Aehr Test Systems (AEHR) Cash Flow Statement
Where AEHR’s cash came from and went, FY2026
May 31, 2026 · U.S. dollars- Cash from operations
- −$3.3M
- Capital expenditures
- $2.1M 4.1% of revenue
- Free cash flow
- −$5.4M −10.8% margin
- Returned to shareholders
- $2.4M
- Change in cash
- $90.0M cash at year-end $116.5M
Cash from operations
−$3.3M
Capital expenditures
−$2.1M
Acquisitions & other
−$1.8M
Share buybacks (net)
−$2.4M
Shares issued
+$97.4M
Other financing
+$2.2M
Change in cash
$90.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AEHR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AEHR cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$4.5MFY2017 | −$3.3MFY2026 | — | |
| Capital expenditures | $477,000FY2017 | $2.1MFY2026 | +17.7%/yr | |
| Free cash flow | −$5.0MFY2017 | −$5.4MFY2026 | — | |
| Free cash flow margin | −26.3%FY2017 | −10.8%FY2026 | +15.6 pts | |
| Operating cash flow / net income | −2.56FY2018 | 0.05FY2024 | +2.61 | |
| Stock-based compensation | $999,000FY2017 | $6.8MFY2026 | +23.7%/yr | |
| Dividends paid | $0FY2017 | $1.4MFY2022 | — | |
| Share buybacks (net) | $0FY2017 | $2.4MFY2026 | — | |
| Capex / revenue | 2.5%FY2017 | 4.1%FY2026 | +1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AEHR cash flow by activity
OperatingInvestingFinancingChange in cash
AEHR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AEHR cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$7.1M | −$3.9M | $33.2M | $14.6M | $9.4M | −$2.0M | −$2.8M | −$5.2M | $528,000 | −$5.7M |
| Depreciation & amortization | $3.5M | $3.4M | $1.4M | $450,000 | $307,000 | $310,000 | $384,000 | $431,000 | $417,000 | $271,000 |
| Stock-based compensation | $6.8M | $5.2M | $2.5M | $2.7M | $3.0M | $1.1M | $910,000 | $905,000 | $996,000 | $999,000 |
| Change in working capital | −$1.8M | −$12.2M | −$14.4M | −$7.3M | −$9.6M | $316,000 | −$561,000 | −$1.7M | −$3.2M | −$313,000 |
| Other non-cash items | −$4.7M | $163,000 | −$20.9M | −$464,000 | −$1.7M | −$2.4M | $45,000 | −$3,000 | −$58,000 | $201,000 |
| Cash from operating activities | −$3.3M | −$7.4M | $1.8M | $10.0M | $1.5M | −$2.7M | −$2.0M | −$5.6M | −$1.4M | −$4.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.1M | −$5.0M | −$749,000 | −$1.4M | −$416,000 | −$227,000 | −$163,000 | −$173,000 | −$572,000 | −$477,000 |
| Investments (net) | $0 | −$16.1M | $17.3M | −$18.7M | −$416,000 | −$227,000 | −$163,000 | −$173,000 | −$572,000 | −$477,000 |
| Acquisitions & other investing | −$1.8M | $5.0M | $749,000 | $1.4M | $416,000 | $227,000 | $163,000 | $173,000 | $572,000 | $477,000 |
| Cash from investing activities | −$3.9M | −$16.1M | $17.3M | −$18.7M | −$416,000 | −$227,000 | −$163,000 | −$173,000 | −$572,000 | −$477,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$1.4M | −$1.4M | −$1.7M | — | $0 | $0 |
| Share repurchases & issuance (net) | −$2.4M | −$784,000 | −$1.6M | −$2.1M | −$429,000 | −$20,000 | −$10,000 | $559,000 | $925,000 | $6.0M |
| Net borrowing (repayment) | — | — | $0 | $0 | −$1.4M | $1.4M | $1.7M | −$6.1M | −$6.1M | −$6.1M |
| Shares issued | $97.4M | $0 | $0 | $6.8M | $24.0M | $0 | $0 | $559,000 | $0 | $0 |
| Other financing | $2.2M | $1.4M | $1.7M | $2.6M | $5.0M | $2.0M | $2.2M | −$559,000 | $6.1M | $21.9M |
| Cash from financing activities | $97.2M | $625,000 | $139,000 | $7.3M | $25.8M | $2.0M | $2.2M | −$5.6M | $925,000 | $21.8M |
| Summary | ||||||||||
| Net change in cash | $90.0M | −$23.9M | $19.1M | −$1.4M | $26.9M | −$851,000 | $5,000 | −$11.4M | −$955,000 | $16.9M |
| Cash at end of period | $116.5M | $25.2M | $49.2M | $30.1M | $31.5M | $4.6M | $5.4M | $5.4M | $16.8M | $17.8M |
| Free cash flow | −$5.4M | −$12.4M | $1.0M | $8.6M | $1.1M | −$2.9M | −$2.2M | −$5.8M | −$1.9M | −$5.0M |
| Free cash flow margin | −10.8% | −21.0% | 1.5% | 13.3% | 2.1% | −17.6% | −9.8% | −27.6% | −6.5% | −26.3% |
| Capex / revenue | 4.1% | 8.5% | 1.1% | 2.1% | 0.8% | 1.4% | 0.7% | 0.8% | 1.9% | 2.5% |
| Operating cash flow / net income | — | — | 0.05 | 0.69 | 0.16 | — | — | — | −2.56 | — |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.4M | −$3.2M | −$3.2M | −$2.1M | −$2.9M | −$643,000 | −$1.0M | $660,000 | $23.9M | −$1.5M | $6.1M | $4.7M |
| Depreciation & amortization | $877,000 | $860,000 | $871,000 | $922,000 | $1.0M | $909,000 | $893,000 | $566,000 | $372,000 | $371,000 | $145,000 | $138,000 |
| Stock-based compensation | $1.9M | −$287,000 | $3.5M | $1.7M | $1.4M | $1.8M | $1.1M | $870,000 | $774,000 | $584,000 | $638,000 | $522,000 |
| Change in working capital | −$491,000 | −$1.1M | −$185,000 | −$30,000 | −$2.3M | −$3.5M | −$6.6M | $140,000 | −$3.0M | −$2.3M | −$7.6M | −$1.5M |
| Other non-cash items | −$2.4M | $864,000 | −$2.4M | −$761,000 | $456,000 | −$203,000 | −$234,000 | $144,000 | −$20.8M | $0 | $165,000 | $42,000 |
| Cash from operating activities | $1.2M | −$2.9M | −$1.4M | −$282,000 | −$2.3M | −$1.6M | −$5.9M | $2.4M | $1.2M | −$2.8M | −$545,000 | $3.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$134,000 | −$74,000 | −$467,000 | −$1.4M | −$2.8M | −$1.7M | −$321,000 | −$197,000 | −$46,000 | −$263,000 | −$156,000 | −$284,000 |
| Investments (net) | — | — | — | −$1.4M | −$2.8M | −$2.1M | −$321,000 | −$10.8M | −$46,000 | −$263,000 | −$156,000 | $17.7M |
| Acquisitions & other investing | $0 | $0 | −$1.8M | $1.4M | $2.8M | $1.7M | $321,000 | $197,000 | $46,000 | $263,000 | $156,000 | $284,000 |
| Cash from investing activities | −$134,000 | −$74,000 | −$2.3M | −$1.4M | −$2.8M | −$2.1M | −$321,000 | −$10.8M | −$46,000 | −$263,000 | −$156,000 | $17.7M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$1.1M | −$454,000 | −$491,000 | −$328,000 | −$264,000 | −$177,000 | −$181,000 | −$162,000 | −$116,000 | −$20,000 | −$448,000 | −$1.0M |
| Shares issued | $77.8M | $10.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.1M | $58,000 | $10.3M | $170,000 | $515,000 | $63,000 | $775,000 | $56,000 | $537,000 | $178,000 | $702,000 | $318,000 |
| Cash from financing activities | $77.8M | $9.8M | $9.8M | −$158,000 | $251,000 | −$114,000 | $594,000 | −$106,000 | $421,000 | $158,000 | $254,000 | −$694,000 |
| Summary | ||||||||||||
| Net change in cash | $79.4M | $6.1M | $8.3M | −$771,000 | −$4.9M | −$3.0M | −$4.8M | −$11.3M | $1.6M | −$2.9M | −$441,000 | $20.9M |
| Cash at end of period | $116.5M | $37.1M | $31.0M | $24.5M | $25.2M | $30.1M | $33.1M | $37.8M | $49.2M | $47.6M | $50.5M | $51.0M |
| Free cash flow | $1.1M | −$2.9M | −$1.9M | −$1.7M | −$5.1M | −$3.3M | −$6.2M | $2.2M | $1.2M | −$3.1M | −$701,000 | $3.6M |
| Free cash flow margin | 5.5% | −28.4% | −18.7% | −15.3% | −36.3% | −17.8% | −46.0% | 16.6% | 7.1% | −40.8% | −3.3% | 17.5% |
| Capex / revenue | 0.7% | 0.7% | 4.7% | 12.7% | 20.0% | 9.0% | 2.4% | 1.5% | 0.3% | 3.5% | 0.7% | 1.4% |
| Operating cash flow / net income | 0.87 | — | — | — | — | — | — | 3.61 | 0.05 | — | −0.09 | 0.83 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AEHR cash generation
In fiscal 2026 (ended May 31, 2026), Aehr Test Systems generated -$3.3 million of cash from operations and spent $2.1 million on capital expenditures, leaving free cash flow of -$5.4 million, −10.8% of revenue. It returned $2.4 million to shareholders through dividends ($0) and net share buybacks ($2.4 million). Cash and equivalents rose by $90.0 million over the year.
Related: AEHR income statement, AEHR balance sheet. See the AEHR stock overview for the latest quote and news.
AEHR cash flow FAQ
What is Aehr Test Systems's free cash flow?
Aehr Test Systems's free cash flow was -$5.4 million in fiscal 2026: -$3.3 million of operating cash flow minus $2.1 million of capital expenditures It was -$12.4 million a year earlier..
How much cash does Aehr Test Systems generate from operations?
Aehr Test Systems generated -$3.3 million of cash from operating activities in fiscal 2026.
How much does Aehr Test Systems spend on capital expenditures?
Aehr Test Systems spent $2.1 million on capital expenditures in fiscal 2026, 4.1% of revenue, compared with $5.0 million the year before.
How much stock does Aehr Test Systems buy back?
Aehr Test Systems spent $2.4 million on net share repurchases in fiscal 2026.