Aehr Test Systems makes semiconductor test and burn-in equipment — systems that stress-test chips to weed out early-life failures before they reach the field. Aehr's flagship FOX-P product family performs burn-in at the wafer level, testing full wafers before individual chips are cut and packaged. This is economically valuable because catching a defective die early avoids discarding a costly assembled package — a calculation that becomes increasingly favorable as AI processor packages grow more expensive. Alongside the FOX systems, Aehr sells WaferPak Contactors, custom probe cards that are specific to each device type and must be replaced every two to seven years, generating recurring revenue from the installed base. In FY25, Aehr added packaged-part burn-in systems through its acquisition of Incal Technology, whose Sonoma, Tahoe, and Echo product lines burn-in chips after packaging, with Sonoma targeting high-power AI accelerators and GPUs. Aehr sells directly to semiconductor manufacturers, outsourced test houses, and burn-in service companies, though the customer base is highly concentrated and revenue can be lumpy. Aehr's core growth thesis is that chips are becoming less reliable due to shrinking geometries and new materials, are increasingly assembled into expensive multi-chip packages, and are deployed in applications where reliability is critical — all of which increase the value of burn-in. Aehr is targeting AI processors, GaN power devices, silicon photonics, and NAND flash as growth markets beyond its historically SiC-heavy revenue base.