Shares of the Aehr Test Systems (AEHR) stock were gloomy in the current market trading session today on January 10, 2022. AEHR stock price saw a downtrend of11.80% to drop at $14.19 a share at the time of this writing. The stock was also down in the previous trading session and recorded a decline of 21.44% at closing. Let’s look at the culprit behind this drop.
What’s Happening?
Aehr Test System recently announced the second quarter of fiscal 2022 financial results on January 6, 2022. The company reported record sales in the reported quarter. Even then the AEHR stock is facing a decline in the stock market. Actually, AEHR stock outperformed in 2021 as the per-share price of the stock rose more than 800%. Hence the profit takers have stepped in to start their new year with a massive profit. This resulted in the per-share decline of the AEHR stock even after the release of strong quarterly results.
Second Quarter Fiscal 2022 Financial Results
- In the second quarter of the fiscal year 2022, the company generated $9.6 million in net sales. This represents a whopping 471% increase from the same quarter of last year.
- The GAAP net income of the AEHR stock was $0.03 per diluted share or $717,000 in the recently reported quarter. This compares to GAAP net loss of 2.0 million or $0.08 per diluted share in the same quarter of the previous year.
- Non-GAAP net income in the second quarter of the fiscal year 2022 was $1.4 million, or $0.05 per diluted share for the AEHR stock. In the same tenure of the previous year, the non-GAAP net loss was $1.7 million, or $0.07 per diluted share.
- The company reported the highest bookings of $29.1 million in the reported quarter as compared to $1.6 million in the same prior-year quarter.
- By the end of the quarter, the company had $36.1 million in the backlog.
Fiscal First Six Month Financial Results of AEHR stock
In the first six months of the fiscal year 2022, the company recorded net sales of $15.3 million, 313% higher than $3.7 million in the same period of the previous year. GAAP net income in this period was $1.4 million, or $0.05 per diluted share of AEHR stock. Non-GAAP net income was $1.0 million, or $0.04 per diluted share in the first six months of the fiscal year 2022.
Wrap Up
Though the AEHR stock is gloomy, its financial results reflect strong growth of the company and hence it can be a good bet for investors in the long run.
