CSE: MAXX OTC: MAXXF FSE: 89N By The Numbers  ·  July 24, 2026 Nine core samples averaged 4.4 percent helium They came from the zone directly above Canada’s first confirmed subsurface Natural Hydrogen discovery, where values reached 8.7 percent.   8.7% Peak helium in sealed core gas, well 15-19   14.2 sq. km Structural closure mapped by 3D seismic   2.4 km Step-out from discovery to Lawson 2-24   660,263 Acres of permits added July 24, across south-central Saskatchewan   155,125 Of those acres in the new Aurora Project, adjoining Lawson   ~2 million Total permitted acres in Saskatchewan, from 1.3 million   90 km Contiguous Lawson to Aurora corridor   12 Saskatchewan projects across the permitted position MAX Power drilled Canada’s first Natural Hydrogen well in November 2025 and confirmed a subsurface system at Lawson in January, with data validated by three independent laboratories. A rig has been turning at Lawson 2-24 since July 13 on the commercial validation program, with independent modeling by GLJ Ltd. The helium sits in a zone immediately above the hydrogen discovery, which makes it a value-added component rather than the target. The July 24 additions were spread across south-central Saskatchewan; the piece adjoining Lawson is the new Aurora Project. Analysis is ongoing and the company has said an update on the Lawson and Aurora Project is expected within the coming weeks. See the maps and the corporate presentation → Project maps, the corporate presentation, and the technical team are on one page. Watch the three minute explainer Note: Helium and hydrogen concentrations from sealed core tube gas samples are not production or flow rates and do not indicate recoverable volumes.  Compensation disclosure EMC has been paid $725,000 by MAX Power Mining Corp. Emerging Markets Consulting, LLC 390 North Orange Avenue, Suite 2300, Orlando, FL 32801 407-340-0226

Aehr Test Systems Stock Soars on Earnings, Eyes Over 150% Revenue Growth

Written by Leo Miller. Article Published: 7/17/2026.

As AI stocks swing up and down, few names have felt those movements as acutely as Aehr Test Systems (NASDAQ: AEHR). This small-cap stock has risen about 320% in 2026 and had a market capitalization of $2.7 billion in mid-July.

Although shares had been in a downtrend over the past 30 days, they rebounded sharply after Aehr posted its latest earnings report, spiking nearly 22% in a single day.

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Aehr’s sharp move came after it surpassed quarterly estimates and issued encouraging guidance.

This guidance meaningfully changes how investors should view Aehr’s valuation and increases confidence in its outlook.

Aehr’s Revenue Rises Over 30%, Gross Margin Explodes Upward

Aehr makes machines that put semiconductors under intense conditions to test them for defects. As data center operators look to increase performance by weeding out faulty chips, Aehr has been gaining considerable order momentum.

In the fourth quarter of its fiscal year 2026 (FY2026), Aehr posted revenue of $18.84 million. (Note that Aehr’s fiscal reporting period is several quarters ahead of the calendar year.) This represented year-over-year (YOY) growth of 33.7%.

Notably, this marked the first time in more than a year that Aehr’s quarterly revenue growth was positive, an important inflection point for the business. However, analysts had anticipated this performance, with Aehr only slightly beating estimates of $18.69 million.

Alongside this, Aehr crushed earnings-per-share (EPS) estimates. EPS came in at 11 cents, a significant improvement from a loss of 1 cent a year ago. Analysts had anticipated that EPS would remain at a loss of 1 cent. This strong performance came as Aehr greatly outperformed on adjusted gross margin, which soared 1,000 basis points to 45%, driven by higher sales, improved manufacturing capacity utilization and a higher-margin product mix.

Despite Aehr’s impressive quarter, full-year FY2026 revenue declined 15% YOY to $50 million. Aehr’s business has been transitioning from an overwhelming focus on EV markets to one focused primarily on non-EV markets, including AI.

Aehr Provides Blockbuster Guidance

Aehr’s Q4 FY2026 results were strong, but the company’s guidance is what really stole the show. For FY2027, Aehr expects to generate full-year sales of between $130 million and $150 million. This would represent a 160% to 200% increase over FY2026.

This guidance highlights Aehr’s success in generating orders for its Sonoma and FOX-XP systems. Over the past few quarters, Aehr has repeatedly announced significant orders within the AI chip industry. This has led the company to make strong statements about bookings, including that second-half FY2026 bookings would come in “at the high end of its $60 million to $80 million range.” A record $41 million hyperscaler order allowed it to surpass that estimate.

Aehr’s substantial revenue guidance provides a clear measure of how far the company has come.

Another figure underpinning this confidence is Aehr’s effective backlog of $100.6 million. The company simply has to deliver these booked orders to realize the revenue, absent cancellations. Assuming Aehr ships its full order backlog in FY2027, it would account for 67% to 77% of the company’s revenue guidance. This provides a strong degree of visibility into Aehr meeting its revenue expectations. It is important to note, however, that Aehr did not explicitly say its full backlog would necessarily convert into revenue in FY2027.

The additional customer demand Aehr anticipates for the rest of the year represents the difference between its backlog and its guidance. Notably, the company stated that it sees an opportunity to raise its FY2027 guidance even higher.

Aehr expects adjusted pretax profitability to be between 18% and 22% of revenue in FY2027. At the midpoint, this would imply adjusted pretax income of $28 million. In FY2026, that figure was -$3.7 million, showing that Aehr expects to significantly improve its profitability profile.

Aehr’s Forward Price-to-Sales Ratio Drops Over 50% From Highs

Using the midpoint of Aehr’s revenue guidance would give it a forward price-to-sales (P/S) ratio of around 20x. That is still very high by most standards, but it is down approximately 56% from Aehr’s forward P/S peak of 45x. This shows that the firm’s valuation has come much closer to aligning with its revenue expectations.

Additionally, after Aehr’s earnings report, analysts at Craig Hallum and Lake Street Capital placed $125 and $110 price targets on the stock, respectively. The average of these figures implies upside of nearly 40%. Aehr clearly remains a highly volatile and risky stock, but that risk is meaningfully lower than it has been over the past several months. Shares remain substantially below their highs, and the company just provided consequential data supporting its fundamental outlook.

Investors interested in Aehr should closely watch how the company’s orders, guidance and conversion of backlog into revenue progress going forward.