00:00One eHer test systems share cost $6.78 at the low, then reached $145.61 at the peak.
00:10Yet the company produced only $50.0 million of revenue in its last completed year.
00:18What changed?
00:19The price record traces an extraordinary change in how the market treated eHer.
00:25Shares closed at $6.78 on April 8, 2025, climbed to a $145.61 peak close on August 17,
00:382026, and most recently closed at $104.39 on September 25.
00:45The company's forecasts also changed sharply over time.
00:49On January 9, 2024, eHer cut fiscal 2024 guidance to $75 million to $85 million.
01:00By April 9, it was guiding to about $65 million.
01:05Then, on July 14, 2026, the company guided to $130 million to $150 million for fiscal 2027.
01:17Those forecasts do not prove why investors paid each price.
01:22They do show how dramatically eHer's own forward revenue story changed.
01:28eHer sells equipment and supporting products used to test, burn in, and stabilize semiconductor devices
01:35for chip manufacturers and test operations.
01:38At wafer probe, processed wafers are checked for defective dye using eHer's FOXB systems and wafer pack contactors.
01:47At wafer burn in, devices face elevated voltage and temperature before dicing.
01:53eHer supplies FOXXB and FOXNP systems.
01:57The wafer is then cut, and acceptable dye are packaged.
02:01At package burn in, packaged devices undergo reliability screening and stress testing using Sonoma, Tahoe, and Echo products.
02:11Final testing follows with automatic test equipment.
02:15Across those stages, eHer also sells carriers, loaders, fixtures, accessories, and related services,
02:22covering devices at wafer, individual dye, module, and package levels.
02:28In eHer test systems, account, high-bandwidth memory combines multiple DRAM dye using through-silicon connections.
02:37The company says one defective dye can compromise the entire valuable stack.
02:42eHer believes it's wafer-level testing, and burn in can find latent defects before stacking and packaging,
02:49when screening is more useful.
02:52Now the promise.
02:53eHer reported $80.6 million of backlog as of May 29, 2026.
03:01Its later effective backlog measure, which includes bookings received after that date, stood at $100.6 million.
03:10The company also recorded $60.7 million of bookings for the quarter
03:15and approximately $8 million of new silicon carbide, wafer pack orders in the last month.
03:22For fiscal 2027 management projects, revenue between $130 million and $150 million.
03:32These are eHer's own forward commitments and indicators, orders, backlog, and guidance.
03:38They are not delivered revenue.
03:41The completed fiscal year produced $50.0 million,
03:45so execution now has to turn those forward figures into reported sales.
03:51The reported history is much smaller than the latest forecast.
03:56Revenue was $20.3 million in fiscal 2022,
04:01jumped to $65.0 million in 2023,
04:06and edged up to $66.2 million in 2024.
04:12It then fell to $59.0 million in 2025,
04:17and fell again to $50.0 million in 2026.
04:24Profitability weakened with it.
04:26Gross profit moved from $32.5 million in 2024 to $23.9 million in 2025,
04:36and $17.7 million in 2026.
04:41Net income moved from $33.2 million in 2024
04:47to a $3.9 million loss in 2025,
04:52and a $7.1 million loss in 2026.
04:57Against that delivered result,
05:00the company is asking the business to reach $130 million
05:03to $150 million of fiscal 2027 revenue.
05:09The conversion question is therefore not incremental growth.
05:14It is whether falling revenue and widening losses can reverse
05:18while EHIR fulfills enough orders to reach its own forecast.
05:23The $80.6 million backlog
05:26is booked customer demand awaiting fulfillment.
05:30It is not revenue, not cash, and not a guarantee.
05:34EHIR's filing says customers can cancel
05:37or reschedule orders with limited penalties,
05:40so that backlog may not become revenue on the expected timetable.
05:46EHIR's customer base is concentrated.
05:49Its five largest customers
05:51generated approximately 70% of fiscal 2026 net sales.
05:57The largest individual customer accounted for 26.3%.
06:02The next two represented 14.2% and 10.9%.
06:07That means the conversion gap depends heavily on a small group
06:12continuing to order, accept shipments,
06:15and move through qualification.
06:17The filing says EHIR expects a limited number of customers
06:21to keep representing a high percentage of sales.
06:25Large orders can therefore change reported performance quickly,
06:29but so can delays or reduce demand from those same accounts.
06:35EHIR's filing calls semiconductor equipment intensely competitive,
06:39with buyers weighing price, capability, quality, automation,
06:43reliability, throughput, ownership cost, availability, and service.
06:49It says established competitors and possible entrants
06:52often possess greater resources
06:54and notes price competition in less advanced systems.
06:58The filing names no competitor.
07:01The issue here is whether EHIR can convert orders
07:04while preserving margin, not merely ship them.
07:08First, orders can move or disappear.
07:11EHIR says customers may cancel or reschedule
07:15with limited penalties,
07:16leaving the $80.6 million backlog
07:19unable to convert when expected.
07:23Second, suppliers can disrupt shipment timing.
07:26The filing warns that component or subassembly delays
07:30can postpone deliveries
07:32and make quarter-end revenue fall significantly.
07:35Third, customer adoption can take time.
07:39Qualification, correlation, and specification testing
07:42may be lengthy,
07:44delaying both production adoption and revenue recognition.
07:47Each risk sits directly between a booked order
07:51and reported revenue,
07:53customer commitment,
07:54EHIR's ability to ship,
07:56and the customer's readiness to accept production deployment.
08:00First, revenue.
08:02Fiscal 2026 delivered $50.0 million.
08:06Evidence of closure means reported fiscal 2027 revenue
08:12moving toward the company's $130 million
08:16to $150 million guidance.
08:20Second, backlog.
08:21The starting marker is $80.6 million
08:24as of May 29, 2026.
08:28Watch whether it converts into reported sales
08:30rather than being deferred or canceled.
08:33Third, earnings.
08:35EHIR lost $7.1 million in fiscal 2026.
08:41Growth must eventually move,
08:43that result back above zero.
08:45Fourth, concentration.
08:47The five largest customers supplied about 70% of sales,
08:51with the largest at 26.3%.
08:54Watch whether growth broadens that dependence
08:57rather than intensifying it.
08:59The whole EHIR story turns on
09:03whether customer commitments
09:04become profitable reported revenue
09:06before cancellations,
09:08supply delays,
09:09qualification,
09:10or concentration
09:11get in the way.
09:13That is the conversion gap
09:15and we'll keep watching whether it closes.
09:18Whether that book becomes revenue
09:20is what the next few filings will show.
09:22For more details than what case 우와 notified
09:22of those findings will go to Tesla.
09:23For more details,
09:23we'll be fine in the way khi duke you
09:23see a conflication gap
09:23You
