Nvidia's February 25 earnings report will determine whether AI hardware suppliers can justify current valuations, with companies like Aehr Test Systems (NASDAQ: AEHR) facing scrutiny after posting mixed Q2 results.
Aehr Test reported Q2 FY2026 revenue of $9.9M, down 27% year-over-year from $13.5M, while bookings fell to $6.2M from $11.4M in Q1. The company burned through operations with a non-GAAP net loss of $1.3M, though cash reserves rose to $31M from $24.7M after raising $10M through its ATM program.
The test equipment maker forecasts $60M-$80M in bookings for the second half of FY2026, driven primarily by AI wafer-level and packaged-part burn-in demand. CEO Gayn Erickson cited orders totaling $5.5M for Sonoma systems in Q3 to date, exceeding Q2's entire total. The company's lead production customer provided a large AI ASIC forecast with shipments starting Q1 FY2027.
Gross margins compressed to 29.8% from 45.3% year-over-year due to lower WaferPak volumes and unfavorable product mix. Delayed shipments of roughly $2M in WaferPaks for gallium nitride customers shifted from Q2 to Q3 following high-voltage fault issues requiring protection circuit redesigns.
Aehr's backlog stood at $11.8M at quarter end, expanding to $18.3M effective after including $6.5M in post-quarter bookings during the first six weeks of Q3. The company claims production capacity exceeding 20 systems monthly for both wafer and package-level testing.
Across the AI hardware ecosystem, Amkor provides advanced packaging, while Credo Technology guides GAAP gross margin between 63.8%-65.8% for Q3 FY2026. Ensurge Micropower positions microbattery technology for edge AI devices, targeting the consumer hardware segment beyond data center infrastructure.
Nvidia's earnings will provide the first major 2026 demand signal for high-bandwidth memory (HBM3e), semiconductor testing infrastructure, and data center connectivity components. Supply chain stocks have priced in continued AI infrastructure buildout, making any guidance miss or demand softening commentary critical for sector sentiment. Aehr's $60M-$80M booking forecast depends directly on sustained hyperscaler capital expenditure, which Nvidia's outlook will validate or challenge.