The semiconductor industry experiences significant cyclical fluctuations, making timing crucial for investors. Aehr Test Systems (NASDAQ: AEHR), which specializes in testing solutions for semiconductor devices, appears poised for growth, particularly as it serves the electric vehicle (EV) market, with ON Semiconductor as a major client. The company’s revenue is heavily reliant on a few key customers, who represented 97%, 93%, and 77% of sales in fiscal years 2023, 2024, and 2025, respectively. This concentration highlights both the opportunities and risks in Aehr’s business model.
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