The following is a summary of the Aehr Test Systems (AEHR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Aehr Test Systems' Q3 2024 earnings were impacted negatively due to pushouts of forecasted orders caused by overall softness in semiconductor capital expenditure.
Projected annual revenues, despite adjustments, are expected to be near or above their record with projected revenues over $65 million and net income of at least $11 million.
Total revenue for the quarter was $7.6 million, a 56% decrease from Q3 last year due to delayed customer orders.
Q3 2024 bookings totaled $24.5 million, and a backlog of $20 million is projected to be recognized as revenue in Q4 2024.
The GAAP gross margin was 41.7% for Q3, down from 51.6% in Q3 of the previous year due to lower revenue and reduced manufacturing efficiency.
Non-GAAP net loss amounted to $900,000 or $0.03 per diluted share for the third quarter, a decline from non-GAAP net income of $4.7 million or $0.16 per diluted share in Q3 2023.
Cash and equivalents at the end of Q3 were $47.6 million, with zero debt.
Business Progress:
Aehr Test is addressing significant growth opportunities in silicon carbide, gallium nitride, silicon photonics, and memory semiconductors and is engaged with customers to meet semiconductor wafer level testing and burn-in needs.
Wafer pack revenues made up 63% of total revenue in Q3 2024 and are projected to account for over 50% of the company's total revenues this fiscal year.
A new high-power FOX system was launched, capable of testing up to nine full 300 millimeter wafers at a time, targeting the AI processors market.
First orders from a major silicon photonics customer completed for a high-power configuration of the FOX-XP system, meant for volume production wafer-level burn-in and stabilization of next-generation silicon circuits.
Aehr Test has seen more design activities in the semiconductor market and is looking to enable future production with its capabilities.
The company is expanding in the China market with plans for a demo center and localized infrastructure to meet local needs.
Guidance for fiscal 2025 to be provided in the upcoming Q4 2024 earnings call in mid-July.
More details: Aehr Test Systems IR
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