Aehr Test Systems (NASDAQ:AEHR) Q2 2020 Earnings Conference Call - Final Transcript
Jan 09, 2020 • 05:00 pm ET
Good day and welcome to the Aehr Test Systems' Second Quarter Fiscal 2020 Financial Results Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Jim Byers of MKR Investor Relations. Please go ahead, sir.
Thank you, operator. Good afternoon and welcome to Aehr Test Systems' Fiscal 2020 second quarter financial results conference call. With me on today's call are Aehr Test Systems', President and Chief Executive Officer, Gayn Erickson; and Chief Financial Officer, Ken Spink.
Before I turn the call over to Gayn and Ken, I'd like to cover a few quick items. This afternoon, Aehr Test issued a press release announcing its second quarter fiscal 2020 results. That release is available on the Company's website at aehr.com. This call is being broadcast live over the Internet for all interested parties and the webcast will be archived on the Investor Relations page of the Company's website.
I'd like to remind everyone that on today's call, management will be making forward-looking statements that are based on current information and estimates and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
These factors that may cause results to differ materially from those in the forward-looking statements are discussed in the Company's most recent periodic and current reports filed with the SEC. These forward-looking statements, including guidance provided during today's call are valid only as of this date, and Aehr Test Systems undertakes no obligation to update the forward-looking statements.
And now with that, I'd like to turn the call over to Gayn Erickson, President and Chief Executive Officer.
Thanks, Jim, and good afternoon to those joining us on today's conference call and also listening in online. Ken will go over the second quarter financial results later in the call, but first, I'll spend a few minutes discussing our business and product highlights, including our continued progress with our wafer level and singulated die test and burn-in solutions. We'll then open up the lines for your questions.
We had a solid fiscal second quarter with a net revenue of $6.9 million, which is up 24% sequentially from Q1 and up 16% over last year's Q2. And we returned to profitability in Q2 with GAAP net income of $251,000 and non-GAAP net income of $456,000 and improved gross margins.
We're pleased to note that these results exceed analyst expectations for Aehr on both the top and bottom lines for the quarter. We also generated strong bookings in the quarter of nearly $10 million. We expect to see continued momentum in the remaining quarters of this fiscal year and are seeing growth in customer engagements worldwide, particularly for high-growth applications that include silicon carbide, photonics, automotive and memory devices.
During the quarter, we successfully completed a new and unique production application for wafer level test and burn-in of silicon carbide devices and received and shipped our first order from a new customer for