Aehr Test Systems (NASDAQ: AEHR) saw its shares move sharply higher on financial results for its first fiscal quarter. Aehr, a worldwide supplier of semiconductor test and reliability qualification equipment, reported net sales were $5.6 million, up 181% from $2.0 million in the first quarter of fiscal 2021.
GAAP net income was $696,000, or $0.03 per diluted share, which includes the impact of forgiveness of $1.7 million in loans from the Paycheck Protection Program it received in fiscal 2020. This compares to GAAP net income of $107,000, or $0.00 per diluted share, in the first quarter of fiscal 2021, which includes the impact of a gain of $2.4 million related to the closure of Aehr’s Japan subsidiary during the quarter.
Non-GAAP net loss was $414,000, or $0.02 per diluted share, which excludes the impact of stock-based compensation and forgiveness of the PPP loan. This compares to non-GAAP net loss of $2.0 million, or $0.09 per diluted share, in the first quarter of fiscal 2021, which excludes the impact of stock-based compensation, and the non-cash net gain related to the closure of Aehr’s Japan subsidiary.
CEO Gayn Erickson commented: “We are off to a strong start for fiscal 2022, finishing the first quarter with record bookings for a single quarter of $20.7 million. Since the end of the quarter, we have announced an additional $19.4 million in bookings, bringing our total bookings for the fiscal year to over $40 million as of today’s date.”
AEHR shares climbed $3.45, or 29.3%, to $15.23 early Friday.