Aehr Test Systems
AEHRQ4 2024(AEHR Q2 FY2025)Estimated8% AI
AI Revenue %
8%
AI Fair Value
$47.4M
AI Revenue (Q)
$3.4M
Total Revenue (Q)
$42.1M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2025 (ended Nov 29, 2024): Quarterly revenue = $26.6M (6mo) - $13.1M (Q1) = $13.5M. Incal contributed $5.0M cumulative through 6 months (so ~$4.8M in Q2 alone). Not all Incal revenue is AI-related -- Incal also serves general semiconductor burn-in. The filing notes 'Customer E' was 68.4% of 6-month revenue (formerly dominant SiC customer shifting). Estimate: ~50% of Incal Q2 revenue ($2.4M) is AI-related (AI accelerator/GPU burn-in) + ~$0.4M silicon photonics = ~$2.8M of $13.5M = ~8%. Customer diversification is increasing.
Analyzed by claude-opus-4-6
Quoted Figures
Six Months Ended November 29, 2024: Revenue $26,572 thousand (Product $24,139, Services $2,433)
10-Q Q2 FY2025, Condensed Consolidated Statements of Operations
The Company's Condensed Consolidated Statement of Operations includes $5.0 million in revenue and $0.4 million in net income contributed by Incal from the date of acquisition.
10-Q Q2 FY2025, Note 2 Business Combination
Customer E: 46.5% of Q2 revenue, 68.4% of 6-month revenue
10-Q Q2 FY2025, Note 1 Concentration of Credit Risk
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-inHigh Power FOX-XP for AI accelerator/GPU 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.
Incal packaged part burn-in (general semiconductor portion)Silicon photonics burn-in for data center optical interconnects
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix