Aehr Test Systems (NASDAQ: AEHR) reported quarterly bookings of $37.2 million for its third quarter of fiscal 2026, ended February 27, 2026, representing a book-to-bill ratio of over 3.5x. The semiconductor test equipment company cited strong customer demand across both wafer-level burn-in and package-level burn-in applications.

The company posted net revenue of $10.3 million for the quarter, down from $18.3 million in the same period last year. GAAP net loss was $3.2 million, or $0.10 per diluted share, compared to a net loss of $0.6 million, or $0.02 per diluted share, in the prior year quarter.

For the first nine months of fiscal 2026, net revenue totaled $31.2 million versus $44.9 million in the comparable prior year period. GAAP net loss for the nine-month period was $8.5 million, or $0.28 per diluted share.

The company maintained $37.1 million in total cash, cash equivalents and restricted cash as of February 27, 2026, up from $31.0 million on November 28, 2025. Backlog reached $38.7 million, with effective backlog including recent bookings totaling $50.9 million.

Aehr received production orders for multiple FOX-XP wafer-level burn-in systems from its lead AI processor customer for data center training and inference applications. The company also announced a customer win with its high-power FOX-XP system for silicon photonics devices targeting hyperscale data center optical interconnect markets.

The company expects bookings for the second half of fiscal 2026 to be on the high end of its previously stated range of $60 million to $80 million. Management also anticipates full-year fiscal 2026 revenue to be on the high side of the $45 million to $50 million range.