Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Investor Presentation (November 2022)
21 slides from Acm Research's investor presentation, November 2022
Slide 1: Advanced Production Tools for Leading Edge IC Fabs
ADVANCED PRODUCTION TOOLS FOR LEADING EDGE IC FABS Industry’s most advanced wafer cleaning technologies Nov 2022 1
Slide 2: Disclosures
DISCLOSURES Forward-Looking Statements. Information presented below under “Production Facilities” with respect to expected timing of production commencement, “Innovative Product Introductions Expanding SAM” with respect to estimates regarding ACM Research’s serviceable available market (SAM),“ “Inte
Slide 3: ACM Research at a Glance
ACM Research at a Glance • Best-in-class multi-product semiconductor capital Cleaning equipment supplier to leading global semiconductor Flagship (SAPS, TEBO, Tahoe) Semi-Critical manufacturers • Differentiated technology improves customer production processes with better yields and reduced chemical
Slide 4: Financial Highlights
Financial Highlights Total Revenue Product Mix Cleaning ECP, Furnace & Other Advanced Packaging & Other +63% CAGR 14% 8% 13% 8% 9% 7% 84% 84% 73% FY17 FY18 FY19 FY20 FY21 FY19 FY20 FY21 $108M $157M $260M 1. Cleaning: Single wafer cleaning, Tahoe and semi-critical cleaning equipment 2. ECP, Furnace &
Slide 5: History of Innovation and Customer Design Wins
History of Innovation and Customer Design Wins 4 evaluation Dr. Wang SK Hynix Opens 2nd Launches SFP, agreements with establishes SK Hynix places first production facility Ships Tahoe & furnace and major industry ACM Research SAPs major YMTC, SMIC, and Ships TEBO in Chuansha, ECP eval tools semi-cri
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 • Major new entrant into NAND flash and • Leading advanced foundry in China • Global market leader in memory (DRAM & • Largest bumping house in China and DRAM industry • Manages first fully automated 300mm NAND) semiconductor products leadi
Slide 8: Established Customer Base in Asia and Expanding Internationally
Established Customer Base in Asia and Expanding Internationally Beijing South Korea Shandong Jiangsu Shanghai Zhejiang Anhui Sichuan Taiwan Fujian Guangdong Philippines Hubei 8
Slide 9: Production Facilities
Production Facilities Facility #1 (Shanghai HQ) Facility #2 (Chuansha Production) Lingang Under Construction • Original ACM Research factory, Zhangjiang • Located in Chuansha area of Pudong district, • Broke ground on the new R&D and Shanghai approximately 11 miles from ACM Shanghai’s production fac
Slide 10: Well-Positioned to Participate in Asia Fab Expansion
Well-Positioned to Participate in Asia Fab Expansion Semiconductor Industry Development New Facilities and Production Lines Industry Center Shifts through the Decades(1) China is projected to grow at a 4% CAGR(2) Starting Operation (2017-2020)(1) ($ in billions) Europe & ME Present to Country / Esti
Slide 11: Innovative Product Introductions Expanding SAM
Innovative Product Introductions Expanding SAM1 Double Estimated SAM of $8 2 New 2022 Product Current billion addressed by Categories SAM ACM Research’s current and near-term product portfolio 2020: Furnace, ACM Research targets LPCVD, Vacuum Anneal, High- Furnace | $2.9B to double its SAM with Temp
Slide 12: Internal Longer-Term Target for $1B in Revenue
Internal Longer-Term Target for $1B in Revenue Advanced Packaging & Other Longer Term Target Composition >$1,000M* By Geography and Product Category ECP, Furnace & Other ACM Research Cleaning 1 Mainland China SAM Share Revenue Cleaning $0.9B 50% $0.5B ECP $0.3B 50% $0.2B Furnace $0.8B 30% $0.2B Ad.
Slide 13: Growth Strategy
Growth Strategy 111 111 111 New Products New Customers New Capacity M&A • Next generation TEBO, Tahoe and • Dedicated sales teams in U.S., Europe • Targeting to reach $625 million of • Use disciplined M&A approach to other new products expand SAM in and other Asia capacity by end of 2022 with existi
Slide 14: Q3 2022 Summary
Q3 2022 Summary Q3 2022 Financial Results • $133.7 million revenue (up 99.5% from Q3 2021); total shipments of $163 million • 49.3% GAAP gross margin (versus 44.3% in Q3 2021) • 49.4% non-GAAP gross margin (versus 44.5% in Q3 2021) • $31.6 million GAAP operating income (23.7% of revenue) • $33.5 mil
Slide 15: Q3 2022 Revenue Details
Q3 Q12022 2022Revenue DetailsDetails Revenue Product Category1,2,3 Cleaning • $99.7M revenue (up 102%) $280.3M • Revenue mix 75% vs. 74% 9% Advanced Packaging & Other 20% ECP, Furnace & Other ECP, Furnace & Other • $24.5M revenue (up 199%) 99.5% $133.7M • Revenue mix 18% vs. 12% 7% 18% 71% Cleaning
Slide 16: Q3 2022 Financial Results
Q3 Q12022 2022Financial ResultsResults Financial Revenue Non-GAAP Gross Profit +99.5% +121.9% 49.4% 44.5% Q3‘21 Q3’22 Q3‘21 Q3’22 EPS Balance Sheet Data1 GAAP Non-GAAP Finished goods inventory 1 Ending cash & cash equivalents 2 $92M Q3’21 Q3’22 Q3’21 Q3’22 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 1 Finished go
Slide 17: 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 18: 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 19: 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 700~1200℃ ★ Normal Pressure Annealing oxygen/nitrogen annealing Chemi
Slide 20: 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 21: Q3 2022 GAAP to Non-GAAP Reconciliation
Q3 2022 GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2022 2021 Actual Other non- Adjusted Actual Other non- Adjusted SBC operating SBC operating (GAAP) adjustments (Non-GAAP) (GAAP) adjustments (Non-GAAP) (In thousands) Revenue $ 133,709 $ - $ - $ 133,709 $ 67,013 $ - $ - $ 67,01