The following is a summary of the Aehr Test Systems (AEHR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Aehr Test Systems' Q3 2024 earnings were impacted negatively due to pushouts of forecasted orders caused by overall softness in semiconductor capital expenditure.

• Projected annual revenues, despite adjustments, are expected to be near or above their record with projected revenues over $65 million and net income of at least $11 million.

• Total revenue for the quarter was $7.6 million, a 56% decrease from Q3 last year due to delayed customer orders.

• Q3 2024 bookings totaled $24.5 million, and a backlog of $20 million is projected to be recognized as revenue in Q4 2024.

• The GAAP gross margin was 41.7% for Q3, down from 51.6% in Q3 of the previous year due to lower revenue and reduced manufacturing efficiency.

• Non-GAAP net loss amounted to $900,000 or $0.03 per diluted share for the third quarter, a decline from non-GAAP net income of $4.7 million or $0.16 per diluted share in Q3 2023.

• Cash and equivalents at the end of Q3 were $47.6 million, with zero debt.

Business Progress:

• Aehr Test is addressing significant growth opportunities in silicon carbide, gallium nitride, silicon photonics, and memory semiconductors and is engaged with customers to meet semiconductor wafer level testing and burn-in needs.

• Wafer pack revenues made up 63% of total revenue in Q3 2024 and are projected to account for over 50% of the company's total revenues this fiscal year.

• A new high-power FOX system was launched, capable of testing up to nine full 300 millimeter wafers at a time, targeting the AI processors market.

• First orders from a major silicon photonics customer completed for a high-power configuration of the FOX-XP system, meant for volume production wafer-level burn-in and stabilization of next-generation silicon circuits.

• Aehr Test has seen more design activities in the semiconductor market and is looking to enable future production with its capabilities.

• The company is expanding in the China market with plans for a demo center and localized infrastructure to meet local needs.

• Guidance for fiscal 2025 to be provided in the upcoming Q4 2024 earnings call in mid-July.

More details: Aehr Test Systems IR

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