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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aehr Test Systems | NASDAQ:AEHR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 0.60% | 11.72 | 11.45 | 11.75 | 11.81 | 11.41 | 11.65 | 1,124,923 | 01:00:00 |
California
|
|
94-2424084
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification No.)
|
400 Kato
Terrace
Fremont,
CA
|
|
94539
|
(Address of
principal executive offices)
|
|
(Zip
Code)
|
Large
accelerated filer ☐
|
Accelerated
filer ☐
|
Non-accelerated
filer ☒
|
Smaller
reporting company ☒
|
Emerging
growth company ☐
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
4
|
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
22
|
|
|
|
27
|
|
|
|
27
|
|
|
|
|
|
|
|
28
|
|
|
|
28
|
|
|
|
28
|
|
|
|
28
|
|
|
|
28
|
|
|
|
28
|
|
|
|
29
|
|
|
|
30
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$
5,911
|
$
7,923
|
$
10,651
|
$
14,893
|
Cost
of sales
|
3,513
|
4,792
|
6,700
|
8,844
|
Gross
profit
|
2,398
|
3,131
|
3,951
|
6,049
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Selling,
general and administrative
|
1,977
|
1,854
|
3,856
|
3,645
|
Research
and development
|
986
|
1,090
|
2,102
|
2,045
|
Total
operating expenses
|
2,963
|
2,944
|
5,958
|
5,690
|
|
|
|
|
|
(Loss)
income from operations
|
(565
)
|
187
|
(2,007
)
|
359
|
|
|
|
|
|
Interest
expense, net
|
(74
)
|
(105
)
|
(152
)
|
(212
)
|
Other
income (expense), net
|
29
|
(7
)
|
38
|
(67
)
|
|
|
|
|
|
(Loss)
income before income tax expense
|
(610
)
|
75
|
(2,121
)
|
80
|
|
|
|
|
|
Income
tax expense
|
(19
)
|
(15
)
|
(23
)
|
(10
)
|
Net
(loss) income
|
(629
)
|
60
|
(2,144
)
|
70
|
Less:
Net income attributable to
the noncontrolling
interest
|
--
|
--
|
--
|
--
|
|
|
|
|
|
Net (loss) income
attributable to
Aehr Test Systems
common shareholders
|
$
(629
)
|
$
60
|
$
(2,144
)
|
$
70
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income per share
|
|
|
|
|
Basic
|
$
(0.03
)
|
$
0.00
|
$
(0.10
)
|
$
0.00
|
Diluted
|
$
(0.03
)
|
$
0.00
|
$
(0.10
)
|
$
0.00
|
|
|
|
|
|
Shares
used in per share calculations:
|
|
|
|
|
Basic
|
22,294
|
21,645
|
22,242
|
21,531
|
Diluted
|
22,294
|
22,883
|
22,242
|
22,937
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Net (loss)
income
|
$
(629
)
|
$
60
|
$
(2,144
)
|
$
70
|
|
|
|
|
|
Other comprehensive
(loss) income, net of tax:
Net change in
unrealized loss on
investments
|
--
|
(3
)
|
--
|
(3
)
|
Net
change in cumulative translation
adjustments
|
(34
)
|
1
|
(49
)
|
60
|
|
|
|
|
|
Total comprehensive
(loss) income
|
(663
)
|
58
|
(2,193
)
|
127
|
Less: Comprehensive
income attributable
to the
noncontrolling interest
|
1
|
--
|
2
|
--
|
|
|
|
|
|
Comprehensive
(loss) income
, attributable
to
Aehr Test Systems
common
shareholders
|
$
(664
)
|
$
58
|
$
(2,195
)
|
$
127
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
Geographic
region:
|
|
|
|
|
United
states
|
$
4,509
|
$
1,964
|
$
7,204
|
$
3,254
|
Asia
|
1,334
|
5,909
|
3,068
|
11,569
|
Europe
|
68
|
50
|
379
|
70
|
|
$
5,911
|
$
7,923
|
$
10,651
|
$
14,893
|
|
Three Months Ended
November 30,
|
Six Months Ended
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
Timing
of revenue recognition:
|
|
|
|
|
Products
and services transferred at
a
point in time
|
$
5,272
|
$
7,387
|
$
9,390
|
$
13,887
|
Services
transferred over time
|
639
|
536
|
1,261
|
1,006
|
|
$
5,911
|
$
7,923
|
$
10,651
|
$
14,893
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Numerator:
Net (loss) income
|
$
(629
)
|
$
60
|
$
(2,144
)
|
$
70
|
|
|
|
|
|
Denominator
for basic net (loss) income
per
share:
|
|
|
|
|
Weighted
average shares outstanding
|
22,294
|
21,645
|
22,242
|
21,531
|
|
|
|
|
|
Shares
used in basic net (loss) income
per
share calculation
|
22,294
|
21,645
|
22,242
|
21,531
|
Effect
of dilutive securities
|
--
|
1,238
|
--
|
1,406
|
|
|
|
|
|
Denominator
for diluted net (loss) income
per
share
|
22,294
|
22,883
|
22,242
|
22,937
|
|
|
|
|
|
Basic
net (loss) income per share
|
$
(0.03
)
|
$
0.00
|
$
(0.10
)
|
$
0.00
|
Diluted
net (loss) income per share
|
$
(0.03
)
|
$
0.00
|
$
(0.10
)
|
$
0.00
|
|
Cost
|
Gross Unrealized Loss
|
Estimated Fair Value
|
|
|
|
|
Cash
|
$
1,961
|
$
--
|
$
1,961
|
Cash
equivalents:
|
|
|
|
Money
market funds
|
6,050
|
--
|
6,050
|
U.S.
Treasury securities
|
5,991
|
--
|
5,991
|
Total
Cash equivalents
|
12,041
|
--
|
12,041
|
Total
Cash and Cash equivalents
|
$
14,002
|
$
--
|
$
14,002
|
Long-term
investments:
|
|
|
|
Certificate
of deposit
|
$
80
|
$
--
|
$
80
|
Total
Cash, Cash equivalents and
Investments
|
$
14,082
|
$
--
|
$
14,082
|
|
Cost
|
Gross Unrealized Loss
|
Estimated Fair Value
|
|
|
|
|
Cash
|
$
3,132
|
$
--
|
$
3,132
|
Cash
equivalents:
|
|
|
|
Money
market funds
|
7,733
|
--
|
7,733
|
U.S.
Treasury securities
|
5,983
|
--
|
5,983
|
Total
Cash equivalents
|
13,716
|
--
|
13,716
|
Total
Cash and Cash equivalents
|
$
16,848
|
$
--
|
$
16,848
|
Long-term
investments:
|
|
|
|
Certificate of deposit
|
$
80
|
$
--
|
$
80
|
Total
Cash, Cash equivalents and Investments
|
$
16,928
|
$
--
|
$
16,928
|
|
Balance as of
|
|
|
|
|
November 30, 2018
|
Level 1
|
Level 2
|
Level 3
|
Money
market funds
|
$
6,050
|
$
6,050
|
$
--
|
$
--
|
U.S.
Treasury securities
|
5,991
|
5,991
|
--
|
--
|
Certificate
of deposit
|
80
|
--
|
80
|
--
|
Assets
|
$
12,121
|
$
12,041
|
$
80
|
$
--
|
|
Balance as of
May 31, 2018
|
Level 1
|
Level 2
|
Level 3
|
Money
market funds
|
$
7,733
|
$
7,733
|
$
--
|
$
--
|
U.S.
Treasury securities
|
5,983
|
5,983
|
--
|
--
|
Certificate
of deposit
|
80
|
--
|
80
|
--
|
Assets
|
$
13,796
|
$
13,716
|
$
80
|
$
--
|
|
November 30,
|
May 31,
|
|
2018
|
2018
|
Raw
materials and sub-assemblies
|
$
6,613
|
$
5,747
|
Work
in process
|
3,119
|
3,068
|
Finished
goods
|
251
|
234
|
|
$
9,983
|
$
9,049
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Balance
at the beginning of the period
|
$
160
|
$
119
|
$
135
|
$
113
|
|
|
|
|
|
Accruals
for warranties issued
during
the period
|
71
|
152
|
146
|
246
|
Consumption
of reserves
|
(68
)
|
(138
)
|
(118
)
|
(226
)
|
|
|
|
|
|
Balance
at the end of the period
|
$
163
|
$
133
|
$
163
|
$
133
|
|
November 30,
|
May 31,
|
|
2018
|
2018
|
Customer
deposits
|
$
1,625
|
$
1,340
|
Deferred
revenue
|
443
|
290
|
|
$
2,068
|
$
1,630
|
|
Cumulative Translation Adjustments
|
Unrealized Loss on Investments, Net
|
Total
|
|
|
|
|
Balance
at May 31, 2018
|
$
2,292
|
$
--
|
$
2,292
|
Other
comprehensive (loss) income before reclassifications
|
(51
)
|
--
|
(51
)
|
Amounts
reclassified out of AOCI
|
--
|
--
|
--
|
Other
comprehensive (loss) income, net of tax
|
(51
)
|
--
|
(51
)
|
Balance
at November 30, 2018
|
$
2,241
|
$
--
|
$
2,241
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
Stock-based
compensation in the form of employee stock options, RSUs and ESPP
purchase rights, included in:
|
|
|
|
|
Cost
of sales
|
$
23
|
$
57
|
$
59
|
$
79
|
Selling,
general and administrative
|
136
|
218
|
284
|
368
|
Research
and development
|
65
|
89
|
137
|
133
|
Total
stock-based compensation
|
$
224
|
$
364
|
$
480
|
$
580
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Expected
term (in years)
|
5
|
4
|
5
|
4
|
Volatility
|
0.70
|
0.74
|
0.72
|
0.77
|
Risk-free
interest rate
|
3.01
%
|
1.92
%
|
2.84
%
|
1.77
%
|
Weighted
average grant date fair value
|
$
1.21
|
$
1.93
|
$
1.38
|
$
2.22
|
|
|
Three and Six Months Ended
|
|
|
November 30, 2018
|
|
|
|
Expected term (in years)
|
|
0.5-2.0
|
Volatility
|
|
0.48-0.64
|
Expected dividend
|
|
$0.00
|
Risk-free interest rates
|
|
2.40%-2.82%
|
Estimated forfeiture rate
|
|
0%
|
Weighted average grant date fair value
|
|
$1.15
|
|
Available
|
|
Shares
|
Balance,
May 31, 2018
|
1,812
|
|
|
Options
granted
|
(441
)
|
RSUs
granted
|
--
|
Shares
cancelled
|
13
|
Shares
expired
|
(11
)
|
|
|
Balance,
August 31, 2018
|
1,373
|
Options
granted
|
(248
)
|
RSUs
granted
|
--
|
Shares
cancelled
|
45
|
Shares
expired
|
(33
)
|
|
|
Balance,
November 30, 2018
|
1,137
|
|
Outstanding Options
|
||
|
|
Weighted
|
|
|
Number
|
Average
|
Aggregate
|
|
of
|
Exercise
|
Intrinsic
|
|
Shares
|
Price
|
Value
|
Balances,
May 31, 2018
|
2,859
|
$
2.04
|
$
1,987
|
|
|
|
|
Options
granted
|
441
|
$
2.40
|
|
Options
cancelled
|
(13
)
|
$
1.64
|
|
Options
exercised
|
(98
)
|
$
1.12
|
|
|
|
|
|
Balances,
August 31, 2018
|
3,189
|
$
2.12
|
$
1,757
|
|
|
|
|
Options
granted
|
248
|
$
2.03
|
|
Options
cancelled
|
(45
)
|
$
2.70
|
|
Options
exercised
|
(19
)
|
$
1.09
|
|
|
|
|
|
Balances,
November 30, 2018
|
3,373
|
$
2.11
|
$
679
|
|
|
|
|
Options
fully vested and expected to
vest
at November 30, 2018
|
3,337
|
$
2.11
|
$
678
|
|
Options
Outstanding
at November 30,
2018
|
Options
Exercisable
at November 30,
2018
|
|||||
Range
of Exercise
Prices
|
Number
Outstanding Shares
|
Weighted Average
Remaining Contractual Life (Years)
|
Weighted Average
Exercise Price
|
Number
Exercisable Shares
|
Weighted Average
Remaining Contractual Life (Years)
|
Weighted Average
Exercise Price
|
Aggregate
Intrinsic Value
|
$
0.59-$0.97
|
249
|
0.27
|
$
0.66
|
249
|
0.27
|
$
0.66
|
|
$
1.09-$1.28
|
498
|
1.22
|
$
1.28
|
498
|
1.22
|
$
1.28
|
|
$
1.68-$2.06
|
713
|
4.87
|
$
1.84
|
344
|
3.53
|
$
1.77
|
|
$
2.10-$2.81
|
1,651
|
4.13
|
$
2.43
|
1,143
|
3.13
|
$
2.45
|
|
$
3.46-$3.93
|
262
|
5.66
|
$
3.86
|
114
|
5.72
|
$
3.76
|
|
$
0.59-$3.93
|
3,373
|
3.69
|
$
2.11
|
2,348
|
2.61
|
$
1.98
|
$
653
|
|
November 30,
|
May 31,
|
|
2018
|
2018
|
United
states
|
$
1,033
|
$
1,156
|
Asia
|
38
|
40
|
Europe
|
3
|
7
|
|
$
1,074
|
$
1,203
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
100.0
%
|
100.0
%
|
100.0
%
|
100.0
%
|
Cost
of sales
|
59.4
|
60.5
|
62.9
|
59.4
|
Gross
profit
|
40.6
|
39.5
|
37.1
|
40.6
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Selling,
general and administrative
|
33.5
|
23.4
|
36.2
|
24.5
|
Research
and development
|
16.7
|
13.7
|
19.7
|
13.7
|
|
|
|
|
|
Total
operating expenses
|
50.2
|
37.1
|
55.9
|
38.2
|
|
|
|
|
|
(Loss)
income from operations
|
(9.6
)
|
2.4
|
(18.8
)
|
2.4
|
|
|
|
|
|
Interest
expense, net
|
(1.3
)
|
(1.3
)
|
(1.4
)
|
(1.4
)
|
Other
income (expense), net
|
0.6
|
(0.2
)
|
0.3
|
(0.5
)
|
|
|
|
|
|
(Loss)
income before income tax
expense
|
(10.3
)
|
0.9
|
(19.9
)
|
0.5
|
|
|
|
|
|
Income
tax expense
|
(0.3
)
|
(0.1
)
|
(0.2
)
|
--
|
Net
(loss) income
|
(10.6
)
|
0.8
|
(20.1
)
|
0.5
|
Less:
Net income attributable to
the
noncontrolling interest
|
--
|
--
|
--
|
--
|
|
|
|
|
|
Net
(loss) income attributable to
Aehr
Test Systems common shareholders
|
(10.6
)%
|
0.8
%
|
(20.1
)%
|
0.5
%
|
Exhibit No.
|
|
Description
|
|
|
|
|
Certification of Chief Executive Officer pursuant to Rules
13a-14(a) and 15d-14(a) promulgated under the Securities Exchange
Act of 1934, as amended, as adopted pursuant to Section 302(a) of
the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of Chief Financial Officer pursuant to Rules
13a-14(a) and 15d-14(a) promulgated under the Securities Exchange
Act of 1934, as amended, as adopted pursuant to Section 302(a) of
the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
Certification of Chief Executive Officer and Chief Financial
Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Aehr Test
Systems
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date: January 14,
2019
|
By:
|
/s/ GAYN
ERICKSON
|
|
|
|
Gayn
Erickson
|
|
|
|
President and Chief
Executive
Officer
|
|
|
|
|
|
Date: January 14,
2019
|
By:
|
/s/ KENNETH B.
SPINK
|
|
|
|
Kenneth B. Spink |
|
|
|
Vice President of
Finance and
Chief Financial
Officer
|
|
1 Year Aehr Test Systems Chart |
1 Month Aehr Test Systems Chart |
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