
|
|
Income tax
(expense) benefit
|
-
|
(34)
|
(10)
|
177
|
(36)
|
|
|
|
|
|
|
Net
income (loss)
|
567
|
(735)
|
(2,885)
|
(2,027)
|
(2,802)
|
|
|
|
|
|
|
Less: Net income
attributable to the noncontrolling
interest
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
Net income (loss) attributable to Aehr
Test Systems common
shareholders |
$567
|
$(735)
|
$(2,885)
|
$(2,027)
|
$(2,802)
|
|
|
|
|
|
|
Net income (loss)
per share
|
|
|
|
|
|
Basic
|
$0.02
|
$(0.03)
|
$(0.13)
|
$(0.09)
|
$(0.12)
|
Diluted
|
$0.02
|
$(0.03)
|
$(0.13)
|
$(0.09)
|
$(0.12)
|
|
|
|
|
|
|
Shares used in per
share calculations:
|
|
|
|
|
|
Basic
|
23,659
|
23,525
|
23,060
|
23,457
|
22,882
|
Diluted
|
23,916
|
23,525
|
23,060
|
23,457
|
22,882
|
-more-
Aehr Test Systems Reports Fiscal 2021 Fourth Quarter and Full Year
Financial Results
July 15, 2021
Page 6 of 7
AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in
thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$567
|
$(735)
|
$(2,885)
|
$(2,027)
|
$(2,802)
|
Stock-based
compensation expense
|
303
|
271
|
300
|
1,101
|
910
|
Restructuring
|
-
|
-
|
220
|
-
|
220
|
Excess and
obsolesence provision
|
-
|
-
|
1,645
|
-
|
1,645
|
Income from
dissolution of Aehr Test Systems Japan
|
-
|
-
|
-
|
(2,401)
|
-
|
Non-GAAP net income
(loss)
|
$870
|
$(464)
|
$(720)
|
$(3,327)
|
$(27)
|
|
|
|
|
|
|
GAAP net income
(loss) per diluted share
|
$0.02
|
$(0.03)
|
$(0.13)
|
$(0.09)
|
$(0.12)
|
Non-GAAP net income
(loss) per diluted share
|
$0.04
|
$(0.02)
|
$(0.03)
|
$(0.14)
|
$(0.00)
|
Shares used in GAAP
diluted shares calculation
|
23,916
|
23,525
|
23,060
|
23,457
|
22,882
|
Shares used in
non-GAAP diluted shares calculation
|
23,916
|
23,525
|
23,060
|
23,457
|
22,882
|
Non-GAAP
net income (loss) is a non-GAAP measure and should not be
considered a replacement for GAAP results. Non-GAAP net income
(loss) 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 (loss). This limitation is
best addressed by using this measure in combination with net income
(loss) (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-
Aehr Test Systems Reports Fiscal 2021 Fourth Quarter and Full Year
Financial Results
July 15, 2021
Page 7 of 7
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in
thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$4,582
|
$4,738
|
$5,433
|
Accounts
receivable, net
|
5,202
|
2,721
|
3,717
|
Inventories
|
8,849
|
8,339
|
7,989
|
Prepaid
expenses and other
|
551
|
571
|
512
|
Total
current assets
|
19,184
|
16,369
|
17,651
|
|
|
|
|
Property and
equipment, net
|
677
|
617
|
663
|
Operating lease
right-of-use assets
|
1,606
|
1,763
|
2,107
|
Other
assets
|
198
|
142
|
153
|
Total
assets
|
$21,665
|
$18,891
|
$20,574
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$2,893
|
$1,086
|
$945
|
Accrued
expenses
|
2,163
|
1,624
|
1,439
|
Operating
lease liabilities, short-term
|
737
|
722
|
658
|
Customer
deposits and deferred revenue, short-term
|
189
|
587
|
170
|
Line of
credit
|
1,400
|
1,400
|
-
|
Current
portion of long-term debt
|
1,679
|
1,492
|
653
|
Total
current liabilities
|
9,061
|
6,911
|
3,865
|
|
|
|
|
Operating lease
liabilities, long-term
|
1,007
|
1,185
|
1,605
|
Long-term debt, net
of current portion
|
-
|
187
|
1,026
|
Deferred revenue,
long-term
|
99
|
80
|
22
|
Other
liabilities
|
49
|
43
|
-
|
Total
liabilities
|
10,216
|
8,406
|
6,518
|
|
|
|
|
Aehr Test Systems
shareholders' equity
|
11,449
|
10,485
|
14,077
|
Noncontrolling
interest
|
-
|
-
|
(21)
|
Total
shareholders' equity
|
11,449
|
10,485
|
14,056
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$21,665
|
$18,891
|
$20,574
|
# #
#