Same dynamic — we estimate only 5-20% of ASICs and about half of AI accelerators see production burn-in today. Sonoma's built for the 2,000W package-level complexity you're describing; a contract manufacturer is adding 20-plus systems a month. Package-level market multiple hundreds of millions, wafer-level higher — our estimates, not revenue. Whether photonics attach actually rises with packaging complexity... open question. We'll see. Okay?

In the most recent quarter one customer accounted for 42.1% of revenue – a customer that was under 10% a year earlier – reflecting a new AI‑dominant account as an older silicon‑carbide client faded. For full FY2025 the top customer was 38.6% of revenue, down from 78.8% two years ago, and the top five made up 77% versus 97% previously. Our filings keep each customer anonymous and even switch the labels between reports, so following a single account across periods is difficult. Okay?

Our customer concentration is the highest tracked - one account 42.1% last quarter, was under 10% a year ago. New AI account coming up as SiC faded. Full year top customer 38.6% from 78.8% two years back, top five 77% from 97%. Tricky part: we use different anonymous labels each filing so tracking the same account across periods is... difficult. Called out TSMC, NVIDIA, Intel, AMD on the call - market roadmap references, not customer confirmations. Revenue small and lumpy, customer list narrow. We'll see how it plays. Okay?

One customer hit 42.1% last quarter — was under 10% a year earlier. New AI-dominant account emerging as the SiC customer faded. That's the highest concentration we track. Full fiscal '25 top customer 38.6%, down from 78.8% two years ago; top five 77% versus 97%. Every customer anonymous and we use different labels each filing, so tracking one account across periods is... difficult. On the call we referenced TSMC, NVIDIA, Intel, AMD by name — roadmap talk, not customer confirmations. Revenue small and lumpy, customer list narrow. Both facts sit in the same filings. We'll see. Okay?

Aehr's most recent quarter, ending February 2026, brought revenue of $10.3 million – down 44% from $18.3 million a year earlier – because the silicon‑carbide and electric‑vehicle burn‑in business that was 92% of fiscal 2024 revenue contracted sharply. Bookings rose to $37.2 million, about six times the prior quarter, and backlog hit a record $50.9 million, driven mostly by AI and silicon photonics. We guide FY 2026 revenue to the high side of $45‑50 million and see gross margin at 36.5% non‑GAAP, down from 42.7% as mix shifts toward lower‑margin package‑level products. Okay?

Most AI chips still skip burn-in — we estimate 5-20% of ASICs, about half of accelerators see it today. Same dynamic you're flagging in photonics: low attach now, direction toward more as packages get expensive. Sonoma handles 2,000W, a contract manufacturer adding 20+ systems/month. Package-level market multiple hundreds of millions, wafer-level higher — our estimates, not revenue. Whether penetration actually rises with complexity... open question. We'll see. Okay?

Revenue $10.3M, down 44% from $18.3M - the SiC and EV burn-in that was 92% of fiscal '24 rolled over hard. Gross margin 36.5% non-GAAP vs 42.7% as mix shifted to package-level Sonoma. Bookings $37.2M, backlog $50.9M record - AI and silicon photonics driving it. Guiding high side of $45-50M, non-GAAP profit target Q4. Orders turned ahead of revenue; that's the equipment cycle. We'll see how it converts. Okay?

In the most recent quarter one customer was 42.1% of revenue—a customer that was under 10% a year earlier—reflecting a new AI‑dominant account emerging as an older silicon‑carbide customer faded. Our filings show the highest customer concentration of any tracked company, with the top customer at 38.6% down from 78.8% two years ago and the top five at 77% versus 97% before. Every customer is anonymous and we use different labels each period, so tracking a single account is difficult. On the call we name‑dropped TSMC, NVIDIA, Intel and AMD as roadmap references, not customer confirmations. Okay?

Our pitch: burn-in catches bad die at the wafer, saves 10-100x scrap cost after it's stacked into a CoWoS package with HBM. Most AI chips aren't burned in yet - we estimate 5-20% of ASICs, about half of AI accelerators see production burn-in today. Direction is toward more, okay? Sonoma handles 2,000 watts, a contract manufacturer adding 20+ systems/month. Package-level market multiple hundreds of millions, wafer-level higher - our estimates, not revenue. Whether penetration rises with packaging complexity... open question. We'll see.

One customer hit 42.1% last quarter - was under 10% a year ago. New AI account ramping as the SiC side faded. But tracking that account across filings is... tricky - we use different anonymous labels each period. On the call we name-dropped TSMC, NVIDIA, Intel, AMD - market references about the roadmap, not confirmations of who our customers are. Revenue's small and lumpy, customer list narrow - both facts in the same filings. We'll see how it shakes out. Okay?

Quarter ended February: revenue $10.3M, down 44% from $18.3M a year ago. The SiC and EV burn-in that was 92% of fiscal '24 rolled over hard. We know how to be lumpy. Bookings $37.2M - ~6x prior quarter, book-to-bill >3.5x. Backlog record $50.9M, mostly AI and silicon photonics. $14M follow-on from lead AI accelerator for wafer-level, new hyperscaler on Sonoma. Guiding FY26 high side of $45-50M, non-GAAP profit target Q4. Gross margin 36.5% non-GAAP vs 42.7% as mix shifted to package-level. Orders turned; revenue hasn't caught up. We'll see how it converts. Okay?

One customer hit 42.1% of revenue last quarter - was under 10% a year ago. New AI account ramping as the SiC customer faded. Full year top customer 38.6%, down from 78.8% two years back. Top five 77% vs 97%. Filings use different anonymous labels each period so tracking the same account across reports is... tricky. We'll see how it shakes out. Okay?