Volume-conversion swing
Pilots convert
Pilots stall
Wafer-level burn-in adoption to order flow, gated by pilot volume conversion
FOX wafer-level burn-in chamber
AI chip value up
yield risk → burn-in
AI pilot benchmark
beats package-level
to pilot validation
WaferPak full-wafer contact
full-wafer die grid
Follow-on orders
$22M follow-on
FOX-XP photonics
Bookings + backlog
Q4 record $60.7M
backlog ~$100.6M
backs FY27 $130-150M
Volume conversion
pilot-to-volume
pilots repeat into production
One-off pilots only
orders stay thin
EPS stays pressured
Repeat production
volume converts
margin ~45% FY28
EPS delivered