Aehr Test Systems (NASDAQ: AEHR) reported a return to quarterly profitability in its fiscal fourth quarter ended May 29, 2026, with net revenue of $18.8 million, up from $14.1 million in the same period a year earlier, according to a company press release.

GAAP net income for the quarter was $1.4 million, or $0.04 per diluted share, compared to a GAAP net loss of $2.9 million, or $0.10 per diluted share, in the prior-year quarter. Non-GAAP net income was $3.6 million, or $0.11 per diluted share.

The company reported quarterly bookings of $60.7 million, which it described as a record. Backlog as of May 29, 2026 stood at $80.6 million, with effective backlog, including orders received after that date, reaching $100.6 million. Total cash, cash equivalents, and restricted cash rose to $116.5 million from $37.1 million at the end of the prior quarter, largely reflecting $97.4 million in net proceeds from a common stock offering during the fiscal year.

For the full fiscal year, net revenue was $50.0 million, down from $59.0 million in fiscal 2025. The GAAP net loss for the year widened to $7.1 million, or $0.23 per diluted share, from $3.9 million, or $0.13 per diluted share, in the prior year. Non-GAAP net income for the year was $0.9 million, or $0.03 per diluted share.

For fiscal 2027, ending June 25, 2027, Aehr guided total revenue of $130 million to $150 million, representing approximately 160% to 200% year-over-year growth. The company also projected non-GAAP net income of 18% to 22% of total revenue. The guidance is based on the company's current effective backlog and anticipated customer demand.

CEO Gayn Erickson said the company recently completed benchmark testing of its wafer-level burn-in solution with a major AI processor supplier, which has since expressed interest in moving to pilot production validation. The company also reported approximately $8 million in new silicon carbide orders received within the past month.