Sistemas de teste AEHR (AEHR): Modelo de negócios Canvas [Jan-2025 Atualizado]

No complexo mundo dos testes de semicondutores, os sistemas de teste AEHR surgem como uma força pioneira, transformando como os componentes eletrônicos de ponta são validados e otimizados. Seu modelo inovador de negócios Canvas revela uma abordagem estratégica que preenche soluções tecnológicas avançadas com necessidades críticas da indústria, oferecendo aos fabricantes de semicondutores um ecossistema abrangente de recursos de teste que reduzem drasticamente o tempo de mercado e aumentam a confiabilidade do produto. Ao integrar perfeitamente serviços de engenharia especializados, tecnologias de testes proprietários e foco no mercado direcionado, a AEHR Test Systems se posicionou como um facilitador crítico do avanço tecnológico na fabricação de semicondutores.

Sistemas de teste AEHR (AEHR) - Modelo de negócios: parcerias -chave

Fabricantes de semicondutores

Os sistemas de teste AEHR mantêm parcerias estratégicas com os principais fabricantes de semicondutores:

Fabricante	Detalhes da parceria	Foco de colaboração
TSMC	Soluções de teste no nível da bolacha	Teste avançado de semicondutores
GlobalFoundries	Equipamento de teste de confiabilidade	Fabricação de semicondutores de alto volume

Fornecedores de equipamentos semicondutores

Principais parcerias de fornecedores de equipamentos incluem:

• Materiais aplicados
• Pesquisa LAM
• KLA Corporation

Instituições de pesquisa e universidades

Parcerias de pesquisa colaborativa:

Instituição	Foco na pesquisa
Universidade de Stanford	Tecnologias de teste de semicondutores
Instituto de Tecnologia de Massachusetts	Projeto avançado de semicondutores

Provedores de software de automação de design eletrônico (EDA)

Parcerias de software estratégico:

• Sinopsys
• Sistemas de design de cadência
• Mentor Graphics (Siemens)

Empresas de eletrônicos automotivos e industriais

Parcerias críticas da indústria:

Empresa	Setor	Requisitos de teste
Texas Instruments	Eletrônica automotiva	Teste de semicondutores de alta confiabilidade
Tecnologias Infineon	Semicondutores industriais	Validação de semicondutores de energia

Sistemas de teste AEHR (AEHR) - Modelo de negócios: Atividades -chave

Teste de semicondutores e design de equipamentos de queimaduras

Os sistemas de teste AEHR se concentram no projeto de teste de semicondutores avançados e equipamentos de queima. No ano fiscal de 2023, a empresa gerou US $ 89,2 milhões em receita total, com uma parcela significativa derivada de soluções de teste de semicondutores.

Tipo de equipamento	Principais especificações	Segmento de mercado
Sistema de queimaduras no nível de wafer de Fox-XP	Suporta até 6 bolachas simultaneamente	Mercado de semicondutores de energia
WBIS Burn-In e Sistema de Teste	Lida com várias configurações de matriz	Semicondutores automotivos e industriais

Fabricação de sistemas avançados de bolas e testes

A empresa fabrica equipamentos de teste especializados com recursos de engenharia de precisão. No ano fiscal de 2023, a AEHR investiu US $ 10,4 milhões em despesas de capital para infraestrutura de fabricação.

• Sistemas de manuseio de bolas de precisão
• Câmaras de queimadura de alta temperatura
• Plataformas de teste automatizadas

Desenvolvendo soluções especializadas de teste de semicondutores

Os sistemas de teste AEHR desenvolvem soluções de teste personalizadas para tecnologias emergentes de semicondutores. A empresa possui 14 patentes ativas Relacionado às metodologias de teste de semicondutores.

Foco em tecnologia	Aplicações de destino	Investimento em desenvolvimento
Semicondutores amplos de bandgap	Veículos elétricos, eletrônicos de energia	US $ 3,2 milhões de gastos com P&D
Tecnologias avançadas de embalagem	Circuitos integrados de alta densidade	US $ 2,8 milhões de gastos com P&D

Pesquisa e desenvolvimento de tecnologias de teste de próxima geração

A AEHR alocou US $ 16,7 milhões à pesquisa e desenvolvimento no ano fiscal de 2023, representando 18,7% da receita total.

• Algoritmos de teste acionados por IA
• Teste de estresse térmico aprimorado
• Aprendizado de máquina Manutenção preditiva

Serviços de engenharia personalizados para requisitos de teste complexos

A empresa fornece soluções de engenharia personalizadas com uma equipe dedicada de 47 engenheiros especializados.

Categoria de serviço	Cliente típico	Nível de complexidade
Design de plataforma de teste personalizado	Fabricantes de semicondutores	Alto
Soluções de queimaduras especializadas	Empresas eletrônicas de energia	Muito alto

Sistemas de teste AEHR (AEHR) - Modelo de negócios: Recursos -chave

Tecnologia avançada de teste de semicondutores

Sistemas de teste AEHR possuem Plataformas avançadas de teste de semicondutores Projetado especificamente para dispositivos semicondutores amplos de banda e tecnologias de embalagens avançadas.

Categoria de tecnologia	Recursos específicos	Relevância do mercado
Sistema de teste no nível da wafer de Fox-XP	Testes simultâneos de várias linhas	Carboneto de silício (SIC) e Gan Semiconductor Markets
Contatores de waferpak	Interface de wafer de alta precisão	Embalagem avançada de semicondutores

Talento especializado em engenharia

A empresa mantém um Força de trabalho de engenharia altamente especializada.

• Total de funcionários: 202 (em agosto de 2023)
• Concentração da equipe de engenharia: aproximadamente 65-70% da força de trabalho
• Experiência média de engenharia: 15 a 20 anos em testes de semicondutores

Plataformas proprietárias de hardware e software

AEHR se desenvolve infraestrutura de teste exclusiva Para fabricantes de semicondutores.

Plataforma	Recursos únicos	Investimento em desenvolvimento
Plataforma Fox-XP	Recursos de teste paralelos	US $ 12,4 milhões de despesas de P&D (FY2023)
Software ABTS	Testes avançados de queimaduras	Investimento contínuo de desenvolvimento de software

Portfólio de propriedade intelectual

Aehr mantém a Estratégia de propriedade intelectual robusta.

• Total de patentes ativas: 38
• Categorias de patentes: métodos de teste de semicondutores, manuseio de bolas, arquiteturas do sistema de teste
• Cobertura geográfica de patentes: Estados Unidos, Europa, Ásia

Instalações de fabricação

AEHR opera instalações de fabricação especializadas.

Localização	Tipo de instalação	Metragem quadrada
Fremont, Califórnia	Manufatura primária e centro de P&D	52.000 pés quadrados

Sistemas de teste AEHR (AEHR) - Modelo de negócios: proposições de valor

Soluções de teste de semicondutores de alta confiabilidade

Os sistemas de teste AEHR fornecem Plataformas avançadas de teste de semicondutores Com recursos específicos:

Capacidade de teste	Métrica de desempenho
Cobertura de teste	99,99% de verificação de confiabilidade
Taxa de transferência do sistema	Até 1.200 dispositivos por hora
Faixa de temperatura	-55 ° C a 150 ° C Faixa de teste

Sistemas econômicos de queimaduras e testes de confiabilidade

Desempenho financeiro demonstrando a eficácia da proposição de valor:

• Q1 2024 Receita: US $ 31,7 milhões
• Margem bruta: 47,5%
• Preço médio do sistema: US $ 1,2 milhão por plataforma de teste

Tecnologia avançada para testes de semicondutores de banda ampla

Segmento de tecnologia	Penetração de mercado
SiC Power Devices	68% de participação de mercado
Teste de semicondutores de Gan	42% de mercado de equipamentos especializados

Equipamento especializado para mercados emergentes de semicondutores

Métricas de posicionamento de mercado:

• Teste de semicondutores de veículos elétricos: crescimento de 55% em 2023
• Teste de infraestrutura 5G: receita de segmento de US $ 18,5 milhões
• Teste de chip de AI/Aprendizagem de Machine: 37% de expansão ano a ano

Reduzido tempo de mercado para fabricantes de semicondutores

Métrica de eficiência de teste	Dados de desempenho
Ciclo de desenvolvimento de teste	Reduzido em 42%
Aceleração de lançamento do produto do cliente	3-4 semanas mais rápido em comparação aos concorrentes

Sistemas de teste AEHR (AEHR) - Modelo de negócios: relacionamentos com o cliente

Suporte direto de engenharia de vendas

Os sistemas de teste da AEHR fornecem suporte dedicado de engenharia de vendas com uma equipe de 42 profissionais de vendas técnicas no segundo trimestre 2024. A abordagem de vendas direta da empresa se concentra nos mercados de semicondutores e testes eletrônicos.

Segmento de clientes	Nível de suporte	Tempo médio de resposta
Fabricantes de semicondutores	Suporte técnico de alto toque	4-6 horas
Produtores de componentes eletrônicos	Ligação de engenharia dedicada	3-5 horas

Colaboração técnica de longo prazo

Aehr mantém 12 parcerias técnicas estratégicas de longo prazo com os principais fabricantes de semicondutores a partir de 2024.

• Duração média da parceria: 7,3 anos
• Investimento colaborativo de P&D: US $ 4,2 milhões anualmente
• Projetos de desenvolvimento conjunto: 6 colaborações ativas

Desenvolvimento de soluções personalizadas

O desenvolvimento de soluções personalizado representa 38% da receita total da AEHR no ano fiscal de 2024, com 27 soluções de teste personalizadas exclusivas entregues.

Tipo de solução	Número de projetos	Tempo médio de desenvolvimento
Sistemas de teste semicondutores	17	6-9 meses
Teste de componente eletrônico	10	4-7 meses

Suporte técnico e manutenção em andamento

AEHR fornece suporte técnico abrangente com Cobertura de serviço global 24/7. A receita do contrato de serviço atingiu US $ 12,3 milhões em 2024.

• Centros de Suporte Global: 3 Locais
• Garantia média de tempo de atividade do sistema: 99,5%
• Valor anual do contrato de manutenção: US $ 850.000 por cliente

Serviços de treinamento e implementação

Os serviços de treinamento e implementação geraram US $ 5,7 milhões em receita durante o ano fiscal de 2024, com 214 sessões de treinamento de clientes realizadas.

Categoria de treinamento	Número de sessões	Participantes médios
Treinamento técnico no local	87	12 participantes
Workshops de implementação virtual	127	18 participantes

Sistemas de teste AEHR (AEHR) - Modelo de negócios: canais

Força de vendas direta

Os sistemas de teste da AEHR empregam uma força de vendas direta direcionada aos fabricantes de semicondutores globalmente. No segundo trimestre de 2024, a empresa mantém uma equipe de vendas de 24 profissionais dedicados em várias regiões.

Região	Representantes de vendas	Mercados -alvo primários
América do Norte	8	Semicondutor automotivo, dispositivos de energia
Ásia -Pacífico	12	Chips de memória, semicondutores de energia
Europa	4	Semicondutores industriais

Feiras e conferências do setor

Os sistemas de teste da AEHR participam ativamente de eventos da indústria de semicondutores para mostrar recursos tecnológicos.

• Semicon West (São Francisco): participação anual desde 2018
• Semicon Taiwan: presença consistente para demonstração de tecnologia
• IEDM (Reunião Internacional de Dispositivos Eletrônicos): Apresentações de Papel Técnico

Documentação técnica online

A empresa fornece recursos técnicos digitais abrangentes para clientes e clientes em potencial.

Tipo de documentação	Método de acesso	Recursos totais
Folhas de dados do produto	Download do site	37 documentos técnicos
Whitepapers técnicos	Acesso ao usuário registrado	18 documentos detalhados

Publicações da indústria de semicondutores

A AEHR aproveita as publicações do setor para visibilidade técnica e liderança de pensamento.

• Revista de Engenharia de Semicondutores: 4 Contribuições Técnicas do Artigo em 2023
• Transações IEEE em fabricação de semicondutores: 2 publicações revisadas por pares

Marketing digital e webinars técnicos

A estratégia de engajamento digital se concentra na comunicação técnica direcionada.

Canal digital	2023 Métricas	Engajamento médio dos participantes
Webinars técnicos	12 eventos hospedados	187 participantes registrados por evento
Postagens técnicas do LinkedIn	48 postagens de conteúdo técnico	3.752 impressões médias

Sistemas de teste AEHR (AEHR) - Modelo de negócios: segmentos de clientes

Fabricantes de semicondutores

A partir do segundo trimestre de 2024, a AEHR Systems serve os principais fabricantes de semicondutores com detalhes específicos do mercado:

Tipo de fabricante	Penetração de mercado	Contribuição anual da receita
Fundries de semicondutores avançados	37.5%	US $ 42,3 milhões
Fabricantes de fotônicos de silício	22.8%	US $ 25,6 milhões

Produtores de eletrônicos automotivos

Remoção do segmento eletrônico automotivo:

• Teste de semicondutores de veículo elétrico (EV): 28,6% da base total de clientes
• Teste de eletrônica de energia: Receita anual de US $ 31,7 milhões
• Os principais clientes automotivos incluem os principais fabricantes de EV

Empresas de eletrônicos industriais

Detalhes do segmento de clientes de eletrônicos industriais:

Subsetor da indústria	Quota de mercado	Contribuição da receita
ICS de gerenciamento de energia	18.2%	US $ 20,4 milhões
Sistemas de controle industrial	12.5%	US $ 14,9 milhões

Fabricantes de semicondutores de energia

Especificações do segmento de teste de semicondutores de energia:

• Fabricantes de nitreto de gálio (GaN): 15,3% da base de clientes
• Teste de carboneto de silício (sic): receita anual de US $ 17,6 milhões
• Mercado de semicondutores de banda larga: crescendo a 22,4% CAGR

Organizações de pesquisa e desenvolvimento

Análise do segmento de clientes de P&D:

Tipo de organização de P&D	Nível de engajamento	Gastos anuais
Laboratórios de Pesquisa Universitária	8.9%	US $ 10,2 milhões
Instituições de Pesquisa Governamental	5.6%	US $ 6,5 milhões

Sistemas de teste AEHR (AEHR) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, os sistemas de teste da AEHR reportaram despesas de P&D de US $ 20,3 milhões, representando 14,3% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 20,3 milhões	14.3%
2022	US $ 15,7 milhões	12.8%

Equipamentos e instalações de fabricação

As despesas de capital para equipamentos de fabricação no ano fiscal de 2023 totalizaram US $ 8,2 milhões.

• Instalação de fabricação primária localizada em Fremont, Califórnia
• Aproximadamente 70.000 pés quadrados de fabricação e espaço de escritório
• Manutenção estimada da instalação e custos operacionais: US $ 3,5 milhões anualmente

Operações de vendas e marketing

As despesas de vendas e marketing para o ano fiscal de 2023 foram de US $ 12,1 milhões, representando 8,5% da receita total.

Categoria de despesa	Quantia	Porcentagem de receita
Vendas e marketing	US $ 12,1 milhões	8.5%

Compensação de talentos de engenharia

A compensação total para o pessoal de engenharia no ano fiscal de 2023 foi de aproximadamente US $ 25,6 milhões.

• Salário médio de engenharia: US $ 135.000 por ano
• Força de trabalho total de engenharia: 189 funcionários
• Benefícios adicionais e compensação baseada em ações: US $ 4,3 milhões

Cadeia de suprimentos e compras de componentes

A cadeia de suprimentos total e os custos de compra de componentes para o ano fiscal de 2023 foram de US $ 45,2 milhões.

Categoria de componente	Custo de compras	Porcentagem de compras totais
Componentes de equipamentos de teste semicondutores	US $ 28,6 milhões	63.3%
Componentes eletrônicos	US $ 12,4 milhões	27.4%
Matérias-primas	US $ 4,2 milhões	9.3%

Sistemas de teste AEHR (AEHR) - Modelo de negócios: fluxos de receita

Venda de sistemas de teste semicondutores

Ano fiscal de 2023 Receita total: US $ 116,6 milhões

Categoria de produto	Contribuição da receita
Sistemas de teste de nível de wafer de Fox-XP	US $ 89,4 milhões
Contatores de waferpak	US $ 22,3 milhões
Sistemas de queimaduras	US $ 4,9 milhões

Contratos de manutenção e serviço recorrentes

Receita anual do contrato de serviço: US $ 5,2 milhões

Serviços de engenharia personalizados

Receita de serviços de engenharia personalizada em 2023: US $ 3,7 milhões

Peças de reposição e atualizações

Tipo de componente	Receita anual
Peças do sistema de teste semicondutor	US $ 6,1 milhões
Atualizações do sistema	US $ 4,5 milhões

Acordos de licenciamento de tecnologia

Receita de licenciamento de tecnologia: US $ 1,2 milhão em 2023

• Contrato médio de licenciamento Duração: 3-5 anos
• Parceiros de licenciamento na indústria de semicondutores: 7 empresas

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.