Insider Trading January 26, 2026

Aehr Test Systems Director Sells $142,750 in Shares Amid Weak Quarterly Results

Director Laura Oliphant disposed of 4,546 shares; company reports revenue decline, net loss and reduced guidance

By Jordan Park AEHR
Aehr Test Systems Director Sells $142,750 in Shares Amid Weak Quarterly Results
AEHR

Aehr Test Systems director Laura Oliphant sold 4,546 shares on January 22, 2026, in several trades totaling $142,750. The company reported a revenue decline and a net loss for the second quarter of fiscal 2026 and has trimmed revenue expectations for the back half of the year, prompting analyst adjustments and cautious ratings.

Key Points

  • Director Laura Oliphant sold 4,546 Aehr Test Systems shares on January 22, 2026, in multiple transactions totaling $142,750.
  • Aehr Test Systems reported a revenue decline and a net loss for the second quarter of fiscal 2026 and lowered revenue expectations for the second half of the fiscal year to $25-$30 million.
  • Analysts reacted with cautious stances: Craig-Hallum cut its price target to $21.00 from $24.00 and kept a Hold rating; William Blair reiterated Market Perform while noting progress in AI wafer level burn-in evaluations amid weaker silicon carbide revenue.

Laura Oliphant, a member of the board at Aehr Test Systems (NASDAQ:AEHR), reported the sale of 4,546 shares of the company's common stock on January 22, 2026, in a Form 4 filing with the Securities and Exchange Commission. The transactions occurred across multiple trades at prices between $31.38 and $31.485 per share, producing aggregate proceeds of $142,750.

Following those transactions, the filing shows Oliphant retains direct ownership of 18,432 Aehr Test Systems shares. The disclosure also notes an indirect holding of 7,665 shares held through a trust.

Separately, Aehr Test Systems disclosed second-quarter results for fiscal year 2026 that included a decline in revenue and a net loss. Management has revised down its revenue outlook for the second half of the fiscal year, forecasting between $25 million and $30 million in revenue for that period. That guidance sits well below a previously published estimate from Craig-Hallum of roughly $42 million for the same span.

In response to the revised expectation, Craig-Hallum lowered its price target on Aehr Test Systems to $21.00 from $24.00 while retaining a Hold rating on the shares. William Blair maintained its Market Perform rating and highlighted the company’s progress with artificial intelligence wafer level burn-in evaluations and a limited number of packaged-part orders. According to William Blair, those developments have not fully offset a decline in silicon carbide revenue.

The company's reported backlog stood at $11.8 million at quarter-end, with a current backlog of $18.3 million, reflecting the state of order flow and operational dynamics disclosed with the earnings release.


This combination of insider selling, a quarterly revenue decline and reduced near-term guidance has been reflected in analyst commentary and target adjustments. The filings and the company’s public disclosures provide a snapshot of recent insider activity alongside the financial and operational indicators that management and analysts have emphasized.

Risks

  • Lowered revenue guidance for the second half of fiscal 2026 creates uncertainty around near-term top-line performance - impacts semiconductor equipment and capital goods sectors.
  • Decline in silicon carbide revenue noted by analysts could continue to weigh on results and backlog conversion - relevant to semiconductor materials and device segments.
  • Insider share sales, while disclosed, add an element of investor scrutiny regarding insider sentiment and timing - relevant to equity market perception of the company.

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