Business
ACM Research Reports First Quarter 2022 Results
FREMONT, Calif., May 06, 2022 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions
About this update from Acm Research, Inc.
[{"type":"text","content":"FREMONT, Calif., May 06, 2022 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its first fiscal quarter ended March 31, 2022. “As we announced on April 7 and April 27, our results for the first quarter of 2022 were significantly impacted by the COVID-19 related restrictions in Shanghai, which limited employee access and logistics activities of our facilities in Pudong,” said Dr. David Wang, ACM’s President and Chief Executive Officer. “The lockdown impacted ACM’s ability to ship finished products to customers and the pace of our production, even with some employees continuing to work in our factories. Although restrictions are still impacting operations early in the second quarter, demand for ACM’s tools remains strong. As a result of ACM having been added to the Shanghai government’s “White List” of essential businesses, we have begun to increase the level of our operational activities.” “We have partly offset the effects of the lockdown, as our Shanghai R&D and management teams have been working from home and our operations in other regions, including our South Korea R&D and production facilities, have remained open,” Dr. Wang continued. “With a diversified supply chain, we are hopeful that the lifting of logistics bottlenecks to and from our Shanghai facilities will allow for a timely return to normal production levels.” Dr. Wang concluded, “Looking beyond this unprecedented lockdown, we are planning for solid growth in 2022 from our core cleaning products, the ongoing product cycle for our electrochemical plating tools, and the initial ramp of our furnace products. We are committed to gaining additional share of the $8 billion market addressed by our current products, and we remain on track to double our addressable market opportunity with the upcoming introduction of two new product categories. We will continue to invest in new product development and additional production capacity and to support ongoing tool evaluations with major semiconductor manufacturers.” Three Months Ended March 31, GAAP Non-GAAP(1) 2022 2021 2022 2021 (dollars in thousands, except EPS)Revenue$42,186 $43,732 $42,186 $43,732 Gross margin 46.7% 41.3% 46.9% 41.4%Income (lo...