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AEHR TEST SYSTEMS FOR IMMEDIATE RELEASE Contacts : Aehr Test Systems Ken Spink Chief Financial Officer ( 510 ) 623-9400 x309 MKR Investor Relations Inc. Todd Kehrli or Jim Byers Analyst / Investor Contact ( 323 ) 468-2300 aehr@mkr-group.com Exhibit 99.1 Aehr Test Systems Reports Record Bookings in First Quarter of Fiscal 2022 ; Raises Annual Guidance Approximately 80 % on Strength of Semiconductor Test and Burn - in Sales for Electric Vehicles Fremont , CA ( September 23 , 2021 ) - Aehr Test Systems ( NASDAQ : AEHR ) , a worldwide supplier of semiconductor test and reliability qualification equipment , today announced financial results for its first quarter of fiscal 2022 ended August 31 , 2021. The Company also raised its revenue guidance for fiscal 2022 by approximately 80 % to at least $ 50 million . Fiscal First Quarter Financial Results : • • • Net sales were $ 5.6 million , up 181 % from $ 2.0 million in the first quarter of fiscal 2021 . GAAP net income was $ 696,000 , or $ 0.03 per diluted share , which includes the impact of forgiveness of $ 1.7 million in loans from the Paycheck Protection Program ( " PPP ” ) it received in fiscal 2020. This compares to GAAP net income of $ 107,000 , or $ 0.00 per diluted share , in the first quarter of fiscal 2021 , which includes the impact of a gain of $ 2.4 million related to the closure of Aehr's Japan subsidiary during the quarter . Non - GAAP net loss was $ 414,000 , or $ 0.02 per diluted share , which excludes the impact of stock - based compensation and forgiveness of the PPP loan . This compares to non - GAAP net loss of $ 2.0 million , or $ 0.09 per diluted share , in the first quarter of fiscal 2021 , which excludes the impact of stock - based compensation , and the non - cash net gain related to the closure of Aehr's Japan subsidiary . Backlog as of August 31 , 2021 was $ 16.6 million , up from $ 1.6 million as of May 31 , 2021. Effective backlog , which includes all orders announced since the end of the first quarter , is over $ 36 million . An explanation of the use of non - GAAP financial measures and a reconciliation of Aehr's non - GAAP financial measures to the most directly comparable GAAP financial measures can be found in the accompanying tables . Gayn Erickson , President and CEO of Aehr Test Systems , commented : " We are off to a strong start for fiscal 2022 , finishing the first quarter with record bookings for a single quarter of $ 20.7 million . Since the end of the quarter , we have announced an additional $ 19.4 million in bookings , bringing our total bookings for the fiscal year to over $ 40 million as of today's date . " Our strong bookings include several sizable orders received over the past few months from our lead silicon carbide test and burn - in customer for our FOX- XP ™ systems and WaferPak ™ Contactors to support testing of silicon carbide power devices for electric vehicles . Each of these silicon carbide - focused FOX- XP systems is configured to test eighteen silicon carbide wafers in parallel in the footprint of a typical single wafer test solution , while contacting and testing 100 % of the devices in parallel on each wafer . This Fortune 500 customer is a major automotive semiconductor supplier , and we continue to work closely with them to achieve their test and burn - in requirements and capacity needs . They continue to forecast orders for additional FOX systems and WaferPaks this fiscal year and a significant number of systems and WaferPaks over the next several years driven by electric vehicle semiconductor test and burn - in demand . " In addition to this large opportunity with our lead silicon carbide customer , we are currently in detailed discussions with multiple other major silicon carbide suppliers regarding their wafer level test and burn - in needs . We believe we will add several new silicon carbide customers over the next 18 months that will ramp into production on our solutions . " We are seeing very strong demand across the industry for wafer level burn - in of silicon carbide devices and continue to ramp our FOX multi - wafer test and burn - in systems and full wafer WaferPaks to meet this silicon carbide market opportunity which we believe is only just beginning . We believe silicon carbide power semiconductors have emerged as the preferred technology for the electric power conversion and control of the electric engines in what are called traction inverters as well as the on - board electric vehicle battery chargers .