Aehr Test Systems at 45th Annual William Blair Growth Stock Conference: Strategic Growth in Semiconductor Testing

On Tuesday, 03 June 2025, Aehr Test Systems (NASDAQ:AEHR) participated in the 45th Annual William Blair Growth Stock Conference. The company provided insights into its strategic positioning within the semiconductor testing market, highlighting growth opportunities and challenges. The discussion underscored the increasing demand for reliable semiconductor components in AI, automotive, and data centers, while addressing external challenges such as tariffs.

Key Takeaways

• Aehr Test Systems is focusing on wafer-level burn-in solutions, securing its first production win in AI processors.
• The company’s proprietary WaferPak consumables are a significant revenue stream, comprising 40% of last year’s revenue.
• Aehr secured a $10 million order for AI wafer-level burn-in, with expectations of market growth next year.
• The company is mitigating tariff impacts by conducting sub-assembly builds outside the U.S.
• Aehr anticipates growth across all addressed markets, particularly in AI and silicon carbide applications.

Financial Results

• Recurring Revenue: Consumables made up approximately 40% of revenue, with aspirations to increase this to 30-50% annually.
• Customer Concentration: ON Semi and Seagate were significant customers, indicating a diverse customer base.
• New Orders and Backlog: A notable $10 million order was secured for AI wafer-level burn-in, with expectations for growth in all markets next year.
• Revenue Projections: The hard disk drive application could contribute over 10% of the business next year, while flash memory benchmarks aim to enable revenue within a year.

Operational Updates

• Wafer Level Burn-in Technology: WaferPak consumables are essential for new design testers, creating a recurring revenue model.
• Diversification: Revenue from silicon carbide EVs decreased from 90% to 40%, showing diversification into other sectors.
• Customer Acquisition: Achieved first production wins in gallium nitride and AI processors, with ongoing shipments.
• Market Trends: Growth is noted in silicon photonics, silicon carbide, gallium nitride, flash memory, DRAM, and AI markets.
• Tariff Mitigation: Sub-assemblies and wafer packs are produced outside the U.S. to avoid tariff impacts.
• Manufacturing and Lead Times: Package part burn-in takes 20 weeks or more, while wafer level systems can be ready in under 3 months.

Future Outlook

• Market Growth: Aehr anticipates growth across all targeted markets, driven by AI demand.
• Strategic Partnerships: Plans to engage in a joint development agreement for flash memory, with revenue expected in a year.
• Market Expansion: Focus on applications in vehicles, autonomous vehicles, and robotics.
• Customer Relations: Maintains confidentiality with code names and secure facilities, attracting potential assembly business.
• Guidance Reinstatement: Considering reinstating guidance in July, contingent on market visibility.

Q&A Highlights

• Business Model: Recurring revenue is seen as a strength, supporting ongoing development.
• Lead Customer Strategy: Securing a lead customer in each market is key, with Apple and Intel as lead customers for the Fox wafer level burning platform.
• Tariffs: Prepared for tariffs by conducting sub-assemblies outside the U.S., minimizing long-term impact.

For a comprehensive understanding, readers are encouraged to refer to the full transcript below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Unidentified speaker: And then also, you know, double edged sword was hit by, you know, the fall off in silicon carbide with EVs. And I think one of the things that many of you have maybe seen the announcement with Navitas and NVIDIA, you’re starting to see gallium nitride and other compounds that are using wafer level burn in for for AI and data centers. So hopefully, Gain, you’re gonna talk a little bit about that. And with that, I’ll turn the mic over to you.

Gayn, Airtest: I’ll try and work that in.

Unidentified speaker: Oh, hey.

Gayn, Airtest: Oh, yeah. And Chris, our CFO.

Unidentified speaker: I didn’t see it.

Gayn, Airtest: Just in case the question’s too hard or so. They always ask me to remind you of this. This presentation’s out on our website or will be shortly right afterwards. I’m actually gonna go through it very quickly. There’s twice as many slides as normal, but I just wanna skim through that so you guys get a a feel and understanding.

We have a breakout group for a q and a afterwards as well. And then if you have more questions, figure out how to get in touch with us, and we can do that as well. K? So Airtest has been in the been in the test semiconductor test business for a long time. We specialize in electrical test systems for testing good from bad and reliability testing to basically do stresses and strains on devices to weed out infant mortality that would otherwise fail in the field.

So there’s more and more semiconductors need this type of testing and other trends that are really driving our business. There’s a thing called a bathtub curve if you get into this. But basically, all devices, once they’re good, have a certain failure rate. And then over time, if they haven’t failed, they’re less likely to fail until they wear out at their end. This is the old things tend to fail right away, and if not, they last for a long time.

This is there’s all kinds of physics involved in that. We specialize in identifying what this curve looks like, and then in production, burn in, actually weeding out all of those infant mortality for applications that an early failure would be a problem for. We have a very large customer base. I will just call people’s attention to this. We have added a number of customers to this versus the one that’s been out there as we’ve added in the packaged part burden for the in call acquisition customer list here.

But it’s a very vast representation of the market leaders around the world that we’re engaged in in both package part and wafer level burn in. On the wafer level side, again, the whole point of this would be by testing at a wafer level versus when it’s in a different later on in the process when many devices are put together in a single package. There’s huge advantages in cost, yield, other implications. We have proprietary technology that actually enables this. We were the first and are still the key supplier in this and that it required a new tester.

It required new contacting to the wafers, new handling equipment. None of that existed And little old Airtest actually defined and built these things and engaged with some of the market leaders to actually implement that. We’ve successfully done that and we’re now starting to see the diversification of that in the many different applications. We have a lot of patents around the world from US to Europe, China, and in Asia that actually are key to the differentiation up here. In addition to, we’ve just got a lot of years of head start and a very large installed base, doing these products.

Sonoma is the product name of our new package part burn in system. So people are, wait. You’ve been spending all your time only focused on wafer level. There’s actually applications where the package burn in really makes sense, and this was super critical with the AI change. Prior to three, four years ago, none of the AI processor guys, including NVIDIA, were doing a production burn in.

They did qualifications, but they didn’t do production burn in. All of a sudden, these devices started to go in these complex coax packages and having high bandwidth memory and other things. They’ve had to do these stresses to weed out the infant mortality before they go. And it’s a bit of a Wild West out there because there’s just not infrastructure and the dollars to be able to do this. And so folks are out trying to compete for this space.

We acquired this company last year, a very small company that was near us in Fremont, California, and they had, quietly been doing qualifications, meaning the actual validation of of silicon on a very large number of AI processor companies. So we were fortunate enough to actually step in right as customers were asking them to go to production, and we were able to help them to ramp to production to start meeting production needs. We shipped more last quarter than they shipped in the previous three years. And the customers were specifically engaged. Okay, Air, you have the infrastructure, the capability, the capacity, and the people around the world to do that.

And that was a critical thing for us to be able to do. Market drivers, you can walk through this, but kind of the key things around artificial intelligence, electrification of the world are things that are really driving our products. Generally, all semiconductors where most most semiconductors are seeing the same trends that we are. The semiconductor market itself is actually going through a huge acceleration, that people talk about. But as we go from 500,000,000,000 a couple years ago to a trillion dollars, there’s a huge amount of infrastructure that’s being put in place.

When we break that down and look at what’s going on, you can we kind of spell it out as semiconductors are getting less reliable. But going into applications where quality, long term reliability, safety, and even security are critical. So we walked through this. One slide that’s new here too is just people don’t understand how critically important it is to actually weed out infant mortality on AI processors. It’s a little bit more intuitive when you put it into a car and you think, well, it’s kinda doing inference real time as it’s driving you around with full self driving.

But it turns out you put them into the clusters and it’s a real problem if one of the actual nodes go down. So there’s impact on the training and inference models, increased cost. People are actually trying to put redundancy in place that’s unnecessary. They just haven’t figured out how to get out all of these challenges, and it’s a huge opportunity for for us at Airtest. So we talk about the key trends driving the wafer level burn in, which same trends at wafer and package of decreasing semiconductor reliability but increasing needs.

They’re putting them into applications where it’s more important. But then because of KGDs are no good die going into processors with multiple chips, it’s actually driving the need for wafer level burn in. At the same time, if you look at package, it’s also driving other requirements that is a huge opportunity for us in the semiconductor space. There’s all kinds of devices where they were putting we talked about some of the EVs with the devices going multiple device going into one package in a module. But that’s true of Intel co co package optics demos they’ve talked about, NAND flash memory, the DRAM stacks.

Obviously, Blackwell and those are very easy to interpret. But there’s many, many more of these coming because the Moore’s law, if you will, stopped. You just can’t make twice as much of a semiconductor in the same area. So what you’re actually doing is you’re putting two semiconductors into it, into one package, and calling it one device. And so you look at the Blackwell roadmap, you know, multiple Blackwells, a Grace processor, 12 different high bandwidth memory stacks, and that’s where it’s headed.

And so this is driving the requirements, including on the package part burn inside of things, and driving our business. So just to try and put it in perspective about sizes. So there’s lots of different ways of looking at TAMs and SAMs. Rather than get into all of it, including some of the proprietary information we hold with respect to test times with these customers and test modes, to people who said, oh, silicon carbide, it’s great. It was actually the original killer app, if you will, that drove this and deployed it in a large scale to many companies around the world.

But silicon photonics and silicon carbide are much smaller and gallium nitride than the flash memory DRAM and AI processor markets going forward. So I’ll just briefly touch on each one of those. Silicon photonics, which is fiber optic communication, was both in in data center but also on a chip to chip. This optical IO chip to chip is something we’ve been talking about for about eighteen months now. Leading indicators with purchases of our equipment towards this for both characterization qualification, but also production.

So we’ve just been tipping our hand to everybody about what’s publicly out there, which are as you talk through, you know, what Jensen and and Lisa are saying. I think I used to have a picture of the Intel guy, and I decided to remove him. But there had been a lot of discussions going on there. This is where to watch. It is not the publicly available data.

It’s what these guys are doing. And they I’ve been saying for eighteen months, they’re going to surprise you. And you’ll they’ll announce something, and that’s you know, we’re kind of the canary as well because we’re seeing a ramp coming up right now for this with our products where we have a highly differentiated product testing 300 millimeter wafers with 6,500 watts of devices and one insertion in a fully automated production test cell. Next one would be silicon carbide. Again, big thing was about the inverter starting with Tesla’s driving through everything.

Know, Jed would would support this. I think we’re always pretty much looking at the same type of data. But, you know, a couple of few years ago, it was like we saw all the disruption and the opportunity for silicon carbide to go after these electric vehicles, displacing more IGBT. And what’s gonna happen in China? The reality is the Chinese vehicles are accelerating their silicon carbide adoption even more than originally was the plan for IGBT to a point where the neos and BYDs of the world are going completely silicon carbide.

That’s also true of all the guys in, yeah, you know, the Toyota and Honda side of things. Your Korea, the European suppliers are all going to silicon carbide. I don’t spend that much time talking about it because it’s a tough discussion related to what’s going on with EVs. But when we first were talking about this, we were projecting this seemingly crazy idea that EVs were gonna be 30% of the purchases, by 2030. And at that time, it’s like, come on.

It’s never gonna happen. Now you’re like, are we almost there already? So even with all of the craziness, EVs are still growing battery electric vehicles, and it’s still going to be something that will drive our business because we’ve taken a really good position, and we have preferential opinions by the OEMs who are driving our equipment and their test times downstream. K? This gets into the yield implication.

If you have, like, you know, up to 32 die in one of these with a 1% failure rate, you have thirty two percent failure rate at the module. There’s no choice but to move it to wafer level. And when we first did that, it’s like, you can do it at wafer level. And so we’ve proven it when all these benchmarks. And so, again, this is a good business for us.

Gallium nitride, a new compound semiconductor coming along. There was a discussion around the data center. It’s actually a combo compound semiconductor. The workhorse of it is going to be the silicon carbide arm of that. But these devices are really good at switching and converting high power at high voltages, where silicon is not so good at it.

And so more and more things like the data centers, power infrastructure, optical, or or or solid state switches, they call it, are are driving a lot of what we’re doing. So we’re doing some really fun and exciting things that are new design wins and new what we call wafer pack the contactors to enable these devices that we think are gonna grow. So this is gonna be a a good business for us. But just as an FYI, we just won the very first production guy for this. Happens to be the biggest guy.

And we’ve got other engagements. Gallium nitride is going to do production burn in, and there’s lots of reasons to move it to wafer level burn in on us. K? Next one is memory. First flash then d then DRAM.

Big markets, they by the way, all DRAM is burnt in today. All the flash that goes into the enterprise is burnt in today. People go, oh, doesn’t burning go away? Nope. Doesn’t.

The burn the actual the devices have too high of a failure rate for their application, so they do a stress and strain on them for so many minutes. Flash and DRAM measured in many hours, most of a day. So it’s very capital intensive and requires a lot of capability. Things that are driving there, what we’ve given is just a heads up on here, flash memory, wafer level, we engage with a customer who’s asked us to prove that our system will work in their application. There’s things going on in flash memory.

I won’t get that much into it right now that are very disruptive and changing the way they’re gonna be making flash memory going forward. And so that disruption is creating a discontinuity technically that is advantageous to our system. And so we partnered with a couple of folks there to do that. We’ve told people we’re working on the benchmark. We actually said, and this is sort of news, by the way, not some big announcement, but we said our goal was to try and complete this benchmark by the end of our fiscal year, which was Friday.

This is actually a photo of the new WaferPak contactor with a fine tip pitch MEMS. You kind of have to be in our space. I look at that. It’s like one of the prettiest things I’ve ever seen. But, you know, you wouldn’t but that is an amazing piece of technology to be able to do it.

This gives us the pitch to be able to do the next generation NAND devices, but also for DRAM. This was one of the critical things to prove through. We’ve actually been able to get the prototypes in. The benchmark is not complete, but a lot of it’s coming down right now. So we had said some delays with some of the testers that were actually related to getting some stuff out of Japan as it turned out.

But this is on looking good and on track. Pretty excited about it. We’ll give an update at it at our earnings call in a month. K? Last one is AI processors.

Probably the most critical thing that we did in the last year was both the work in the package part and AI wafer level burn in. This is an example that happens to be the an an AMD one. I’m holding here NVIDIA one. If you haven’t seen one of these come around, I always carry I’m like, you know, like Santa Claus carrying around a candy cane all the time. Usually have one of these in my pocket.

But this is so much driving our roadmap at both the package and the wafer level because the devices, all of those devices are all being burnt in, in many cases, in this form. In other cases, in a rack, there’s a huge amount of burning going on of NVIDIA processors on the entire rack with megawatts of burn in for days and days. That’s crazy. K? There’s no other way of doing it.

So being able to move that all the way back to do it at the die level is an enormous value proposition that we’ve now proven through our first production shipments that are now shipping products and everybody’s leaning in to find out more about it. We talk about why it’s important. Meta put out some stuff about the failure rates, and we have our first production win. Candidly, everybody, including us, we were hedging our bets. We you know, we’re not a, hey.

It you know, it’s going to happen, but we were very encouraged by the by the benchmark. I said the customer no one was cheering us on more than the customer wanting to make this happen. We were able to prove it on our new high power system testing up to nine wafers at a time, or in this case, nine wafers at a time to 3,500 watts a piece, which is an unheard of in our space at even one wafer, and we’re doing nine at a time. This allows them to get the cost effectiveness and throughput with a fully integrated automated system to be able to meet their capacity needs. In this case, the first order was $10,000,000.

You’re there’s a company that we’re doing, you know, 60 ish million revenue. You can kinda see how this thing can deflect. We expect them and, candidly, all of the markets that I’ve talked about so far to grow next year. K? The interesting thing with this is this showed up, is installed at one of the world’s largest OSATs who is also selling to the bulk of the West Coast AI suppliers.

And so they’re parading the AI guys through and say, look what we have. Can we get your assembly business? And so we’re getting all kinds of sales leads, if you will, from the AI guys. Can you test my part? Exactly what we were hoping for.

Kinda kept it under wraps until we got here. Now this is working for us. So stay tuned for more news about the AI, wafer level burn inside of things. K? Kind of a theme we have, and we’re really serious about it.

Our solutions have a lot of technology, a lot of capabilities. We design things in a way to absolutely positively validate that you’re getting a proper burn in. These devices, if they get shipped into an application, are extremely expensive and with the failure rates very likely to fail. One of the big threads I had, I’ve spent many and been done a lot of keynotes and things around the world in the automotive side, on the silicon carbide side, is we were running into people talking about the mission profile of an automotive car. And what that is in in that in that world is how long the device is expected to last.

We go through a ice engine, your car lasts 200,000 miles instead of a hundred before. You drive it for 30 miles an hour, it has this much, etcetera. You go through it. It’s like eight thousand hours it’s running. So the semiconductor spies got really good at figuring how to make things that would last eight thousand hours.

K? Silicon carbide is still failing in its infant mortality at eight thousand hours. And we had customers saying, oh, no. No. That’s gonna be good enough.

Like, good enough? Like, it’s not good enough. Like, how long do you think an EV is gonna run? What if it’s autonomous? And so some of the big EV players like Tesla understood this and, like, don’t look at the mission profile.

These things, I’m looking at the bathtub curve. You have to weed those out. And the people that took the commitment to do that were able to successfully demonstrate that because the reality is, isn’t an automotive, you have a warranty, whatever it is. But most countries around the world, US and the European ones, you have a a you have 20 cars fail ten years after warranty, you have a recall. And there’s not enough capacity in the world to handle a recall of all the inverters in the world if they start to fail.

So there’s more and more of that going on. And so people are being very attuned to the fact you need to basically test these and do the proper stress and strain conditions to weed that out. And that’s the area that AiR Test really differentiates itself on. So I’ll leave you at that. I think we have twelve minutes for some questions, so I’ll try and take some.

And Jed, if you Jed usually gives me the hard ones, but not if someone has some easy ones first. But any questions?

Unidentified speaker: Well, I’ll kick it off, Gayn, and then maybe somebody from the audience for either Chris or you. I guess the first question is all these things sound great. Maybe just update on, you know, that you have two businesses now in terms of, you know, the capital equipment versus the recurring revenue or the and from a backlog perspective, you’ve kinda gone through sort of the trough of disillusionment and and where are you relative to some of these opportunities? How how should how should these folks think about, you know, timing associated with that?

Gayn, Airtest: Okay. I I interpreted a couple things. So, yeah, it didn’t really come out. In this model, in order to act one of the key differentiations in wafer level is the ability to take a wafer and pack it into this portable cartridge we call a wafer pack. The tester doesn’t work without it.

And in fact, this doesn’t work with any tester in the world nor does it work with any handling equipment in the world. You need it all, which was a high risk profile. People are like, wait a minute. Like, should I trust you? Can we do it?

It’s sort of an all or nothing deal. When you get there, you then need to buy those wafer packs every time there’s a new design. So this year, where we had a huge diversification, last year, we were 90% was on silicon carbide EVs. This year, which our year ended Friday, it’s, like, 40. Almost all of that was the consumable because they were all flat.

So the business was flat, we actually had, you know, a really good business in the consumable, which has very good margins. And it’s important, you know, customers, of course, want you to, you know, be frugal and all, but that’s a key part of it. We were able to continue to do all of our development, etcetera, and extend our road map by just the consumable side of it. So it’s a business model that works for both. And in general, we probably will see, you know, 30 to 50% of our revenues every year be a consumable and over time even exceed 50% of our revenue.

So that’s a good thing and that’s true of all of the markets we talked about. So just in general where the markets are, we’re literally you know, I don’t wanna use the when the initial innings, but the hard disk drive. We have a new hard disk drive application for something. A lot of people figured out. I never use the words.

I’ll let someone else do it. But this customer is ramping this new technology for a readwrite head, and it’s driving waffle over burn it. And they’re they’re building up a backlog from us, and they wanted us to ship. We’re gonna have a very good year this year, and it’ll continue to grow, we believe. K?

That’s an application where there’s only a couple of players that really matter in there. So it’s gonna be lumpy, but a good business for us. It could even be 10 or more percent of our business next year. But you look at gallium nitride, that has a really wide amount of application space. This is something that we think will grow in number of customers, and the diversity of that space isn’t dependent upon automotive.

And so we’ll see a growth coming up there. The on the AI side of things, people like, oh, didn’t you miss it, or what’s going on? In some ways, AI is just getting started, especially if you look at the applications where people will be putting them into, you know, vehicles, autonomous vehicles, robotics, other applications. So and the need for the reliability of those are critical. K?

There may only be one processor in that car or in that robot, and you can’t have it, like, freaking out on you. So there’s plenty of opportunity to grow on the package and on the wafer level, and we think that this is gonna be a really good year for us coming up and along that. Flash memory is something that, based on this benchmark, we’re hoping to engage with on a development JDA over the next year, probably a revenue for a year from now, but a huge opportunity for us.

Unidentified speaker: So just on diversification, and I’ll mention this, I know you can’t, but previously ON Semi was your largest customer and you had significant exposure to one hard disk drive, Seagate’s kind of going in this direction. I’m curious how should we think about diversification? Do we think about is it going to be one leading customer in each one of the new applications? Or do you think that as these others ramp AI, Flash, that you’ll see multiple customers ramp at the same time? Because that seems to be a

Gayn, Airtest: I think it’s safer to think that it lee you start with one. It’s kind of even our strategy, so it’s self induced. You know, I didn’t wanna go tell 10 people I could do AI wafer level burn until I could do one. And even in our strategy of getting it out there, it’s very impactful. Like, we work through what things we needed to do.

We don’t talk about all the technology tricks that we did to do that. And now, you know, our competitors are like, you’re doing what? Like, it’s just nobody’s doing anything like that. That gives us some advantages. And in general, if we don’t have a lead customer, you know, I’m pretty nervous and my knees wobble about, let’s go build something because it’s gonna be the greatest thing and maybe somebody will want it.

I’m we’re not like that. So we tend to figure out, and so far we’ve been fortunate enough to literally have the leaders. Like, no messing around. This is not mom and pops. The lead two customers on the Fox wafer level burning platform were Apple and Intel.

Like from zero. So it’s like, okay. And they deployed that across multiple applications and continue to use our products. On semiconductor, who was actually, you know, a distant third or fourth in the silicon carbide market clearly has taken the greatest position, both financially and in their their strategies, we would still we cheer them on all the time. We haven’t talked about who the GaN guys are.

One of the things that’s changed a little bit, SEC used to require us that if it a 10% customer, you have to name their name. So customers would be like, you can’t name our name. It’s like, well, we have to because it’s so, you know, SEC rules. They changed rules. So we can’t really use that excuse anymore.

So we have a lot of people that say, do not say who it is. So that’s it’s a good rule. We actually have code names for everybody. We’re pretty sophisticated. We have cameras and lockdown boxes.

We’re completely qualified for all the Apple, Blackbaud objects and stuff. So it’s important to be able to keep your secrets.

Unidentified speaker: I guess I’ll keep going here. But, you know, visibility was impinged by tariffs. Mhmm. You know, have you seen any change with respect to visibility or or confidence as you’re working with the customers where, you know, the the ability to kind of set a annual goal or something like that has

Gayn, Airtest: been returned? That’s a really that that’s on our mind right now. I mean, we’re doing our our strat planning. We’re putting our plan together for next year. We will have the quotas and bonuses and things tied to it.

We pulled guidance last quarter. It was, you know, we we came we were fortunate or unfortunate enough to come out with our earnings three days after April Fool’s Day or what is it? Liberation Day? Anyhow. And it was like, oh my gosh.

What what is this gonna mean? And we customers calling us, well, I’m not gonna ship this or, you know, but what does it mean? We went through it. We actually spent a lot of time. I encourage you to go back and look.

We spent put a lot of detail in to show that we’re really not impacted materially long term at all. Short term, it was like, well, we had this prober coming from Japan for the hard disk drive. I think that’s gonna get delayed. Well, we were gonna ship it in May. I think it’s gonna be June.

You know, those kind of things. But in general, people have have calmed down. We’ve immediately took action though. Like, we’re we’re actually doing sub assembly builds at sites outside of The US so that things don’t even come in and have to be exposed to do can you recover tariffs that then you ship back out again? So we’re already doing wafer packs outside of The US right now.

So we were quick. And then it wasn’t so much to save money per se because it may not even be material. I just don’t want it to get stuck in the borders. So the customers have been very positive with us about that. Like, you know, they don’t have to worry about us because then they go focus on some other things.

But it’s there you know, there’s some orders that we’re expecting to get in May that didn’t come in. What does that mean? They oh, nothing’s happened, but there’s still some of that. But I think long term, it’ll work through. But we have to decide, do we reinstate guidance in July?

And if not, do we wait a month or something like that? And that’s something we’re we’re kind of working through right now. But we have pretty good visibility, but it’s always hard. You don’t want to meet your miss your numbers. And if I tell you how big it is, that that can be seem like hype too.

So

Unidentified speaker: Any other questions? We have time for one.

Gayn, Airtest: Yeah. So kind of the easy one is on the package part, they typically are like twenty weeks or more. You could say the company we acquired had better discipline than we have. On the other hand, we were with production people come up to last minute. They’re like, I need something quickly.

So on our wafer level systems, our lead times from the time a customer says, I’m be, you know, even inside of three months. Unfortunately or fortunately, we often take an order and ship it within a week. But there’s already sort of some stuff going on behind the scenes, but we don’t announce it until we actually have an order. So we’ve been very flexible. That’s been a positive for people.

Our consumables, a new consumable with a full test program application correlation might take, you know, ten weeks. If you have a follow on order for quantities, I can do them in six. So, you know, it’s kind of the way you might think about it is, do you have to have everything at the first day of the quarter for shipments that quarter? No. Is that good or bad?

Sometimes as a public company, that’s not good. It’s hard because it’s hard to tell what’s gonna happen, and customers can wait till the last second I can still ship to them. It’s a positive to them. It’s hard to be a public company in quarter to quarter kind of stuff. Thank you, everybody.

Unidentified speaker: We’ll be upstairs in the Jennie B Breakout. Thank you.

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