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Ahead of the CEO Investor Summit, Aehr Test Systems (NASDAQ:AEHR) stock was up 14.3% in premarket trade on Wednesday after it reported preliminary financial results for its fourth quarter and fiscal year 2024 and said that its FY24 revenue and net income exceed its previously provided guidance.
For its fiscal year 2024, Aehr (AEHR) said it was expecting revenue of about $66.2 million vs. consensus of $65.05 million and GAAP net income of about $33.1 million, based on previously provided guidance of at least $65 million in revenue and $11 million in GAAP net income.
Prelim Q4 2024 revenue of approximately $16.6 million vs. consensus of $15.45 million and GAAP net income of approximately $23.8 million.
“Although we saw customer push outs of our products for silicon carbide devices due to slowing electric vehicle (EV) demand in the second half of our fiscal year, we still achieved another record year for annual revenue for Aehr. Wafer-level testing and burn-in of silicon carbide power semiconductors used in EVs were key drivers of our business in the last year,” said President and CEO Gayn Erickson.
“Looking ahead to fiscal 2025, we anticipate silicon carbide will continue to be a key contributor to revenue, but we are also expecting bookings and revenue across a much broader range of customers and markets. More details on our fiscal 2024 financial results and guidance for the new fiscal year will be shared during our earnings conference call on July 16, 2024,” he added.