Aehr Test Systems
AEHRQ2 2025(AEHR Q4 FY2025)Estimated12% AI
AI Revenue %
12%
AI Fair Value
$81.1M
AI Revenue (Q)
$6.0M
Total Revenue (Q)
$49.6M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 FY2025 (ended May 30, 2025): The 10-K FY2025 represents a strategic inflection. AI is now listed FIRST in the company's market applications and has its own dedicated section for the first time. The 10-K states: 'The introduction of the High Power FOX-XP in connection with the acquisition of Incal Technology, Inc., our new line of high-power packaged part reliability/burn-in test solutions enables Aehr the unique ability to deliver wafer level test and burn-in and package part burn-in for AI accelerators, GPUs, and high-performance computing (HPC) processors.' Top 5 customers = 77% (down from 93% in FY2024), indicating diversification. Two customers at 39% + 15% = 54% (vs 84% in FY2024). FY2025 full-year revenue approximately $63-65M (9mo was $44.9M). Estimate 12% AI for Q4 as the AI product line matures: Incal AI-related revenue growing + emerging High Power FOX-XP for AI + silicon photonics.
Analyzed by claude-opus-4-6
Quoted Figures
The introduction of the High Power FOX-XP in connection with the acquisition of Incal Technology, Inc., our new line of high-power packaged part reliability/burn-in test solutions enables Aehr the unique ability to deliver wafer level test and burn-in and package part burn-in for AI accelerators, GPUs, and high-performance computing (HPC) processors.
10-K FY2025, Item 1 Business Overview
Artificial Intelligence: The Artificial Intelligence and Inference processor market is experiencing a significant surge, driven by the increasing demand for machine learning and AI applications... As the AI processor market grows, the Company expects the need for burn-in to become increasingly important.
10-K FY2025, Item 1 Business - Artificial Intelligence section
Sales to our five largest customers accounted for approximately 77%, 93%, and 97% of our net sales in fiscal 2025, 2024, and 2023, respectively. During fiscal 2025, two customers accounted for approximately 39% and 15% of the Company's net sales.
10-K FY2025, Item 1A Risk Factors
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 wafer-level burn-in and package part burn-inFOX-P systems for silicon photonics wafer-level burn-inFOX DiePak for AI chip singulated die 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