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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.2699 | 2.30% | 11.9999 | 11.50 | 12.00 | 12.05 | 11.53 | 12.03 | 602,311 | 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 ☐
|
|
Trading
|
|
Title
of each class
|
Symbol(s)
|
Name
of each exchange on which registered
|
Common
Stock
Par
value $0.01 per share
|
AEHR
|
The
NASDAQ Capital Market
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$1,683
|
$6,874
|
$3,695
|
$12,407
|
Cost
of sales
|
1,306
|
3,672
|
3,091
|
6,934
|
Gross
profit
|
377
|
3,202
|
604
|
5,473
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Selling,
general and administrative
|
1,501
|
2,157
|
3,015
|
3,965
|
Research
and development
|
820
|
795
|
1,720
|
1,687
|
Total
operating expenses
|
2,321
|
2,952
|
4,735
|
5,652
|
|
|
|
|
|
(Loss)
income from operations
|
(1,944)
|
250
|
(4,131)
|
(179)
|
|
|
|
|
|
Interest
(expense) income, net
|
(12)
|
2
|
(25)
|
14
|
Net
gain from dissolution of Aehr Test Systems Japan
|
--
|
--
|
2,186
|
--
|
Other
(expense) income, net
|
(6)
|
5
|
(100)
|
15
|
|
|
|
|
|
(Loss)
income before income tax (expense) benefit
|
(1,962)
|
257
|
(2,070)
|
(150)
|
|
|
|
|
|
Income
tax (expense) benefit
|
(4)
|
(6)
|
211
|
(12)
|
Net (loss)
income
|
$(1,966)
|
$251
|
$(1,859)
|
$(162)
|
|
|
|
|
|
Net
(loss) income per share
|
|
|
|
|
Basic
|
$(0.08)
|
$0.01
|
$(0.08)
|
$(0.01)
|
Diluted
|
$(0.08)
|
$0.01
|
$(0.08)
|
$(0.01)
|
|
|
|
|
|
Shares
used in per share calculations:
|
|
|
|
|
Basic
|
23,396
|
22,823
|
23,322
|
22,765
|
Diluted
|
23,396
|
22,912
|
23,322
|
22,765
|
|
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Net (loss)
income
|
$(1,966)
|
$251
|
$(1,859)
|
$(162)
|
|
|
|
|
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
Net
change in cumulative translation adjustments
|
5
|
(5)
|
104
|
(20)
|
Reclassification
of cumulative translation adjustment as a result of dissolution of
Aehr Test Systems Japan
|
--
|
--
|
(2,401)
|
--
|
|
|
|
|
|
Total comprehensive
(loss) income
|
(1,961)
|
246
|
(4,156)
|
(182)
|
Less: Comprehensive
income attributable to the noncontrolling interest
|
--
|
--
|
21
|
(1)
|
|
|
|
|
|
Comprehensive
(loss) income, attributable to Aehr
Test Systems common shareholders
|
$(1,961)
|
$246
|
$(4,177)
|
$(181)
|
|
|
|
|
|
Total Aehr
|
|
|
|
|
|
|
Accumulated
|
|
Test
|
|
|
|
|
|
Additional
|
Other
|
|
Systems
|
|
Total
|
|
|
Common Stock
|
Paid-in
|
Comprehensive
|
Accumulated
|
Shareholders’
|
Noncontrolling
|
Shareholders'
|
|
Three Months Ended November 30, 2020
|
Shares
|
Amount
|
Capital
|
Income
|
Deficit
|
Equity
|
Interest
|
Equity
|
Balances,
August 31, 2020
|
23,291
|
$233
|
$86,356
|
$(67)
|
$(74,201)
|
$12,321
|
$--
|
$12,321
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under employee plans
|
196
|
2
|
173
|
--
|
--
|
175
|
--
|
175
|
Stock-based compensation
|
--
|
--
|
257
|
--
|
--
|
257
|
--
|
257
|
Net
loss
|
--
|
--
|
--
|
--
|
(1,966)
|
(1,966)
|
--
|
(1,966)
|
Foreign currency translation adjustment
|
--
|
--
|
--
|
5
|
--
|
5
|
--
|
5
|
|
|
|
|
|
|
|
|
|
Balances,
November 30, 2020
|
23,487
|
$235
|
$86,786
|
$(62)
|
$(76,167)
|
$10,792
|
$--
|
$10,792
|
|
|
|
|
|
Total
Aehr
|
|
|
|
|
|
|
Accumulated
|
|
Test
|
|
|
|
|
|
Additional
|
Other
|
|
Systems
|
|
Total
|
|
|
Common
Stock
|
Paid-in
|
Comprehensive
|
Accumulated
|
Shareholders’
|
Noncontrolling
|
Shareholders'
|
|
Six
Months Ended November 30, 2020
|
Shares
|
Amount
|
Capital
|
Income
|
Deficit
|
Equity
|
Interest
|
Equity
|
Balances, May 31,
2020
|
23,107
|
$231
|
$85,898
|
$2,234
|
$(74,286)
|
$14,077
|
$(21)
|
$14,056
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock under employee plans
|
380
|
4
|
361
|
--
|
--
|
365
|
--
|
365
|
Stock-based compensation
|
--
|
--
|
527
|
--
|
--
|
527
|
--
|
527
|
Net
loss
|
--
|
--
|
--
|
--
|
(1,859)
|
(1,859)
|
--
|
(1,859)
|
Foreign
currency translation adjustment
|
--
|
--
|
--
|
105
|
--
|
105
|
(1)
|
104
|
Reclassification
of cumulative translation Adjustment as a result
of dissolution of Aehr Test Systems Japan
|
--
|
--
|
--
|
(2,401)
|
(22)
|
(2,423)
|
22
|
(2,401)
|
|
|
|
|
|
|
|
|
|
Balances, November 30,
2020
|
23,487
|
$235
|
$86,786
|
$(62)
|
$(76,167)
|
$10,792
|
$--
|
$10,792
|
|
|
|
|
|
Total
Aehr
|
|
|
|
|
|
|
Accumulated
|
|
Test
|
|
|
|
|
|
Additional
|
Other
|
|
Systems
|
|
Total
|
|
|
Common
Stock
|
Paid-in
|
Comprehensive
|
Accumulated
|
Shareholders’
|
Noncontrolling
|
Shareholders'
|
|
Six
Months Ended November 30, 2019
|
Shares
|
Amount
|
Capital
|
Income
|
Deficit
|
Equity
|
Interest
|
Equity
|
Balances, May 31,
2019
|
22,669
|
$227
|
$84,499
|
$2,230
|
$(71,484)
|
$15,472
|
$(19)
|
$15,453
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock under employee plans
|
245
|
2
|
291
|
--
|
--
|
293
|
--
|
293
|
Stock-based compensation
|
--
|
--
|
404
|
--
|
--
|
404
|
--
|
404
|
Net
loss
|
--
|
--
|
--
|
--
|
(162)
|
(162)
|
--
|
(162)
|
Foreign currency translation adjustment
|
--
|
--
|
--
|
(19)
|
--
|
(19)
|
(1)
|
(20)
|
|
|
|
|
|
|
|
|
|
Balances, November 30,
2019
|
22,914
|
$229
|
$85,194
|
$2,211
|
$(71,646)
|
$15,988
|
$(20)
|
$15,968
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Geographic
region:
|
|
|
|
|
United
States
|
$970
|
$2,627
|
$2,011
|
$7,684
|
Asia
|
632
|
3,529
|
1,601
|
3,867
|
Europe
|
81
|
718
|
83
|
856
|
|
$1,683
|
$6,874
|
$3,695
|
$12,407
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Timing
of revenue recognition:
|
|
|
|
|
Products
and services transferred at a
point in time
|
$1,214
|
$6,322
|
$2,784
|
$11,181
|
Services
transferred over time
|
469
|
552
|
911
|
1,226
|
|
$1,683
|
$6,874
|
$3,695
|
$12,407
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Numerator:
Net (loss) income
|
$(1,966)
|
$251
|
$(1,859)
|
$(162)
|
|
|
|
|
|
Denominator for basic net (loss) income per
share:
|
|
|
|
|
Weighted
average shares outstanding
|
23,396
|
22,823
|
23,322
|
22,765
|
|
|
|
|
|
Shares used in basic net (loss) income per
share calculation
|
23,396
|
22,823
|
23,322
|
22,765
|
Effect
of dilutive securities
|
--
|
89
|
--
|
--
|
|
|
|
|
|
Denominator
for diluted net (loss) income per
share
|
23,396
|
22,912
|
23,322
|
22,765
|
|
|
|
|
|
Basic
net (loss) income per share
|
$(0.08)
|
$0.01
|
$(0.08)
|
$(0.01)
|
Diluted
net (loss) income per share
|
$(0.08)
|
$0.01
|
$(0.08)
|
$(0.01)
|
|
Balance as of
|
|
|
|
|
November 30, 2020
|
Level 1
|
Level 2
|
Level 3
|
Money
market funds
|
$80
|
$80
|
$--
|
$--
|
Assets
|
$80
|
$80
|
$--
|
$--
|
|
Balance as of May 31, 2020
|
Level 1
|
Level 2
|
Level 3
|
Money
market funds
|
$80
|
$80
|
$--
|
$--
|
Assets
|
$80
|
$80
|
$--
|
$--
|
|
November 30,
|
May 31,
|
|
2020
|
2020
|
Raw
materials and sub-assemblies
|
$6,170
|
$5,055
|
Work
in process
|
2,884
|
2,917
|
Finished
goods
|
3
|
17
|
|
$9,057
|
$7,989
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Balance
at the beginning of the period
|
$330
|
$192
|
$246
|
$154
|
|
|
|
|
|
Accruals
for warranties issued during
the period
|
113
|
79
|
192
|
141
|
Adjustments
to previously existing warranty accruals
|
11
|
--
|
87
|
--
|
Consumption
of reserves
|
(210)
|
(81)
|
(281)
|
(105)
|
|
|
|
|
|
Balance
at the end of the period
|
$244
|
$190
|
$244
|
$190
|
|
November 30,
|
May 31,
|
|
2020
|
2020
|
Customer
deposits
|
$--
|
$--
|
Deferred
revenue
|
66
|
170
|
|
$66
|
$170
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Cash
paid for amounts included in the measurement of operating lease
liabilities
|
|
|
|
|
Operating
cash flows from operating leases
|
$192
|
$184
|
$382
|
$366
|
Fiscal year
|
Operating Leases
|
2021
(excluding the first six months of 2021)
|
$394
|
2022
|
806
|
2023
|
822
|
2024
|
161
|
2025
|
29
|
Thereafter
|
17
|
Total
future minimum operating lease payments
|
$2,229
|
Less:
imputed interest
|
(163)
|
Present
value of operating lease liabilities
|
$2,066
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
Stock-based
compensation in the form of employee stock options, RSUs and ESPP
purchase rights, included in:
|
|
|
|
|
Cost
of sales
|
$15
|
$19
|
$31
|
$39
|
Selling,
general and administrative
|
194
|
135
|
399
|
264
|
Research
and development
|
48
|
51
|
97
|
101
|
Total
stock-based compensation
|
$257
|
$205
|
$527
|
$404
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Expected
term (in years)
|
6
|
5
|
6
|
5
|
Volatility
|
0.73
|
0.72
|
0.72
|
0.71
|
Risk-free
interest rate
|
0.43%
|
1.60%
|
0.39%
|
1.85%
|
Weighted
average grant date fair value
|
$0.91
|
$1.05
|
$1.09
|
$0.98
|
|
Three
and Six Months Ended
|
Three
and Six Months Ended
|
|
November
30, 2020
|
November
30, 2019
|
|
|
|
Expected
term (in years)
|
0.5-2.0
|
0.5-2.0
|
Volatility
|
0.74-0.82
|
0.62-0.71
|
Expected
dividend
|
$0.00
|
$0.00
|
Risk-free
interest rates
|
0.10%-0.14%
|
1.56%-1.81%
|
Estimated
forfeiture rate
|
0%
|
0%
|
Weighted
average grant date fair value
|
$0.42
|
$0.80
|
|
Available
|
|
Shares
|
Balance,
May 31, 2020
|
1,650
|
|
|
Options
granted
|
(200)
|
RSUs
granted
|
(196)
|
Options
cancelled
|
188
|
RSUs
cancelled
|
2
|
Options expired
|
(125)
|
|
|
Balance,
August 31, 2020
|
1,319
|
Options
granted
|
(73)
|
RSUs
granted
|
(57)
|
Options
cancelled
|
185
|
Options
expired
|
(162)
|
|
|
Balance,
November 30, 2020
|
1,212
|
|
Outstanding Options
|
||
|
|
Weighted
|
|
|
Number
|
Average
|
Aggregate
|
|
of
|
Exercise
|
Intrinsic
|
|
Shares
|
Price
|
Value
|
Balances,
May 31, 2020
|
3,153
|
$2.17
|
$102
|
|
|
|
|
Options
granted
|
200
|
$1.86
|
|
Options
cancelled
|
(188)
|
$2.18
|
|
Options
exercised
|
(148)
|
$1.30
|
|
|
|
|
|
Balances,
August 31, 2020
|
3,017
|
$2.19
|
$148
|
|
|
|
|
Options
granted
|
73
|
$1.44
|
|
Options
cancelled
|
(185)
|
$2.42
|
|
Options
exercised
|
(19)
|
$1.67
|
|
|
|
|
|
Balances,
November 30, 2020
|
2,886
|
$2.16
|
$56
|
|
|
|
|
Options fully vested and expected to vest
at November 30, 2020
|
2,850
|
$2.16
|
$54
|
|
Options
Outstanding
|
Options
Exercisable
|
|||||
|
at November 30,
2020
|
at November 30,
2020
|
|||||
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
|
$1.22-$1.34
|
133
|
6.55
|
$1.27
|
17
|
6.46
|
$1.25
|
|
$1.64-$1.86
|
1,092
|
5.28
|
$1.70
|
574
|
4.64
|
$1.69
|
|
$2.03-$2.46
|
1,048
|
3.48
|
$2.21
|
771
|
3.02
|
$2.19
|
|
$2.63-$2.81
|
411
|
0.90
|
$2.71
|
410
|
0.88
|
$2.71
|
|
$3.46-$3.93
|
202
|
3.66
|
$3.86
|
174
|
3.66
|
$3.85
|
|
$1.22-$3.93
|
2,886
|
3.95
|
$2.16
|
1,946
|
3.14
|
$2.29
|
$9
|
|
November 30,
|
May 31,
|
|
2020
|
2020
|
United
States
|
$682
|
$662
|
Asia
|
1
|
1
|
Europe
|
--
|
--
|
|
$683
|
$663
|
|
Three Months Ended
|
Six Months Ended
|
||
|
November 30,
|
November 30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
Cost
of sales
|
77.6
|
53.4
|
83.7
|
55.9
|
Gross
profit
|
22.4
|
46.6
|
16.3
|
44.1
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Selling,
general and administrative
|
89.2
|
31.4
|
81.6
|
31.9
|
Research
and development
|
48.7
|
11.6
|
46.5
|
13.6
|
Total operating expenses
|
137.9
|
43.0
|
128.1
|
45.5
|
|
|
|
|
|
(Loss) income from operations
|
(115.5)
|
3.6
|
(111.8)
|
(1.4)
|
|
|
|
|
|
Interest
(expense) income, net
|
(0.7)
|
--
|
(0.7)
|
0.1
|
Net
gain from dissolution of Aehr Test Systems Japan
|
--
|
--
|
59.2
|
--
|
Other
(expense) income, net
|
(0.4)
|
0.1
|
(2.7)
|
0.1
|
|
|
|
|
|
(Loss)
income before income tax (expense) benefit
|
(116.6)
|
3.7
|
(56.0)
|
(1.2)
|
|
|
|
|
|
Income
tax (expense) benefit
|
(0.2)
|
--
|
5.7
|
(0.1)
|
|
|
|
|
|
Net
(loss) income
|
(116.8)%
|
3.7%
|
(50.3)%
|
(1.3)%
|
Exhibit
No.
|
|
Description
|
|
|
|
3.1(1)
|
|
Amended and
Restated Bylaws of the Registrant.
|
|
|
|
10.1(2)
|
|
Amended and
Restated 2006 Employee Stock Purchase
Plan.
|
|
|
|
|
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,
2021
|
By:
|
/s/ GAYN
ERICKSON
|
|
|
|
Gayn
Erickson
|
|
|
|
President and Chief
Executive Officer
(Principal
Executive Officer)
|
|
|
|
|
|
Date: January 14,
2021
|
By:
|
/s/ KENNETH B.
SPINK
|
|
|
|
Kenneth B.
Spink
|
|
|
|
Vice President of
Finance and Chief Financial Officer
(Principal
Financial and Accounting Officer)
|
1 Year Aehr Test Systems Chart |
1 Month Aehr Test Systems Chart |
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