Aehr Test Systems (AEHR) Financials

$96.73 +5.54 (+6.08%)

Closing price 05/6/2026 04:00 PM Eastern

Extended Trading

$94.98 -1.75 (-1.81%)

As of 08:17 AM Eastern

Annual Income Statements for Aehr Test Systems

This table shows Aehr Test Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-6.65	-6.79	-5.65	0.53	-5.24	-2.73	-2.03	9.45	15	33	-3.91
Consolidated Net Income / (Loss)	-6.65	-6.79	-5.65	0.53	-5.24	-2.80	-2.03	9.45	15	33	-3.91
Net Income / (Loss) Continuing Operations	-6.65	-6.79	-5.65	0.53	-5.24	-2.73	-2.03	9.45	15	33	-3.91
Total Pre-Tax Income	-6.61	-6.78	-5.63	0.46	-5.21	-2.77	-2.20	9.54	15	12	-4.29
Total Operating Income	-6.69	-6.15	-4.93	0.92	-5.00	-2.77	-4.18	7.80	13	10	-5.68
Total Gross Profit	3.84	5.15	6.78	12	7.60	8.37	6.03	24	33	33	24
Total Revenue	10	15	19	30	21	22	17	51	65	66	59
Operating Revenue	10	15	19	30	21	22	17	51	65	66	59
Total Cost of Revenue	6.18	9.36	12	17	13	14	11	27	32	34	35
Operating Cost of Revenue	6.18	9.36	12	17	13	14	11	27	32	34	35
Total Operating Expenses	11	11	12	11	13	11	10	16	19	22	30
Selling, General & Admin Expense	6.47	6.98	7.05	7.29	7.72	7.53	6.56	10	12	14	18
Research & Development Expense	4.06	4.32	4.66	4.18	4.15	3.39	3.65	5.82	7.13	8.72	10
Restructuring Charge	-	-	0.00	0.00	0.73	0.22	-	-	0.00	0.00	0.86
Total Other Income / (Expense), net	0.08	-0.62	-0.70	-0.46	-0.21	-0.00	1.98	1.74	1.24	2.38	1.39
Interest Expense	0.13	0.61	0.68	0.40	0.25	-0.01	0.05	-0.01	-1.25	-2.39	-1.40
Other Income / (Expense), net	0.21	-0.02	-0.02	-0.06	0.04	-0.01	2.02	1.73	-0.00	-0.01	-0.02
Income Tax Expense	0.03	0.01	0.03	-0.07	0.03	-0.04	-0.18	0.09	0.06	-21	-0.38
Basic Earnings per Share	($0.55)	($0.52)	($0.35)	$0.02	($0.23)	($0.12)	($0.09)	$0.36	$0.52	$1.15	($0.13)
Weighted Average Basic Shares Outstanding	12.05M	13.09M	16.27M	21.73K	22.39M	22.88M	23.46M	26.01M	27.79M	28.82M	29.58M
Diluted Earnings per Share	($0.55)	($0.52)	($0.35)	$0.02	($0.23)	($0.12)	($0.09)	$0.34	$0.50	$1.12	($0.13)
Weighted Average Diluted Shares Outstanding	12.05M	13.09M	16.27M	22.78K	22.39M	22.88M	23.46M	27.77M	29.22M	29.62M	29.58M
Weighted Average Basic & Diluted Shares Outstanding	12.10M	13M	16.20M	26.40M	22.80M	23.29M	24.17M	27.34M	28.76M	29.01M	29.92M

This table shows Aehr Test Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/30/2024	11/29/2024	2/28/2025	5/30/2025	8/29/2025	11/28/2025	2/27/2026
Net Income / (Loss) Attributable to Common Shareholders	4.67	6.09	-1.47	24	0.66	-1.03	-0.64	-2.90	-2.08	-3.23	-3.20
Consolidated Net Income / (Loss)	4.67	6.09	-1.47	24	0.66	-1.03	-0.64	-2.90	-2.08	-3.23	-3.20
Net Income / (Loss) Continuing Operations	4.67	6.09	-1.47	24	0.66	-1.03	-0.64	-2.90	-2.08	-3.23	-3.20
Total Pre-Tax Income	4.69	6.11	-1.46	3.12	0.81	-1.25	-0.87	-2.99	-2.84	-4.44	-4.00
Total Operating Income	4.12	5.47	-2.05	2.54	0.16	-1.51	-1.12	-3.20	-4.07	-4.65	-4.23
Total Gross Profit	9.98	11	3.16	8.45	7.08	5.40	7.18	4.27	3.72	2.55	3.37
Total Revenue	21	21	7.56	17	13	13	18	14	11	9.88	10
Operating Revenue	21	21	7.56	17	13	13	18	14	11	9.88	10
Total Cost of Revenue	11	10	4.41	8.15	6.04	8.05	11	9.82	7.25	7.34	6.95
Operating Cost of Revenue	11	10	4.41	8.15	6.04	8.05	11	9.82	7.25	7.34	6.95
Total Operating Expenses	5.87	5.49	5.20	5.91	6.92	6.91	8.30	7.48	7.79	7.19	7.60
Selling, General & Admin Expense	3.41	3.52	3.06	3.76	4.56	4.64	5.16	3.93	4.72	4.43	4.43
Research & Development Expense	2.46	1.97	2.14	2.15	2.36	2.28	3.14	2.69	2.85	2.97	3.17
Restructuring Charge	-	-	-	-	0.00	0.00	0.00	-	0.22	-0.21	0.00
Total Other Income / (Expense), net	0.58	0.64	0.58	0.58	0.66	0.27	0.25	0.22	1.23	0.20	0.23
Interest Expense	-0.58	-0.63	-0.58	-0.59	-0.68	-0.23	-0.27	-0.22	-0.18	-0.19	-0.24
Other Income / (Expense), net	-0.01	0.01	-0.00	-0.01	-0.03	0.04	-0.03	-0.00	1.05	0.01	-0.01
Income Tax Expense	0.02	0.02	0.01	-21	0.15	-0.22	-0.23	-0.09	-0.75	-1.21	-0.80
Basic Earnings per Share	$0.16	$0.21	($0.05)	$0.83	$0.02	($0.03)	($0.02)	($0.10)	($0.07)	($0.11)	($0.10)
Weighted Average Basic Shares Outstanding	28.65M	28.80M	28.87M	28.82M	29.11M	29.66M	29.73M	29.58M	29.92M	30.18M	30.70M
Diluted Earnings per Share	$0.16	$0.20	($0.05)	$0.81	$0.02	($0.03)	($0.02)	($0.10)	($0.07)	($0.11)	($0.10)
Weighted Average Diluted Shares Outstanding	29.63M	29.77M	28.87M	29.62M	29.63M	29.66M	29.73M	29.58M	29.92M	30.18M	30.70M
Weighted Average Basic & Diluted Shares Outstanding	28.80M	28.85M	28.91M	29.01M	29.63M	29.71M	29.77M	29.92M	30.01M	30.63M	31.45M

This table details how cash moves in and out of Aehr Test Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/30/2025
Net Change in Cash & Equivalents	3.72	-4.59	17	-0.96	-11	0.01	0.87	27	-1.36	19	-23
Net Cash From Operating Activities	-2.26	-6.28	-4.50	-1.35	-5.64	-2.02	-2.70	1.51	10	1.76	-7.40
Net Cash From Continuing Operating Activities	-3.86	-8.22	3.07	-1.35	-5.64	-7.31	1.82	1.51	10	1.76	-7.40
Net Income / (Loss) Continuing Operations	-6.65	-6.79	-5.65	0.53	-5.24	-2.80	-2.03	9.45	15	33	-3.91
Consolidated Net Income / (Loss)	-6.65	-6.79	-5.65	0.53	-5.24	-2.80	-2.03	9.45	15	33	-3.91
Depreciation Expense	0.14	0.20	0.27	0.42	0.43	0.38	0.33	0.36	0.45	0.66	2.31
Amortization Expense	0.03	0.18	0.15	-	-	-	0.00	0.69	0.07	0.58	1.08
Non-Cash Adjustments To Reconcile Net Income	0.97	1.01	1.05	0.94	0.90	0.87	-0.27	1.31	2.77	2.52	5.75
Changes in Operating Assets and Liabilities, net	3.26	-0.88	-0.31	-3.23	-1.74	-5.75	3.80	-10	-7.84	-35	-13
Net Cash From Investing Activities	-0.12	-0.92	-0.48	-0.57	-0.17	-0.16	-0.23	-0.42	-19	17	-16
Net Cash From Continuing Investing Activities	-0.12	-0.92	-0.48	-0.57	-0.17	-0.16	-0.23	-0.42	-19	17	-16
Purchase of Property, Plant & Equipment	-0.12	-0.92	-0.48	-0.57	-0.17	-0.16	-0.23	-0.42	-1.36	-0.75	-4.99
Acquisitions	-	-	-	-	-	-	-	-	0.00	0.00	-11
Purchase of Investments	-	-	-	-	-	-	0.00	0.00	-33	0.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	16	18	0.00
Net Cash From Financing Activities	6.41	2.51	22	0.93	-5.55	2.17	1.96	26	7.32	0.14	0.63
Net Cash From Continuing Financing Activities	6.41	2.51	22	0.93	-5.55	2.17	-0.84	26	7.32	0.14	0.63
Issuance of Common Equity	3.43	0.51	22	0.93	0.56	0.50	0.58	28	9.38	1.74	1.41
Other Financing Activities, net	-	-	-	0.00	0.00	-0.01	-0.02	-0.43	-2.06	-1.60	-0.78
Effect of Exchange Rate Changes	-0.32	0.11	0.00	0.04	-0.06	-	-	-	-0.04	-	0.01
Cash Interest Paid	0.13	0.30	0.52	0.55	0.61	0.00	0.01	0.01	0.02	0.00	0.00
Cash Income Taxes Paid	0.03	0.05	0.02	0.04	0.04	0.04	0.02	0.00	0.02	0.09	0.10

This table details how cash moves in and out of Aehr Test Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/30/2024	11/29/2024	2/28/2025	5/30/2025	8/29/2025	11/28/2025	2/27/2026
Net Change in Cash & Equivalents	12	-13	19	1.58	-8.53	-4.29	-3.81	-4.88	-1.82	6.33	6.08
Net Cash From Operating Activities	3.90	-0.55	-2.82	1.22	2.38	-5.87	-1.61	-2.30	-0.28	-1.17	-3.69
Net Cash From Continuing Operating Activities	-5.45	-13	19	-5.82	2.38	-4.32	-1.84	-2.30	-0.28	-1.17	-3.69
Net Income / (Loss) Continuing Operations	-4.67	-6.09	20	24	0.66	1.03	-1.38	-2.90	-2.08	-3.23	-3.20
Consolidated Net Income / (Loss)	-4.67	-6.09	20	24	0.66	1.03	-1.38	-2.90	-2.08	-3.23	-3.20
Depreciation Expense	0.14	0.15	0.19	0.19	0.35	0.61	0.62	0.74	0.74	0.69	0.68
Amortization Expense	0.04	0.17	0.19	0.45	0.22	-0.22	0.80	0.28	0.18	0.18	0.18
Non-Cash Adjustments To Reconcile Net Income	0.52	0.64	0.58	1.03	0.87	0.60	2.27	2.01	1.67	1.84	1.38
Changes in Operating Assets and Liabilities, net	-1.48	-7.51	-2.39	-31	0.28	-6.34	-4.15	-2.43	-0.79	-0.65	-2.73
Net Cash From Investing Activities	18	-0.16	-0.26	-0.05	-11	-0.32	-2.12	-2.82	-1.39	-2.27	-0.07
Net Cash From Continuing Investing Activities	18	-0.16	-0.26	-0.05	-11	-0.32	-2.12	-2.82	-1.39	-2.27	-0.07
Purchase of Property, Plant & Equipment	-0.28	-0.16	-0.26	-0.05	-0.20	-0.32	-1.66	-2.82	-1.39	-0.47	-0.07
Net Cash From Financing Activities	-0.69	0.25	0.16	0.42	-0.11	0.59	-0.11	0.25	-0.16	9.78	9.83
Net Cash From Continuing Financing Activities	-0.69	0.25	0.16	0.42	-0.11	0.59	-0.11	0.25	-0.16	9.78	9.83
Issuance of Common Equity	0.32	0.70	0.18	0.54	0.06	0.78	0.06	0.52	0.17	10	10
Other Financing Activities, net	-1.01	-0.45	-0.02	-0.12	-0.16	-0.18	-0.18	-0.26	-0.33	-0.49	-0.45
Effect of Exchange Rate Changes	-	-	-	-	0.01	-	-	-0.01	0.01	-0.01	0.01

This table presents Aehr Test Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/30/2025
Total Assets	15	10	31	31	21	21	22	62	98	128	149
Total Current Assets	14	8.75	29	29	20	18	19	60	89	98	89
Cash & Equivalents	5.53	0.94	18	17	5.43	5.43	4.58	31	30	49	25
Accounts Receivable	1.38	0.52	4.01	2.86	4.86	3.72	5.20	13	17	9.80	14
Inventories, net	7.12	7.03	6.60	9.05	9.06	7.99	8.85	15	24	37	42
Prepaid Expenses	0.26	0.25	0.96	0.70	0.69	0.51	0.55	0.61	0.62	1.42	8.06
Plant, Property, & Equipment, net	0.48	1.20	1.42	1.20	1.05	0.66	0.68	1.20	2.76	3.25	8.97
Total Noncurrent Assets	0.10	0.09	0.10	0.30	0.23	2.26	1.80	1.12	6.35	27	51
Goodwill	-	-	-	-	-	-	-	-	-	0.00	11
Intangible Assets	-	-	-	-	-	-	-	-	-	0.00	11
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	0.00	21	19
Other Noncurrent Operating Assets	0.10	0.09	0.10	0.30	0.23	2.26	1.80	1.12	6.35	6.04	10
Total Liabilities & Shareholders' Equity	15	10	31	31	21	21	22	62	98	128	149
Total Liabilities	10	11	14	12	5.85	6.52	10	11	23	16	26
Total Current Liabilities	6.52	4.68	7.88	11	5.51	3.87	9.06	11	16	11	16
Accounts Payable	0.72	1.41	2.81	1.76	1.93	0.95	2.89	4.20	9.21	5.33	6.73
Accrued Expenses	1.05	1.55	1.61	1.65	2.03	1.44	2.16	3.61	4.14	3.37	6.02
Current Deferred Revenue	4.75	1.71	3.47	1.63	-	-	-	-	2.82	1.35	1.98
Other Current Liabilities	-	-	-	-	0.00	0.66	0.74	0.79	0.14	0.47	0.91
Total Noncurrent Liabilities	3.80	6.09	6.21	0.52	0.34	2.65	1.16	0.33	6.24	5.81	10.00
Noncurrent Deferred Revenue	0.01	0.13	0.10	0.52	0.34	0.02	0.10	0.07	0.03	0.04	0.04
Other Noncurrent Operating Liabilities	-	-	-	-	0.00	1.61	1.06	0.26	6.20	5.77	9.96
Commitments & Contingencies	-	-	-	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	4.55	-0.72	17	19	15	14	11	51	76	112	123
Total Preferred & Common Equity	4.57	-0.70	17	19	15	14	11	51	76	112	123
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4.57	-0.70	17	19	15	14	11	51	76	112	123
Common Stock	57	58	81	83	85	86	0.24	118	0.29	0.29	0.30
Retained Earnings	-54	-61	-67	-66	-71	-74	-76	-67	-52	-19	-23
Accumulated Other Comprehensive Income / (Loss)	2.23	2.24	2.25	2.29	2.23	2.23	-0.03	-0.11	-0.16	-0.16	-0.13
Other Equity Adjustments	-	-	-	-	-	-	88	-	128	131	146

This table presents Aehr Test Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	8/30/2024	11/29/2024	2/28/2025	8/29/2025	11/28/2025	2/27/2026
Total Assets	105	101	102	146	142	146	144	149	157
Total Current Assets	96	92	92	93	89	92	84	88	96
Cash & Equivalents	51	51	48	38	32	29	23	31	37
Accounts Receivable	13	4.57	5.47	8.56	7.33	12	13	10	12
Inventories, net	32	34	38	43	44	42	42	43	41
Prepaid Expenses	0.54	2.86	1.22	3.56	5.20	7.97	6.45	4.35	6.02
Plant, Property, & Equipment, net	3.08	3.19	3.15	3.50	4.31	7.03	9.00	8.99	9.28
Total Noncurrent Assets	6.17	6.23	6.10	49	49	47	51	52	52
Goodwill	-	-	-	10	11	11	11	11	11
Intangible Assets	-	-	-	12	12	11	10	10	9.85
Noncurrent Deferred & Refundable Income Taxes	-	-	-	18	19	19	20	21	22
Other Noncurrent Operating Assets	6.17	6.23	6.10	8.88	8.61	6.20	10	9.62	9.42
Total Liabilities & Shareholders' Equity	105	101	102	146	142	146	144	149	157
Total Liabilities	25	14	15	23	19	21	22	18	18
Total Current Liabilities	19	7.96	9.18	15	12	16	12	8.31	8.74
Accounts Payable	8.33	4.18	4.98	5.57	4.85	6.96	3.38	3.55	2.10
Accrued Expenses	4.54	3.23	3.29	5.48	5.39	7.09	6.51	3.73	4.18
Current Deferred Revenue	6.11	0.15	0.49	3.54	0.61	0.84	1.12	0.44	1.86
Other Current Liabilities	0.28	0.40	0.43	0.83	0.86	1.17	0.91	0.59	0.61
Total Noncurrent Liabilities	6.07	6.06	5.92	7.96	7.38	5.33	9.79	9.65	9.51
Noncurrent Deferred Revenue	0.03	0.00	0.00	0.06	0.05	0.03	0.04	0.04	0.05
Other Noncurrent Operating Liabilities	6.04	6.06	5.92	7.90	7.33	5.31	9.75	9.62	9.46
Commitments & Contingencies	-	-	0.00	-	-	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	80	87	86	122	123	124	122	131	139
Total Preferred & Common Equity	80	87	86	122	123	124	122	131	139
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	80	87	86	122	123	124	122	131	139
Common Stock	128	0.29	0.29	0.30	0.30	0.30	148	0.31	0.31
Retained Earnings	-48	-42	-43	-18	-20	-20	-25	-28	-32
Accumulated Other Comprehensive Income / (Loss)	-0.14	-0.13	-0.14	-0.13	-0.19	-0.18	-0.10	-0.11	-0.08
Other Equity Adjustments	-	129	129	141	143	144	-	159	170

This table displays calculated financial ratios and metrics derived from Aehr Test Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/31/2016	5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/30/2025
DEI Shares Outstanding	12,709,054.00	13,164,396.00	16,786,235.00	21,953,730.00	22,562,044.00	23,014,962.00	23,597,730.00	26,922,827.00	28,338,209.00	-	29,771,410.00
DEI Adjusted Shares Outstanding	12,709,054.00	13,164,396.00	16,786,235.00	21,953,730.00	22,562,044.00	23,014,962.00	23,597,730.00	26,922,827.00	28,338,209.00	-	29,771,410.00
DEI Earnings Per Adjusted Shares Outstanding	-0.52	-0.52	-0.34	0.02	-0.23	-0.12	-0.09	0.35	0.51	-	-0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-49.11%	44.75%	30.32%	56.39%	-28.76%	5.87%	-25.53%	206.20%	27.80%	1.94%	-10.95%
EBITDA Growth	-1,200.52%	8.34%	21.74%	128.05%	-456.02%	47.14%	23.50%	677.76%	31.42%	-18.65%	-120.38%
EBIT Growth	-1,597.23%	4.83%	19.77%	117.25%	-680.33%	43.99%	22.26%	541.52%	40.34%	-24.69%	-156.52%
NOPAT Growth	-1,009.30%	8.07%	19.91%	130.77%	-429.63%	44.70%	-51.25%	363.91%	72.41%	101.36%	-114.82%
Net Income Growth	-1,675.12%	-2.08%	16.68%	109.34%	-1,091.48%	46.48%	27.66%	566.21%	54.04%	127.77%	-111.79%
EPS Growth	-1,475.00%	5.45%	32.69%	105.71%	-1,250.00%	47.83%	25.00%	477.78%	47.06%	124.00%	-111.61%
Operating Cash Flow Growth	-271.66%	-178.41%	28.44%	69.94%	-317.25%	64.09%	-33.45%	155.83%	563.86%	-82.46%	-521.41%
Free Cash Flow Firm Growth	-12.05%	-154.14%	26.62%	43.92%	-108.79%	55.55%	-16.22%	28.70%	379.92%	-254.31%	-403.61%
Invested Capital Growth	-46.09%	52.81%	18.63%	67.56%	17.29%	2.76%	-3.46%	96.11%	41.98%	125.45%	57.51%
Revenue Q/Q Growth	-26.18%	-1.67%	37.08%	2.02%	-0.13%	-13.47%	30.35%	33.14%	3.14%	-7.89%	-4.08%
EBITDA Q/Q Growth	-45.96%	-21.51%	32.52%	374.25%	-3.83%	-487.06%	65.27%	126.16%	-0.39%	-14.21%	-182.67%
EBIT Q/Q Growth	-45.75%	-21.41%	31.00%	962.63%	-3.08%	-1,350.45%	61.42%	120.35%	-1.09%	-23.56%	-12,210.64%
NOPAT Q/Q Growth	-43.34%	-20.69%	31.44%	2,428.10%	-2.59%	-1,233.88%	45.15%	176.88%	-1.33%	104.28%	-564.90%
Net Income Q/Q Growth	-47.45%	-20.54%	28.57%	215.28%	-1.57%	-739.73%	66.93%	104.15%	2.23%	115.26%	-117.11%
EPS Q/Q Growth	-48.65%	-18.18%	35.19%	166.67%	0.00%	-1,300.00%	60.87%	112.50%	2.04%	115.38%	-116.67%
Operating Cash Flow Q/Q Growth	-8.57%	-18.00%	25.60%	56.74%	-84.94%	-36.39%	30.65%	-27.67%	196.53%	-72.56%	-91.02%
Free Cash Flow Firm Q/Q Growth	4.45%	-7.13%	13.44%	46.14%	-103.87%	10.62%	-103.14%	-4.66%	1,380.03%	-9,644.78%	27.52%
Invested Capital Q/Q Growth	-22.56%	-21.43%	-4.69%	-12.97%	13.26%	-10.39%	33.93%	62.98%	7.05%	60.43%	3.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.31%	35.48%	35.88%	41.91%	36.10%	37.55%	36.34%	46.56%	50.41%	49.15%	40.59%
EBITDA Margin	-63.06%	-39.93%	-23.98%	4.30%	-21.49%	-10.73%	-11.02%	20.80%	21.39%	17.07%	-3.91%
Operating Margin	-66.82%	-42.44%	-26.08%	3.10%	-23.75%	-12.40%	-25.19%	15.35%	20.59%	15.22%	-9.63%
EBIT Margin	-64.71%	-42.55%	-26.19%	2.89%	-23.54%	-12.45%	-13.00%	18.75%	20.58%	15.21%	-9.65%
Profit (Net Income) Margin	-66.35%	-46.79%	-29.91%	1.79%	-24.86%	-12.57%	-12.21%	18.59%	22.41%	50.07%	-6.63%
Tax Burden Percent	100.51%	100.15%	100.44%	116.04%	100.52%	101.30%	91.97%	99.05%	99.59%	266.14%	91.12%
Interest Burden Percent	102.01%	109.81%	113.70%	53.28%	105.08%	99.64%	102.13%	100.14%	109.31%	123.71%	75.39%
Effective Tax Rate	0.00%	0.00%	0.00%	-16.04%	0.00%	0.00%	0.00%	0.95%	0.41%	-166.14%	0.00%
Return on Invested Capital (ROIC)	-116.65%	-121.11%	-73.40%	15.56%	-37.69%	-19.04%	-28.92%	52.46%	56.44%	59.52%	-4.94%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.00%	-271.83%	-7.35%	20.32%	-16.23%	-0.17%	-63.17%	42.01%	53.33%	46.47%	-5.12%
Return on Net Nonoperating Assets (RNNOA)	1.84%	-233.48%	3.05%	-12.63%	7.55%	0.05%	13.02%	-22.19%	-33.44%	-24.10%	1.61%
Return on Equity (ROE)	-114.81%	-354.59%	-70.35%	2.93%	-30.14%	-18.99%	-15.89%	30.27%	23.00%	35.42%	-3.34%
Cash Return on Invested Capital (CROIC)	-56.75%	-162.88%	-90.44%	-34.94%	-53.61%	-21.77%	-25.40%	-12.45%	21.75%	-17.57%	-49.61%
Operating Return on Assets (OROA)	-47.86%	-49.53%	-24.18%	2.76%	-18.97%	-13.26%	-10.22%	22.69%	16.67%	8.91%	-4.12%
Return on Assets (ROA)	-49.07%	-54.47%	-27.62%	1.71%	-20.03%	-13.38%	-9.60%	22.50%	18.14%	29.33%	-2.83%
Return on Common Equity (ROCE)	-115.20%	-358.11%	-70.52%	2.93%	-30.17%	-19.02%	-15.91%	30.27%	23.00%	35.42%	-3.34%
Return on Equity Simple (ROE_SIMPLE)	-145.51%	965.15%	-33.62%	2.74%	-33.84%	-19.90%	-17.70%	18.53%	0.00%	29.71%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.69	-4.31	-3.45	1.06	-3.50	-1.94	-2.93	7.73	13	27	-3.97
NOPAT Margin	-46.77%	-29.71%	-18.26%	3.59%	-16.62%	-8.68%	-17.63%	15.20%	20.50%	40.51%	-6.74%
Net Nonoperating Expense Percent (NNEP)	-110.65%	150.73%	-66.05%	-4.76%	-21.46%	-18.87%	34.26%	10.46%	3.12%	13.05%	0.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	17.62%	-	-3.23%
Cost of Revenue to Revenue	61.69%	64.52%	64.12%	58.09%	63.90%	62.45%	63.66%	53.44%	49.59%	50.85%	59.41%
SG&A Expenses to Revenue	64.58%	48.10%	37.32%	24.67%	36.68%	33.78%	39.53%	19.77%	18.84%	20.76%	31.01%
R&D to Revenue	40.55%	29.82%	24.64%	14.15%	19.72%	15.19%	22.00%	11.45%	10.98%	13.17%	17.74%
Operating Expenses to Revenue	105.13%	77.92%	61.96%	38.81%	59.85%	49.96%	61.53%	31.21%	29.82%	33.93%	50.21%
Earnings before Interest and Taxes (EBIT)	-6.48	-6.17	-4.95	0.85	-4.96	-2.78	-2.16	9.53	13	10	-5.69
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.32	-5.79	-4.53	1.27	-4.53	-2.39	-1.83	11	14	11	-2.30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.68	0.00	4.57	2.96	2.55	2.70	4.64	4.42	12.38	2.98	2.31
Price to Tangible Book Value (P/TBV)	6.68	0.00	4.57	2.96	2.55	2.70	4.64	4.42	12.38	2.98	2.80
Price to Revenue (P/Rev)	3.04	0.92	4.07	1.93	1.88	1.70	3.20	4.44	14.40	5.03	4.82
Price to Earnings (P/E)	0.00	0.00	0.00	108.11	0.00	0.00	0.00	23.87	64.28	10.04	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.93%	0.00%	0.00%	0.00%	4.19%	1.56%	9.96%	0.00%
Enterprise Value to Invested Capital (EV/IC)	10.22	4.26	12.78	5.42	3.40	3.32	5.19	9.95	32.06	4.54	2.64
Enterprise Value to Revenue (EV/Rev)	2.87	1.26	3.45	1.57	1.62	1.53	3.11	3.82	13.67	4.28	4.40
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	36.45	0.00	0.00	0.00	18.36	63.90	25.10	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	54.24	0.00	0.00	0.00	20.37	66.39	28.17	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	43.63	0.00	0.00	0.00	25.13	66.65	10.58	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	128.73	88.68	161.53	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	172.99	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.83	-8.25	0.36	0.32	0.00	0.12	0.27	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.83	-8.25	0.36	0.00	0.00	0.07	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.31	0.86	-0.42	-0.62	-0.47	-0.31	-0.21	-0.53	-0.63	-0.52	-0.31
Leverage Ratio	2.34	6.51	2.55	1.71	1.50	1.42	1.66	1.35	1.27	1.21	1.18
Compound Leverage Factor	2.39	7.15	2.90	0.91	1.58	1.41	1.69	1.35	1.39	1.49	0.89
Debt to Total Capital	45.45%	113.80%	26.68%	24.06%	0.00%	10.67%	21.19%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	24.06%	0.00%	4.15%	21.19%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	45.45%	113.80%	26.68%	0.00%	0.00%	6.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.22%	-0.38%	-0.08%	-0.08%	-0.12%	-0.13%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.77%	-13.42%	73.41%	76.02%	100.12%	89.46%	78.81%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.60	-1.03	-1.35	4.81	0.00	-0.70	-1.68	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.27	-0.87	2.58	-8.45	0.00	1.57	0.82	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-0.60	-1.03	-1.35	0.00	0.00	-0.43	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.81	-1.38	-1.77	5.75	0.00	-0.87	-1.05	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.37	-1.17	3.39	-10.11	0.00	1.94	0.51	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-0.81	-1.38	-1.77	0.00	0.00	-0.53	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-3.48	-7.87	1.16	1.69	0.39	-0.12	-0.81	12.70	26.16	13.62	7.29
Noncontrolling Interest Sharing Ratio	-0.34%	-0.99%	-0.24%	-0.11%	-0.11%	-0.14%	-0.08%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.19	1.87	3.73	2.64	3.63	4.57	2.12	5.45	5.46	9.31	5.68
Quick Ratio	1.06	0.31	2.77	1.77	1.87	2.37	1.08	4.03	3.96	5.61	2.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.28	-5.79	-4.25	-2.38	-4.98	-2.21	-2.57	-1.83	5.13	-7.92	-40
Operating Cash Flow to CapEx	-1,911.86%	-683.46%	-942.35%	-236.19%	-3,258.38%	-1,241.72%	-1,189.87%	362.50%	735.02%	234.45%	-148.24%
Free Cash Flow to Firm to Interest Expense	-17.54	-9.58	-6.27	-5.98	-19.75	0.00	-55.90	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-17.35	-10.38	-6.63	-3.39	-22.37	0.00	-58.72	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-18.26	-11.90	-7.33	-4.82	-23.06	0.00	-63.65	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	1.16	0.92	0.96	0.81	1.06	0.79	1.21	0.81	0.59	0.43
Accounts Receivable Turnover	4.20	15.22	8.34	8.61	5.46	5.20	3.72	5.63	4.41	5.02	4.92
Inventory Turnover	0.93	1.32	1.78	2.19	1.49	1.63	1.26	2.27	1.65	1.10	0.88
Fixed Asset Turnover	21.05	17.24	14.41	22.54	18.73	26.10	24.78	54.07	32.79	22.03	9.65
Accounts Payable Turnover	4.72	8.76	5.74	7.51	7.28	9.67	5.51	7.66	4.81	4.63	5.81
Days Sales Outstanding (DSO)	86.95	23.98	43.77	42.40	66.87	70.21	98.06	64.85	82.74	72.73	74.24
Days Inventory Outstanding (DIO)	391.90	276.13	205.38	166.39	245.66	223.54	290.78	160.57	220.71	332.64	413.95
Days Payable Outstanding (DPO)	77.25	41.68	63.57	48.58	50.12	37.73	66.28	47.62	75.92	78.79	62.82
Cash Conversion Cycle (CCC)	401.60	258.42	185.57	160.21	262.40	256.02	322.55	177.80	227.53	326.58	425.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2.81	4.30	5.10	8.55	10	10	9.95	20	28	62	98
Invested Capital Turnover	2.49	4.08	4.02	4.33	2.27	2.19	1.64	3.45	2.75	1.47	0.73
Increase / (Decrease) in Invested Capital	-2.41	1.49	0.80	3.45	1.48	0.28	-0.36	9.56	8.19	35	36
Enterprise Value (EV)	29	18	65	46	34	34	52	194	888	284	259
Market Capitalization	31	13	77	57	39	38	53	226	936	333	284
Book Value per Share	$0.36	($0.05)	$1.00	$0.88	$0.69	$0.61	$0.49	$1.89	$2.67	$3.86	$4.13
Tangible Book Value per Share	$0.36	($0.05)	$1.00	$0.88	$0.69	$0.61	$0.49	$1.89	$2.67	$3.86	$3.41
Total Capital	8.34	5.24	23	25	15	16	15	51	76	112	123
Total Debt	3.79	5.96	6.11	6.11	0.00	1.68	3.08	0.00	0.00	0.00	0.00
Total Long-Term Debt	3.79	5.96	6.11	0.00	0.00	1.03	0.00	0.00	0.00	0.00	0.00
Net Debt	-1.74	5.02	-12	-11	-5.43	-3.75	-1.50	-31	-48	-49	-25
Capital Expenditures (CapEx)	0.12	0.92	0.48	0.57	0.17	0.16	0.23	0.42	1.36	0.75	4.99
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2.25	3.13	3.69	7.57	9.09	9.01	8.62	18	25	38	49
Debt-free Net Working Capital (DFNWC)	7.78	4.07	21	24	15	14	13	49	73	87	73
Net Working Capital (NWC)	7.78	4.07	21	18	15	14	10	49	73	87	73
Net Nonoperating Expense (NNE)	1.96	2.48	2.20	0.53	1.74	0.87	-0.90	-1.72	-1.24	-6.33	-0.06
Net Nonoperating Obligations (NNO)	-1.74	5.02	-12	-11	-5.43	-3.75	-1.50	-31	-48	-49	-25
Total Depreciation and Amortization (D&A)	0.17	0.38	0.42	0.42	0.43	0.38	0.33	1.05	0.52	1.23	3.39
Debt-free, Cash-free Net Working Capital to Revenue	22.45%	21.58%	19.53%	25.61%	43.19%	40.40%	51.93%	34.45%	38.20%	57.66%	82.44%
Debt-free Net Working Capital to Revenue	77.62%	28.05%	113.74%	82.62%	68.97%	64.78%	79.53%	96.39%	111.95%	131.90%	124.03%
Net Working Capital to Revenue	77.62%	28.05%	113.74%	61.95%	68.97%	61.85%	60.98%	96.39%	111.95%	131.90%	124.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.55)	($0.52)	($0.35)	$0.02	($0.23)	($0.12)	($0.09)	$0.36	$0.52	$1.15	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	12.05M	13.09M	16.27M	21.73M	22.39M	22.88M	23.46M	26.01M	27.79M	28.82M	29.58M
Adjusted Diluted Earnings per Share	($0.55)	($0.52)	($0.35)	$0.02	($0.23)	($0.12)	($0.09)	$0.34	$0.50	$1.12	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	12.05M	13.09M	16.27M	22.78M	22.39M	22.88M	23.46M	27.77M	29.22M	29.62M	29.58M
Adjusted Basic & Diluted Earnings per Share	($0.55)	($0.52)	($0.35)	$0.02	($0.23)	($0.12)	($0.09)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.99M	13.33M	21.42M	22.22M	22.72M	23.29M	24.17M	27.34M	28.76M	29.01M	29.92M
Normalized Net Operating Profit after Tax (NOPAT)	-4.69	-4.31	-3.45	0.64	-2.99	-1.78	-2.93	7.73	13	7.05	-3.37
Normalized NOPAT Margin	-46.77%	-29.71%	-18.26%	2.17%	-14.21%	-7.99%	-17.63%	15.20%	20.50%	10.65%	-5.71%
Pre Tax Income Margin	-66.01%	-46.72%	-29.78%	1.54%	-24.73%	-12.41%	-13.28%	18.77%	22.50%	18.81%	-7.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-49.87	-10.20	-7.30	2.14	-19.67	0.00	-46.91	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-36.04	-7.12	-5.09	2.66	-13.89	0.00	-63.64	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-50.78	-11.72	-8.00	0.71	-20.35	0.00	-51.85	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-36.95	-8.64	-5.79	1.23	-14.58	0.00	-68.57	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Aehr Test Systems' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/30/2024	11/29/2024	2/28/2025	5/30/2025	8/29/2025	11/28/2025	2/27/2026
DEI Shares Outstanding	28,755,426.00	28,799,313.00	28,849,237.00	-	-	-	-	29,771,410.00	29,915,061.00	30,006,590.00	30,627,342.00
DEI Adjusted Shares Outstanding	28,755,426.00	28,799,313.00	28,849,237.00	-	-	-	-	29,771,410.00	29,915,061.00	30,006,590.00	30,627,342.00
DEI Earnings Per Adjusted Shares Outstanding	0.16	0.21	-0.05	-	-	-	-	-0.10	-0.07	-0.11	-0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	93.27%	44.66%	-56.04%	-25.46%	-36.39%	-37.23%	142.06%	-15.13%	-16.39%	-26.53%	-43.67%
EBITDA Growth	631.91%	57.93%	-136.40%	-37.17%	-83.70%	-118.76%	116.16%	-175.37%	-399.43%	-549.48%	-1,338.72%
EBIT Growth	752.49%	57.41%	-154.25%	-55.08%	-96.76%	-126.89%	44.14%	-226.75%	-2,366.92%	-214.87%	-270.72%
NOPAT Growth	816.69%	57.14%	-137.91%	244.95%	-96.86%	-119.43%	45.31%	-111.55%	-2,307.74%	-207.20%	-277.93%
Net Income Growth	693.55%	63.46%	-135.60%	290.51%	-85.88%	-116.88%	56.29%	-112.15%	-415.76%	-214.20%	-398.13%
EPS Growth	700.00%	53.85%	-135.71%	285.71%	-87.50%	-115.00%	60.00%	-112.35%	-450.00%	-266.67%	-400.00%
Operating Cash Flow Growth	-28.57%	-179.49%	-151.47%	-79.14%	-38.99%	-977.61%	43.17%	-288.07%	-111.85%	80.06%	-129.84%
Free Cash Flow Firm Growth	34.88%	-3.00%	-43.03%	-498.81%	-469.40%	-398.64%	-291.36%	-148.96%	67.69%	77.92%	82.28%
Invested Capital Growth	89.90%	82.44%	50.43%	125.45%	190.01%	148.26%	143.60%	57.51%	17.76%	9.87%	7.47%
Revenue Q/Q Growth	-7.39%	3.91%	-64.71%	119.49%	-20.97%	2.55%	36.08%	-23.04%	-22.14%	-9.89%	4.34%
EBITDA Q/Q Growth	-14.85%	34.95%	-128.97%	269.98%	-77.91%	-255.36%	124.95%	-907.38%	4.34%	-79.98%	10.25%
EBIT Q/Q Growth	-27.08%	33.32%	-137.39%	223.58%	-94.75%	-1,207.52%	22.34%	-180.42%	6.02%	-53.83%	8.56%
NOPAT Q/Q Growth	-27.14%	32.90%	-126.28%	1,455.73%	-99.34%	-921.52%	26.04%	-186.33%	-26.90%	-14.31%	9.01%
Net Income Q/Q Growth	-23.52%	30.27%	-124.16%	1,722.30%	-97.23%	-255.76%	37.45%	-350.86%	28.11%	-54.99%	0.84%
EPS Q/Q Growth	-23.81%	25.00%	-125.00%	1,720.00%	-97.53%	-250.00%	33.33%	-400.00%	30.00%	-57.14%	9.09%
Operating Cash Flow Q/Q Growth	-33.52%	-113.97%	-418.17%	143.34%	94.44%	-346.76%	72.67%	-43.43%	87.75%	-315.25%	-215.03%
Free Cash Flow Firm Q/Q Growth	-279.74%	-14.29%	-30.36%	-5.84%	-261.09%	-0.09%	-2.32%	32.67%	53.14%	31.59%	17.89%
Invested Capital Q/Q Growth	5.41%	25.52%	6.21%	60.43%	35.59%	7.46%	4.22%	3.74%	1.37%	0.26%	1.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.40%	51.13%	41.73%	50.89%	53.95%	40.14%	39.24%	30.32%	33.90%	25.75%	32.66%
EBITDA Margin	20.80%	27.01%	-22.17%	19.07%	5.33%	-8.07%	1.48%	-15.53%	-19.08%	-38.11%	-32.78%
Operating Margin	19.95%	25.51%	-27.05%	15.31%	1.21%	-11.25%	-6.11%	-22.74%	-37.07%	-47.03%	-41.01%
EBIT Margin	19.92%	25.56%	-27.08%	15.25%	1.01%	-10.95%	-6.25%	-22.77%	-27.49%	-46.92%	-41.12%
Profit (Net Income) Margin	22.66%	28.41%	-19.45%	143.76%	5.03%	-7.64%	-3.51%	-20.58%	-19.00%	-32.68%	-31.06%
Tax Burden Percent	99.66%	99.67%	100.48%	764.14%	81.08%	82.57%	73.57%	97.09%	73.48%	72.68%	80.06%
Interest Burden Percent	114.14%	111.52%	71.48%	123.39%	612.03%	84.52%	76.40%	93.08%	94.06%	95.82%	94.34%
Effective Tax Rate	0.34%	0.33%	0.00%	-664.14%	18.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	66.86%	73.11%	-42.03%	171.88%	1.01%	-6.26%	-3.93%	-11.68%	-16.00%	-18.36%	-13.21%
ROIC Less NNEP Spread (ROIC-NNEP)	65.54%	71.64%	-41.94%	162.71%	-0.18%	-6.34%	-4.30%	-9.90%	-18.51%	-18.44%	-12.48%
Return on Net Nonoperating Assets (RNNOA)	-43.36%	-43.38%	24.43%	-84.37%	0.08%	2.49%	1.57%	3.11%	4.58%	4.58%	3.15%
Return on Equity (ROE)	23.50%	29.72%	-17.60%	87.50%	1.09%	-3.77%	-2.36%	-8.57%	-11.42%	-13.79%	-10.06%
Cash Return on Invested Capital (CROIC)	14.17%	8.46%	0.26%	-17.57%	-60.92%	-109.29%	-82.31%	-49.61%	-23.83%	-18.97%	-18.70%
Operating Return on Assets (OROA)	17.87%	24.70%	-20.93%	8.93%	0.47%	-4.56%	-3.11%	-9.71%	-10.77%	-17.17%	-12.30%
Return on Assets (ROA)	20.33%	27.46%	-15.04%	84.22%	2.35%	-3.18%	-1.75%	-8.78%	-7.45%	-11.96%	-9.29%
Return on Common Equity (ROCE)	23.50%	29.72%	-17.60%	87.50%	1.09%	-3.77%	-2.36%	-8.57%	-11.42%	-13.79%	-10.06%
Return on Equity Simple (ROE_SIMPLE)	23.26%	24.10%	17.81%	0.00%	23.79%	17.88%	18.40%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	4.10	5.45	-1.43	19	0.13	-1.06	-0.78	-2.24	-2.85	-3.25	-2.96
NOPAT Margin	19.88%	25.43%	-18.94%	116.97%	0.98%	-7.87%	-4.28%	-15.92%	-25.95%	-32.92%	-28.70%
Net Nonoperating Expense Percent (NNEP)	1.32%	1.47%	-0.09%	9.16%	1.20%	0.08%	0.36%	-1.78%	2.52%	0.07%	-0.73%
Return On Investment Capital (ROIC_SIMPLE)	-	6.25%	-1.66%	-	-	-0.86%	-0.63%	-1.83%	-2.33%	-2.49%	-2.13%
Cost of Revenue to Revenue	51.60%	48.87%	58.27%	49.11%	46.05%	59.86%	60.76%	69.68%	66.10%	74.25%	67.34%
SG&A Expenses to Revenue	16.53%	16.42%	40.50%	22.63%	34.74%	34.47%	28.20%	27.87%	43.00%	44.86%	42.96%
R&D to Revenue	11.91%	9.20%	28.28%	12.96%	18.00%	16.92%	17.15%	19.06%	25.97%	30.07%	30.71%
Operating Expenses to Revenue	28.44%	25.62%	68.78%	35.58%	52.74%	51.39%	45.35%	53.06%	70.97%	72.77%	73.66%
Earnings before Interest and Taxes (EBIT)	4.11	5.48	-2.05	2.53	0.13	-1.47	-1.14	-3.21	-3.02	-4.64	-4.24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.29	5.79	-1.68	3.17	0.70	-1.09	0.27	-2.19	-2.09	-3.77	-3.38
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	18.30	7.59	5.43	2.98	3.60	2.86	2.31	2.31	6.10	5.27	8.26
Price to Tangible Book Value (P/TBV)	18.30	7.59	5.43	2.98	4.40	3.49	2.80	2.80	7.37	6.27	9.70
Price to Revenue (P/Rev)	19.58	8.11	6.53	5.03	7.51	6.94	4.66	4.82	13.14	12.94	25.33
Price to Earnings (P/E)	78.68	31.48	30.47	10.04	15.14	16.00	12.53	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.27%	3.18%	3.28%	9.96%	6.61%	6.25%	7.98%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	48.50	16.67	10.84	4.54	4.77	3.52	2.71	2.64	7.26	6.59	10.89
Enterprise Value to Revenue (EV/Rev)	18.90	7.49	5.87	4.28	6.87	6.31	4.18	4.40	12.74	12.36	24.52
Enterprise Value to EBITDA (EV/EBITDA)	80.46	30.97	31.39	25.10	52.30	381.52	92.22	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	83.29	32.15	32.02	28.17	66.19	0.00	5,468.31	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	83.41	32.22	32.12	10.58	19.40	0.00	300.67	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	167.54	75.39	65.91	161.53	1,716.48	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	448.55	254.44	5,083.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.66	-0.61	-0.58	-0.52	-0.44	-0.39	-0.37	-0.31	-0.25	-0.25	-0.25
Leverage Ratio	1.27	1.17	1.20	1.21	1.24	1.16	1.17	1.18	1.18	1.15	1.15
Compound Leverage Factor	1.45	1.31	0.86	1.49	7.59	0.98	0.90	1.10	1.11	1.10	1.09
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	35.84	29.70	19.68	13.43	12.19	11.85	8.86	7.35	21.32	23.66	38.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.00	11.53	10.06	9.31	6.03	7.55	5.71	5.68	7.06	10.62	10.97
Quick Ratio	3.33	6.92	5.78	5.61	3.01	3.38	2.58	2.48	3.00	4.95	5.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9.72	-11	-14	-15	-55	-55	-57	-38	-18	-12	-10
Operating Cash Flow to CapEx	1,373.59%	-349.36%	-1,073.76%	2,660.87%	1,208.12%	-1,829.60%	-96.92%	-81.69%	-20.27%	-250.75%	-4,985.14%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.90	0.97	0.77	0.59	0.47	0.42	0.50	0.43	0.39	0.37	0.30
Accounts Receivable Turnover	8.20	11.07	8.53	5.02	5.41	8.52	7.04	4.92	5.26	6.05	3.80
Inventory Turnover	1.50	1.55	1.22	1.10	0.78	0.69	0.83	0.88	0.85	0.82	0.75
Fixed Asset Turnover	34.01	36.66	32.45	22.03	17.83	13.55	12.08	9.65	9.09	8.01	5.55
Accounts Payable Turnover	6.26	9.90	7.29	4.63	4.18	5.90	5.59	5.81	8.10	8.46	6.92
Days Sales Outstanding (DSO)	44.53	32.97	42.80	72.73	67.52	42.83	51.83	74.24	69.43	60.37	95.97
Days Inventory Outstanding (DIO)	242.83	234.90	300.06	332.64	467.85	531.30	439.78	413.95	427.07	444.30	486.02
Days Payable Outstanding (DPO)	58.31	36.88	50.09	78.79	87.25	61.88	65.30	62.82	45.07	43.16	52.76
Cash Conversion Cycle (CCC)	229.05	230.98	292.76	326.58	448.12	512.25	426.31	425.37	451.43	461.52	529.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	29	37	39	62	85	91	95	98	100	100	102
Invested Capital Turnover	3.36	2.87	2.22	1.47	1.03	0.80	0.92	0.73	0.62	0.56	0.46
Increase / (Decrease) in Invested Capital	14	17	13	35	55	54	56	36	15	8.98	7.08
Enterprise Value (EV)	1,416	611	422	284	403	320	257	259	724	658	1,109
Market Capitalization	1,467	661	469	333	441	352	286	284	746	689	1,146
Book Value per Share	$2.79	$3.03	$3.00	$3.86	$4.22	$4.16	$4.18	$4.13	$4.09	$4.36	$4.53
Tangible Book Value per Share	$2.79	$3.03	$3.00	$3.86	$3.46	$3.41	$3.44	$3.41	$3.38	$3.66	$3.86
Total Capital	80	87	86	112	122	123	124	123	122	131	139
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-51	-51	-48	-49	-38	-32	-29	-25	-23	-31	-37
Capital Expenditures (CapEx)	0.28	0.16	0.26	0.05	0.20	0.32	1.66	2.82	1.39	0.47	0.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	26	33	36	38	40	45	46	49	49	49	50
Debt-free Net Working Capital (DFNWC)	77	84	83	87	77	77	76	73	72	80	87
Net Working Capital (NWC)	77	84	83	87	77	77	76	73	72	80	87
Net Nonoperating Expense (NNE)	-0.57	-0.64	0.04	-4.45	-0.53	-0.03	-0.14	0.66	-0.76	-0.02	0.24
Net Nonoperating Obligations (NNO)	-51	-51	-48	-49	-38	-32	-29	-25	-23	-31	-37
Total Depreciation and Amortization (D&A)	0.18	0.31	0.37	0.63	0.57	0.39	1.42	1.02	0.92	0.87	0.86
Debt-free, Cash-free Net Working Capital to Revenue	34.71%	40.83%	49.51%	57.66%	67.56%	87.88%	75.19%	82.44%	87.00%	92.11%	111.03%
Debt-free Net Working Capital to Revenue	102.73%	102.79%	115.69%	131.90%	132.00%	151.38%	123.03%	124.03%	126.97%	150.02%	192.59%
Net Working Capital to Revenue	102.73%	102.79%	115.69%	131.90%	132.00%	151.38%	123.03%	124.03%	126.97%	150.02%	192.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.16	$0.21	($0.05)	$0.83	$0.02	($0.03)	($0.02)	($0.10)	($0.07)	($0.11)	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	28.65M	28.80M	28.87M	28.82M	29.11M	29.66M	29.73M	29.58M	29.92M	30.18M	30.70M
Adjusted Diluted Earnings per Share	$0.16	$0.20	($0.05)	$0.81	$0.02	($0.03)	($0.02)	($0.10)	($0.07)	($0.11)	($0.10)
Adjusted Weighted Average Diluted Shares Outstanding	29.63M	29.77M	28.87M	29.62M	29.63M	29.66M	29.73M	29.58M	29.92M	30.18M	30.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.80M	28.85M	28.91M	29.01M	29.63M	29.71M	29.77M	29.92M	30.01M	30.63M	31.45M
Normalized Net Operating Profit after Tax (NOPAT)	4.10	5.45	-1.43	1.78	0.13	-1.06	-0.78	-2.24	-2.69	-3.40	-2.96
Normalized NOPAT Margin	19.88%	25.43%	-18.94%	10.72%	0.98%	-7.87%	-4.28%	-15.92%	-24.55%	-34.43%	-28.70%
Pre Tax Income Margin	22.74%	28.51%	-19.36%	18.81%	6.20%	-9.25%	-4.77%	-21.19%	-25.85%	-44.96%	-38.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

AEHR appears to be financing operations through equity and preserving liquidity, while continuing to post net losses. Here are the most important takeaways from the last four years of quarterly results, focusing on the latest Q3 2026 data and how it compares with prior periods.

Strong near-term liquidity: Net Change in Cash & Equivalents for Q3 2026 was +6.08M, helping the cash balance reach 36.91M. This supports ongoing liquidity despite operating losses.
Financing activity remains a liquidity lifeline: Net Cash From Financing Activities in Q3 2026 was +9.83M, driven by equity issuances and related financing, which bolsters the balance sheet.
Solid balance-sheet liquidity metrics: Cash & Equivalents in Q3 2026 were 36.91M; Total Current Assets 95.90M vs Total Current Liabilities 8.74M, implying a current ratio around 11x and strong short-term liquidity.
Healthy equity cushion and low leverage: Total Equity 138.79M vs Total Liabilities 18.25M in Q3 2026, indicating a large equity cushion and relatively low leverage.
Revenue has been volatile quarter-to-quarter: Q3 2026 Operating Revenue 10.31M, with prior quarters ranging from roughly 9.88M to 14.09M (and much higher in some earlier periods), signaling ongoing revenue variability.
Inventory levels remain high: Inventories net around 41–42M in the recent quarters (Q2–Q3 2026), reflecting substantial working capital tied up in inventory for manufacturing activity.
Margins show variability but a modest gross margin: Gross Profit in Q3 2026 was about 3.37M on 10.31M revenue (roughly a 32–33% gross margin), suggesting margins are present but not stable across cycles.
Persistent net losses: Consolidated Net Income / (Loss) in Q3 2026 was -3.20M, consistent with ongoing annual losses.
Negative cash flow from operations: Net Cash From Continuing Operating Activities in Q3 2026 was -3.68M, reflecting ongoing cash burn despite liquidity gains from financing activities.
Accumulated deficit persists: Retained Earnings stood at -31.58M in Q3 2026, underscoring a substantial accumulated deficit that needs to be addressed to restore sustainable profitability.

05/07/26 06:03 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Aehr Test Systems' Financials

When does Aehr Test Systems' fiscal year end?

According to the most recent income statement we have on file, Aehr Test Systems' financial year ends in May. Their financial year 2025 ended on May 30, 2025.

How has Aehr Test Systems' net income changed over the last 10 years?

Aehr Test Systems' net income appears to be on an upward trend, with a most recent value of -$3.91 million in 2025, falling from -$6.65 million in 2015. The previous period was $33.16 million in 2024. See Aehr Test Systems' forecast for analyst expectations on whatâ€™s next for the company.

What is Aehr Test Systems' operating income?

Aehr Test Systems' total operating income in 2025 was -$5.68 million, based on the following breakdown:

Total Gross Profit: $23.93 million
Total Operating Expenses: $29.61 million

How has Aehr Test Systems' revenue changed over the last 10 years?

Over the last 10 years, Aehr Test Systems' total revenue changed from $10.02 million in 2015 to $58.97 million in 2025, a change of 488.6%.

How much debt does Aehr Test Systems have?

Aehr Test Systems' total liabilities were at $25.64 million at the end of 2025, a 57.1% increase from 2024, and a 148.5% increase since 2015.

How much cash does Aehr Test Systems have?

In the past 10 years, Aehr Test Systems' cash and equivalents has ranged from $939 thousand in 2016 to $49.16 million in 2024, and is currently $24.53 million as of their latest financial filing in 2025.

How has Aehr Test Systems' book value per share changed over the last 10 years?

Over the last 10 years, Aehr Test Systems' book value per share changed from 0.36 in 2015 to 4.13 in 2025, a change of 1,048.3%.

Related Companies

Financial statements for NASDAQ:AEHR last updated on 4/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Aehr Test Systems (AEHR) Financials

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Aehr Test Systems (AEHR) Financials

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