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Larry Chlebina

Research Analyst at Chlebina Capital

Larry Chlebina is an Investment Advisor Representative and Registered Principal at Chlebina Capital, specializing in growth-oriented investment strategies with a focus on technology companies such as Aehr Test Systems and related AI-driven semiconductor firms. With a career spanning 28 years, Chlebina has established a reputation for thorough business analysis and client-focused portfolio management, notably developing the Tiger Strategy to enhance returns and manage risk. He actively participates in industry earnings calls, providing insights into emerging opportunities and demonstrating strong client advocacy. Larry Chlebina holds professional credentials as an Investment Advisor Representative under Chlebina Capital's Registered Investment Advisor, is a Registered Principal with Osaic, and maintains securities registrations.

Larry Chlebina's questions to AEHR TEST SYSTEMS (AEHR) leadership

Larry Chlebina's questions to AEHR TEST SYSTEMS (AEHR) leadership • Q1 2026

Question

Larry Chlebina inquired about the potential acceleration of the evaluation process with a second processor due to AMD's partnership with OpenAI, and the optical I/O opportunity involving new machines versus upgrades.

Answer

CEO Gayn Erickson stated that the news warms his heart and that the forecast includes both upgrades and new machines for optical I/O. He also mentioned the introduction of a front end to Fox systems for fully hands-free operation and the evolving requirements for HBF (high-bandwidth flash).

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Larry Chlebina's questions to AEHR TEST SYSTEMS (AEHR) leadership • Q4 2025

Question

Larry Chlebina of Chlebina Capital Management sought confirmation on the status of its first AI customer, the number of distinct AI customers, the booking of an 18-wafer silicon carbide system, the future of high-voltage SiC systems, and the timeline for an HBM memory evaluation.

Answer

President & CEO Gayn Erickson confirmed the first AI customer is pleased and that more orders are expected this fiscal year. He clarified they are engaged with three distinct AI customers. The 18-wafer SiC system upgrade was shipped and booked in the quarter, and he expects most future SiC systems will include the premium high-voltage option. On HBM, Erickson noted that the new fine-pitch WaferPak technology developed for flash memory now makes an HBM evaluation technically feasible, positioning it as a future opportunity.

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Larry Chlebina's questions to AEHR TEST SYSTEMS (AEHR) leadership • Q3 2025

Question

Larry Chlebina asked about the installation timing for the first AI processor system, Q3 packaged part revenue, the motivation for the flash memory customer's interest, whether the new fine-pitch WaferPak opens the DRAM market, and the opportunity with a customer's 3D packaging facility.

Answer

CEO Gayn Erickson confirmed the first AI system is now running at the customer's OSAT, with the full initial order to be installed by quarter-end. CFO Chris Siu stated packaged part revenue was over 20% in Q3. Erickson explained that new technologies like hybrid bonding in flash memory are driving the need for Aehr's wafer-level solution to improve yields. He agreed the fine-pitch WaferPak technology opens opportunities in DRAM, particularly for HBM. Regarding the 3D packaging facility, Erickson acknowledged the significant opportunity for burn-in solutions in multi-chip modules without confirming customer specifics.

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Larry Chlebina's questions to AEHR TEST SYSTEMS (AEHR) leadership • Q3 2025

Question

Larry Chlebina inquired about the installation timing for the first AI processor XP system, Q3 packaged part revenue, the technical motivations for the flash memory engagement, and whether new WaferPak technology opens the DRAM market. He also asked about opportunities with a customer's 3D packaging facility.

Answer

CEO Gayn Erickson confirmed the AI system is now running at the customer's OSAT. CFO Chris Siu stated packaged part revenue was over 20% of total revenue. Erickson explained the flash memory opportunity is driven by technology shifts like hybrid bonding that necessitate wafer-level burn-in to improve yields. He agreed the new fine-pitch technology opens possibilities for DRAM, especially HBM. He also acknowledged the significant opportunity in providing burn-in solutions for complex multi-chip modules to improve yields before final assembly.

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Larry Chlebina's questions to AEHR TEST SYSTEMS (AEHR) leadership • Q2 2025

Question

Larry Chlebina of Chlebina Capital explored the scale of the AI processor and HBM testing opportunities, asking if the potential market is much larger than stated and if Aehr has the manufacturing capacity to meet such a surge in demand.

Answer

Executive Gayn Erickson acknowledged the AI-related opportunities are very large and that the motivation for wafer-level burn-in for components like HBM has dramatically increased. He assured that Aehr has significant and scalable manufacturing capacity, utilizing subcontract manufacturers, and is well-prepared to handle a substantial increase in demand.

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