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Aehr Test Systems
Information Technology · Semiconductors & Semiconductor Equipment
Structural: only pure-play wafer-level burn-in vendor - competitors ($AMAT, $TER, $KLAC) test at package or die level, not parallel wafer-scale stress. SiC-for-EV was the 2022-23 super-cycle (FY23 revenue +200%); 2024-25 saw a customer pause as EV demand normalized and tier-1 OEMs (ON Semi, $WOLF, $STM) digested capacity.
Diversification push into AI processor burn-in, gallium-nitride, and silicon photonics is the new leg - first AI customer orders shipped FY25.
- SiC EV penetration still <20% of new BEVs - long runway as $TSLA, $BYDDY, Hyundai standardize on 800V architectures
- AI processor burn-in entry validates platform extensibility beyond power semi
- Photonics + GaN diversification reduces SiC binary risk
- Recurring contactor revenue (~30% of mix) smooths system lumpiness
- Net cash balance sheet, no debt - survives multi-quarter air pockets
- Customer concentration: ON Semi has historically been 50%+ of revenue; one cancelled PO reshapes the quarter
- SiC oversupply persisting into 2026 keeps system orders soft
- AI burn-in TAM unproven - hyperscalers may not adopt wafer-level stress at scale
- Small float + retail ownership = violent moves on guidance prints