Business
ACM Research Reports Second Quarter 2020 Results
FREMONT, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ:ACMR), a leading supplier of wafer cleaning
About this update from Acm Research, Inc.
[{"type":"text","content":"FREMONT, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ:ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today reported financial results for its second fiscal quarter ended June 30, 2020.\n ACM’s President and Chief Executive Officer Dr. David Wang commented, “We are pleased with our second quarter results. Our revenue and shipments rebounded significantly following the COVID-19 related pause in the first quarter. We have strong visibility for remainder of 2020, with solid demand for current and new products, and we have raised our outlook accordingly.” Dr. Wang continued, “Our Tahoe momentum continued, with a repeat shipment to our lead customer in the second quarter, and additional Tahoe deliveries to this customer and other customers planned for the second half of the year. We are also building progress with our ECP map front-end tool, with acceptance from our first customer in the second quarter, and an order from another foundry customer that was delivered in July. Also in July, we began construction of our new Lingang facility, which will add a total space of one million square feet for R&D and manufacturing.” Three Months Ended June 30, GAAP Non-GAAP(1) 2020 2019 2020 2019 (dollars in thousands, except per share data)Revenue$39,049 $29,010 $39,049 $29,010 Gross margin 49.6% 45.3% 49.7% 45.4%Income from operations$ 7,336 $ 4,661 $ 8,191 $ 5,279 Net income (loss) attributable to ACM Research, Inc.$ (81) $ 4,311 $ 6,205 $ 4,929 Basic EPS$ (0.00) $ 0.27 $ 0.34 $ 0.31 Diluted EPS$ (0.00) $ 0.23 $ 0.29 $ 0.26 Six Months Ended June 30, GAAP Non-GAAP(1) 2020 2019 2020 2019 (dollars in thousands, except per share data)Revenue$63,397 $49,489 $63,397 $49,489 Gross margin 46.7% 44.4% 46.8% 44.5%Income from operations$ 8,554 $ 6,912 $10,098 $ 8,274 Net income attributable to ACM Research, Inc.$ 1,624 $ 6,168 $ 8,599 $ 7,530 Basic EPS$ 0.09 $ 0.38 $ 0.48 $ 0.47 Diluted EPS$ 0.08 $ 0.33 $ 0.41 $ 0.41 (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, with respect to net income (loss) attributable to ACM Research, Inc. and basic...