Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Investor Presentation (May 2024)
19 slides from Acm Research's investor presentation, May 2024
Slide 1: ACM Research, Inc. May 2024 Investor Presentation
ACM Research, Inc. May 2024 Investor Presentation 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, Bevel Etch, SPM) Self-critical manufacturers • Differentiated technology improves customer production processes with better yields and reduced ch
Slide 4: Financial Highlights
Financial Highlights Total Revenue Product Mix Cleaning ECP, Furnace & Other $558 Advanced Packaging & Other 9% +49% $389 14% 19% 10% 13% $260 14% 20% 13% $157 72% $108 73% 84% 73% 70% $75 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23 $260M $389M $558M 1. Cleaning: Single wafer cleaning, Tahoe and se
Slide 5: History of Innovation and Customer Design Wins
History of Innovation and Customer Design Wins 4 evaluation agreements with Dr. Wang SK Hynix Launches SFP, major industry Launches Ultra ECP & Furnace establishes places first Opens 2nd Ships Tahoe & furnace and players, including a PmaxTM PECVD and segment ACM Research major Ships TEBO production
Slide 6: Global Semiconductor Capital Equipment Supplier
Global Semiconductor Capital Equipment Supplier ACM Research HQ Nasdaq: ACMR ACM Shanghai R&D and Manufacturing Center Europe Facility Sales & Services Shanghai R&D Center (Zhangjiang) ACM South Korea Shanghai Asia-Pacific Manufacturing Center >200,000 ft2 (Chuansha) Research Institute & Manufacturi
Slide 7: Tier 1 Customer Base
Tier 1 Customer Base Front-End Customers Back-End Customers • ACM 2023 Revenue %: 18% • 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 production base • Mainland China’s large
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 Mainland China SAM 1 Share Revenue Cleaning 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 New Products International Expansion New Capacity Customers • Continue winning share at existing • SAPS cleaning tool qualified for • Lingang facility on track for initial • Broad product portfolio covering 90%+ customers revenue by a large US manufacturer
Slide 11: Q1 2024 Summary
Q1 2024 Summary Q1 2024 Financial Results • $152.2 million revenue (up 105.0% y/y); total shipments of $245 million (up 175% y/y) • 52.0% GAAP gross margin (versus 53.8% in Q1 2023) • 52.5% non-GAAP gross margin (versus 54.0% in Q1 2023) • $25.2 million GAAP operating income (16.6% of revenue) • $39
Slide 12: Q1 2024 Financial Results
Q1 2024 Financial Results Revenue Non-GAAP Gross Profit +105.0% $152.2M +99.2% $79.9M $74.3M $40.1M 52.5% 54.0% Q1‘23 Q1’24 Q1’23 Q1’24 EPS Balance Sheet Fi ni shed goods invent ory GAAP Non-GAAP Ending cash & cash equivalent s 1 $0.26 $0.52 $382M $376M $326M $305M $263M $288M $196M $222M $229M $0.1
Slide 13: Q1 2024 Revenue Detail
Q1 2024 Revenue Detail Revenue by Product: Q1’24 vs Q1’23 Cleaning • $109.5M revenue (up 199% y/y) • Revenue mix 72% vs. 49% $152.2M 105.0% 11% Advanced Packaging & Other ECP, Furnace & Other 17% ECP, Furnace & Other • $25.8M revenue (down 3% y/y) • Revenue mix 17% vs. 36% $74.3M 15% 36% 72% Cleanin
Slide 14: Wafer Cleaning
Wafer Cleaning Flagship Cleaning Tools SAPS TEBO Ultra – C Tahoe Bevel Etch Single Wafer High Temp 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 Patterne
Slide 15: 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 16: 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 oxygen/nitrogen annealing 700~1200℃ ★ Normal Pressure Annealing Chemical Vapor
Slide 17: Advanced Packaging
Advanced Packaging Comprehensive solution for wafer-level advanced packaging wet process Scrubber Coater Developer ECP • Make use of ACM Research’s Tape Frame Clean technology advantages to expand application in Asia, especially advanced packaging manufacturers in China • Dedicated to providing dive
Slide 18: 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 ✓ Support 300mm wafers ✓ Four 12-inch load ports Inline ✓ 8 coating chambers Ultra LithTM Track ✓ 8 developing chambers Coater/Developer —
Slide 19: Q1 2024 GAAP to Non-GAAP Reconciliation
Q1 2024 GAAP to Non-GAAP Reconciliation Three Months Ended March 31, 2024 2023 Actual Other non- Adjusted Actual Other non- Adjusted SBC operating SBC operating (GAAP) adjustments (Non-GAAP) (GAAP) adjustments (Non-GAAP) (In thousands) Revenue $ 152,191 $ - $ - $ 152,191 $ 74,256 $ - $ - $ 74,256 Co