Aehr Test Systems 2025年度报告

FORM 10-K (Mark One)☒Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year endedMay 29, 2026 or ☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________________ to ________________ Commission file number:000-22893 AEHR TEST SYSTEMS (Exact name of registrant as specified in its charter) 94-2424084(IRS Employer California(State or other jurisdiction of incorporation or organization) Identification Number) 94539(Zip Code) 400 KATO TERRACE, FREMONT, CA(Address of principal executive offices) Registrant’s telephone number, including area code:(510) 623-9400 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☐Yes☒No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Act.☐Yes☒No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by theregistered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐Yes☒No Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐Yes☒No Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒No The aggregate market value of the registrant’s common stock, par value $0.01 per share, held by non-affiliates of theregistrant, based upon the closing price of $22.97 on November 28, 2025, as reported on the NASDAQ Capital Market, was$671,378,691. For purposes of this disclosure, shares of common stock held by persons who hold more than 5% of the outstandingshares of common stock (other than such persons of whom the Registrant became aware only through the filing of a Schedule 13Gfiled with the Securities and Exchange Commission) and shares held by officers and directors of the Registrant have been excludedbecause such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily conclusive for otherpurposes. The number of shares of registrant’s common stock, par value $0.01 per share, outstanding at July 20, 2026 was 32,620,450. DOCUMENTS INCORPORATED BY REFERENCE: Portions of registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated byreference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with theSecurities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended May 29, 2026. AEHR TEST SYSTEMS FORM 10-KFISCAL YEAR ENDED MAY 29, 2026 TABLE OF CONTENTS PART I Item 1.Business4Item 1A.Risk Factors13Item 1B.Unresolved Staff Comments22Item 1C.Cybersecurity22Item 2.Properties23Item 3.Legal Proceedings23Item 4.Mine Safety Disclosures23