10-Q Filing

AEHR TEST SYSTEMS CIK: 1040470 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001654954-22-013771`
Period End Date	20220831
Filing Date	20221014
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	aehr_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 34 Cash Flow Statement 48 Stockholders Equity 17 Comprehensive Income 6

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.15M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.12M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.48M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.39M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	27.12M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.12M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$12.86M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	27.39M	shares	Point-in-time
Inventories	`InventoryNet`	$17.23M	USD	Point-in-time
Inventories	`InventoryNet`	$15.05M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$833.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$613.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$60.01M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$59.33M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.20M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.32M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$740.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$917.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$201.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$187.00K	USD	Point-in-time
Total assets	`Assets`	$61.58M	USD	Point-in-time
Total assets	`Assets`	$62.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.39M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.61M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.48M	USD	Point-in-time
Operating lease liabilities, short-term	`OperatingLeaseLiabilityCurrent`	$741.00K	USD	Point-in-time
Operating lease liabilities, short-term	`OperatingLeaseLiabilityCurrent`	$794.00K	USD	Point-in-time
Customer deposits and deferred revenue, short-term	`CustomerDepositsAndDeferredRevenueShortTerm`	$3.29M	USD	Point-in-time
Customer deposits and deferred revenue, short-term	`CustomerDepositsAndDeferredRevenueShortTerm`	$2.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.01M	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$73.00K	USD	Point-in-time
Operating lease liabilities, long-term	`OperatingLeaseLiabilityNoncurrent`	$212.00K	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$47.00K	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$69.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$41.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$44.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$10.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.34M	USD	Point-in-time
Common stock, $0.01 par value: Authorized: 75,000; Issued and outstanding: 27,395 shares and 27,120 shares at August 31, 2022 and May 31, 2022, respectively	`CommonStockValue`	$274.00K	USD	Point-in-time
Common stock, $0.01 par value: Authorized: 75,000; Issued and outstanding: 27,395 shares and 27,120 shares at August 31, 2022 and May 31, 2022, respectively	`CommonStockValue`	$271.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$117.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$117.69M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-150.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-105.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-66.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-66.27M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$51.52M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$14.23M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$50.99M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$11.45M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$61.58M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$62.33M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$5.65M	USD	1 Quarter
Net sales	`Revenues`	$10.67M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$6.19M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$3.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.48M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.52M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.95M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.32M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.50M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.02M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$458.00K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-993.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-9.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$121.00K	USD	1 Quarter
Gain from forgiveness of PPP loan	`GainFromForgivenessOfPppLoan`	-	USD	1 Quarter
Gain from forgiveness of PPP loan	`GainFromForgivenessOfPppLoan`	$1.70M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$24.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$23.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$719.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$603.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$23.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$589.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$696.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	24.00M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	27.24M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.36M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.79M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$589.00K	USD	1 Quarter
Net income	`ProfitLoss`	$696.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$710.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$588.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$73.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$89.00K	USD	1 Quarter
Gain from forgiveness of PPP loan	`DebtInstrumentDecreaseForgiveness`	-	USD	1 Quarter
Gain from forgiveness of PPP loan	`DebtInstrumentDecreaseForgiveness`	$1.70M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$895.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.65M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.32M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.32M	USD	1 Quarter
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$-201.00K	USD	1 Quarter
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$-210.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-130.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-769.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-169.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.13M	USD	1 Quarter
Customer deposits and deferred revenue	`IncreaseDecreaseInCustomerDepositsAndDeferredRevenue`	$3.14M	USD	1 Quarter
Customer deposits and deferred revenue	`IncreaseDecreaseInCustomerDepositsAndDeferredRevenue`	$855.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$3.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.46M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.87M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$59.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$84.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-84.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-59.00K	USD	1 Quarter
Line of credit repayments, net	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Line of credit repayments, net	`RepaymentsOfLinesOfCredit`	$1.40M	USD	1 Quarter
Proceeds from issuance of common stock under employee plans	`ProceedsFromIssuanceOfCommonStock`	$1.53M	USD	1 Quarter
Proceeds from issuance of common stock under employee plans	`ProceedsFromIssuanceOfCommonStock`	$455.00K	USD	1 Quarter
Shares repurchased for tax withholdings on vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Shares repurchased for tax withholdings on vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.18M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$135.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-724.00K	USD	1 Quarter
Effect of exchange rates on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.00K	USD	1 Quarter
Effect of exchange rates on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.00K	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.66M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.95M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period(1)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.66M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period(1)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.61M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period(1)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period(1)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.56M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period(1)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.66M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period(1)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.61M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period(1)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period(1)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.56M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$51.52M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$14.23M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$50.99M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$11.45M	USD	Point-in-time
Issuance of common stock under employee plans, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$455.00K	USD	1 Quarter
Issuance of common stock under employee plans, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.53M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$709.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$588.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$589.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$696.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-45.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-36.00K	USD	1 Quarter
Shares repurchased for tax withholdings on vesting of restricted stock units, amount	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$-1.18M	USD	1 Quarter
Balance, amount	`StockholdersEquity`	$51.52M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$14.23M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$50.99M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$11.45M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$589.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$696.00K	USD	1 Quarter
Net change in cumulative translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-36.00K	USD	1 Quarter
Net change in cumulative translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-45.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$544.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$660.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.