Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Investor Presentation (November 2025)
20 slides from Acm Research's investor presentation, November 2025
Slide 1: ACM Research, Inc. Nov 2025 Investor Presentation
ACM Research, Inc. Nov 2025 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 equipment Cleaning to leading global semiconductor manufacturers Flagship (SAPS, TEBO, Tahoe, Bevel Etch, SPM) Semi-critical • Differentiated technology improves customer production processes with better yields and reduced chemical c
Slide 4: Financial Highlights
Financial Highlights Total Revenue Product Mix Cleaning ECP, Furnace & Other $782 Advanced Packaging & Other 7% +49% $558 9% 19% $389 19% 10% $260 20% $157 73% 74% 70% 72% $108 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 $389M $558M $782M 1. Cleaning: Single wafer cleaning, Tahoe and semi-critical
Slide 5: History of Innovation and Customer Design Wins
History of Innovation and Customer Design Wins Dr. Wang SK Hynix Launches SFP, Launches Ultra establishes places first furnace and PmaxTM PECVD and ECP & Furnace Major 1st SAPS tool Opens 2nd ACM Research major semi-critical Ultra Track segment performance qualified by production facility in Silicon
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 Sales & Services Shanghai R&D Center (Zhangjiang) Hanguk ACM, ACM Korea Shanghai Asia-Pacific Manufacturing Center >200,000 ft2 (Chuansha) Research Institute & Manufacturing
Slide 7: Tier One Customer Base
Tier One Customer Base Back-End and Wafer Mfg Front-End Customers Customers • ACM 2024 Revenue %: 14% • ACM 2024 Revenue %: 12% • ACM 2024 Revenue %: 15% • Mainland China’s largest foundry • Major new entrant into NAND flash and DRAM • Leading advanced foundry in China industry • Tier-one customers
Slide 8: Innovative Product Introductions Expanding Serviceable Available Market (SAM)
Innovative Product Introductions Expanding Serviceable Available Market (“SAM”)1 PECVD | $5.1B Introduced late 2022 Track | $2.9B Introduced late 2022 Estimated 2025 SAM of $20 billion addressed by 2020: Furnace, LPCVD, Furnace | $2.6B ACM Research’s current Vacuum Anneal, High- Temperature Oxidatio
Slide 9: Long-Term Target for $4B+ in Revenue
Long-Term Target for $4B+ in Revenue Advanced Packaging & Other Long-Term Target Composition > $4B* ECP, Furnace & Other ACM Research Cleaning Mainland China ACM Research SAM1 China SAM2 Share3 Revenue Cleaning $7.0B $2.4B 60% $1.45B ECP $1.4 $0.5 60% $298M Furnace $2.6 $0.9 15% $134 PECVD $5.1 $1.8
Slide 10: Growth Strategy
Growth Strategy Growth at Existing 111 111 New Products International Expansion New Capacity Customers • Continue winning share at existing • Expanding sales & services teams in • Shanghai Lingang production and R&D • Broad product portfolio covering 90%+ customers U.S., Europe, Korea and SE Asia ce
Slide 11: Q3 2025 Summary
Q3 2025 Summary Q3 2025 Financial Results • $269.2 million revenue (up 32.0% y/y); total shipments of $263.1 million (up 1% y/y) • 42.0% GAAP gross margin (versus 51.4% in Q3 2024) • 42.1% non-GAAP gross margin (versus 51.6% in Q3 2024) • $28.9 million GAAP operating income (down 34.5% y/y; 10.7% of
Slide 12: Q3 2025 Financial Results
Q3 2025 Financial Results Revenue Non-GAAP Gross Profit +32.0% +7.7% $269.2M $113.4M $105.3M $204.0M 51.6% 42.1% Q3‘24 Q3’25 Q3’24 Q3’25 EPS Balance Sheet Fi ni shed goods invent ory GAAP Non-GAAP Ending cash & cash equivalent s 1 $0.52 $0.63 $1,098M $0.45 $0.36 $369M $442M $498M $484M $299M $293M $
Slide 13: Q3 2025 Revenue Detail
Q3 2025 Revenue Detail Revenue by Product: Q3’25 vs Q3’24 Cleaning 32.0% $269.2M • $181.6M revenue (up 12.8%) 10% Advanced Packaging & Other • Revenue mix 67% vs. 79% $204.0M 22% ECP, Furnace & Other 4% ECP, Furnace & Other 17% • $59.9M revenue (up 73.0%) • Revenue mix 22% vs. 17% 67% Cleaning 79% A
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 Ultra ECP ap-p (Cu-Ni-SnAg-Au) Pillar bump, Solder RF product Pillar bump, RDL Dual-damascene plating 3D/2.5D high aspect High-density Fan Out Application bump, RDL, Conformal 150mm wafer-level 510mmx515mm or (9
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 Research Product Development Oxidation Wet oxygen/dry oxygen/nitrogen annealing 700~1200℃ ★ Normal Pressure Annealing Chemi
Slide 17: Advanced Packaging
Advanced Packaging Comprehensive solution for wafer and panel-level advanced packaging wet process Scrubber Coater Developer ECP SFP • Make use of ACM Research’s Cleaning Tape Frame Clean technology advantages to expand application in Asia, especially advanced packaging manufacturers in China • Dedi
Slide 18: Panel-level Packaging
Panel-level Packaging A comprehensive suite of wet processing and plating tools engineered for Panel-Level Packaging (PLP), supporting next-gen chiplet integration and advanced packaging nodes. Ultra C vac-p Flux Cleaning Ultra C bev-p Panel Bevel Etch & Clean Ultra ECP ap-p Horizontal Panel Plating
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 ✓ Support 300mm wafers ✓ Four 12-inch load ports Inline ✓ 8 coating chambers Ultra LithTM Track ✓ 8 developing chambers Coater/Developer —
Slide 20: Q3 2025 GAAP to Non-GAAP Reconciliation
Q3 2025 GAAP TO NON-GAAP RECONCILIATION 20