Aehr Test Systems (NASDAQ: AEHR) drops 6.12% as mixed earnings and cautious guidance weigh on sentiment.

Aehr Test Systems (NASDAQ: AEHR) fell 6.12% in pre-market trading on January 9, 2026, as mixed earnings results and cautious guidance weighed on investor sentiment. The semiconductor test solutions provider reported Q2 fiscal 2026 revenue of $9.9 million, down 27% year-over-year, with a non-GAAP net loss of $1.3 million. Despite progress in wafer-level burn-in (WLBI) and packaged-part burn-in (PPBI) segments, the results fell short of expectations, sparking the sharp decline.

CEO Gayn Erickson highlighted advancements in AI processor testing, including a strategic partnership with ISE Labs and new high-power WaferPak developments. However, he acknowledged weaker-than-anticipated Q2 revenue, while reinstating guidance for H1 2026 revenue of $25–$30 million. The company also noted strong demand signals, with customer forecasts pointing to $60–$80 million in bookings for the second half of fiscal 2026, potentially setting the stage for robust 2027 growth.

Key challenges included lower wafer-pack shipments and a less favorable product mix, dragging gross margins to 29.8% from 45.3% a year prior. While Aehr emphasized expanding into AI, silicon photonics, and gallium nitride markets, the stock’s pre-market drop underscored investor skepticism about near-term profitability. The company’s cash position remains stable at $31 million, but elevated R&D costs and competitive pressures in high-power testing could weigh on margins ahead.