HIGHOutside partyCustomer
77%
five largest customers
“10-K Item 1A: 'Sales to our five largest customers accounted for approximately 77%, 93%, and 97% of our net sales in fiscal 2025, 2024, and 2023, respectively.'”
AEHR · Concentration risk · 10-K extracted
Aehr Test Systems (AEHR) concentration risks
Updated
The most significant concentration Aehr Test Systems discloses is five largest customers at 77%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Aehr Test Systems’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH3
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
70%
sales for delivery outside of the United States
“10-K Item 1A: 'Approximately 70%, 95%, and 86% of our net sales in fiscal 2025, 2024, and 2023, respectively, were attributable to sales to customers for delivery outside of the United States.'”
HIGHBuilt-inProduct / Revenue mix
66%
full wafer contact product lines
“10-K Item 1: 'Net revenues of full wafer contact product lines, systems, WaferPak Contactors, DiePak Carriers and services for fiscal 2025, 2024, and 2023 were $39.2 million, $64.6 million, and $63.5 million, respectively, and accounted for approximately 66%, 98%, and 98% of the Company’s net revenues in fiscal 2025, 2024, and 2023, respectively.'”
MEDIUMOutside partyCustomer
39%
single customer
“10-K Item 1A: 'During fiscal 2025, two customers accounted for approximately 39% and 15% of the Company’s net sales. ... the failure of a single customer to perform its obligations could have a material adverse effect'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-08-30Aehr Test Systems discloses several concentration exposures that have all eased over the past two fiscal years but remain structurally elevated. Customer dependency is the most material: the five largest customers fell to 77% of net sales in fiscal 2025, down sharply from 93% in fiscal 2024 and 97% in fiscal 2023, and within that group two customers alone accounted for 39% and 15% of net sales in fiscal 2025 — a dependency-type risk where losing one buyer could move results materially. Geography and product mix are structural rather than counterparty-specific: sales for delivery outside the United States were 70% in fiscal 2025, versus 95% and 86% in the two prior years, and full wafer contact product lines generated 66% of net revenues in fiscal 2025, down from 98% in both fiscal 2024 and fiscal 2023 — a product base broadening but still narrow. Net, the declining customer, geographic, and product percentages point the same direction: diversification is improving, but a dependency-type exposure on a handful of customers remains the swing factor for the thesis.
For the engine’s reasoning on AEHR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Semiconductor Equipment & Materials
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACLS | Axcelis Technologies, Inc. | 3 | 1 | 0 | 4 |
| AEHR● | Aehr Test Systems | 3 | 1 | 0 | 4 |
| ACMR | ACM Research, Inc. | 3 | 0 | 0 | 3 |
| AMBA | Ambarella, Inc. | 3 | 0 | 0 | 3 |
| AMAT | Applied Materials, Inc. | 2 | 0 | 2 | 4 |
| AMKR | Amkor Technology, Inc. | 1 | 2 | 0 | 3 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.