Aehr Test Systems (AEHR) financial statements
Aehr Test Systems reported revenue of $50M in fiscal 2026, up 11.4% a year over 9 years.
Net income was -$7M and the operating margin -28.3%, against -26.1% in 2017.
Free cash flow was -$5M.
The diluted share count rose 89% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Aehr Test Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19M | $30M | $21M | $22M | $17M | $51M | $65M | $66M | $59M | $50M |
| Cost of revenue | $12M | $17M | $13M | $14M | $11M | $27M | $32M | $34M | $35M | $32M |
| Gross profit | $7M | $12M | $8M | $8M | $6M | $24M | $33M | $33M | $24M | $18M |
| Research and development | $5M | $4M | $4M | $3M | $4M | $6M | $7M | $9M | $10M | $13M |
| Selling, general and admin | $7M | $7M | $8M | $8M | $7M | $10M | $12M | $14M | $18M | $19M |
| Operating income | -$5M | $915,000 | -$5M | -$3M | -$4M | $8M | $13M | $10M | -$6M | -$14M |
| Interest expense | $678,000 | $399,000 | $252,000 | — | — | — | — | — | — | — |
| Pre-tax income | -$6M | $455,000 | -$5M | -$3M | -$2M | $10M | $15M | $12M | -$4M | -$12M |
| Income tax | $25,000 | -$73,000 | $27,000 | -$36,000 | -$177,000 | $91,000 | $60,000 | -$21M | -$381,000 | -$5M |
| Net income | -$6M | $528,000 | -$5M | -$3M | -$2M | $9M | $15M | $33M | -$4M | -$7M |
| EPS (diluted) | -$0.35 | $0.02 | -$0.23 | -$0.12 | -$0.09 | $0.34 | $0.50 | $1.12 | -$0.13 | -$0.23 |
| Diluted shares | 16M | 23M | 22M | 23M | 23M | 28M | 29M | 30M | 30M | 31M |
| Gross margin | 35.9% | 41.9% | 36.1% | 37.6% | 36.3% | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% |
| Operating margin | -26.1% | 3.1% | -23.7% | -12.4% | -25.2% | 15.3% | 20.6% | 15.2% | -9.6% | -28.3% |
| Net margin | -29.9% | 1.8% | -24.9% | -12.6% | -12.2% | 18.6% | 22.4% | 50.1% | -6.6% | -14.3% |
Balance sheet
Fiscal years, from Aehr Test Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $17M | $5M | $5M | $5M | $31M | $48M | $49M | $25M | $116M |
| Receivables | $4M | $3M | $5M | $4M | $5M | $13M | — | — | — | — |
| Inventory | $7M | $9M | $9M | $8M | $9M | $15M | $24M | $37M | $42M | $41M |
| Total current assets | $29M | $29M | $20M | $18M | $19M | $60M | $89M | $98M | $89M | $184M |
| Property, plant and equipment | $1M | $1M | $1M | $663,000 | $677,000 | $1M | $3M | $3M | $9M | $9M |
| Goodwill | — | — | — | — | — | — | — | $0 | $11M | $11M |
| Total assets | $31M | $31M | $21M | $21M | $22M | $62M | $98M | $128M | $149M | $247M |
| Total current liabilities | $8M | $11M | $6M | $4M | $9M | $11M | $16M | $11M | $16M | $18M |
| Long-term debt | — | — | $0 | $1M | $0 | — | — | — | — | — |
| Total liabilities | $14M | $12M | $6M | $7M | $10M | $11M | $23M | $16M | $26M | $27M |
| Shareholders' equity | $17M | $19M | $15M | $14M | $11M | $51M | $76M | $112M | $123M | $220M |
| Net debt | -$18M | -$11M | -$5M | -$4M | -$3M | -$31M | -$30M | -$49M | -$25M | -$116M |
Cash flow
Fiscal years, from Aehr Test Systems's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4M | -$1M | -$6M | -$2M | -$3M | $2M | $10M | $2M | -$7M | -$3M |
| Capital spending | $477,000 | $572,000 | $173,000 | $163,000 | $227,000 | $416,000 | $1M | $749,000 | $5M | $2M |
| Free cash flow | -$5M | -$2M | -$6M | -$2M | -$3M | $1M | $9M | $1M | -$12M | -$5M |
| Stock-based compensation | $999,000 | $996,000 | $905,000 | $910,000 | $1M | $3M | $3M | $3M | $5M | $7M |
| Net borrowing | — | $0 | $0 | $2M | $0 | $0 | — | — | — | — |
| Free cash flow margin | -26.3% | -6.5% | -27.6% | -9.8% | -17.6% | 2.1% | 13.3% | 1.5% | -21.0% | -10.8% |
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Open AEHR in InvestinglyQuestions
What was Aehr Test Systems's revenue in 2026?
$50M in fiscal 2026, from its 10-K filing.
How much free cash flow does Aehr Test Systems generate?
-$5M in fiscal 2026 (operating cash flow minus capital spending).
From Aehr Test Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.