Aehr Test Systems Stock Is Surging After The Bell: What's Happening?

Author: Adam Eckert | July 09, 2024 04:38pm

Aehr Test Systems (NASDAQ:AEHR) shares are trading higher in Tuesday’s after-hours session after the company provided preliminary financial results for the fourth quarter.

What Happened: Aehr said it expects fourth-quarter revenue of approximately $16.6 million. As of Tuesday’s close, analysts were anticipating fourth-quarter revenue of $15.452 million, according to estimates from Benzinga Pro.

The company said it expects fourth-quarter GAAP net income of approximately $23.8 million, which includes a tax benefit of approximately $20.8 million.

Aehr also issued preliminary full-year 2024 revenue of approximately $66.2 million and full-year GAAP net income expectations of approximately $33.1 million, which includes the aforementioned tax benefit. Aehr noted that wafer level test and burn-in of silicon carbide power semiconductors used in EVs were a key business driver over the last year.

“Although we saw customer push outs of our products for silicon carbide devices due to slowing electric vehicle (EV) demand in the second half of our fiscal year, we still achieved another record year for annual revenue for Aehr,” said Gayn Erickson, president and CEO of Aehr Test Systems.

“Looking ahead to fiscal 2025, we anticipate silicon carbide will continue to be a key contributor to revenue, but we are also expecting bookings and revenue across a much broader range of customers and markets.”

Aehr will report its financial results after the market close on July 16. The company said it will provide guidance for the new fiscal year.

AEHR Price Action: Aehr Test Systems shares were up 13.78% after hours at $14.12 at the time of publication Tuesday, according to Benzinga Pro.

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Posted In: AEHR