$Aehr Test(AEHR)$ Aehr Test Systems (AEHR) is reporting earnings after the close, with the Street looking for around $18.7M in revenue and a return to profitability. Hitting both would be a solid sign that backlog is converting.

The last report was a rollercoaster: the stock dropped about 5% on a revenue miss, then ran from the low $50s to over $120 in roughly five weeks. Bookings had passed $92M by mid-April.

Orders have kept coming, with seven public announcements since January. That includes a couple of recent silicon photonics follow-ons, which might not even be in the backlog for this quarter.

Their role in the supply chain is pretty clear: they test optical chips at the wafer level for companies like Coherent (COHR), Lumentum (LITE), and TSMC. Catching defects early, before those chips go into systems from Broadcom (AVGO) or Nvidia (NVDA) and end up in hyperscale data centers, prevents much more expensive failures down the line.

It's an interesting setup. I'm holding through the report to see how it plays out.