FREMONT, Calif., May 08, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced packaging applications, today reported financial results for its first quarter ended March 31, 2025.
“Our first quarter results mark a good start to 2025. We delivered 13% year-over-year revenue growth, solid profitability, and positive cash flow from operations,” said Dr. David Wang, President and Chief Executive Officer of ACM. “We achieved several strategic milestones: including the qualification of our high-temperature SPM tool by a leading logic customer in China, customer acceptance for our backside/bevel etch tool from a U.S. customer, and we received the 2025 3D InCites Technology Enablement Award for our proprietary Ultra ECP ap-p tool, which we believe is the world’s first to utilize horizontal plating for panel applications. These achievements highlight ACM’s technology leadership in both front-end processing and advanced packaging applications, which we believe will allow us to play a key role as the global industry demands innovation to advance the ever-evolving semiconductor requirements for AI.”
“For 2025, we expect incremental revenue contribution from Tahoe, SPM, and furnace tools; and progress in customer evaluations of Track, PECVD, and panel-level packaging platforms. We believe ACM’s focused effort on developing world-class tools across our customer base will also support our efforts for additional major customer wins in global markets. We are also investing in our Oregon facility to serve as a base for customer evaluations, technology development and initial production for our global customers.”
| Three Months Ended March 31, | |||||||||||||||
| GAAP | Non-GAAP(1) | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (dollars in thousands, except EPS) | |||||||||||||||
| Revenue | $ | 172,347 | $ | 152,191 | $ | 172,347 | $ | 152,191 | |||||||
| Gross margin | 47.9% | 52.0% | 48.2% | 52.5% | |||||||||||
| Income from operations | $ | 25,777 | $ | 25,232 | $ | 35,594 | $ | 39,801 | |||||||
| Net income attributable to ACM Research, Inc. | $ | 20,380 | $ | 17,433 | $ | 31,279 | $ | 34,597 | |||||||
| Basic EPS | $ | 0.32 | $ | 0.28 | $ | 0.49 | $ | 0.56 | |||||||
| Diluted EPS | $ | 0.30 | $ | 0.26 | $ | 0.46 | $ | 0.52 | |||||||
(1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.
Outlook
ACM is maintaining its revenue guidance range of $850 million to $950 million for fiscal year 2025. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.
Operating Highlights and Recent Announcements
- Shipments. Total shipments in the first quarter of 2025 were $157 million, compared to $245 million for the first quarter of 2024. This decrease is due in part to customer pull-ins in the fourth quarter of 2024, which contributed to stronger total shipments for that period. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 grew by 8.9% versus the prior year periods. We anticipate a return to year-on-year growth in total shipments for the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
- Qualification of High-Temp SPM Tool in China. ACM’s single-wafer high-temperature SPM tool was qualified by a key logic device manufacturer in mainland China. Featuring a proprietary nozzle that reduces acid mist and maintenance needs, the tool enhances particle control and system uptime. It supports wet etching and wafer cleaning for technology nodes at 28nm and below. ACM has now delivered SPM tools to 13 customers.
- Recognized for Innovation in High-Volume Fan-Out Panel-Level Packaging Solutions. ACM won the 2025 3D InCites Technology Enablement Award for its Ultra ECP ap-p tool, the first commercially available high-volume copper deposition system for the large panel market. This innovative system supports advanced panel sizes and delivers high uniformity through ACM’s proprietary horizontal plating approach, which we expect to help address integration challenges in advanced semiconductor packaging.
- Appointment of New Board Member. ACM appointed Charlie Pappis to its Board of Directors, effective March 15, 2025.
First Quarter 2025 Financial Summary
Unless otherwise noted, the following figures refer to the first quarter of 2025 and comparisons are with the first quarter of 2024.
- Revenue was $172.3 million, up 13.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies.
- Gross margin was 47.9% versus 52.0%. Non-GAAP gross margin, which excludes stock-based compensation, was 48.2% versus 52.5%. Gross margin exceeded ACM’s previously disclosed long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
- Operating expenses were $56.8 million, up 5.4%. Operating expenses as a percentage of revenue decreased to 32.9% from 35.4%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $47.5 million, up 18.4%. Non-GAAP operating expenses as a percentage of revenue increased to 27.6% from 26.3%.
- Operating income was $25.8 million, up 2.2%. Operating margin was 15.0% compared to 16.6%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $35.6 million, a decrease of 10.6%. Non-GAAP operating margin, which excludes stock-based compensation, was 20.7% compared to 26.2%.
- Unrealized loss on short-term investments was $1.1 million, compared to $2.6 million. Unrealized loss reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
- Income tax expense was $2.2 million, compared to $4.4 million.
- Net income attributable to ACM Research, Inc. was $20.4 million, compared to $17.4 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $31.3 million, compared to $34.6 million.
- Net income per diluted share attributable to ACM Research, Inc. was $0.30, compared to $0.26. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.46, compared to $0.52.
- Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $498.4 million at March 31, 2025, compared to $441.9 million at December 31, 2024.
Conference Call Details
A conference call to discuss results will be held on Thursday, May 8, 2025, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.
Online Registration: https://register-conf.media-server.com/register/BI300a7bc629bd43d98fcb1268d481b156
Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.
A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com.
Use of Non-GAAP Financial Measures
ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”
ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.
While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.
Forward-Looking Statements
Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
About ACM Research, Inc.
ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.
© ACM Research, Inc. ULTRA ECP ap and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without 
For investor and media inquiries, please contact:
| In the United States: | The Blueshirt Group |
| Steven C. Pelayo, CFA | |
| (360)808-5154 | |
| steven@blueshirtgroup.co | |
| In China: | The Blueshirt Group Asia |
| Gary Dvorchak, CFA | |
| +86 (138) 1079-1480 | |
| gary@blueshirtgroup.co |
| ACM RESEARCH, INC. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| (Unaudited) | |||||||
| (In thousands) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 457,240 | $ | 407,445 | |||
| Restricted cash | 10,586 | 3,865 | |||||
| Short-term time deposits | 17,202 | 17,277 | |||||
| Short-term investment | 18,319 | 19,373 | |||||
| Accounts receivable, net | 387,849 | 387,045 | |||||
| Other receivables | 35,050 | 41,859 | |||||
| Inventories, net | 609,567 | 597,984 | |||||
| Advances to related party | 1,384 | 1,024 | |||||
| Prepaid expenses and other current assets | 10,677 | 7,507 | |||||
| Total current assets | 1,547,874 | 1,483,379 | |||||
| Property, plant and equipment, net | 277,065 | 269,272 | |||||
| Operating lease right-of-use assets, net | 17,747 | 14,038 | |||||
| Intangible assets, net | 2,997 | 3,461 | |||||
| Long-term time deposits | 13,393 | 13,275 | |||||
| Deferred tax assets | 16,457 | 14,781 | |||||
| Long-term investments | 54,814 | 37,063 | |||||
| Other long-term assets | 3,421 | 20,452 | |||||
| Total assets | $ | 1,933,768 | $ | 1,855,721 | |||
| Liabilities and Equity | |||||||
| Current liabilities: | |||||||
| Short-term borrowings | $ | 24,951 | $ | 32,814 | |||
| Current portion of long-term borrowings | 67,935 | 44,472 | |||||
| Related party accounts payable | 19,285 | 16,133 | |||||
| Accounts payable | 116,441 | 139,294 | |||||
| Advances from customers | 241,456 | 243,949 | |||||
| Deferred revenue | 10,781 | 8,537 | |||||
| Income taxes payable | 6,168 | 12,779 | |||||
| FIN-48 payable | 19,483 | 19,466 | |||||
| Other payables and accrued expenses | 118,814 | 121,657 | |||||
| Current portion of operating lease liability | 3,564 | 2,132 | |||||
| Total current liabilities | 628,878 | 641,233 | |||||
| Long-term borrowings | 134,540 | 105,525 | |||||
| Long-term operating lease liability | 6,149 | 3,840 | |||||
| Other long-term liabilities | 8,848 | 9,217 | |||||
| Total liabilities | 778,415 | 759,815 | |||||
| Commitments and contingencies | |||||||
| Equity: | |||||||
| Stockholders’ equity: | |||||||
| Class A Common stock | 6 | 6 | |||||
| Class B Common stock | 1 | 1 | |||||
| Additional paid-in capital | 700,191 | 677,476 | |||||
| Retained earnings | 280,380 | 260,000 | |||||
| Statutory surplus reserve | 30,514 | 30,514 | |||||
| Accumulated other comprehensive loss | (61,946 | ) | (63,372 | ) | |||
| Total ACM Research, Inc. stockholders’ equity | 949,146 | 904,625 | |||||
| Non-controlling interests | 206,207 | 191,281 | |||||
| Total equity | 1,155,353 | 1,095,906 | |||||
| Total liabilities and equity | $ | 1,933,768 | $ | 1,855,721 | |||
| ACM RESEARCH, INC. | |||||||
| Condensed Consolidated Statements of Operations and Comprehensive Income | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| (Unaudited) |
|||||||
| (In thousands, except share and per share data) | |||||||
| Revenue | $ | 172,347 | $ | 152,191 | |||
| Cost of revenue | 89,797 | 73,070 | |||||
| Gross profit | 82,550 | 79,121 | |||||
| Operating expenses: | |||||||
| Sales and marketing | 16,343 | 14,173 | |||||
| Research and development | 27,503 | 23,918 | |||||
| General and administrative | 12,927 | 15,798 | |||||
| Total operating expenses | 56,773 | 53,889 | |||||
| Income from operations | 25,777 | 25,232 | |||||
| Interest income | 3,339 | 1,774 | |||||
| Interest expense | (1,558 | ) | (783 | ) | |||
| Realized gain from sale of short-term investments | – | 273 | |||||
| Unrealized loss on short-term investments | (1,082 | ) | (2,595 | ) | |||
| Other (expense) income, net | (262 | ) | 3,080 | ||||
| Income (loss) from equity method investments | 952 | (520 | ) | ||||
| Income before income taxes | 27,166 | 26,461 | |||||
| Income tax expense | (2,153 | ) | (4,369 | ) | |||
| Net income | 25,013 | 22,092 | |||||
| Less: Net income attributable to non-controlling interests | 4,633 | 4,659 | |||||
| Net income attributable to ACM Research, Inc. | $ | 20,380 | $ | 17,433 | |||
| Comprehensive income (loss): | |||||||
| Net income | 25,013 | 22,092 | |||||
| Foreign currency translation adjustment, net of tax of nil | 1,750 | (6,829 | ) | ||||
| Comprehensive Income | 26,763 | 15,263 | |||||
| Less: Comprehensive income attributable to non-controlling interests | 4,957 | 3,406 | |||||
| Comprehensive income attributable to ACM Research, Inc. | $ | 21,806 | $ | 11,857 | |||
| Net income attributable to ACM Research, Inc. per common share: | |||||||
| Basic | $ | 0.32 | $ | 0.28 | |||
| Diluted | $ | 0.30 | $ | 0.26 | |||
| Weighted average common shares outstanding used in computing per share amounts: | |||||||
| Basic | 63,267,834 | 61,367,184 | |||||
| Diluted | 66,952,774 | 66,242,321 | |||||
| ACM RESEARCH, INC. | ||||
| Total Revenue by Product Category and by Region | ||||
| Three Months Ended March 31, | ||||
| 2025 | 2024 | |||
| (Unaudited) |
||||
| ($ in thousands) | ||||
| Single wafer cleaning, Tahoe and semi-critical cleaning equipment | $ | 129,569 | $ | 109,470 |
| ECP (front-end and packaging), furnace and other technologies | 27,630 | 25,800 | ||
| Advanced packaging (excluding ECP), services & spares | 15,148 | 16,921 | ||
| Total Revenue by Product Category | $ | 172,347 | $ | 152,191 |
| Three Months Ended March 31, | ||||
| 2025 | 2024 | |||
| Mainland China | $ | 169,053 | $ | 152,135 |
| Other Regions | 3,294 | 56 | ||
| Total Revenue by Region | $ | 172,347 | $ | 152,191 |
| ACM RESEARCH, INC. |
| Reconciliation of GAAP to Non-GAAP Financial Measures |
As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:
| Three Months Ended March 31, | ||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Actual | SBC | Other non-operating adjustments | Adjusted | Actual | SBC | Other non-operating adjustments | Adjusted | |||||||||||||||||
| (GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | |||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Revenue | $ | 172,347 | $ | – | $ | – | $ | 172,347 | $ | 152,191 | $ | – | $ | – | $ | 152,191 | ||||||||
| Cost of revenue | (89,797 | ) | (529 | ) | – | (89,268 | ) | (73,070 | ) | (781 | ) | – | (72,289 | ) | ||||||||||
| Gross profit | 82,550 | (529 | ) | – | 83,079 | 79,121 | (781 | ) | – | 79,902 | ||||||||||||||
| Gross margin | 47.9% | 0.3% | – | 48.2% | 52.0% | 0.5% | – | 52.5% | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Sales and marketing | (16,343 | ) | (2,157 | ) | – | (14,186 | ) | (14,173 | ) | (3,027 | ) | – | (11,146 | ) | ||||||||||
| Research and development | (27,503 | ) | (2,775 | ) | – | (24,728 | ) | (23,918 | ) | (4,503 | ) | – | (19,415 | ) | ||||||||||
| General and administrative | (12,927 | ) | (4,356 | ) | – | (8,571 | ) | (15,798 | ) | (6,258 | ) | – | (9,540 | ) | ||||||||||
| Total operating expenses | (56,773 | ) | (9,288 | ) | – | (47,485 | ) | (53,889 | ) | (13,788 | ) | – | (40,101 | ) | ||||||||||
| Income (loss) from operations | $ | 25,777 | $ | (9,817 | ) | $ | – | $ | 35,594 | $ | 25,232 | $ | (14,569 | ) | $ | – | $ | 39,801 | ||||||
| Unrealized loss on short-term investments | (1,082 | ) | – | (1,082 | ) | – | (2,595 | ) | – | (2,595 | ) | – | ||||||||||||
| Net income (loss) attributable to ACM Research, Inc. | $ | 20,380 | $ | (9,817 | ) | $ | (1,082 | ) | $ | 31,279 | $ | 17,433 | $ | (14,569 | ) | $ | (2,595 | ) | $ | 34,597 | ||||
| Basic EPS | $ | 0.32 | $ | 0.49 | $ | 0.28 | $ | 0.56 | ||||||||||||||||
| Diluted EPS | $ | 0.30 | $ | 0.46 | $ | 0.26 | $ | 0.52 | ||||||||||||||||
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow