ACM Research Reports Third Quarter 2025 Results

About this update from Acm Research, Inc.

FREMONT, Calif. , Nov. 05, 2025 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its third quarter ended September 30, 2025 . “I am pleased to report another strong quarter for ACM. We grew revenue by 32%, and continue to innovate with world-class tools across multiple product lines. We believe the market is moving toward ACM as AI and global datacenter investments are demanding new innovative technology requirements for next generation semiconductor equipment,” said Dr. David Wang , President and Chief Executive Officer of ACM. “We are seeing broad interest in our proprietary horizontal plating technology for panel-level packaging, with plans to deliver our first system in the fourth quarter. Our high-temperature SPM platform is setting new benchmarks as our proprietary nozzle design achieves industry-best performance at 19nm particle size and below, with significantly lower maintenance and no need to clean the outer chamber. The first shipment of our KrF Track platform in the third quarter further expands our SAM into critical lithography-adjacent applications.” Dr. Wang continued, “In September, our principal operating subsidiary, ACM Shanghai, raised approximately $623 million in net proceeds from its second capital raise on the STAR Market. We plan to deploy this capital to further accelerate development of next-generation tools, complete the Lingang mini-line, and expand production capacity to support future global demand. We have narrowed the range of our guidance for 2025 revenue, and we remain committed to achieve our $4 billion long-term revenue target.” Three Months Ended September 30 , GAAP Non-GAAP(1) 2025 2024 2025 2024 (dollars in thousands, except EPS) Revenue $ 269,160 $ 203,976 $ 269,160 $ 203,976 Gross margin 42.0 % 51.4 % 42.1 % 51.6 % Income from operations $ 28,923 $ 44,184 $ 36,485 $ 56,065 Net income attributable to ACM Research, Inc. $ 35,889 $ 30,904 $ 24,795 $ 42,372 Basic EPS $ 0.56 $ 0.49 $ 0.39 $ 0.68 Diluted EPS $ 0.52 $ 0.45 $ 0.36 $ 0.63 Nine Months Ended September 30 , GAAP Non-GAAP(1) 2025 2024 2025 2024 (dollars in thousands, except EPS) Revenue $ 656,879 $ 558,647 $ 656,879 $ 558,647 Gross margin 45.7 % 50.3 % 45.9 % 50.6 % Income from operations $ 86,394 $ 107,009 $ 113,543 $ 147,801 Net income attributable to ACM Research, Inc. $ 86,029 $ 72,547 $ 92,874 $ 114,490 Basic EPS $ 1.35 $ 1.17 $ 1.45 $ 1.85 Diluted EPS $ 1.26 $ 1.07 $ 1.36 $ 1.70 (1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments. Outlook ACM has narrowed the range of its revenue guidance range for fiscal year 2025 to $875 million to $925 million , versus the prior range of $850 million to $950 million . This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors. Operating Highlights and Recent Announcements Shipments. Total shipments in the third quarter of 2025 were $263.1 million , up 0.7% from the third quarter of 2024. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters. ACM Shanghai Completed its Private Offering. In September 2025 , ACM Shanghai issued 38,601,326 ordinary shares at RMB 116.11 per share, raising net proceeds of RMB 4.4 billion (approximately USD $623 million ) after deducting offering-related expenses. As a result of the Private Offering, ACM’s equity interests in ACM Shanghai declined from 81.1% as of June 30, 2025 to 74.6% as of September 30, 2025 . During the third quarter of 2025, ACM Shanghai paid a cash dividend for a net total of approximately RMB 264.9 million (approximately USD $36.8 million ) to the stockholders of ACM Shanghai, including ACM, which owned 81.1% of the outstanding shares of ACM Shanghai at the time. Delivered Its First High-Throughput Ultra Lith KrF Track System to a Leading Chinese Logic Wafer Fab Customer. ACM announced the launch of its first Ultra Lith KrF track system, designed to support front-end semiconductor manufacturing. The new system expands ACM’s lithography product line and delivers high-throughput performance, advanced thermal control, and real-time process control and monitoring. The first system was shipped to a leading Chinese logic wafer fab customer in September 2025 . Unveiled Ultra ECDP Electrochemical Deplating Tool for Compound Semiconductor Gold Etch Processes. ACM announced the launch of its first Ultra ECDP Electrochemical Deplating (“Ultra ECDP”) tool specifically designed for wide bandgap compound semiconductor manufacturing. The Ultra ECDP tool is engineered for electrochemical wafer-level gold (Au) etching performed outside of the wafer pattern area and delivers improved uniformity, smaller undercut and enhanced gold line appearance. Third Quarter 2025 Financial Summary Unless otherwise noted, the following figures refer to the third quarter of 2025 and comparisons are with the third quarter of 2024. Revenue was $269.2 million , up 32.0%, reflecting growth from single wafer cleaning, Tahoe and semi-critical cleaning equipment, ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares. Gross margin was 42.0% versus 51.4%. Non-GAAP gross margin, which excludes stock-based compensation, was 42.1% versus 51.6%. Gross margin was at the low end of ACM’s long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts, sales volume, inventory provisions and other adjustments. Operating expenses were $84.2 million , an increase of 38.9%. Operating expenses as a percentage of revenue increased to 31.3% from 29.7%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $76.9 million , up 56.3%. Non-GAAP operating expenses as a percentage of revenue increased to 28.6% from 24.1%. Operating income was $28.9 million , compared to $44.2 million . Operating margin was 10.7% compared to 21.7%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $36.5 million , compared to $56.1 million . Non-GAAP operating margin, which excludes stock-based compensation, was 13.6% compared to 27.5%. Unrealized gain on short-term investments was $18.7 million , compared to an unrealized gain of $0.4 million . Unrealized gain reflects the change in market value of the investments by ACM Shanghai. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics. Income tax expense was $2.7 million , compared to $4.0 million . Net income attributable to ACM Research, Inc. was $35.9 million , compared to $30.9 million . Non-GAAP net income attributable to ACM Research, Inc. , which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $24.8 million , compared to $42.4 million . Net income per diluted share attributable to ACM Research, Inc. was $0.52 , compared to $0.45 . Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.36 , compared to $0.63 . Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $1,098.3 million at September 30, 2025 , compared to $483.9 million at June 30, 2025 . Conference Call Details A conference call to discuss results will be held on Wednesday, November 5, 2025 , at 8:00 a.m. Eastern Time ( 9:00 p.m. China Time ). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call. Online Registration: https://register-conf.media-server.com/register/BI1b6b3109856a47f8ad0506af886844bf Participants who have not pre-registered may join the webcast by accessing the link at ir.acmrcsh.com/events . A live and archived webcast will be available on the Investors section of the ACM website at www.acmrcsh.com . Use of Non-GAAP Financial Measures ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.” ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information. While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP. Forward-Looking Statements Certain statements contained in this press release 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,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov . Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events. About ACM Research, Inc. ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing, vertical furnace processes, Track and PECVD, which are critical to advanced semiconductor device manufacturing and wafer-level packaging. ACM is committed to delivering customized, high- performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmrcsh.com . © ACM Research, Inc. ULTRA C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks. For investor and media inquiries, please contact: In the United States : The Blueshirt Group Steven C. Pelayo , CFA (360) 808-5154 [email protected] In China: The Blueshirt Group Asia Gary Dvorchak , CFA +86 (138) 1079-1480 [email protected] ACM RESEARCH, INC. Condensed Consolidated Balance Sheets September 30, 2025 December 31, 2024 (Unaudited) (In thousands) Assets Current assets: Cash and cash equivalents $ 1,058,909 $ 407,445 Restricted cash 8,430 3,865 Short-term time deposits 30,922 17,277 Short-term investment 39,976 19,373 Accounts receivable, net 476,996 387,045 Other receivables 50,450 41,859 Inventories, net 676,409 597,984 Advances to related parties 927 1,024 Prepaid expenses and other current assets 15,143 7,507 Total current assets 2,358,162 1,483,379 Property, plant and equipment, net 296,714 269,272 Operating lease right-of-use assets, net 18,026 14,038 Intangible assets, net 2,706 3,461 Long-term time deposits — 13,275 Deferred tax assets 26,641 14,781 Long-term investments 63,556 37,063 Other long-term assets 4,838 20,452 Total assets $ 2,770,643 $ 1,855,721 Liabilities and Equity Current liabilities: Short-term borrowings $ 45,049 $ 32,814 Current portion of long-term borrowings 48,637 44,472 Related parties accounts payable 23,323 16,133 Accounts payable 180,884 139,294 Advances from customers 203,506 243,949 Deferred revenue 15,550 8,537 Income taxes payable — 12,779 FIN-48 payable 21,768 19,466 Other payables and accrued expenses 135,032 121,657 Current portion of operating lease liability 4,120 2,132 Total current liabilities 677,869 641,233 Long-term borrowings 193,356 105,525 Long-term operating lease liability 5,882 3,840 Other long-term liabilities 8,322 9,217 Total liabilities 885,429 759,815 Commitments and contingencies Equity: Stockholders’ equity: Class A Common stock 6 6 Class B Common stock 1 1 Additional paid-in capital 1,105,129 677,476 Retained earnings 346,029 260,000 Statutory surplus reserve 30,514 30,514 Accumulated other comprehensive loss (48,999 ) (63,372 ) Total ACM Research, Inc. stockholders’ equity 1,432,680 904,625 Non-controlling interests 452,534 191,281 Total equity 1,885,214 1,095,906 Total liabilities and equity $ 2,770,643 $ 1,855,721 ACM RESEARCH, INC. Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 (Unaudited) ( In thousands, except share and per share data) Revenue $ 269,160 $ 203,976 $ 656,879 $ 558,647 Cost of revenue 156,011 99,142 356,719 277,908 Gross profit 113,149 104,834 300,160 280,739 Operating expenses: Sales and marketing 22,311 15,759 60,756 47,067 Research and development 39,651 27,837 100,971 77,723 General and administrative 22,264 17,054 52,039 48,940 Total operating expenses 84,226 60,650 213,766 173,730 Income from operations 28,923 44,184 86,394 107,009 Interest income 3,100 2,967 10,452 7,122 Interest expense (1,851 ) (1,208 ) (5,166 ) (2,923 ) Realized gain on short-term investments - 171 54 444 Unrealized gain (loss) on short-term investments 18,656 413 20,304 (1,151 ) Other expense, net (3,411 ) (5,164 ) (4,019 ) (727 ) Income from equity method investments 3,670 1,316 6,395 101 Income before income taxes 49,087 42,679 114,414 109,875 Income tax expense (2,689 ) (4,007 ) (6,733 ) (17,712 ) Net income 46,398 38,672 107,681 92,163 Less: Net income attributable to non-controlling interests 10,509 7,768 21,652 19,616 Net income attributable to ACM Research, Inc. $ 35,889 $ 30,904 $ 86,029 $ 72,547 Comprehensive income (loss): Net income $ 46,398 $ 38,672 $ 107,681 $ 92,163 Foreign currency translation adjustment, net of tax of nil 9,899 17,089 15,554 10,376 Unrealized gain on available-for-sale investments, net of tax 2,391 - 2,391 - Comprehensive Income 58,688 55,761 125,626 102,539 Less: Comprehensive income attributable to non-controlling interests 13,017 10,842 25,224 21,458 Comprehensive income attributable to ACM Research, Inc. $ 45,671 $ 44,919 $ 100,402 $ 81,081 Net income attributable to ACM Research, Inc. per common share: Basic $ 0.56 $ 0.49 $ 1.35 $ 1.17 Diluted $ 0.52 $ 0.45 $ 1.26 $ 1.07 Weighted average common shares outstanding used in computing per share amounts: Basic 64,381,296 62,500,903 63,876,709 62,017,257 Diluted 68,414,313 66,671,526 67,551,302 66,512,143 ACM RESEARCH, INC. Total Revenue by Product Category Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 (Unaudited) ($ in thousands) Single wafer cleaning, Tahoe and semi-critical cleaning equipment $ 181,570 $ 160,985 $ 466,100 $ 423,676 ECP (front-end and packaging), furnace and other technologies 59,853 34,600 135,499 99,362 Advanced packaging (excluding ECP), services & spares 27,737 8,391 55,280 35,609 Total Revenue By Product Category $ 269,160 $ 203,976 $ 656,879 $ 558,647 ACM RESEARCH, INC. Reconciliation of GAAP to Non-GAAP Financial Measures As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. , and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc. , and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. , and basic and diluted earnings per share to the related non-GAAP financial measures: Three Months Ended September 30 , 2025 2024 Actual (GAAP) SBC Other non- operating adjustments Adjusted (Non-GAAP) Actual (GAAP) SBC Other non- operating adjustments Adjusted (Non-GAAP) (In thousands) Revenue $ 269,160 $ - $ - $ 269,160 $ 203,976 $ - $ - $ 203,976 Cost of revenue (156,011 ) (253 ) - (155,758 ) (99,142 ) (447 ) - (98,695 ) Gross profit 113,149 (253 ) - 113,402 104,834 (447 ) - 105,281 Gross margin 42.0 % 0.1 % - 42.1 % 51.4 % 0.2 % - 51.6 % Operating expenses: Sales and marketing (22,311 ) (1,601 ) - (20,710 ) (15,759 ) (2,594 ) - (13,165 ) Research and development (39,651 ) (1,915 ) - (37,736 ) (27,837 ) (3,373 ) - (24,464 ) General and administrative (22,264 ) (3,793 ) - (18,471 ) (17,054 ) (5,467 ) - (11,587 ) Total operating expenses (84,226 ) (7,309 ) - (76,917 ) (60,650 ) (11,434 ) - (49,216 ) Income (loss) from operations 28,923 (7,562 ) - 36,485 44,184 (11,881 ) - 56,065 Unrealized gain on short-term investments 18,656 - 18,656 - 413 - 413 - Net income (loss) attributable to ACM Research, Inc. $ 35,889 $ (7,562 ) $ 18,656 $ 24,795 $ 30,904 $ (11,881 ) $ 413 $ 42,372 Basic EPS $ 0.56 $ 0.39 $ 0.49 $ 0.68 Diluted EPS $ 0.52 $ 0.36 $ 0.45 $ 0.63 Nine Months Ended September 30 , 2025 2024 Actual (GAAP) SBC Other non- operating adjustments Adjusted (Non-GAAP) Actual (GAAP) SBC Other non- operating adjustments Adjusted (Non-GAAP) (In thousands) Revenue $ 656,879 $ - $ - $ 656,879 $ 558,647 $ - $ - $ 558,647 Cost of revenue (356,719 ) (1,138 ) - (355,581 ) (277,908 ) (2,020 ) - (275,888 ) Gross profit 300,160 (1,138 ) - 301,298 280,739 (2,020 ) - 282,759 Gross margin 45.7 % 0.2 % - 45.9 % 50.3 % 0.4 % - 50.6 % Operating expenses: Sales and marketing (60,756 ) (5,854 ) - (54,902 ) (47,067 ) (8,645 ) - (38,422 ) Research and development (100,971 ) (7,270 ) - (93,701 ) (77,723 ) (12,082 ) - (65,641 ) General and administrative (52,039 ) (12,887 ) - (39,152 ) (48,940 ) (18,045 ) - (30,895 ) Total operating expenses (213,766 ) (26,011 ) - (187,755 ) (173,730 ) (38,772 ) - (134,958 ) Income (loss) from operations 86,394 (27,149 ) - 113,543 107,009 (40,792 ) - 147,801 Unrealized gain (loss) on short-term investments 20,304 - 20,304 - (1,151 ) - (1,151 ) - Net income (loss) attributable to ACM Research, Inc. $ 86,029 $ (27,149 ) $ 20,304 $ 92,874 $ 72,547 $ (40,792 ) $ (1,151 ) $ 114,490 Basic EPS $ 1.35 $ 1.45 $ 1.17 $ 1.85 Diluted EPS $ 1.26 $ 1.36 $ 1.07 $ 1.70 Source: ACM Research, Inc.

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