Aehr Test Systems
AEHRQ1 2025(AEHR Q3 FY2025)Estimated10% AI
AI Revenue %
10%
AI Fair Value
$61.5M
AI Revenue (Q)
$5.0M
Total Revenue (Q)
$49.6M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q3 FY2025 (ended Feb 28, 2025): Quarterly revenue = $44.9M (9mo) - $26.6M (6mo) = $18.3M. Strongest quarter of FY2025. Incal cumulative through 9 months contributed $8.9M revenue. Q3 Incal contribution = $8.9M - $5.0M = $3.9M. Product revenue = $40.8M (9mo) - $24.1M (6mo) = $16.7M. Customer diversification continues: Customer A 28%, Customer C 22.4%, Customer D 13.5% for 6-month period. Multiple customers >10% suggests new markets (potentially AI) gaining traction. Estimate: ~50-55% of Incal Q3 revenue ($2.0-2.1M) is AI-related + ~$0.5M silicon photonics + emerging High Power FOX-XP AI orders ~$0.3M = ~$2.8M of $18.3M = ~10%.
Analyzed by claude-opus-4-6
Quoted Figures
Nine Months Ended February 28, 2025: Revenue $44,879 thousand (Product $40,820, Services $4,059)
10-Q Q3 FY2025, Condensed Consolidated Statements of Operations
The Company's Condensed Consolidated Statement of Operations includes $8.9 million in revenue and $0.4 million in net income contributed by Incal from the date of acquisition.
10-Q Q3 FY2025, Note 2 Business Combination
Customer A: 28.0% (6mo), Customer C: 22.4% (6mo), Customer D: 13.5% (6mo)
10-Q Q3 FY2025, Note 1 Concentration of Credit Risk (9-month data)
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