Shares of Aehr Test Systems (AEHR) – Get Report jumped on Monday after the company said it had received a $10.8 million order from its leading silicon carbide test and burn-in customer.
A company statement identified the customer as a leading Fortune 500 semiconductor equipment supplier with a focus on the automotive market.
“This customer continues to forecast orders for several additional FOX systems and WaferPak contactors this fiscal year and a significant number of systems and WaferPaks in the coming years due to the semiconductor testing of electric vehicles and the demand for burn-in,” said Chief Executive Gayn Erickson. .
The company expects the products to ship within six months.
Shares of Aehr Test Systems rose 28% to $4.37 at last audit. The stock was up a whopping 49% on Monday off a 52-week high of $5.08.
On July 15, the company reported that revenue for fiscal year 2021 ended May 31 was down 26% to $16.6 million. For the year, Aehr reduced its loss to 9 cents per share from 12 cents per share in fiscal 2020.
The company made a profit of 2 cents a share in the fourth quarter from a loss of 3 cents a year earlier.
The Fremont, California-based company provides test systems for burn-in and testing of logic, optical, and memory integrated circuits. Aehr has installed more than 2500 systems worldwide.
The electric vehicle semiconductor market is expected to triple between 2020 and 2026, with compound annual growth of 26% to $5.6 billion, Aehr said, citing research from Yole.
According to a forecast by Deloitte, total electric vehicle sales are expected to grow by 29% annually between 2020 and 2025.