Shares of Aehr Test Systems (AEHR -1.40%) were skyrocketing this morning after the company reported better-than-expected first-quarter fiscal 2022 results late yesterday. The company's bookings hit a new record, and management raised its revenue guidance for the full year as a result of the strong quarter.
The tech stock was up an astonishing 33.7% at 11:49 a.m. EDT.
Aehr Test Systems reported net revenue of $5.6 million in the quarter, a 181% jump year over year. Additionally, the company's bookings reached a record $20.7 million in the quarter.
Investors were also impressed that the company's adjusted (non-GAAP) loss per share of $0.02 was better than Wall Street's consensus estimate of $0.03.
Aehr's CEO, Gayn Erickson, talked about the company's results in a press release, saying, "As we discussed and anticipated last year during the beginning of the COVID-19 pandemic, we have emerged a stronger company, with more production customers, more markets and applications, and higher-value products than we had before the start of the pandemic."
As a result of the company's strong first quarter, management raised Aehr's full-year revenue outlook by a staggering 80% -- to $50 million for fiscal 2022.
It's no surprise that investors are happy to see Aehr raise its full-year revenue guidance by such a significant percentage.
The company's massive share price jump comes on the heels of Aehr's impressive gains over the past year, as the company's stock has climbed nearly 1,000% over the past 12 months.
And with Aehr already starting its fiscal 2022 with a bang, investors may have more to look forward to in the coming quarters.