$AEHR

AEHR TEST SYSTEMS

CIK:0001040470|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	May 29, 2026	May 30, 2025	May 31, 2024
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 50,001	$ 58,968	$ 66,218
Cost of revenue	32,350	35,035	33,675
Gross profit	17,651	23,933	32,543
Operating expenses:
Research and development	12,633	10,463	8,719
Selling, general and administrative	19,161	18,283	13,746
Restructuring charges	6	864	0
Total operating expenses	31,800	29,610	22,465
Income (loss) from operations	(14,149)	(5,677)	10,078
Interest income, net	1,361	1,401	2,388
Other income (expense), net	1,052	(15)	(8)
Income (loss) before income tax benefit	(11,736)	(4,291)	12,458
Income tax benefit	(4,610)	(381)	(20,698)
Net income (loss)	$ (7,126)	$ (3,910)	$ 33,156
Net income (loss) per share:
Basic	$ (0.23)	$ (0.13)	$ 1.15
Diluted	$ (0.23)	$ (0.13)	$ 1.12
Shares used in per share calculations:
Basic	30,669	29,581	28,818
Diluted	30,669	29,581	29,617

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	May 29, 2026	May 30, 2025	May 31, 2024
Cash flows from operating activities:
Net income (loss)	$ (7,126)	$ (3,910)	$ 33,156
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense	6,761	5,162	2,518
Depreciation and amortization	2,799	2,312	657
Deferred income taxes	(4,715)	(421)	(20,773)
Amortization of operating lease right-of-use assets	731	1,076	706
Impairment of assets	0	584	0
Accretion of investment discount	0	0	(130)
Changes in operating assets and liabilities:
Accounts receivable	(3,307)	(3,037)	6,790
Inventories	11	(2,441)	(13,732)
Prepaid expenses and other assets	(2,763)	(5,012)	(875)
Accounts payable	991	(714)	(3,891)
Accrued expenses	1,020	(378)	(792)
Deferred revenue	3,209	143	(1,469)
Operating lease liabilities	(979)	(699)	(423)
Income taxes payable	58	(65)	14
Net cash provided by (used in) operating activities	(3,310)	(7,400)	1,756
Cash flows from investing activities:
Purchases of property and equipment	(2,066)	(4,992)	(749)
Proceeds from maturities of investments	0	0	18,000
Payments for business acquisition, net of cash and cash equivalent acquired	(1,801)	(11,075)	0
Net cash provided by (used in) investing activities	(3,867)	(16,067)	17,251
Cash flows from financing activities:
Proceeds from issuance of common stock from public offerings, net of issuance costs	97,395	0	(72)
Proceeds from issuance of common stock under employee plans	2,200	1,409	1,807
Shares repurchased for tax withholdings on vesting of restricted stock units, amount	(2,384)	(784)	(1,596)
Net cash provided by financing activities	97,211	625	139
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6)	13	(41)
Net increase (decrease) in cash, cash equivalents and restricted cash	90,028	(22,829)	19,105
Cash, cash equivalents and restricted cash, beginning of period(1)	26,480	49,309	30,204
Cash, cash equivalents and restricted cash, end of period (1)	116,508	26,480	49,309
Supplemental cash flow information:
Income taxes paid	60	100	90
Interest paid	0	0	0
Supplemental disclosure of non-cash flow information:
Net transfer of equipment between inventory and property and equipment	702	458	357
Purchases of property and equipment included in accounts payable and accrued liabilities	0	1,259	53
Common stock issuance costs included in accounts payable	$ 296	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 29, 2026	May 30, 2025
Current assets:
Cash and cash equivalents	$ 116,358	$ 24,529
Accounts receivable	17,473	14,191
Inventories	41,354	41,997
Prepaid expenses and other current assets	9,263	8,061
Total current assets	184,448	88,778
Property and equipment, net	8,940	8,969
Goodwill	10,719	10,719
Intangible assets, net	9,552	10,781
Deferred tax assets, net	23,829	19,114
Operating lease right-of-use assets, net	8,901	9,601
Other non-current assets	305	546
Total assets	246,694	148,508
Current liabilities:
Accounts payable	6,754	6,728
Accrued expenses and other current liabilities	5,283	6,020
Operating lease liabilities, short-term	626	909
Deferred revenue, short-term	5,192	1,981
Total current liabilities	17,855	15,638
Operating lease liabilities, long-term	9,256	9,921
Deferred revenue, long-term	34	36
Other long-term liabilities	38	42
Total liabilities	27,183	25,637
Shareholders equity:
Preferred stock, $0.01 par value: Authorized: 10,000 shares; Issued and outstanding: none	0	0
Common stock, $0.01 par value: Authorized: 75,000 shares; Issued and outstanding: 32,480 shares and 29,877 shares at May 29, 2026 and May 30, 2025, respectively	325	299
Additional paid-in capital	249,477	145,758
Accumulated other comprehensive loss	(105)	(126)
Accumulated deficit	(30,186)	(23,060)
Total shareholders' equity	219,511	122,871
Total liabilities and shareholders equity	$ 246,694	$ 148,508