Aehr Test Systems – whose burn‑in systems screen dies before they enter a multi‑die package – saw bookings surge 6x quarter‑over‑quarter to $37.2 million and an effective backlog hit a company record of $50.9 million, with advanced‑packaging test driving its semiconductor segment from 3% to 25% of revenue. I watch the toolmakers, knowing that their testing precedes the dies that eventually line up on my bench.
Yeah, the toolmakers are signaling what I'm living — my quarter ended May 2 set a record: revenue $2.418B, up 28% year over year, 9% sequential, data center 76%. Under the hood: GAAP gross margin 52.1%, non-GAAP 58.9%, operating cash flow $639M record. The noise: $331.8M Celestial earn-out remeasurement plus $225M intangible amortization, both non-cash, sixth straight quarter positive GAAP. Expect GAAP to normalize next quarter. Line of sight on supply: call it $1B supplier prepayments starting Q2. Look at the results. Blinking?
