ACM Research Reports First Quarter 2025 Results

 

FREMONT, Calif., May 8, 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.”

 

 

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.

 

 

 

 

 

 

Unless otherwise noted, the following figures refer to the first quarter of 2025 and comparisons are with the first quarter of 2024.

 

 

 

 

 

 

 

 

 

 

 

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.

 

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.

 

 

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.

 

 

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.

 

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 ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

 

For investor and media inquiries, please contact:

 

ACM RESEARCH, INC.

Condensed Consolidated Balance Sheets

 

ACM RESEARCH, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

ACM RESEARCH, INC.

Total Revenue by Product Category and by Region

 

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

 

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