Aehr Test Systems (AEHR) has submitted its 10-Q filing for the quarterly period ended November 29, 2024.
The filing reports a decrease in total revenue to $13.5 million from $21.4 million in the same quarter the previous year. This decline is attributed to reduced shipments of systems and contactors, as well as a decrease in services delivery, primarily due to continued softness in power semiconductor demand for electric vehicles.
Gross profit for the quarter was $5.4 million, down from $11.0 million in the previous year, with gross margin decreasing to 40.1% from 51.1%. This was due to amortization of acquired intangible assets, acquisition-related fair value adjustments to inventory, lower system shipments, and a change in product mix.
Research and development expenses increased to $2.3 million from $2.0 million, driven by higher employment costs and increased license subscription fees.
Selling, general, and administrative expenses rose to $4.6 million from $3.5 million, primarily due to additional expenses from the newly acquired business, increased stock-based compensation, and higher professional service fees.
The company reported a net loss of $1.0 million for the quarter, compared to a net income of $6.1 million in the previous year. The loss was influenced by decreased revenue and increased operating expenses.
Cash and cash equivalents were reported at $35.2 million as of November 29, 2024, a decrease from $50.7 million in the previous year. The decrease in cash flow from operating activities was driven by a net loss and lower revenue.
The filing also discusses the acquisition of Incal Technology, Inc., which contributed $5.0 million in revenue since the acquisition date.
The company is involved in legal proceedings, including a shareholder class action lawsuit and a complaint filed in China to protect intellectual property rights.
Aehr Test Systems continues to focus on expanding its product portfolio and addressing the growing demand for semiconductor testing solutions in various industries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aehr Test Systems quarterly 10-Q report dated January 13, 2025. To report an error, please email [email protected].