AI-focused handlers drove FY2027-Q1, while tester recovery remains unconfirmed

Revenue in FY2027-Q1 was ¥1,912 million, up 78.8% year on year, and operating profit was ¥413 million. By product, handler revenue surged 191.0% year on year to ¥1,317 million, and supplementary materials explained that handlers had risen to approximately 70% of the sales mix. Tester revenue, meanwhile, was ¥289 million, down 31.9%, while parts and other products were ¥305 million, up 59.5%. Overall revenue growth was therefore driven disproportionately by handlers rather than by an even recovery across products.

The key question is whether this change in the mix is a temporary quarterly factor or a shift in the product portfolio. In FY2026 as a whole, handler revenue rose 53.9% year on year to ¥2,547 million, while tester revenue fell 34.8% to ¥1,974 million and parts and other products fell 13.5% to ¥1,046 million. In FY2025, handler revenue was ¥1,654 million, tester revenue was ¥3,027 million and parts and other products were ¥1,209 million. Over one year, the sales mix shifted substantially from testers to handlers. In FY2027-H1, the absolute level of tester revenue should be monitored in addition to the handler growth rate.

The company explained that demand for GPUs, ASICs and HBM for generative AI is strong, while inventory adjustments in non-AI fields, slowing EV demand and intensifying competition with Chinese manufacturers are weighing on the tester market. Supplementary materials for FY2027-Q1 stated that handler orders were approximately three times the year-earlier level and tester orders were up 7%. There are signs of improvement for testers at the order stage. However, because there is a lead time before higher orders translate into shipments, revenue and operating profit, it is too early to judge a tester recovery based on orders alone.

At the next FY2027-H1 results announcement, we will check whether the year-on-year growth rate of handler revenue has slowed materially, whether tester revenue exceeds the low level of the year-earlier period, and whether parts and other products remain stable through demand for replacement parts. We will also monitor whether orders, order backlog and shipment timing are disclosed separately for handlers and testers. If tester orders remain 7% higher year on year while revenue declines, shipment timing or delays in customer acceptance may be the main factors. Conversely, a return to revenue growth in testers would be an initial sign of market recovery.