Aehr Test Systems
AEHRQ4 2025(AEHR Q2 FY2026)Estimated12% AI
AI Revenue %
12%
AI Fair Value
$87.4M
AI Revenue (Q)
$3.2M
Total Revenue (Q)
$26.6M
Source: SEC EDGAR 10-Q Filing
Browse 10-Q filings on SEC.govAnalysis
Q2 FY2026 (ended Nov 28, 2025): Revenue $9.9M (lowest recent quarter). 6-month revenue = $20.9M. Net loss $3.2M in Q2, $5.3M for 6 months. Customer A = 58.8% of Q2 revenue. Incal fully integrated -- no separate revenue disclosure. The 10-Q has no segment note and no expanded AI market discussion. Revenue continues to decline, suggesting core SiC/EV market remains soft. AI proportion approximately stable at ~12% as the High Power FOX-XP and Incal AI products maintain a floor of AI-related orders while the SiC base declines. Math: ~$1.2M AI-related of $9.9M. Revenue is trending negatively across the board.
Analyzed by claude-opus-4-6
Quoted Figures
Three Months Ended November 28, 2025: Revenue $9,884 thousand; Cost of revenue $7,339; Gross profit $2,545; Net loss $(3,230)
10-Q Q2 FY2026, Condensed Consolidated Statements of Operations
Six Months Ended November 28, 2025: Revenue $20,853 thousand; Net loss $(5,314)
10-Q Q2 FY2026, Condensed Consolidated Statements of Operations
Customer A: 58.8% of Q2 revenue; 28.0% of 6-month revenue
10-Q Q2 FY2026, Note 1 Concentration of Credit Risk
AI Products Identified (Ring 1)
Incal Sonoma/Tahoe/Echo packaged part burn-in systems for AI accelerators and GPUsHigh Power FOX-XP for AI accelerator/GPU burn-inFOX-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.
Incal packaged part burn-in (general semiconductor portion)Silicon photonics burn-in for data center optical interconnectsGaN burn-in for data center power delivery
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix