Business
ACM Research Reports Third Quarter 2020 Results
FREMONT, Calif., Nov. 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., Nov. 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 third fiscal quarter ended September 30, 2020.\n ACM’s President and Chief Executive Officer Dr. David Wang commented, “We delivered strong third quarter results with 43% growth in revenue and 37% growth in shipments from the third quarter of 2019. Both revenue and shipments in are new quarterly records for ACM. We built momentum for Tahoe with another repeat shipment, and for ECP with two repeat shipments and one first tool delivery in the third quarter. We have good visibility for the remainder of 2020 and have raised our outlook accordingly.” Dr. Wang continued, “The U.S Patent Office's decision to approve our TEBO patent is a testament to our leadership position in advanced damage-free megasonic cleaning for advanced 3D structures. We delivered a second-generation TEBO tool to our lead customer in September, with revenue recognition upon qualification and acceptance. Our plan remains on track to price the China IPO of our subsidiary ACM Research (Shanghai), Inc. (“ACM Shanghai”) by year-end, subject to timely registration by the China Securities Regulatory Commission. We remain committed to the Nasdaq listing for our Class A common stock, and are excited to move forward with ACM Shanghai’s STAR Market share listing as we continue on our mission to become a major global player in the semiconductor equipment industry.” Three Months Ended September 30, GAAP Non-GAAP(1) 2020 2019 2020 2019 (dollars in thousands, except per share data)Revenue $47,665 $33,427 $47,665 $33,427 Gross margin 42.7% 48.6% 42.8% 49.1%Income from operations $7,506 $7,030 $10,285 $8,587 Net income (loss) attributable to ACM Research, Inc. $8,627 $8,782 $8,969 $10,339 Basic EPS $0.47 $0.52 $0.49 $0.61 Diluted EPS $0.40 $0.45 $0.42 $0.53 Nine Months Ended September 30, GAAP Non-GAAP(1) 2020 2019 2020 2019 (dollars in thousands, except per share data)Revenue $111,062 $82,916 $111,062 $82,916 Gross margin 45.0% 46.1% 45.1% 46.3%Income from operations $16,060 $13,942 $20,383 $16,861 Net income attributable to ACM Research, Inc. $10,251 $14,950 $17,568 $17,869 Basic EPS $0.57 $0.91 $0.97 $1.09 Diluted EPS $0.48 $0.80 $0.83 $0.96 ...