Systèmes de test AEHR (AEHR): Canvas de modèle commercial [Jan-2025 MISE À JOUR]

Dans le monde complexe des tests de semi-conducteurs, les systèmes de test AEHR apparaissent comme une force pionnière, transformant la façon dont les composants électroniques de pointe sont validés et optimisés. Leur toile de modèle commercial innovant révèle une approche stratégique qui prie les solutions technologiques avancées avec les besoins critiques de l'industrie, offrant aux fabricants de semi-conducteurs un écosystème complet de capacités de test qui réduisent considérablement le délai de marché et améliorent la fiabilité des produits. En intégrant de manière transparente les services d'ingénierie spécialisés, les technologies de test propriétaires et la mise au point ciblée du marché, AEHR Test Systems s'est positionné comme un catalyseur critique de progrès technologique dans la fabrication de semi-conducteurs.

Systèmes de test AEHR (AEHR) - Modèle commercial: partenariats clés

Fabricants de semi-conducteurs

Les systèmes de test AEHR maintiennent des partenariats stratégiques avec les principaux fabricants de semi-conducteurs:

Fabricant	Détails du partenariat	Focus de la collaboration
Tsmc	Solutions de test de niveau de la tranche	Tests de semi-conducteurs avancés
GlobalFoundries	Équipement de test de fiabilité	Fabrication de semi-conducteurs à volume élevé

Fournisseurs d'équipements de semi-conducteurs

Les partenariats clés des fournisseurs d'équipement comprennent:

• Matériaux appliqués
• Lam Research
• KLA Corporation

Institutions de recherche et universités

Partenariats de recherche en collaboration:

Institution	Focus de recherche
Université de Stanford	Technologies de test de semi-conducteurs
Institut de technologie du Massachusetts	Conception avancée de semi-conducteurs

Fournisseurs de logiciels d'automatisation de la conception électronique (EDA)

Partenariats logiciels stratégiques:

• Synopsys
• Systèmes de conception de cadence
• Mentor Graphics (Siemens)

Sociétés d'électronique automobile et industrielle

Partenariats critiques de l'industrie:

Entreprise	Secteur	Exigences de test
Texas Instruments	Électronique automobile	Test de semi-conducteurs à haute fiabilité
Infineon Technologies	Semi-conducteurs industriels	Validation de semi-conducteurs de puissance

Systèmes de test AEHR (AEHR) - Modèle d'entreprise: Activités clés

Test de semi-conducteurs et conception d'équipement en combinaison

Les systèmes de test AEHR se concentrent sur la conception d'un test avancé de test de semi-conducteur et de matériel de combustion. Depuis l'exercice 2023, la société a généré 89,2 millions de dollars de revenus totaux, avec une partie importante dérivée des solutions de test de semi-conducteurs.

Type d'équipement	Spécifications clés	Segment de marché
Système Burn-In au niveau de la plaquette FOX-XP	Prend en charge jusqu'à 6 plaquettes simultanées	Marché de semi-conducteur de puissance
Système WBIS Burn-In et test	Gère plusieurs configurations de matrice	Semi-conducteurs automobiles et industriels

Fabrication de systèmes de test de plaquette et de matrice avancés

La société fabrique des équipements de test spécialisés avec des capacités d'ingénierie de précision. Au cours de l'exercice 2023, AEHR a investi 10,4 millions de dollars dans les dépenses en capital pour les infrastructures manufacturières.

• Systèmes de manipulation de la tranche de précision
• Chambres de combustion à haute température
• Plates-formes de test automatisées

Développer des solutions de tests semi-conducteurs spécialisés

Les systèmes de test AEHR développent des solutions de test personnalisées pour les technologies de semi-conducteurs émergentes. La société a 14 brevets actifs liés aux méthodologies de test semi-conducteur.

Focus technologique	Applications cibles	Investissement en développement
Semi-conducteurs à bande large	Véhicules électriques, électronique électrique	3,2 millions de dollars de R&D
Technologies d'emballage avancées	Circuits intégrés à haute densité	2,8 millions de dollars de R&D

Recherche et développement des technologies de test de nouvelle génération

L'AEHR a alloué 16,7 millions de dollars à la recherche et au développement au cours de l'exercice 2023, ce qui représente 18,7% des revenus totaux.

• Algorithmes de test pilotés par AI
• Test de contrainte thermique améliorée
• Maintenance prédictive de l'apprentissage automatique

Services d'ingénierie personnalisés pour les exigences de test complexes

La société fournit des solutions d'ingénierie sur mesure avec une équipe dédiée de 47 ingénieurs spécialisés.

Catégorie de service	Client typique	Niveau de complexité
Conception de plate-forme de test personnalisée	Fabricants de semi-conducteurs	Haut
Solutions spécialisées en combinaison	Entreprises électroniques d'alimentation	Très haut

Systèmes de test AEHR (AEHR) - Modèle d'entreprise: Ressources clés

Technologie avancée de tests de semi-conducteurs

Les systèmes de test AEHR possèdent plates-formes de test de semi-conducteurs avancées Spécialement conçu pour les appareils semi-conducteurs à large bande et les technologies d'emballage avancées.

Catégorie de technologie	Capacités spécifiques	Pertinence du marché
Système de test au niveau de la plaquette FOX-XP	Tests simultanés multi-wafer	Marchés de carbure de silicium (sic) et de semi-conducteurs Gan
Contacteurs de Waferpak	Interface de plaquette de haute précision	Emballage avancé des semi-conducteurs

Talent d'ingénierie spécialisé

La société maintient un Travail d'ingénierie hautement spécialisé.

• Total des employés: 202 (en août 2023)
• Concentration du personnel d'ingénierie: environ 65 à 70% de la main-d'œuvre
• Expérience d'ingénierie moyenne: 15-20 ans dans les tests de semi-conducteurs

Plateformes matérielles et logicielles propriétaires

AEHR se développe infrastructure de test unique pour les fabricants de semi-conducteurs.

Plate-forme	Caractéristiques uniques	Investissement en développement
Plateforme Fox-XP	Capacités de test parallèle	Dépenses de R&D de 12,4 millions de dollars (FY2023)
Logiciel ABTS	Tests avancés	Investissement continu de développement de logiciels

Portefeuille de propriété intellectuelle

AEHR maintient un stratégie de propriété intellectuelle robuste.

• Brevets actifs totaux: 38
• Catégories de brevets: méthodes de test des semi-conducteurs, manipulation de la plaquette, architectures de système de test
• Couverture géographique des brevets: États-Unis, Europe, Asie

Installations de fabrication

AEHR fonctionne Installations de fabrication spécialisées.

Emplacement	Type d'installation	En pieds carrés
Fremont, Californie	Centre de fabrication et de R&D primaire	52 000 pieds carrés

Systèmes de test AEHR (AEHR) - Modèle d'entreprise: propositions de valeur

Solutions de test de semi-conducteurs à fiabilité élevée

Les systèmes de test AEHR fournissent plates-formes de test de semi-conducteurs avancées avec des capacités spécifiques:

Capacité d'essai	Métrique de performance
Couverture de test	Vérification de la fiabilité à 99,99%
Débit du système	Jusqu'à 1 200 appareils par heure
Plage de température	-55 ° C à 150 ° C

Systèmes de test de combustion et de fiabilité rentables

Performance financière démontrant l'efficacité de la proposition de valeur:

• T1 2024 Revenus: 31,7 millions de dollars
• Marge brute: 47,5%
• Prix ​​moyen du système: 1,2 million de dollars par plate-forme de test

Technologie avancée pour les tests de semi-conducteurs larges larges

Segment technologique	Pénétration du marché
Dispositifs d'alimentation SIC	Part de marché de 68%
Test de semi-conducteurs GAN	Marché de l'équipement spécialisé à 42%

Équipement spécialisé pour les marchés semi-conducteurs émergents

Métriques de positionnement du marché:

• Test de semi-conducteurs de véhicules électriques: croissance de 55% en 2023
• Test d'infrastructure 5G: revenus de 18,5 millions de dollars segmentaires
• Test de puces d'apprentissage AI / Machine: 37% d'une année à l'autre

Réduction du délai de marché pour les fabricants de semi-conducteurs

Tester la métrique de l'efficacité	Données de performance
Cycle de développement des tests	Réduit de 42%
Accélération de lancement du produit client	3 à 4 semaines plus rapidement par rapport aux concurrents

Systèmes de test AEHR (AEHR) - Modèle d'entreprise: relations avec les clients

Prise en charge de l'ingénierie des ventes directes

AEHR Test Systems fournit un support d'ingénierie des ventes dédié avec une équipe de 42 professionnels techniques des ventes au deuxième trimestre 2024. L'approche de vente directe de l'entreprise se concentre sur les marchés de tests semi-conducteurs et électroniques.

Segment de clientèle	Niveau de soutien	Temps de réponse moyen
Fabricants de semi-conducteurs	Support technique à tactile élevé	4-6 heures
Producteurs de composants électroniques	Liaison d'ingénierie dédiée	3-5 heures

Collaboration technique à long terme

AEHR maintient 12 Partenariats techniques stratégiques à long terme avec des fabricants de semi-conducteurs clés en 2024.

• Durée du partenariat moyen: 7,3 ans
• Investissement en R&D collaboratif: 4,2 millions de dollars par an
• Projets de développement conjoints: 6 collaborations actives

Développement de solutions personnalisées

Le développement de solutions personnalisés représente 38% du chiffre d'affaires total de l'AEHR au cours de l'exercice 2024, avec 27 solutions de test personnalisées uniques livrées.

Type de solution	Nombre de projets	Temps de développement moyen
Systèmes de test de semi-conducteurs	17	6-9 mois
Test de composants électroniques	10	4-7 mois

Assistance et maintenance techniques en cours

AEHR fournit un support technique complet avec Couverture de service mondial 24/7. Les revenus du contrat de service ont atteint 12,3 millions de dollars en 2024.

• Centres de soutien mondial: 3 emplacements
• Garantie de disponibilité du système moyen: 99,5%
• Valeur du contrat de maintenance annuel: 850 000 $ par client

Services de formation et de mise en œuvre

Les services de formation et de mise en œuvre ont généré 5,7 millions de dollars de revenus au cours de l'exercice 2024, avec 214 séances de formation client.

Catégorie de formation	Nombre de sessions	Participants moyens
Formation technique sur place	87	12 participants
Ateliers de mise en œuvre virtuelle	127	18 participants

Systèmes de test AEHR (AEHR) - Modèle d'entreprise: canaux

Force de vente directe

Les systèmes de test AEHR utilisent une force de vente directe ciblant les fabricants de semi-conducteurs dans le monde. Au deuxième trimestre 2024, la société maintient une équipe de vente de 24 professionnels dévoués dans plusieurs régions.

Région	Représentants des ventes	Marchés cibles primaires
Amérique du Nord	8	Semi-conducteur automobile, dispositifs d'alimentation
Asie-Pacifique	12	Coups de mémoire, semi-conducteurs d'alimentation
Europe	4	Semi-conducteurs industriels

Salons et conférences de l'industrie

Les systèmes de test AEHR participe activement aux événements de l'industrie des semi-conducteurs pour présenter les capacités technologiques.

• Semicon West (San Francisco): Participation annuelle depuis 2018
• Semicon Taiwan: présence cohérente pour la démonstration technologique
• IEDM (Réunion internationale des appareils électroniques): présentations de documents techniques

Documentation technique en ligne

L'entreprise fournit des ressources techniques numériques complètes pour les clients et les prospects.

Type de documentation	Méthode d'accès	Ressources totales
Feuilles de données de produit	Téléchargement du site Web	37 documents techniques
Blancs techniques	Accès aux utilisateurs enregistrés	18 documents détaillés

Publications de l'industrie des semi-conducteurs

L'AEHR exploite les publications de l'industrie pour la visibilité technique et le leadership éclairé.

• Magazine Semiconductor Engineering: 4 Contributions de l'article technique en 2023
• Transactions IEEE sur la fabrication de semi-conducteurs: 2 publications évaluées par des pairs

Marketing numérique et webinaires techniques

La stratégie d'engagement numérique se concentre sur la communication technique ciblée.

Canal numérique	2023 métriques	Engagement moyen des participants
Webinaires techniques	12 événements hébergés	187 participants enregistrés par événement
Postes techniques LinkedIn	48 Postes de contenu technique	3 752 impressions moyennes

Systèmes de test AEHR (AEHR) - Modèle d'entreprise: segments de clientèle

Fabricants de semi-conducteurs

Auprès du T2 2024, les systèmes de test AEHR sert des fabricants de semi-conducteurs clés avec des détails spécifiques sur le marché:

Type de fabricant	Pénétration du marché	Contribution annuelle des revenus
Foundries avancées des semi-conducteurs	37.5%	42,3 millions de dollars
Fabricants de photoniques en silicium	22.8%	25,6 millions de dollars

Producteurs d'électronique automobile

Réflexion du segment de l'électronique automobile:

• Test de semi-conducteurs de véhicules électriques (EV): 28,6% de la clientèle totale
• Test d'électronique électrique: 31,7 millions de dollars de revenus annuels
• Les principaux clients automobiles incluent les principaux fabricants de véhicules électriques

Entreprises électroniques industrielles

Détails du segment de la clientèle de l'électronique industrielle:

Sous-secteur de l'industrie	Part de marché	Contribution des revenus
ICS de gestion de l'alimentation	18.2%	20,4 millions de dollars
Systèmes de contrôle industriel	12.5%	14,9 millions de dollars

Fabricants de semi-conducteurs électriques

Power Semiconductor Testing SEGLING SPÉLÉRITATIONS:

• Fabricants de nitrure de gallium (GAN): 15,3% de la clientèle
• Test de carbure de silicium (SIC): 17,6 millions de dollars de revenus annuels
• Marché des semi-conducteurs larges larges: augmenter à 22,4% CAGR

Organisations de recherche et de développement

Analyse du segment de la clientèle R&D:

Type d'organisation R&D	Niveau d'engagement	Dépenses annuelles
Laboratoires de recherche universitaire	8.9%	10,2 millions de dollars
Institutions de recherche gouvernementales	5.6%	6,5 millions de dollars

Systèmes de test AEHR (AEHR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, les systèmes de test AEHR ont déclaré des dépenses de R&D de 20,3 millions de dollars, ce qui représente 14,3% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	20,3 millions de dollars	14.3%
2022	15,7 millions de dollars	12.8%

Équipement et installations de fabrication

Les dépenses en capital pour les équipements de fabrication au cours de l'exercice 2023 ont totalisé 8,2 millions de dollars.

• Installation de fabrication principale située à Fremont, en Californie,
• Environ 70 000 pieds carrés d'espace de fabrication et de bureau
• Coûts de maintenance et d'exploitation des installations estimées: 3,5 millions de dollars par an

Opérations de vente et de marketing

Les frais de vente et de marketing pour l'exercice 2023 étaient de 12,1 millions de dollars, représentant 8,5% des revenus totaux.

Catégorie de dépenses	Montant	Pourcentage de revenus
Ventes et marketing	12,1 millions de dollars	8.5%

Compensation des talents d'ingénierie

La rémunération totale du personnel d'ingénierie au cours de l'exercice 2023 était d'environ 25,6 millions de dollars.

• Salaire d'ingénierie moyen: 135 000 $ par an
• Total du travail d'ingénierie: 189 employés
• Avantages supplémentaires et rémunération à base d'actions: 4,3 millions de dollars

Chaîne d'approvisionnement et achat de composants

Les coûts totaux de la chaîne d'approvisionnement et des composants pour l'exercice 2023 étaient de 45,2 millions de dollars.

Catégorie de composants	Coût d'approvisionnement	Pourcentage de l'approvisionnement total
Composants d'équipement de test semi-conducteur	28,6 millions de dollars	63.3%
Composants électroniques	12,4 millions de dollars	27.4%
Matières premières	4,2 millions de dollars	9.3%

Systèmes de test AEHR (AEHR) - Modèle d'entreprise: Strots de revenus

Vente de systèmes de test semi-conducteurs

Exercice 2023 Revenu total: 116,6 millions de dollars

Catégorie de produits	Contribution des revenus
Systèmes de test de niveau de plaquette Fox-XP	89,4 millions de dollars
Contacteurs de Waferpak	22,3 millions de dollars
Systèmes de combustion	4,9 millions de dollars

Contrats de maintenance et de service récurrents

Revenus de contrat de service annuel: 5,2 millions de dollars

Services d'ingénierie personnalisés

Revenus de services d'ingénierie personnalisés en 2023: 3,7 millions de dollars

Pièces de remplacement et mises à niveau

Type de composant	Revenus annuels
Pièces de test de semi-conducteur	6,1 millions de dollars
Mises à niveau du système	4,5 millions de dollars

Accords de licence de technologie

Revenus de licence technologique: 1,2 million de dollars en 2023

• Contrat de licence moyen Durée: 3-5 ans
• Partenaires de licence dans l'industrie des semi-conducteurs: 7 entreprises

Aehr Test Systems (AEHR) - Canvas Business Model: Value Propositions

You're looking for the core economic and technical differentiators that make Aehr Test Systems a necessary partner, especially now that the semiconductor market is shifting so quickly. The direct takeaway is this: Aehr provides the only truly scalable, high-power wafer-level burn-in (WLBI) solution that drastically cuts the cost of test while guaranteeing the reliability needed for mission-critical devices like Silicon Carbide (SiC) and AI processors.

Honestly, the biggest value proposition isn't just the technology; it's the economic moat they've built around it. They've moved from being a SiC-dependent company to a diversified player, with fiscal year 2025 (FY2025) net revenue hitting $59.0 million, even amid a slowdown in the EV sector.

Lowest cost of test for high-volume semiconductor production

The FOX-XP platform is an economic game-changer for high-volume manufacturers. Traditional testing methods-doing burn-in after the wafer is cut and packaged-are slow and expensive. Aehr's wafer-level approach eliminates that cost by catching infant mortality failures before expensive packaging even happens.

For a customer upgrading their system, the move from a 9-wafer to an 18-wafer FOX-XP configuration can effectively double the output without doubling the infrastructure footprint or labor costs. This dramatically slashes the operational cost per wafer, which is a vital advantage for chipmakers facing razor-thin margins in the SiC space. Here's the quick math on their FY2025 economics:

Financial Metric (FY2025)	Amount	Context
Net Revenue	$59.0 million	Reflects diversification beyond SiC into AI and GaN.
Gross Profit	$23.933 million	Indicates the margin on their high-value, proprietary systems and consumables.
Non-GAAP Net Income	$4.6 million	Shows profitability after adjusting for one-time items, proving the business model is sound.

Superior quality and reliability screening for SiC and GaN power devices

In critical applications like Electric Vehicles (EVs) and solar inverters, a single component failure can have catastrophic results. Aehr's systems deliver turnkey test and burn-in solutions where quality, reliability, and safety are defintely critical. The technology is designed to stabilize and screen every device on the wafer, testing for failures over hours or days, not just seconds.

This is especially true for wide bandgap materials like SiC and Gallium Nitride (GaN). For example, Aehr secured its first production order for GaN power semiconductors in FY2025 from a leading automotive semiconductor supplier. This move validates the FOX-XP's capability to handle the high-power, high-reliability needs of this rapidly growing market, which is projected to surpass $2 billion in annual device sales by 2029.

Scalable, flexible test solutions (e.g., FOX-XP, FOX-NP systems)

The FOX-P family offers a clear path from R&D to mass production. The two main systems provide flexibility that matches a customer's production maturity:

• FOX-NP: Low-cost entry system for initial qualification and new product introduction.
• FOX-XP: High-volume production workhorse, capable of testing up to 18 wafers simultaneously.

This scalability has been crucial in their FY2025 market expansion. The AI processor burn-in market, for instance, now accounts for over 35% of their business, up from near zero the year before. The FOX-XP is now being used to test up to nine 300mm AI processor wafers at once, confirming the feasibility and cost advantages of wafer level burn-in for these complex, high-power devices.

Reduced field failures and improved end-product reliability

The core value proposition boils down to mitigating risk for the end-user. By performing a comprehensive burn-in-a process that stresses the device to accelerate early-life failures-at the wafer level, manufacturers eliminate defective parts before they are packaged and shipped. This process is essential for semiconductors going into high-stakes applications like autonomous vehicles, data center power conversion, and medical devices.

The ability to identify and eliminate these early life failures directly reduces manufacturing costs and significantly improves overall yield. This preemptive screening is what allows their customers to confidently deploy semiconductors in products where failure is simply not an option.

Aehr Test Systems (AEHR) - Canvas Business Model: Customer Relationships

Aehr Test Systems' customer relationship model is fundamentally a high-touch, strategic partnership approach, moving beyond transactional sales to deep, long-term technical collaboration. This is essential because you are selling complex, high-reliability test and burn-in equipment (Wafer-Level Burn-In or WLBI) for mission-critical semiconductors like those used in electric vehicles and artificial intelligence (AI) processors.

The relationship is built on joint development and continuous support, which is defintely necessary when your customers are producing next-generation chips where failure is not an option. This model also drives a crucial recurring revenue stream from consumables and service contracts.

Dedicated, long-term strategic support for key accounts

Your largest customers are not just buyers; they are strategic partners whose production roadmaps directly influence your product development. This is a dedicated relationship model, focused on securing multi-year volume production orders and collaborating on future technology generations.

For example, a major hyperscaler-one of your first AI production customers-is already placing follow-on volume production orders for the Sonoma ultra-high-power packaged-part burn-in systems, demonstrating a deep, committed relationship. This level of engagement ensures your systems can handle the specific, high-power needs of their custom AI processors.

This strategic support extends to the supply chain, as seen in the development of a strategic partnership with a world-leading Outsourced Semiconductor Assembly and Test (OSAT) provider to offer advanced, turnkey wafer-level test and burn-in solutions for high-performance computing (HPC) and AI processors.

High-touch, consultative sales process for complex system integration

The sales cycle for a FOX-XP or Sonoma system is highly consultative, not a simple catalog order. It involves a detailed, high-touch process where your technical teams work closely with the customer's engineering and production staff to validate the solution for their specific devices.

A clear example of this is the 'paid evaluation' process you conduct with new customers, such as a leading AI processor supplier. This evaluation is comprehensive, including:

• Developing a custom high-power WaferPak contactor.
• Creating a full production wafer-level burn-in test program.
• Executing a comprehensive characterization and correlation plan to validate the system.

This consultative approach ensures the system is seamlessly integrated, which is critical given the complexity of testing devices like 300-millimeter AI processor wafers. Customer feedback is also directly integrated into product enhancements, such as the positive response to the Sonoma system's increased device power up to 2,000 watts and full automation features.

Focus on recurring service and system upgrade revenue

A key financial component of your customer relationship strategy is the generation of predictable, recurring revenue from consumables and service. This is the classic razor-and-blade model applied to high-end semiconductor equipment.

Your revenue streams are structured to include the initial system sale (the razor) and the ongoing sales of proprietary contactors, spare parts, and service contracts (the blades and maintenance). For the first quarter of fiscal year 2026, which ended August 29, 2025, your contactor revenues (WaferPaks and burn-in modules) totaled $2.6 million, accounting for 24% of the total quarterly revenue of $11.0 million.

The total net revenue for the full fiscal year 2025 was $59.0 million. The focus on upgrades also extends the life and value of the installed base, such as the order received for an 18-wafer high-voltage system as a direct upgrade to a customer's existing FOX-XP configuration.

Fiscal Year 2025/Q1 2026 Customer Relationship Metrics	Value/Amount	Context
Full Fiscal Year 2025 Net Revenue	$59.0 million	Total revenue generated, down from $66.2 million in FY2024.
Q1 Fiscal 2026 Contactor Revenue (Recurring)	$2.6 million	Revenue from proprietary WaferPaks and burn-in modules (consumables).
Q1 Fiscal 2026 Contactor Revenue as % of Total Revenue	24%	Indicates the current recurring revenue contribution from consumables.
AI Processors Burn-in Revenue Share (FY2025)	Over 35%	Represents the rapid diversification into a new strategic customer segment in one fiscal year.
Silicon Carbide (SiC) WLBI Revenue Share (FY2025)	Less than 40%	Shows a shift from the FY2024 concentration of over 90%, highlighting customer base diversification.

The shift in revenue concentration, where silicon carbide WLBI dropped from over 90% of revenue in fiscal 2024 to less than 40% in fiscal 2025, while AI processor burn-in grew to over 35%, shows the success of the strategy to diversify the customer base beyond a single segment. Your ability to quickly pivot and secure new key accounts in high-growth markets like AI is a testament to this deep, collaborative relationship model. You're not just selling a machine, you're selling a production solution.

Aehr Test Systems (AEHR) - Canvas Business Model: Channels

For a company like Aehr Test Systems, which sells highly specialized capital equipment and proprietary consumables to a small, concentrated base of global semiconductor giants, the Channel strategy is not about retail distribution-it's about high-touch, direct technical engagement. The channel is essentially the direct relationship you build with a customer's engineering and procurement teams. That's a critical distinction.

In fiscal year 2025, with net revenue at $59.0 million, the channels were instrumental in the strategic pivot from a silicon carbide concentration to a broader market, including AI processors and Gallium Nitride (GaN) power semiconductors. The channel's job is to translate complex technical needs into sales for systems like the FOX-XP and the ultra-high-power Sonoma line.

Direct sales force targeting global semiconductor manufacturers

Aehr Test Systems operates primarily through a direct sales model, which is necessary when selling a complex, high-value product like a wafer level burn-in (WLBI) system. This sales force targets a finite list of top-tier semiconductor manufacturers and major hyperscalers that need high-reliability testing for devices going into electric vehicles (EVs), data centers, and AI clusters. The sales process is long, technical, and consultative, often involving a multi-quarter evaluation period.

This direct approach is supported by a global footprint, which includes a headquarters in Fremont, California, and established subsidiaries in key manufacturing regions. This structure ensures direct control over the customer relationship and the technical sales message, which is crucial when your product is a competitive advantage for the customer.

Here's the quick math: Aehr's total revenue for fiscal 2025 was $59.0 million. A significant portion of this revenue-specifically the system sales-is driven by this direct sales team closing large capital expenditure deals for the FOX-P family and the Sonoma systems.

Field Application Engineers (FAEs) providing technical pre-sales support

The FAE function, though perhaps not always called that internally, is the lifeblood of the pre-sales channel. These are the technical experts who bridge the gap between the customer's process requirements and Aehr's system capabilities. They are embedded in the sales process from the first technical presentation through the final system acceptance.

Their role is especially critical now, as the company diversifies its market. For example, shifting from Silicon Carbide (SiC) to Artificial Intelligence (AI) processors requires FAEs to master new, ultra-high-power testing requirements. The success of the FOX-XP system in securing the first AI processor customer for wafer level burn-in is a direct result of this deep technical channel support.

• Translate customer specifications into system configurations.
• Support on-site customer evaluations at the Fremont facility.
• Ensure the proprietary WaferPak/DiePak consumables work seamlessly.

Direct service and support teams for system installation and maintenance

Post-sale, the channel transitions to direct service and support. This is a non-negotiable part of the value proposition for highly complex, mission-critical equipment. Aehr Test Systems maintains a direct technical support channel, which is a key differentiator in the capital equipment market.

The company's ISO 9001 certification, held since 1997, is a clear signal that the service and support channel is highly structured and quality-controlled. This direct service model handles everything from initial system installation to ongoing maintenance and spare parts supply, ensuring maximum uptime for the customer's production lines. If onboarding takes 14+ days, churn risk rises, so direct control over this channel is defintely a priority.

Selective use of international sales representatives in specific regions

While the core channel is direct, Aehr Test Systems uses a hybrid model for international reach, employing a selective network of local sales representatives and maintaining its own subsidiaries in strategic global semiconductor hubs. This allows for local language support and navigation of regional business customs, while still keeping technical sales and support direct or tightly managed.

The company explicitly manages sales channels for key global regions, reflecting the need for local presence in areas with high semiconductor manufacturing volume. This blend of direct and representative channels is essential for managing the global nature of their customer base.

Channel Focus Area	Geographic Channel Presence	Fiscal 2025 Channel Activity Context
Direct Sales Force	U.S. Sales, Europe Sales, China Sales, Japan Sales, Korea Sales, Taiwan Sales, Other Asia Sales	Drove full-year net revenue of $59.0 million; secured major hyperscaler as a new AI customer.
Technical Pre-Sales (FAEs)	Global, supporting all sales regions	Enabled the expansion into new markets: AI processors, GaN power semiconductors, and silicon photonics.
Consumables Sales	Global, high volume repeat business	WaferPak and DiePak consumables accounted for 30% of Q4 fiscal 2025 total revenue.
Direct Service & Support	Fremont, CA HQ, and international subsidiaries (e.g., Germany, Philippines, Japan)	Maintained ISO 9001 quality standard; provided installation and maintenance for high-power systems like the Sonoma line.

Aehr Test Systems (AEHR) - Canvas Business Model: Customer Segments

You're looking at Aehr Test Systems' customer base, and the biggest takeaway for fiscal year 2025 is the dramatic shift in revenue concentration. What was once nearly a single-customer-type business-Silicon Carbide (SiC)-is now a rapidly diversifying portfolio, with new, high-growth segments like Artificial Intelligence (AI) processors now representing a major portion of sales.

In fiscal 2024, Silicon Carbide wafer-level burn-in (WLBI) accounted for over 90% of the business. By the end of fiscal 2025 (May 30, 2025), that SiC share was tracking to less than 40%, with AI processors filling the gap, representing over 35% of the business in just their first year. This diversification is a defintely positive de-risking move.

Customer Segment Focus Area (FY2025 Trend)	Primary Application	FY2025 Revenue Contribution (Approximate)	Key Customer Activity
Silicon Carbide (SiC) Power Semiconductors	Electric Vehicles (EVs) & Charging Infrastructure	Less than 40% (Down from 90%+ in FY2024)	Continued production volume, but growth slowed.
Artificial Intelligence (AI) Processors	Data Centers, High-Performance Computing (HPC)	Over 35% (New major segment in FY2025)	Secured a major hyperscaler as a first production customer.
Emerging Gallium Nitride (GaN) Power Devices	Mid-Power Applications (Solar, Automotive, Data Center Power)	Small, but expanding	First production order secured from a leading automotive semiconductor supplier.
Data Storage Devices	Hard Disk Drives (HDD)	Small, but growing order bookings	Follow-on system orders received from a top global supplier.

Global manufacturers of Silicon Carbide (SiC) power semiconductors

This group remains a core customer, but its dominance is waning. SiC manufacturers use Aehr's FOX-XP systems for Wafer-Level Burn-In (WLBI) to ensure the reliability of power semiconductors, which is critical for the electric vehicle market. About 70% of the SiC market's largest segment is tied to EVs and their charging infrastructure, so their production schedules directly impact Aehr's revenue. Here's the quick math: with total fiscal 2025 net revenue at $59.0 million, less than $23.6 million (40% of $59.0M) came from this segment, a significant drop from the prior year's concentration. The slowdown in SiC growth has forced the strategic pivot, but the long-term opportunity, with a projected compound annual growth rate (CAGR) exceeding 40% for the SiC wafer market over the next five to seven years, means these customers are still vital.

Automotive and industrial power module suppliers (Tier 1s)

This segment is less about the semiconductor manufacturer and more about the end-user application. These customers, often Tier 1 automotive suppliers or industrial power companies, demand extremely high reliability for their power modules. They are the ones driving the adoption of both SiC and Gallium Nitride (GaN) devices. For instance, the first production order for GaN devices came from a leading automotive semiconductor supplier, specifically for the FOX-XP high-power multi-wafer production system. This shows the Tier 1s are actively pushing for the reliability screening that Aehr's burn-in solutions provide, especially as they integrate new wide bandgap semiconductors into critical systems like autonomous vehicles and solar inverters.

Emerging Gallium Nitride (GaN) power device producers

GaN represents a significant new growth vector, offering a much broader range of applications than SiC. This customer group includes producers targeting mid-power applications where high efficiency is key, such as:

• Data center power conversion.
• Solar energy inverters.
• Consumer electronics and PCs.
• Automotive systems (beyond the main EV traction inverter).

The GaN market is projected to surpass $2 billion in annual device sales by 2029, with a CAGR exceeding 40%. Aehr's early production win with an automotive supplier for their GaN WLBI solution positions them to scale up with these customers as the technology matures, just as they did with SiC.

Integrated Device Manufacturers (IDMs) requiring high-volume burn-in

This category has expanded dramatically in fiscal 2025 to include major players in the Artificial Intelligence and data center space. The need for burn-in for AI processors (both Wafer-Level Burn-In and Packaged Part Burn-In) is a huge new market. One major hyperscaler, a company developing its own AI processors, is now a production customer. The revenue from AI burn-in alone was over 35% of the total business in FY2025. What this estimate hides is the potential scale; even a 0.1% increase in yield from moving burn-in to the wafer level is incredibly significant for companies shipping billions of dollars of AI devices annually.

Other IDMs in this segment include:

• Silicon Photonics IDMs: Multiple customers, including the largest supplier of silicon photonics integrated circuits, are using the FOX systems for optical chip-to-chip communication devices.
• Data Storage IDMs: A lead customer, one of the top global suppliers of data storage devices, is ordering multiple FOX-CP solutions for burn-in and stabilization of new devices in hard disk drives. Bookings from this new market accounted for about 10% of total order bookings in fiscal 2025.

Aehr Test Systems (AEHR) - Canvas Business Model: Cost Structure

You're looking at Aehr Test Systems' cost structure, and the story for Fiscal Year 2025 (FYE May 30, 2025) is simple: the company is a high-tech manufacturer, so its costs are dominated by complex production and a heavy, necessary investment in next-generation technology. The total cost of operating the business-Cost of Goods Sold (COGS) plus all operating expenses-was $64.645 million for the year, which is a big number against $58.968 million in revenue, resulting in an operating loss of $5.677 million.

This is a capital-intensive model. You can't build wafer-level burn-in systems (WLBI) for Artificial Intelligence (AI) processors and silicon carbide without spending serious money on materials, engineering talent, and R&D. Here's the quick math on the major cost centers.

Cost Category (FYE May 30, 2025)	Amount (Millions of US $)	Percentage of Total Revenue ($58.968M)
Cost of Goods Sold (COGS)	$35.035	59.4%
Research & Development (R&D) Expenses	$10.419	17.7%
Selling, General & Administrative (SG&A) Expenses	$19.191	32.5%
Total Operating Costs	$64.645	109.6%

Significant R&D Investment in Next-Generation Test Technology

Aehr Test Systems is a technology leader, and that position is expensive to maintain. You see this directly in the R&D budget, which is a critical, non-negotiable cost. R&D expenses for fiscal year 2025 totaled approximately $10.419 million, an increase of about $1.7 million over the $8.719 million spent in fiscal year 2024.

This spending isn't optional; it's what keeps them ahead in high-growth markets like AI and Gallium Nitride (GaN) power semiconductors. They're investing in things like the high-power FOX-XP multi-wafer systems for AI processors and developing new WLBI systems for flash memory. R&D costs are primarily driven by:

• Compensation and benefits for product development personnel
• Outside development service costs for specialized engineering
• Stock-based compensation for engineering talent

High Cost of Materials and Manufacturing for Complex Test Systems

The core of the cost structure lies in the Cost of Goods Sold (COGS), which hit $35.035 million in FY 2025. This figure is nearly 60% of total revenue. This isn't a high-margin software business; it's a capital equipment business where the physical product is complex and costly to build.

The gross margin decreased by 8.5 percentage points in FY 2025 compared to the prior year, so the cost-to-revenue ratio actually worsened. This was due to several factors that speak to the complexity of their product portfolio:

• Amortization of acquired intangible assets from the Incal Technology acquisition
• Inventory variance charges, which signal volatility in parts and production planning
• A shift in product mix toward lower-margin systems or consumables

The high cost of materials is baked into their proprietary consumables-the WaferPak Contactors and DiePak Carriers-which are essentially custom-engineered interfaces for each customer's wafer. That's a defintely high-value, high-cost component.

Direct Labor and Overhead for System Assembly and Testing

Embedded within that $35.035 million COGS is the direct labor and manufacturing overhead. Building a FOX-XP system, which can test up to nine 300mm AI processor wafers simultaneously, requires highly skilled labor and a controlled facility.

The costs here include the technicians assembling the precision mechanics, the engineers performing final system testing, and the overhead of the Fremont, California, facility. When shipment volumes are lower, as they were in FY 2025 due to reduced system orders in the silicon carbide market, the fixed overhead costs get spread over fewer units, which pushes the per-unit cost up and pressures the gross margin.

Field Service and Support Personnel Expenses

The Selling, General, and Administrative (SG&A) expenses, which amounted to a calculated $19.191 million for FY 2025, cover all non-production and non-R&D costs. This is where you find the expense for field service and support.

For a company selling mission-critical equipment globally, a robust field service team is essential for uptime and customer retention. These costs include:

• Compensation for sales, marketing, and G&A personnel
• Travel expenses for field service engineers and sales teams
• Legal and accounting service costs for a publicly traded company

The acquisition of Incal Technology, Inc. in FY 2025, which cost $11.1 million in cash, also added to the administrative and integration costs, expanding the SG&A base to support the new packaged part test solutions like the Sonoma family.

Aehr Test Systems (AEHR) - Canvas Business Model: Revenue Streams

Aehr Test Systems' revenue streams are a mix of capital equipment sales and high-margin, recurring consumables and services, but the company's total revenue for the latest fiscal year came in below prior expectations due to market headwinds. For the fiscal year (FY) ended May 30, 2025, the company reported total net revenue of $59.0 million, a decline from the prior year, reflecting a period of strategic diversification away from a heavy reliance on the Silicon Carbide (SiC) market.

Sales of the FOX-P wafer-level burn-in and test systems

The core of Aehr's revenue comes from the sale of its FOX-P family of systems, which includes the high-power, multi-wafer FOX-XP and FOX-NP, and the single-wafer FOX-CP. These are capital equipment sales, meaning they are large, non-recurring purchases by customers. The systems are critical for wafer-level burn-in (WLBI) and test, a process that removes early device failures and is now expanding into high-growth areas like Artificial Intelligence (AI) processors.

While product revenue overall decreased in FY 2025, the company secured a major milestone by shipping the industry's first production WLBI systems specifically designed for AI processors. This new high-power FOX-XP system can test up to nine 300mm AI processor wafers simultaneously, a significant technological and commercial breakthrough.

Sales of proprietary WaferPak and DiePak consumable contactors

This is the high-margin, recurring engine of the business, and it's defintely a key focus for long-term profitability. The proprietary WaferPak Contactors and DiePak Carriers are consumables that must be purchased for every new device design or as replacements for wear and tear, directly tying revenue to customer production volume.

In the fourth quarter of FY 2025 alone, WaferPak revenues were $4.2 million, representing a substantial 30% of the total quarterly revenue of $14.1 million. This revenue stream is crucial because it generates consistent sales from the installed base of FOX-P systems. In the first quarter of FY 2025, WaferPak sales were strong, generating over $12 million in revenue. The ongoing demand for new WaferPak designs, particularly from the SiC market and new AI customers, drives this continuous revenue.

Recurring revenue from system upgrades and maintenance contracts

Aehr generates a smaller but stable stream of recurring revenue from services, which includes maintenance contracts, repairs, and system upgrades. This services revenue acts as a buffer against cyclical downturns in capital equipment sales. Here's the quick math: in FY 2025, the services revenue increased by $1.7 million, partially offsetting a decline in product revenue. This highlights the value of the installed base and the high-reliability requirement of the semiconductor testing process. One clear action is that the company received its first order for an 18-wafer high-voltage system as an upgrade to a customer's current FOX-XP configuration, showing the upgrade path is a viable revenue source.

The stability of this revenue stream is supported by the technical complexity of the FOX platform, which requires specialized support and parts. It's a classic razor-and-blade model, where the system sale is the razor and the consumables/services are the recurring, high-margin blades.

Fiscal Year 2025 revenue guidance and actual results

The company's actual financial performance for the fiscal year ending May 30, 2025, was impacted by a broader semiconductor industry slowdown and delayed shipments. While the company had initially reiterated a guidance for total revenue of at least $70 million, the final reported net revenue for FY 2025 was $59.0 million. This is a critical data point for investors to map near-term risk. What this estimate hides is the strategic pivot: the company successfully diversified its revenue streams, with SiC representing less than 40% of FY 2025 revenue, down from 90% in FY 2024, and AI processors contributing more than 35% of revenues, up from 0% in the prior year.

The table below summarizes the key financial figures for the last completed fiscal year.

Financial Metric	Fiscal Year Ended May 30, 2025 (Actual)	Notes
Total Net Revenue	$59.0 million	Down from $66.2 million in FY 2024.
GAAP Net Loss	$(3.9) million	Reflects a transition year with revenue decline.
Non-GAAP Net Income	$4.6 million	Excludes certain non-cash items.
Services Revenue Increase	$1.7 million	Increase over the prior fiscal year.
AI Processor Revenue Contribution	>35%	Up from 0% in FY 2024, showing successful diversification.
Silicon Carbide Revenue Contribution	<40%	Down from 90% in FY 2024.

The shift in revenue mix is a positive long-term signal, even with the lower top-line number. You're seeing a business move from a single-market concentration to a multi-market model, which reduces future cyclical risk. The immediate next step is for Finance to track the Q1 FY 2026 WaferPak revenue to confirm the sustained, high-margin consumable demand.