What happened

Aehr Test Systems (AEHR -4.25%), a once-obscure stock that has become noticed by many investors thanks to its connection with the electric vehicle (EV) industry, had quite the trading session on Friday. Thanks to encouraging quarterly results, the company's shares shot almost 24% higher on the day. 

So what

After market hours Thursday, Aehr unveiled the figures for its first quarter of fiscal 2023. These revealed that the company booked $10.7 million in sales for the period, up a very robust 89% compared to the same quarter last year. On the bottom line, Aehr flipped to a non-GAAP (adjusted) net profit of just under $1.3 million, or $0.05 per share, from the year-ago loss of $414,000.

Both headline numbers pounded analyst estimates into the dust. On average, prognosticators following the stock were anticipating a top-line figure of $5.12 million, and an adjusted loss of $0.03 per share.

In its earnings release, Aehr said that it is currently engaged with, or talking to, nearly all silicon carbide suppliers to potentially utilize its testing solutions. It added that the continued growth in the EV industry should continue to provide it with much opportunity.

Now what

In the release, Aehr reiterated its existing, rather bullish guidance. The company believes that total revenue will come in at $60 million to $70 million for the entirety of fiscal 2023, with high profit margins similar to those of fiscal 2022. It added that it believes bookings will grow faster than revenue "as the ramp in demand for silicon carbide in electric vehicles increases exponentially throughout the decade."