Aehr Test Systems
AEHRQ3 2024(AEHR Q1 FY2025)Estimated5% AI
AI Revenue %
5%
AI Fair Value
$30.8M
AI Revenue (Q)
$2.1M
Total Revenue (Q)
$42.1M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2025 (ended Aug 30, 2024): Revenue $13.1M. Incal Technology acquired Jul 31, 2024 -- first month of contribution. Incal contributed $0.2M revenue and $0.5M net loss. Incal specializes in 'packaged part reliability/burn-in test solutions' for 'AI accelerators, GPUs, and high-performance computing (HPC) processors.' However, only 1 month of Incal included in Q1. Customer C was 90.8% of prior year Q1 but is not >10% in current Q1, indicating SiC concentration declining. Estimate: Incal's $0.2M (not all AI) + silicon photonics ~$0.4M = ~$0.6M of $13.1M = ~5%. Conservative given only 1 month of Incal.
Analyzed by claude-opus-4-6
Quoted Figures
On July 31, 2024, the Company completed its acquisition of Incal Technology, Inc., a company that specializes in packaged part reliability/burn-in test solutions.
10-Q Q1 FY2025, Note 2 Business Combination
The Company's Condensed Consolidated Statement of Operations include $0.2 million in revenue and $0.5 million in net loss contributed by Incal from the date of acquisition.
10-Q Q1 FY2025, Note 2 Business Combination
Three Months Ended August 30, 2024: Revenue $13,119 thousand (Product $12,154, Services $965)
10-Q Q1 FY2025, Condensed Consolidated Statements of Operations
AI Products Identified (Ring 1)
Incal Sonoma/Tahoe/Echo packaged part burn-in systems for AI accelerators and GPUsFOX-P systems for silicon photonics wafer-level burn-in
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Silicon photonics burn-in for AI data center optical interconnectsIncal packaged part burn-in (portion serving non-AI HPC and general IC customers)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix