AEHR Q2 Earnings Report: FY2024 Miss, Bookings & Backlog Very Low

We thought the impact could have been $16M given ON is 80% of AEHR’s revenue. Interesting enough, AEHR stated in the call the miss not from ON but rather from “other customer forecasts.” We were cautiously optimistic that ON would not become a readthrough for AEHR, yet what has materialized is that the EV market is weaker than expected, and ON is one of many that will either report this or already has reported this. Therefore, it is irrelevant if ON created the miss as weakness in the EV market resulted in a similar miss.

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