# Aehr Test Systems' revenue fell 15.2% and its $41.4m of inventory did not move

![Aehr Test Systems' revenue fell 15.2% and its $41.4m of inventory did not move](https://aiswingx.com/static/covers/aehr-fy2026_cover.jpg?v=1790192301)

**FY2026 10-K: revenue went from $59.0m to $50.0m while inventory went from $42.0m to $41.4m, down just 1.5%. Inventory now equals 82.7% of a year's revenue, and research spending rose 20.7% over the same year**

Aehr Test Systems (AEHR) recorded revenue of $50.0m in fiscal 2026, down 15.2% from $59.0m. Over the same year inventory went from $42.0m to $41.4m, a fall of 1.5% — it effectively held its place. Year-end inventory equals 82.7% of a year's revenue.

- 종목: AEHR (Aehr Test Systems)
- 분기: FY2026 · 10-K
- 작성: 2026-09-23 19:38 UTC
- 원문: https://aiswingx.com/p/aehr-fy2026

## 숫자 하나
FY2026 revenue $50.0m (-15.2%), inventory $41.4m (-1.5%, 82.7% of a year's revenue), operating loss $14.1m (2.5 times the prior year's $5.7m), research and development $12.6m (+20.7%).

## 비유 하나
(구독자 전용)

## 출처 하나
Aehr Test Systems Form 10-K (fiscal 2026, accession 0001654954-26-006919): consolidated statements of operations, balance sheet and cash flows; inventory note; income tax note. Annual figures cross-checked against SEC XBRL Company Facts.

## 다음 분기에 볼 것
(구독자 전용)

---

## What happened

Aehr Test Systems (AEHR) builds the equipment used to test semiconductor wafers and packages. Fiscal 2026 ended on 29 May 2026.

| Line | FY2025 | FY2026 | Change |
|---|---|---|---|
| Revenue | $59.0m | **$50.0m** | **-15.2%** |
| Gross profit | $23.9m | $17.7m | -26.2% |
| Gross margin | 40.6% | **35.3%** | -5.3pp |
| Operating income | $(5.7)m | **$(14.1)m** | 2.5x |
| Net income | $(3.9)m | $(7.1)m | |

Revenue fell, the margin narrowed, and the operating loss became 2.5 times larger.

---

(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## FAQ

**Q. Is it a problem if inventory holds steady?**

The relationship between inventory and revenue is tabled in the subscriber section.

**Q. Why did revenue fall?**

The comparison of this year's and last year's revenue is in the subscriber section.

**Q. Why is the net loss smaller than the pre-tax loss?**

What came in between the two is set out in the subscriber section.

**Q. Cash rose sharply — why?**

Opening and closing cash, and operating cash flow, are in the subscriber section.

**Q. Where can I check this myself?**

On SEC EDGAR, open Aehr Test Systems' fiscal 2026 10-K (accession 0001654954-26-006919) and read the balance sheet and statement of operations.