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AEHR on Nasdaq

Aehr Test Systems

Logo: aehr.com4

Semiconductor manufacturing support company based in Fremont1

In its 2026 annual report the company says: “We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package level, and have installed thousands of systems worldwide. We have developed and introduced several innovative products including the FOX-P TM family of test and burn-in systems and FOX WaferPak TM Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader.”8 Its shares trade on Nasdaq under the symbol AEHR.1

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Last updated Oct 21, 2026.

Overview

$50.0MRevenue, fiscal 20265
-$7.1MNet income, fiscal 20265

Compare with FREQUENCY ELECTRONICS INC, INTEST CORP or Data I/O, or pick any stock.

  • TickerAEHR on Nasdaq1
  • IndustryInstruments For Meas & Testing of Electricity & Elec Signals1
  • HeadquartersFremont1
  • Websitewww.aehr.com
  • Incorporated inCA6
  • Business address400 Kato Terrace, Fremont, Ca 945396
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation3
  • LEI529900A4GWWZFRU2RE973
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered address400 Kato Terrace, 94539 Fremont, United States3
  • Registered withSecretary of State, C08173123

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Aehr Test Systems, Inc. (“Aehr Test,” “Aehr,” or “we”) was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package level, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors. The applications include artificial intelligence (“AI”), High Performance Compute (“HPC”) data centers, E-mobility (electric vehicles), electric vehicle charging infrastructure, solar and wind power, data and telecommunications infrastructure, and solid-state memory storage. The trend is driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products and solutio…8 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

35.3%Gross margin5
-28.3%Operating margin5
-14.3%Net margin5
-15.2%Revenue growth, 20265
-3.2%Return on equity5
-$5.4MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Systems brought in 57% of the revenue Aehr Test Systems broke down this way in fiscal 2026.

  1. Systems$28.7M557%up 30% from 2025
  2. Contactors$14.9M530%down 52% from 2025
  3. Services [member]$6.4M513%up 5% from 2025
Products and services by year
Products and services202420252026
Systems$24.2M$22.0M$28.7M
Contactors$37.6M$30.8M$14.9M
Services [member]$4.5M$6.1M$6.4M

Regions

Asiia brought in 46% of the revenue Aehr Test Systems broke down this way in fiscal 2026.

  1. Asiia$22.8M546%down 38% from 2025
  2. Uniited States$20.6M541%up 17% from 2025
  3. Europe and Miiddle East$6.5M513%up 56% from 2025
Regions by year
Regions202420252026
Asiia$58.1M$37.1M$22.8M
Uniited States$3.5M$17.7M$20.6M
Europe and Miiddle East$4.6M$4.2M$6.5M

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue47¢$32.4M
  • Research and development18¢$12.6M
  • Selling, general and admin28¢$19.2M
  • Income tax7¢$4.6M

Out of $50.0M in revenue.5 The company lost money this year.

Financial statements

Revenue9101112135$50.0M in 2026+137% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $21.1M$21.1M20192020: $22.3M$22.3M2020+6%2021: $16.6M$16.6M2021−26%2022: $50.8M$50.8M2022+206%2023: $65.0M$65.0M2023+28%2024: $66.2M$66.2M2024+2%2025: $59.0M$59.0M2025−11%2026: $50.0M$50.0M2026−15%
Gross profit9101112135$17.7M in 2026+132% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $7.6M$7.6M20192020: $8.4M$8.4M2020+10%2021: $6.0M$6.0M2021−28%2022: $23.7M$23.7M2022+292%2023: $32.7M$32.7M2023+38%2024: $32.5M$32.5M2024−1%2025: $23.9M$23.9M2025−26%2026: $17.7M$17.7M2026−26%
Operating income9101112135-$14.1M in 2026+183% since 2019
-$20.0M-$10.0M0$10.0M$20.0M2019: -$5.0M-$5.0M20192020: -$2.8M-$2.8M2020−45%2021: -$4.2M-$4.2M2021+51%2022: $7.8M$7.8M20222023: $13.4M$13.4M2023+71%2024: $10.1M$10.1M2024−25%2025: -$5.7M-$5.7M20252026: -$14.1M-$14.1M2026+149%
Net income9101112135-$7.1M in 2026+36% since 2019
-$20.0M0$20.0M$40.0M2019: -$5.2M-$5.2M20192020: -$2.8M-$2.8M2020−46%2021: -$2.0M-$2.0M2021−28%2022: $9.4M$9.4M20222023: $14.6M$14.6M2023+54%2024: $33.2M$33.2M2024+128%2025: -$3.9M-$3.9M20252026: -$7.1M-$7.1M2026+82%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2026-05-312025-05-312024-05-31
Revenue$50.0M$59.0M$66.2M
Cost of revenue$32.4M$35.0M$33.7M
Gross profit$17.7M$23.9M$32.5M
Research and development$12.6M$10.5M$8.7M
Selling, general and administrative$19.2M$18.3M$13.7M
Restructuring charges$6.0K$864.0K$0
Total operating expenses$31.8M$29.6M$22.5M
Income (loss) from operations-$14.1M-$5.7M$10.1M
Interest income, net$1.4M$1.4M$2.4M
Other income (expense), net$1.1M-$15.0K-$8.0K
Income (loss) before income tax benefit-$11.7M-$4.3M$12.5M
Income tax benefit-$4.6M-$381.0K-$20.7M
Net income (loss)-$7.1M-$3.9M$33.2M
Basic-$0.23-$0.13$1.15
Diluted-$0.23-$0.13$1.12
Basic30.7M shares29.6M shares28.8M shares
Diluted30.7M shares29.6M shares29.6M shares

Compare Aehr Test Systems with another company

Corporate structure

Aehr Test Systems sits at the top of its group. 5 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Aehr Test Systems

  • AWM Investment Company, Inc. Filed SCHEDULE 13G/A on Aehr Test Systems, latest Aug 14, 2026 (5 filings since Nov 10, 2021)
  • FMR LLC Filed SCHEDULE 13G/A on Aehr Test Systems, latest Aug 6, 2026 (9 filings since Feb 9, 2022)
  • JANE STREET GROUP, LLC Filed SCHEDULE 13G on Aehr Test Systems, latest Jul 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Aehr Test Systems, latest Mar 26, 2026 (4 filings since Feb 13, 2024)
  • BAILLIE GIFFORD & CO Filed SCHEDULE 13G/A on Aehr Test Systems, latest Feb 9, 2026 (3 filings since Nov 7, 2024)
  • Goldman Sachs Filed SC 13G/A on Aehr Test Systems, latest Feb 6, 2024 (2 filings since Feb 7, 2023)
  • BlackRock Filed SC 13G on Aehr Test Systems, latest Jan 26, 2024
  • Collaborative Holdings Management LP Filed SC 13G/A on Aehr Test Systems, latest Feb 14, 2023 (3 filings since Oct 5, 2021)
  • Aehr Test Systems Fremont, California, United States
    • Aehr Test Systems GmbH, incorporated in Subsidiary · Germany
    • Aehr Test Systems Japan Limited, incorporated in Subsidiary · Japan
    • Aehr Test Systems Philippines Inc., incorporated in Subsidiary · Philippines
    • Incal Technology, Inc., incorporated in Subsidiary · California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Aehr Test Systems reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$4.4M5 May 29, 2026$3.8M5 May 30, 2025+13.8%
Furniture and fixtures$1.5M5 May 29, 2026$1.3M5 May 30, 2025+14.0%
Leasehold improvements$6.1M5 May 29, 2026$6.0M5 May 30, 2025+1.6%
Construction in progress$405.0K5 May 29, 2026$362.0K5 May 30, 2025+11.9%
Property and equipment, before depreciation$15.9M5 May 29, 2026$14.4M5 May 30, 2025+10.3%
Accumulated depreciation$7.0M5 May 29, 2026$5.5M5 May 30, 2025+27.6%
Property and equipment, net$8.9M5 May 29, 2026$9.0M5 May 30, 2025−0.3%
Operating-lease assets (leased space)$8.9M5 May 29, 2026$9.6M5 May 30, 2025−7.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$116.4M5 May 29, 2026$24.5M5 May 30, 2025+374.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$10.7M5 May 29, 2026$10.7M5 May 30, 20250%
Intangible assets, net (excluding goodwill)$9.6M5 May 29, 2026$10.8M5 May 30, 2025−11.4%
Finite-lived intangibles, gross$12.0M5 May 29, 2026$12.0M5 May 30, 20250%
Accumulated amortization$2.4M5 May 29, 2026$1.2M5 May 30, 2025+100.8%
Finite-lived intangibles, net$9.6M5 May 29, 2026$10.8M5 May 30, 2025−11.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$41.4M5 May 29, 2026$42.0M5 May 30, 2025−1.5%
Raw materials$29.2M5 May 29, 2026$30.6M5 May 30, 2025−4.6%
Work in process$11.4M5 May 29, 2026$9.3M5 May 30, 2025+23.5%
Finished goods$666.0K5 May 29, 2026$2.1M5 May 30, 2025−68.1%

Properties, in its own words

The Company’s principal administrative and production facilities are located in Fremont, California, in a 51,289 square foot building. The Company’s lease was renewed in December 2022 and expires in September 2030 with an option to extend the lease for another five years. In April 2025, it became reasonably certain that the Company would exercise the five-year lease extension option due to the remodeling of the Fremont office. The Company leases a 492 square foot sales and support office in Utting, Germany. The lease, which began February 1, 1992 and contains an automatic twelve months renewal, at rates to be determined, if no notice is given prior to six months from expiration. On November 18, 2020, the Company established a wholly owned subsidiary, Aehr Test Systems Philippines Inc., which has been in full operation since March 2021. The Company currently leases a facility in Philippines located in a 6,458 square foot building in Clark Freeport Zone, Pampanga. The lease, amended in 2023, began November 1, 2023 and expires on June 30, 2029 with an option to renew for another three or five years at the prevailing market rate. Following the acquisition of Incal, the Company inherited Incal’s office in Fremont, California, which it subsequently vacated in May 2025 after relocating employees to its principal facilities in Fremont, to consolidate the Company’s California operations. In November 2025, the Company entered into a lease termination agreement with the landlord and was released from its remaining lease obligation. The Company periodically evaluates its global operations and facilities to bring its capacity in line with demand and to provide cost-effective services for its customers. In prior years, through this process, the Company has moved from certain facilities that exceeded the capacity required to satisfy its needs. The Company believes that its existing facilities in Fremont, California are adequate to meet its current and reasonably foreseeable requirements. The Company regularly evaluates its expected future facilities requirements and believes that alternate facilities would be available if needed.

Item 2 of the 10-K filed Jul 27, 2026.8

Leadership

Who has led Aehr Test Systems, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Rhea J. Posedel2006–2011
  2. Gayn Erickson2012–now

Chair

  1. Rhea J. Posedel2006–2012

President

  1. Kunio Sano2006–2020
  2. Gayn Erickson2012–now

Chief financial officer

  1. Gary L. Larson2006–2015
  2. Rhea J. Posedel2009
  3. Kenneth B. Spink2015–2023
  4. Chris Siu2023–now

Chief operating officer

  1. Adil Engineer2022–now
2010201520202025
Board members and other officers (23)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Aehr Test Systems GmbH, incorporated in Germany7
  • Aehr Test Systems Japan Limited, incorporated in Japan7
  • Aehr Test Systems Philippines Inc., incorporated in Philippines7
  • Incal Technology, Inc., incorporated in California7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 14, 20268-K Results of operations48
  2. Apr 20, 20268-K Other events49
  3. Apr 8, 20268-K Entered a material agreement50
  4. Apr 7, 20268-K Results of operations; Bylaws or fiscal year changed51
  5. Jan 8, 20268-K Results of operations52
  6. Nov 7, 20258-K Executive or director change53
  7. Oct 21, 20258-K Shareholder vote54
  8. Oct 6, 20258-K Results of operations55
  9. Jul 8, 20258-K Results of operations56
  10. Apr 8, 20258-K Results of operations57
  11. Feb 28, 20258-K Bylaws or fiscal year changed58
  12. Jan 13, 20258-K Results of operations59
  13. Jan 11, 2012New chief executive Gayn Erickson becomes CEO18
  14. Jul 27, 2006New chief executive Rhea J. Posedel becomes CEO19

Calendar

Coming up

  1. Nov 2, 2026 · After the closeReports results for the quarter ending Aug/2026 A year earlier it reported ($0.05) a share, on Oct 6, 2025.60

When it reported results

  1. Jul 14, 2026Reported quarterly or annual results48
  2. Apr 7, 2026Reported quarterly or annual results51
  3. Jan 8, 2026Reported quarterly or annual results52
  4. Oct 6, 2025Reported quarterly or annual results55
  5. Jul 8, 2025Reported quarterly or annual results56
  6. Apr 8, 2025Reported quarterly or annual results57
  7. Jan 13, 2025Reported quarterly or annual results59
  8. Oct 10, 2024Reported quarterly or annual results61

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

811 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 605 insider forms, 28 large holders, 110 other. The latest 20:

  1. Oct 13, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 13, 20264 PRIMARY DOCUMENT EDGAR
  3. Oct 13, 20264 PRIMARY DOCUMENT EDGAR
  4. Oct 13, 20264 PRIMARY DOCUMENT EDGAR
  5. Oct 13, 20264 PRIMARY DOCUMENT EDGAR
  6. Oct 13, 20264 PRIMARY DOCUMENT EDGAR
  7. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  8. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  9. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  10. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  11. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  12. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  13. Oct 5, 20264 PRIMARY DOCUMENT EDGAR
  14. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  15. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  16. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  17. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  18. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  19. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  20. Oct 2, 20264 PRIMARY DOCUMENT EDGAR

The 811 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

168 open-market trades by officers, directors and large owners since October 2021: 5 buys and 163 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 17, 2026ROGERS VERNONExec VP of Sales & Mktg.Sale3,994$143.77$574.2KForm 4
Aug 14, 2026ROGERS VERNONExec VP of Sales & Mktg.Sale2,000$136.50$273.0KForm 4
Aug 14, 2026SLAYEN HOWARD TDirectorSale5,700$133.03$758.3KForm 4
Aug 14, 2026POSEDEL RHEA JDirectorSale5,973$140.00$836.2KForm 4
Aug 13, 2026SALAMONE ALBERTOEVP, PPBI BUSINESSSale9,672$127.72$1.2MForm 4
Aug 12, 2026Erickson GaynPresident and CEOSale40,000$130.85$5.2MForm 4
Aug 12, 2026POSEDEL RHEA JDirectorSale8,413$130.00$1.1MForm 4
Aug 12, 2026SCOTT GEOFFREY GATESDirectorSale20,000$131.51$2.6MForm 4
Aug 12, 2026ENGINEER ADILChief Operating OfficerSale15,000$131.03$2.0MForm 4
Aug 12, 2026OLIPHANT LAURADirectorSale1,717$133.00$228.4KForm 4
Aug 10, 2026SPORCK ALISTAIR NVP Contactor Business UnitSale1,000$108.49$108.5KForm 4
Aug 4, 2026SPORCK ALISTAIR NVP Contactor Business UnitSale2,000$100.96$201.9KForm 4
Aug 4, 2026SLAYEN HOWARD TDirectorSale20,000$108.30$2.2MForm 4
Jul 16, 2026SCOTT GEOFFREY GATESDirectorSale20,000$82.13$1.6MForm 4
May 14, 2026Siu ChrisCFOSale2,070$107.06$221.6KForm 4
May 13, 2026SLAYEN HOWARD TDirectorSale6,819$104.73$714.2KForm 4
Apr 22, 2026POSEDEL RHEA JDirectorSale17,719$99.83$1.8MForm 4
Apr 22, 2026SPORCK ALISTAIR NVP Contactor Business UnitSale2,000$93.50$187.0KForm 4
Apr 21, 2026SALAMONE ALBERTOEVP, PPBI BUSINESSSale15,000$94.56$1.4MForm 4
Apr 21, 2026SCOTT GEOFFREY GATESDirectorSale60,000$94.33$5.7MForm 4

All 168 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026Gayn Erickson61$474.0K$3.2M70
2026Chris P. Siu55$349.5K$1.3M70
2026Alberto Salamone53$240.0K$1.1M70
2025President and Chief Executive Officer$473.7K$3.4M70
2025Executive Vice President of FinanceChief Financial Officer$349.2K$1.4M70

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,659,542$255.5M0.0%+372,643
Vanguard Capital Management LLC1,320,350$126.8M0.0%+38,493
D. E. Shaw & Co., Inc.1,177,421$113.1M0.1%+835,783
Two Sigma Investments, LP1,164,614$111.9M0.1%+950,242
Fmr LLC1,006,830$96.7M0.0%−1,135,809
Vanguard Portfolio Management LLC966,659$92.9M0.0%+48,783
Geode Capital Management, LLC875,505$84.1M0.0%+149,794
Goldman Sachs Group Inc810,036$77.8M0.0%−452,007
Jane Street Group, LLC753,523$72.4M0.0%+476,478
Jpmorgan Chase & Co732,547$69.6M0.0%+542,208
State Street Corp712,926$68.5M0.0%+89,620
Connor, Clark & Lunn Investment Management Ltd.670,758$64.4M0.1%+451,949
Morgan Stanley480,400$46.1M0.0%+314,727
Next Century Growth Investors LLC410,731$39.5M2.1%−344,006
Citadel Advisors LLC400,732$38.5M0.0%+259,441
Marshall Wace, Llp382,738$36.8M0.0%+372,527
AWM Investment Company, Inc.374,808$36.0M3.1%−1,219,163
Invesco Ltd.296,226$28.5M0.0%+10,501
Northern Trust Corp277,020$26.6M0.0%+24,862
Charles Schwab Investment Management Inc249,512$24.0M0.0%+13,973
Science & Technology Partners, L.P.249,000$23.9M4.0%New
Wellington Management Group Llp238,453$22.9M0.0%+85,568
Driehaus Capital Management LLC238,422$22.9M0.1%New
Vanguard Fiduciary Trust Co212,881$20.4M0.0%+15,715
Tudor Investment Corp Et Al204,550$19.6M0.1%+156,357

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Aehr Test Systems is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAEHR TEST SYSTEMS2
  • CIK0001040470
  • Employer ID (EIN)94-24240848
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company8
  • Incorporated inCalifornia8
  • Fiscal year endsDecember 312
  • Industry code (SIC)3825 Instruments For Meas & Testing of Electricity & Elec Signals2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business address400 Kato Terrace, Fremont, CA 945392
  • Phone51062394002
  • Shares outstanding32,620,450 shares as of Jul 20, 20268
  • Public float$671.4M as of Nov 28, 20258
  • AuditorBPM LLP, San Jose, California PCAOB ID 207; no auditor attestation of internal control over financial reporting8
  • On EDGAR sinceJun 11, 19972
  • Filings2,125 in all: 4 (1,384), 8-K (213), 10-Q (87), 144 (85), SC 13G/A (72), SC 13G (40), 4/A (30), DEF 14A (30)2
    All 39 form types

    10-K (29), 3 (21), S-8 (18), ARS (15), SC 13D/A (13), UPLOAD (12), SCHEDULE 13G/A (9), CORRESP (8), 424B5 (6), SC 13D (6), 8-K/A (5), EFFECT (5), S-3 (5), D (4), 10-K/A (3), 10-Q/A (3), 5 (3), S-1/A (3), SCHEDULE 13G (3), 144/A (2), 3/A (1), 424B3 (1), 8-A12G (1), 8-A12G/A (1), D/A (1), DEFA14A (1), NT 10-K (1), PRE 14A (1), S-1 (1), S-1MEF (1), S-3ASR (1)

  • Latest filingsAnnual report (10-K) Jul 27, 2026
    Quarterly report (10-Q) Apr 8, 2026
    Proxy statement (DEF 14A) Sep 9, 2026
    Latest 8-K (8-K) Jul 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareAEHRNASDAQ

From the cover page of the 10-K filed Jul 27, 2026 (Section 12(b) of the Exchange Act).8

Risk factors and legal proceedings

The risks Aehr Test Systems names in Item 1A of its 10-K filed Jul 27, 2026: 29 risks under these headings, as written.8

  • Risks Related to Our Business and Industry
  • We generate a large portion of our sales from a small number of customers. If we were to lose one or more of our large customers, operating results could suffer dramatically.
  • A substantial portion of our net sales is generated by relatively small-volume, high-value transactions.
  • The semiconductor equipment industry is intensely competitive. In each of the markets we serve, we face competition from established competitors and potential new entrants, many of which have greater financial, engineering, manufacturing and marketing resources than us.
  • We rely on increasing market acceptance for our FOX and Sonoma systems, and we may not be successful in attracting new customers or maintaining our existing customers.
  • We may experience increased costs associated with new product introductions.
  • Our industry is subject to rapid technological change, and our ability to remain competitive and enter new markets depends on our ability to introduce new products in a timely manner.
  • We are exposed to cybersecurity threats or incidents.
  • A decrease in customer device failure rates and future changes in semiconductor technologies may result in a decrease in demand for our products.
  • If we fail to operate our business in accordance with our business plan, our operating results, business and stock price may be significantly and adversely impacted.
  • We are exposed to risks related to our commercial terms and conditions, including our indemnification of third parties, as well as the performance of our products.
  • We may not be able to successfully integrate and manage acquired businesses.
The other 18 risks
  • We are exposed to risks related to the use of artificial intelligence by us and our competitors.
  • Operational and Other Risks
  • We purchase materials from suppliers worldwide, which subjects the Company to increased supply chain, trade policy, and foreign sourcing risks that could adversely affect our business.
  • Changes in U.S. tariff policies, retaliatory trade measures taken by other countries and resulting trade wars may have a material adverse impact on our results of operations.
  • Supply chain issues, including a shortage of critical components or contract manufacturing capacity, could result in a delay in fulfillment of customer orders, or an increase in costs, resulting in an adverse impact on our business and operating results.
  • We sell our products and services worldwide, and our business is subject to risks inherent in conducting business activities in geographic regions outside of the United States.
  • Global unrest may impact our ability to sell our products or obtain critical materials.
  • Our dependence on subcontractors and sole-source suppliers may prevent us from delivering our products on a timely basis and expose us to intellectual property infringement.
  • Tightening of fiscal monetary policy, and periodic economic and semiconductor industry downturns could negatively affect our business, results of operations and financial condition.
  • Our net sales are affected by the cyclicality of the semiconductor market, which may have a material adverse impact on our business performance and financial condition.
  • We have been and may in the future be subject to litigation relating to intellectual property infringement which would be time-consuming, expensive and a distraction from our business.
  • We cannot assure that we have complied with all applicable environmental laws, and our failure to do so could adversely affect our business as a result of having to pay substantial amounts in damages or fees.
  • The failure to successfully implement enterprise resource planning and other information systems changes could adversely impact our business and operating results.
  • Risks Related to Ownership of Our Common Stock
  • Our stock price is volatile.
  • We are exposed to risks associated with shareholder class action lawsuits, which are expensive and could divert management attention.
  • Risks Related to our Financial/Legal/Organizational Structure
  • We depend on our key personnel and our success depends on our ability to attract, retain and motivate talented employees.
  • If we fail to maintain effective internal control over financial reporting in the future, the accuracy and timing of our financial reporting may be adversely affected.
  • Compliance with federal securities laws, rules and regulations, as well as NASDAQ requirements, has become increasingly complex, and the significant attention and expense we must devote to those areas may have an adverse impact on our business.
  • A change in accounting standards or practices or a change in existing taxation rules or practices (or changes in interpretations of such standards, practices or rules) could have a significant effect on our reported results and may affect reporting of transactions completed before the change is effective.

Legal proceedings

From time to time, we are subject to various claims and legal proceedings that arise in the ordinary course of business. We accrue for losses related to litigation when a potential loss is probable and the loss can be reasonably estimated. For additional information regarding legal proceedings, refer to Note 9 – Commitments and Contingencies in the Notes to Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.8

Sources

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    SEC EDGAROther events
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