Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Investor Presentation (March 2024)
21 slides from Acm Research's investor presentation, March 2024
Slide 1: Advanced Production Tools for Leading Edge IC Fabs
ADVANCED PRODUCTION TOOLS FOR LEADING EDGE IC FABS Advanced wafer cleaning technologies March 2024 1
Slide 2: Disclosures
DISCLOSURES Forward-Looking Statements. Certain statements contained in this presentation 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,
Slide 3: ACM Research at a Glance
ACM Research at a Glance • Multi-product supplier of semiconductor capital Cleaning equipment to leading global semiconductor Flagship (SAPS, TEBO, Tahoe) Semi-Critical manufacturers • Differentiated technology improves customer production processes with better yields and reduced chemical consumptio
Slide 4: Financial Highlights
Financial Highlights Total Revenue Product Mix Cleaning ECP, Furnace & Other $558 Advanced Packaging & Other 9% $389 14% +57% 19% 10% 13% $260 14% 20% 13% $157 72% 73% 84% 73% 70% $108 $75 $37 FY21 FY22 FY23 FY17 FY18 FY19 FY20 FY21 FY22 FY23 $260M $389M $558M 1. Cleaning: Single wafer cleaning, Tah
Slide 5: History of Innovation and Customer Design Wins
History of Innovation and Customer Design Wins 4 evaluation agreements with Dr. Wang SK Hynix Opens 2nd Launches SFP, major industry Launches Ultra establishes places first production facility Ships Tahoe & furnace and players, including a PmaxTM PECVD and ACM Research major Ships TEBO in Chuansha,
Slide 6: Global Semiconductor Capital Equipment Supplier
Global Semiconductor Capital Equipment Supplier ACM Shanghai ACM Research R&D and Manufacturing Center Headquarters NASDAQ: ACMR Shanghai R&D Center (Zhangjiang) Shanghai Asia-Pacific Manufacturing ACM South Korea Center >200,000 ft2 (Chuansha) Research Institute & Manufacturing Center Planned >1.4
Slide 7: Tier 1 Customer Base
Tier 1 Customer Base Front-End Customers Back-End Customers • ACM 2023 Revenue %: 18% • Mainland China’s largest foundry • ACM 2023 Revenue %: 15% • ACM 2023 Revenue %: 13% • Largest bumping house in China and • A semiconductor integrated circuit • New China-based entrant to DRAM leading WLCSP produ
Slide 8: Innovative Product Introductions Expanding Serviceable Available Market (SAM)
Innovative Product Introductions Expanding Serviceable Available Market (“SAM”)1 PECVD | $4.3B Introduced late 2022 Track | $2.5B Introduced late 2022 Estimated 2023 SAM of $16 billion addressed by 2020: Furnace, ACM’s current product LPCVD, Vacuum Anneal, High- Furnace | $2.2B portfolio Temperature
Slide 9: Longer-Term Target for $1B+ in Revenue
Longer-Term Target for $1B+ in Revenue Advanced Packaging & Other Longer Term Target Composition ECP, Furnace & Other >$1,000M* ACM Research Cleaning Mainland China SAM 1 Share Revenue Cleaning $0.8B 55% $0.4B ECP $0.2B 50% $0.1B $688M Furnace $0.3B 35% $0.1B Midpoint PECVD $0.7B 15% $0.1B Track $0.
Slide 10: Growth Strategy
Growth Strategy Growth at Existing 111 111 International Expansion New Capacity New Products Customers • Continue winning share at existing • Expanding dedicated sales team in U.S. • Lingang facility on track for initial • Broad cleaning portfolio covers 90%+ customers and Europe production for mid-
Slide 11: Q4 and 2023 Summary
Q4 and 2023 Summary Key Operational Updates • Solid growth amid declining global WFE. • SAPS cleaning tool qualified for revenue by a large US manufacturer. • Installed SAPS evaluation tool at major Europe-based global semiconductor manufacturer. • Good progress with Track tool evaluation at custome
Slide 12: 2023 Financial Results
2023 Financial Q1 2022 Results Results Financial Revenue Non-GAAP Gross Profit +43.4% $557.7M +50.8% $277.6M $388.8M $184.1M 49.8% 47.4% 2022 2023 2022 2023 EPS Balance Sheet Finished goods inventory GAAP Non-GAAP Ending cash & cash equivalents 1 $1.16 $1.63 $421M $382M $376M $326M $305M $0.59 $0.83
Slide 13: Q4 Financial Results
Q3 Q12023 2022Financial ResultsResults Financial Revenue Non-GAAP Gross Profit +56.9% $170.3M +47.6% $79.6M $108.5M $53.9M 46.8% 49.7% Q4‘22 Q4’23 Q4’22 Q4’23 EPS Balance Sheet Finished goods inventory GAAP Non-GAAP Ending cash & cash equivalents 1 $0.26 $0.43 $421M $382M $376M $326M $305M $0.18 $19
Slide 14: Revenue Detail
Q4 Q1and 2023Revenue 2022 Revenue Detail Details Revenue by Product: Q4’23 vs Q4’22 Revenue by Product: 2023 vs 2022 43.4% $557.7M 9% Advanced Packaging & Other 56.9% $170.3M 19% ECP, Furnace & Other 9% Advanced Packaging & Other $388.8M 19% ECP, Furnace & Other 10% $108.5M 20% 13% 19% 72% Cleaning
Slide 15: Wafer Cleaning
Wafer Cleaning Flagship Cleaning Tools SAPS TEBO Ultra – C Tahoe Bevel Etch Single high tem SPM Megasonic Cleaning for Bubble Oscillation Cleaning for Patterned Hybrid Wafer Cleaning With Significant Bevel Etching process for 3D NAND , Single High Temp SPM Cleaning for metal Flat and Patterned Wafer
Slide 16: Electroplating
Electroplating Ultra ECP ap Model Ultra ECP map Ultra ECP 3D Ultra ECP ap Ultra ECP GIII (Cu-Ni-SnAg-Au) Dual-damascene plating Pillar bump, Solder bump, High-density Fan Out RF product Application 3D/2.5D high aspect ratio TSV (90nm-28nm) RDL, Conformal TSV Fine Pitch RDL 150mm wafer-level packagin
Slide 17: Vertical Furnace
Vertical Furnace Ox Ion Metal Mask Photo Exposure Develop Etch CVD ALD /Anneal Implantation Wire Furnace Tube Temperature Existing ACM In Film Type Process Classification Range Product Development Oxidation Wet oxygen/dry 700~1200℃ ★ Normal Pressure Annealing oxygen/nitrogen annealing Chemical Vapor
Slide 18: Advanced Packaging
Advanced Packaging Comprehensive solution for wafer-level advanced packaging wet process Scrubber Coater Developer ECP • Make use of ACM Research’s technology advantages to expand application in Asia, especially advanced packaging manufacturers in China • Dedicated to providing diversified and custo
Slide 19: Track and PECVD
Track and PECVD Model Model Technical Features Offline/Inline Chamber Temperature Bake Range Development Phase ArF Model 23°C ±0.1°C 50~250°C Industry Evaluation ü Support 300mm wafers ü Four 12-inch load ports Inline ü 8 coating chambers Ultra LithTM Track ü 8 developing chambers Coater/Developer —
Slide 20: 2023 GAAP to Non-GAAP Reconciliation
2023 GAAP to Non-GAAP Reconciliation Year Ended December 31, 2023 2022 Actual Other non- Adjusted Actual Other non- Adjusted SBC operating SBC operating (GAAP) adjustments (Non-GAAP) (GAAP) adjustments (Non-GAAP) (In thousands) Revenue $ 557,723 $ - $ - $ 557,723 $ 388,832 $ - $ - $ 388,832 Cost of
Slide 21: Q4 2023 GAAP to Non-GAAP Reconciliation
Q4 2023 GAAP to Non-GAAP Reconciliation Three Months Ended December 31, 2023 2022 Actual Other non- Adjusted Actual Other non- Adjusted SBC operating SBC operating (GAAP) (Non-GAAP) (GAAP) (Non-GAAP) adjustments adjustments (In thousands) Revenue $ 170,321 $ - $ - $ 170,321 $ 108,542 $ - $ - $ 108,5