Shares of Aehr Test Systems experienced a decline after the company maintained its full-year guidance, despite posting higher profit in the fiscal first quarter. The stock saw a 13% drop to $38.65 in after-hours trading, following a 2.1% decrease to $44.21 at Thursday’s close. Since the beginning of the year, shares have more than doubled.
In the quarter ended August 31, the semiconductor burn-in equipment supplier based in Fremont, Calif., recorded a profit of $4.7 million, or 16 cents per share. This showed significant growth compared to $589,000, or 2 cents per share, in the same period last year. Moreover, revenue saw an impressive jump of 93% to reach $20.6 million.
Aehr Test Systems reiterated its fiscal 2024 guidance, projecting a minimum of $100 million in revenue and at least $28 million in net income.
The company also highlighted its record shipments of the Fox WaferPak product during the first quarter. As more electric vehicles, which utilize Aehr’s systems, enter the market, the demand for this product is set to rise.
