Q4 2024 Aehr Test Systems Earnings Call Transcript
Key Points
- Aehr Test Systems (AEHR) reported record annual revenue of $66.2 million, surpassing previous guidance and analyst consensus.
- The company achieved a GAAP net income of $33.2 million, or $1.12 per share, including a significant tax benefit.
- Aehr Test Systems (AEHR) announced the acquisition of Incal Technology, which is expected to enhance their product offerings in the ultra high-power semiconductor market.
- The company is seeing traction in new target markets, including AI processors, flash memory devices, and silicon photonics integrated circuits.
- Aehr Test Systems (AEHR) received over $12.7 million in orders from a silicon carbide customer, indicating strong demand in the EV market.
- Customer pushouts for silicon carbide devices due to slower electric vehicle demand impacted the second half of the fiscal year.
- Annual bookings decreased to $49 million from $78.3 million in the prior fiscal year, primarily due to the pushouts.
- Fourth-quarter revenue was $16.6 million, down 25% from the same quarter last year.
- The company's GAAP gross margin for the full year decreased to 49.1% from 50.4% in the prior year.
- Operating expenses remained consistent year-over-year, but the company faced increased headcount-related expenses and lower manufacturing efficiencies.
Greetings. Welcome to the Aehr Test Systems fiscal 2024 fourth quarter and full year financial results call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Jim Byers at MKR Investor Relations. You may begin.
Thank you, operator. Good afternoon, and welcome to Aehr Test Systems' fiscal 2024 fourth quarter and full year financial results conference call. With me on today's call are Aehr Test Systems, President and Chief Executive Officer, Gayn Erickson, and Chief Financial Officer. Chris Siu.
Before I turn the call over to Gayn and Chris, I'd like to cover a few items. This afternoon right after market closed, Aehr Test issued a press release announcing its fiscal 2024 fourth quarter and full year results. That release is available on the company's website at Aehr.com. There were two other announcements issued today and those are also posted to the company's website. This call is being broadcast live over the Internet for all interested
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