false000168006200016800622023-11-072023-11-07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7, 2023
ACM Research, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
|
001-38273
|
94-3290283
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
42307 Osgood Road, Suite I Fremont, California
|
|
94539
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Registrant’s telephone number, including area code: (510) 445-3700
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
|
|
Trading symbol
|
|
Name of each exchange on which registered
|
Class A Common Stock, par value $0.0001 per share
|
|
ACMR
|
|
The Nasdaq Stock Market LLC
|
Indicate by check mark whether the registrant is an emerging growth company as defined in
Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934: Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to
use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. |
Results of Operations and Financial Condition.
|
On November 7, 2023, we issued a press release announcing financial results for the third quarter of 2023. The full text of the press release is furnished as Exhibit
99.1 hereto and is incorporated herein by reference.
The information contained in this Item 2.02, including the exhibit furnished hereto, is intended to be furnished and shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, or the Securities Exchange Act of 1934,
except as expressly set forth by specific reference in such filing.
Item 9.01 |
Financial Statements and Exhibits.
|
Exhibit
|
|
Description
|
|
|
|
|
|
Press Release of ACM Research, Inc. dated November 7, 2023
|
|
|
|
104
|
|
Cover Page Interactive Data File (embedded within the XBRL document)
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
|
ACM RESEARCH, INC.
|
|
|
|
|
By:
|
/s/ Mark McKechnie
|
|
|
Mark McKechnie
|
|
|
Chief Financial Officer and Treasurer
|
|
|
|
Dated: November 7, 2023 |
|
|
3
Exhibit 99.1
ACM Research Reports Third Quarter 2023 Results
FREMONT, Calif., November 07, 2023 (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, 2023.
“We delivered another solid quarter. Revenue grew 26% and shipments were a record $213 million, up 31%,” said ACM’s President and Chief Executive
Officer, Dr. David Wang. “Our results demonstrate spending on mature nodes and market share gains at our customer base, together with more contribution from new products and new customers.”
Dr. Wang continued, “I am pleased with continued customer demand and execution by the ACM team as we continue on our mission to become a key supplier to
major semiconductor manufacturers. We are encouraged by sustained investments in mature node capacity by our China-based customers and growing demand for our multi-product portfolio. We are making great progress with our increased efforts in Korea
which we believe will result in better traction with major local customers, accelerate our product development, and provide production capacity to support the market opportunity for global customers.”
|
|
Three Months Ended September 30,
|
|
|
|
GAAP
|
|
|
Non-GAAP(1)
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
(dollars in thousands, except EPS)
|
|
Revenue
|
|
$
|
168,569
|
|
|
$
|
133,709
|
|
|
$
|
168,569
|
|
|
$
|
133,709
|
|
Gross margin
|
|
|
52.5
|
%
|
|
|
49.3
|
%
|
|
|
52.9
|
%
|
|
|
49.4
|
%
|
Income from operations
|
|
$
|
33,173
|
|
|
$
|
31,636
|
|
|
$
|
43,754
|
|
|
$
|
33,529
|
|
Net income attributable to ACM Research, Inc.
|
|
$
|
25,679
|
|
|
$
|
21,004
|
|
|
$
|
37,579
|
|
|
$
|
28,178
|
|
Basic EPS
|
|
$
|
0.43
|
|
|
$
|
0.35
|
|
|
$
|
0.62
|
|
|
$
|
0.47
|
|
Diluted EPS
|
|
$
|
0.39
|
|
|
$
|
0.32
|
|
|
$
|
0.57
|
|
|
$
|
0.42
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
GAAP
|
|
|
Non-GAAP(1)
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
(dollars in thousands, except EPS)
|
|
Revenue
|
|
$
|
387,402
|
|
|
$
|
280,290
|
|
|
$
|
387,402
|
|
|
$
|
280,290
|
|
Gross margin
|
|
|
50.9
|
%
|
|
|
46.3
|
%
|
|
|
51.1
|
%
|
|
|
46.4
|
%
|
Income from operations
|
|
$
|
72,465
|
|
|
$
|
42,365
|
|
|
$
|
87,131
|
|
|
$
|
47,601
|
|
Net income attributable to ACM Research, Inc.
|
|
$
|
59,649
|
|
|
$
|
27,454
|
|
|
$
|
78,743
|
|
|
$
|
42,252
|
|
Basic EPS
|
|
$
|
0.99
|
|
|
$
|
0.46
|
|
|
$
|
1.31
|
|
|
$
|
0.71
|
|
Diluted EPS
|
|
$
|
0.90
|
|
|
$
|
0.41
|
|
|
$
|
1.19
|
|
|
$
|
0.64
|
|
(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 loss on short-term investments.
|
Outlook
ACM has updated and narrowed its revenue guidance range for fiscal year 2023 to $520 million to $540 million from the previous guidance range of $515 million to $585 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 2023 were $213 million, up 31% from the third quarter of 2022. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting
customer acceptance for potential revenue in future quarters.
|
• |
Receipt of Purchase Order for Backside Clean and Bevel Etch Tool from Large U.S. Manufacturer. ACM announced the receipt of a purchase order for its ULTRA C b backside clean and bevel etch tool from a major U.S. semiconductor manufacturer. The tool is expected to be shipped to the prospective customer’s U.S.
facility in the second quarter of 2024.
|
• |
Introduced Vacuum Cleaning Platform. ACM introduced the ULTRA C
v Vacuum Cleaning Tool to meet the unique flux removal requirements for chiplets and other advanced 3D packaging structures. The new tool, which was developed in collaboration with several key customers, has demonstrated excellent process
performance with no flux residual remaining post-clean. ACM also announced that it has received a purchase order from a major Chinese manufacturer for the tool, which it expects to deliver in the first quarter of 2024.
|
• |
Dividend. ACM’s principal operating subsidiary, ACM Research
(Shanghai), Inc. (“ACM Shanghai”) (SSEC: 688082.SS), paid a dividend to its stockholders of RMB 0.372 per share for an aggregate total of approximately RMB 161.3 million (approximately $22.2 million) in the third quarter of 2023.
|
• |
Appointment of Ernst & Young Hua Ming LLP as Auditor for 2023. ACM announced that Ernst & Young Hua Ming LLP (“E&Y”) has been appointed as ACM’s independent registered public accounting firm to audit ACM’s consolidated financial statements and internal controls over financial reporting for
the fiscal year ending December 31, 2023. The engagement of E&Y became effective on September 20, 2023.
|
Financial Summary
Unless otherwise noted, the following figures refer to the third quarter of 2023 and comparisons are with the third quarter of 2022.
• |
Revenue was $168.6 million, up 26.1%, reflecting higher sales of
single wafer cleaning, Tahoe and semi-critical cleaning equipment; electro-chemical plating (“ECP”) (front-end and packaging), furnace and other technologies; and advanced packaging (excluding ECP), services and spares.
|
• |
Gross margin was 52.5%, up from 49.3%. Non-GAAP gross margin,
which excludes stock-based compensation, was 52.9%, up from 49.4%. Gross margin exceeded the range of 40% to 45% reflected in ACM’s long-term business model. The increase in
gross margin was due to a favorable product mix and improved gross margins for specific product lines. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
|
• |
Operating expenses were $55.3 million, an increase of 61.2%.
Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $45.3 million, up 39.2%. Operating expenses as a percent of revenue increased to 32.8% from 25.7%. Non-GAAP operating expenses as a percent of revenue
increased to 26.9% from 24.4%.
|
• |
Operating income was $33.2 million, up from $31.6 million. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $43.8 million, up from $33.5 million.
|
• |
Unrealized loss on short-term investments was $1.3 million. The
loss reflects the change in market value of the investments by ACM Shanghai in short-term investments. The value is marked-to-market quarterly and is excluded in the non-GAAP financial
metrics.
|
• |
Realized gain from sale of short-term investments was $0.7
million versus $1.1 million.
|
• |
Income tax expense was $0.7 million versus $10.5 million. As a
result of a change in Section 174 of the U.S. Internal Revenue Code of 1986, as amended, that became effective on January 1, 2022, ACM’s effective tax rate remains elevated,
due primarily to the requirement to capitalize and amortize previously deductible research and experimental expenses.
|
• |
Net income attributable to ACM Research, Inc. was $25.7 million,
up from $21.0 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments was $37.6 million, up from $28.2 million.
|
• |
Net income per diluted share attributable to ACM Research, Inc.
was $0.39, up from $0.32. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.57, up from $0.42.
|
• |
Cash and cash equivalents were $207.1 million at September 30,
2023, versus $257.4 million at June 30, 2023. Cash and cash equivalents, plus restricted cash and time deposits, were $326.5 million at September 30, 2023, versus $376.1
million at June 30, 2023.
|
Conference Call Details
A conference call to discuss results will be held on Tuesday, November 7, 2023, 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.vevent.com/register/BIdd16996d506148a59592532dd0c43fd0
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 non-cash change in fair value of financial assets and liabilities and unrealized gain 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 and thermal processes that
are critical to advanced semiconductor device manufacturing, as well as 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.
© ACM Research, Inc. The ACM Research logo and ULTRA C are trademarks of ACM Research, Inc. For convenience, these trademarks appears 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
|
|
Yujia Zhai
|
|
+1 (860) 214-0809
|
|
yujia@blueshirtgroup.com
|
In China:
|
The Blueshirt Group Asia
|
|
Gary Dvorchak, CFA
|
|
+86 (138) 1079-1480
|
|
gary@blueshirtgroup.com
|
ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
|
|
September 30, 2023
|
|
|
December 31, 2022
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
(In thousands)
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
207,101
|
|
|
$
|
247,951
|
|
Restricted cash
|
|
|
560
|
|
|
|
500
|
|
Short-term time deposits
|
|
|
75,651
|
|
|
|
70,492
|
|
Short-term investment
|
|
|
21,844
|
|
|
|
20,209
|
|
Accounts receivable, net
|
|
|
248,477
|
|
|
|
182,936
|
|
Other receivables
|
|
|
36,126
|
|
|
|
29,617
|
|
Inventories, net
|
|
|
507,431
|
|
|
|
393,172
|
|
Advances to related party
|
|
|
1,164
|
|
|
|
3,322
|
|
Prepaid expenses
|
|
|
17,540
|
|
|
|
15,607
|
|
Total current assets
|
|
|
1,115,894
|
|
|
|
963,806
|
|
Property, plant and equipment, net
|
|
|
190,882
|
|
|
|
82,875
|
|
Land use right, net
|
|
|
8,299
|
|
|
|
8,692
|
|
Operating lease right-of-use assets, net
|
|
|
7,184
|
|
|
|
2,489
|
|
Intangible assets, net
|
|
|
2,163
|
|
|
|
1,255
|
|
Long-term time deposits
|
|
|
43,183
|
|
|
|
101,956
|
|
Deferred tax assets
|
|
|
16,486
|
|
|
|
6,703
|
|
Long-term investments
|
|
|
22,306
|
|
|
|
17,459
|
|
Other long-term assets
|
|
|
3,851
|
|
|
|
50,265
|
|
Total assets
|
|
$
|
1,410,248
|
|
|
$
|
1,235,500
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
$
|
33,911
|
|
|
$
|
56,004
|
|
Current portion of long-term borrowings
|
|
|
6,717
|
|
|
|
2,322
|
|
Related party accounts payable
|
|
|
7,684
|
|
|
|
14,468
|
|
Accounts payable
|
|
|
136,675
|
|
|
|
101,735
|
|
Advances from customers
|
|
|
191,393
|
|
|
|
153,773
|
|
Deferred revenue
|
|
|
4,747
|
|
|
|
4,174
|
|
Income taxes payable
|
|
|
11,061
|
|
|
|
3,469
|
|
FIN-48 payable
|
|
|
6,487
|
|
|
|
6,686
|
|
Other payables and accrued expenses
|
|
|
80,400
|
|
|
|
52,201
|
|
Current portion of operating lease liability
|
|
|
2,876
|
|
|
|
1,382
|
|
Total current liabilities
|
|
|
481,951
|
|
|
|
396,214
|
|
Long-term borrowings
|
|
|
39,753
|
|
|
|
18,687
|
|
Long-term operating lease liability
|
|
|
4,308
|
|
|
|
1,107
|
|
Other long-term liabilities
|
|
|
6,106
|
|
|
|
7,321
|
|
Total liabilities
|
|
|
532,118
|
|
|
|
423,329
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
Class A Common stock
|
|
|
6
|
|
|
|
5
|
|
Class B Common stock
|
|
|
1
|
|
|
|
1
|
|
Additional paid-in capital
|
|
|
620,210
|
|
|
|
604,089
|
|
Retained earnings
|
|
|
152,306
|
|
|
|
94,426
|
|
Statutory surplus reserve
|
|
|
16,881
|
|
|
|
16,881
|
|
Accumulated other comprehensive loss
|
|
|
(60,354
|
)
|
|
|
(40,546
|
)
|
Total ACM Research, Inc. stockholders’ equity
|
|
|
729,050
|
|
|
|
674,856
|
|
Non-controlling interests
|
|
|
149,080
|
|
|
|
137,315
|
|
Total equity
|
|
|
878,130
|
|
|
|
812,171
|
|
Total liabilities and equity
|
|
$
|
1,410,248
|
|
|
$
|
1,235,500
|
|
ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
( In thousands, except share and per share data)
|
|
|
( In thousands, except share and per share data)
|
|
Revenue
|
|
$
|
168,569
|
|
|
$
|
133,709
|
|
|
$
|
387,402
|
|
|
$
|
280,290
|
|
Cost of revenue
|
|
|
80,055
|
|
|
|
67,742
|
|
|
|
190,263
|
|
|
|
150,480
|
|
Gross profit
|
|
|
88,514
|
|
|
|
65,967
|
|
|
|
197,139
|
|
|
|
129,810
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
16,803
|
|
|
|
13,133
|
|
|
|
37,579
|
|
|
|
27,494
|
|
Research and development
|
|
|
26,151
|
|
|
|
15,678
|
|
|
|
60,244
|
|
|
|
44,391
|
|
General and administrative
|
|
|
12,387
|
|
|
|
5,520
|
|
|
|
26,851
|
|
|
|
15,560
|
|
Total operating expenses
|
|
|
55,341
|
|
|
|
34,331
|
|
|
|
124,674
|
|
|
|
87,445
|
|
Income from operations
|
|
|
33,173
|
|
|
|
31,636
|
|
|
|
72,465
|
|
|
|
42,365
|
|
Interest income
|
|
|
2,152
|
|
|
|
2,016
|
|
|
|
6,283
|
|
|
|
5,965
|
|
Interest expense
|
|
|
(640
|
)
|
|
|
(419
|
)
|
|
|
(1,984
|
)
|
|
|
(986
|
)
|
Realized gain from sale of short-term investments
|
|
|
656
|
|
|
|
1,136
|
|
|
|
8,569
|
|
|
|
1,136
|
|
Unrealized loss on short-term investments
|
|
|
(1,319
|
)
|
|
|
(5,281
|
)
|
|
|
(4,428
|
)
|
|
|
(9,562
|
)
|
Other income (expense), net
|
|
|
(2,150
|
)
|
|
|
7,207
|
|
|
|
156
|
|
|
|
9,949
|
|
Income (loss) from equity method investments
|
|
|
(160
|
)
|
|
|
1,251
|
|
|
|
3,728
|
|
|
|
1,652
|
|
Income before income taxes
|
|
|
31,712
|
|
|
|
37,546
|
|
|
|
84,789
|
|
|
|
50,519
|
|
Income tax expense
|
|
|
(718
|
)
|
|
|
(10,470
|
)
|
|
|
(11,235
|
)
|
|
|
(14,138
|
)
|
Net income
|
|
|
30,994
|
|
|
|
27,076
|
|
|
|
73,554
|
|
|
|
36,381
|
|
Less: Net income attributable to non-controlling interests
|
|
|
5,315
|
|
|
|
6,072
|
|
|
|
13,905
|
|
|
|
8,927
|
|
Net income attributable to ACM Research, Inc.
|
|
$
|
25,679
|
|
|
$
|
21,004
|
|
|
$
|
59,649
|
|
|
$
|
27,454
|
|
Less: Dilutive effect arising from stock-based awards by ACM Shanghai
|
|
|
461
|
|
|
|
321
|
|
|
|
1,338
|
|
|
|
465
|
|
Net income available to common stockholders, diluted
|
|
$
|
25,218
|
|
|
$
|
20,683
|
|
|
$
|
58,311
|
|
|
$
|
26,989
|
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
30,994
|
|
|
|
27,076
|
|
|
|
73,554
|
|
|
|
36,381
|
|
Foreign currency translation adjustment, net of tax
|
|
|
4,015
|
|
|
|
(42,416
|
)
|
|
|
(21,831
|
)
|
|
|
(80,334
|
)
|
Comprehensive Income (loss)
|
|
|
35,009
|
|
|
|
(15,340
|
)
|
|
|
51,723
|
|
|
|
(43,953
|
)
|
Less: Comprehensive income (loss) attributable to non-controlling interests
|
|
|
7,768
|
|
|
|
(1,057
|
)
|
|
|
11,882
|
|
|
|
(4,378
|
)
|
Comprehensive income (loss) attributable to ACM Research, Inc.
|
|
$
|
27,241
|
|
|
$
|
(14,283
|
)
|
|
$
|
39,841
|
|
|
$
|
(39,575
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to ACM Research, Inc. per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.43
|
|
|
$
|
0.35
|
|
|
$
|
0.99
|
|
|
$
|
0.46
|
|
Diluted
|
|
$
|
0.39
|
|
|
$
|
0.32
|
|
|
$
|
0.90
|
|
|
$
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding used in computing per share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
60,219,218
|
|
|
|
59,360,790
|
|
|
|
59,953,144
|
|
|
|
59,123,895
|
|
Diluted
|
|
|
65,450,941
|
|
|
|
65,612,665
|
|
|
|
64,834,051
|
|
|
|
65,629,273
|
|
ACM RESEARCH, INC.
Total Revenue by Product Category, by Equipment Type and by Region
`
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
($ in thousands)
|
|
Single wafer cleaning, Tahoe and semi-critical cleaning equipment
|
|
$
|
132,417
|
|
|
$
|
99,720
|
|
|
$
|
281,559
|
|
|
$
|
198,336
|
|
ECP (front-end and packaging), furnace and other technologies
|
|
|
25,508
|
|
|
|
24,521
|
|
|
|
71,223
|
|
|
|
57,269
|
|
Advanced packaging (excluding ECP), services & spares
|
|
|
10,644
|
|
|
|
9,468
|
|
|
|
34,620
|
|
|
|
24,685
|
|
Total Revenue By Product Category
|
|
$
|
168,569
|
|
|
$
|
133,709
|
|
|
$
|
387,402
|
|
|
$
|
280,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
2023
|
|
|
|
2022
|
|
Mainland China
|
|
$
|
168,302
|
|
|
$
|
131,180
|
|
|
$
|
375,528
|
|
|
$
|
273,585
|
|
Other Regions
|
|
|
267
|
|
|
|
2,529
|
|
|
|
11,874
|
|
|
|
6,705
|
|
Total Revenue By Region
|
|
$
|
168,569
|
|
|
$
|
133,709
|
|
|
$
|
387,402
|
|
|
$
|
280,290
|
|
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 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,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
Actual
|
|
|
SBC
|
|
|
Other non-
operating
adjustments
|
|
|
Adjusted
|
|
|
Actual
|
|
|
SBC
|
|
|
Other non-
operating
adjustments
|
|
|
Adjusted
|
|
|
(GAAP)
|
|
|
(Non-GAAP)
|
|
|
(GAAP)
|
|
|
(Non-GAAP)
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
168,569
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
168,569
|
|
|
$
|
133,709
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
133,709
|
|
Cost of revenue
|
|
|
(80,055
|
)
|
|
|
(588
|
)
|
|
|
-
|
|
|
|
(79,467
|
)
|
|
|
(67,742
|
)
|
|
|
(130
|
)
|
|
|
-
|
|
|
|
(67,612
|
)
|
Gross profit
|
|
|
88,514
|
|
|
|
(588
|
)
|
|
|
-
|
|
|
|
89,102
|
|
|
|
65,967
|
|
|
|
(130
|
)
|
|
|
-
|
|
|
|
66,097
|
|
Gross margin
|
|
|
52.5
|
%
|
|
|
0.3
|
%
|
|
|
-
|
|
|
|
52.9
|
%
|
|
|
49.3
|
%
|
|
|
0.1
|
%
|
|
|
-
|
|
|
|
49.4
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
(16,803
|
)
|
|
|
(2,543
|
)
|
|
|
-
|
|
|
|
(14,260
|
)
|
|
|
(13,133
|
)
|
|
|
(349
|
)
|
|
|
-
|
|
|
|
(12,784
|
)
|
Research and development
|
|
|
(26,151
|
)
|
|
|
(3,421
|
)
|
|
|
-
|
|
|
|
(22,730
|
)
|
|
|
(15,678
|
)
|
|
|
(666
|
)
|
|
|
-
|
|
|
|
(15,012
|
)
|
General and administrative
|
|
|
(12,387
|
)
|
|
|
(4,029
|
)
|
|
|
-
|
|
|
|
(8,358
|
)
|
|
|
(5,520
|
)
|
|
|
(748
|
)
|
|
|
-
|
|
|
|
(4,772
|
)
|
Total operating expenses
|
|
|
(55,341
|
)
|
|
|
(9,993
|
)
|
|
|
-
|
|
|
|
(45,348
|
)
|
|
|
(34,331
|
)
|
|
|
(1,763
|
)
|
|
|
-
|
|
|
|
(32,568
|
)
|
Income (loss) from operations
|
|
$
|
33,173
|
|
|
$
|
(10,581
|
)
|
|
$
|
-
|
|
|
$
|
43,754
|
|
|
$
|
31,636
|
|
|
$
|
(1,893
|
)
|
|
$
|
-
|
|
|
$
|
33,529
|
|
Unrealized loss on short-term investments
|
|
|
(1,319
|
)
|
|
|
-
|
|
|
|
(1,319
|
)
|
|
|
-
|
|
|
|
(5,281
|
)
|
|
|
-
|
|
|
|
(5,281
|
)
|
|
|
-
|
|
Net income (loss) attributable to ACM Research, Inc.
|
|
$
|
25,679
|
|
|
$
|
(10,581
|
)
|
|
$
|
(1,319
|
)
|
|
$
|
37,579
|
|
|
$
|
21,004
|
|
|
$
|
(1,893
|
)
|
|
$
|
(5,281
|
)
|
|
$
|
28,178
|
|
Basic EPS
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
|
|
$
|
0.62
|
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
|
$
|
0.47
|
|
Diluted EPS
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
$
|
0.57
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
$
|
0.42
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
Actual
|
|
|
SBC
|
|
|
Other non-
operating
adjustments
|
|
|
Adjusted
|
|
|
Actual
|
|
|
SBC
|
|
|
Other non-
operating
adjustments
|
|
|
Adjusted
|
|
|
(GAAP)
|
|
|
(Non-GAAP)
|
|
|
(GAAP)
|
|
|
(Non-GAAP)
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
387,402
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
387,402
|
|
|
$
|
280,290
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
280,290
|
|
Cost of revenue
|
|
|
(190,263
|
)
|
|
|
(838
|
)
|
|
|
-
|
|
|
|
(189,425
|
)
|
|
|
(150,480
|
)
|
|
|
(383
|
)
|
|
|
-
|
|
|
|
(150,097
|
)
|
Gross profit
|
|
|
197,139
|
|
|
|
(838
|
)
|
|
|
-
|
|
|
|
197,977
|
|
|
|
129,810
|
|
|
|
(383
|
)
|
|
|
-
|
|
|
|
130,193
|
|
Gross margin
|
|
|
50.9
|
%
|
|
|
0.2
|
%
|
|
|
-
|
|
|
|
51.1
|
%
|
|
|
46.3
|
%
|
|
|
0.1
|
%
|
|
|
-
|
|
|
|
46.4
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
(37,579
|
)
|
|
|
(3,405
|
)
|
|
|
-
|
|
|
|
(34,174
|
)
|
|
|
(27,494
|
)
|
|
|
(1,277
|
)
|
|
|
-
|
|
|
|
(26,217
|
)
|
Research and development
|
|
|
(60,244
|
)
|
|
|
(4,831
|
)
|
|
|
-
|
|
|
|
(55,413
|
)
|
|
|
(44,391
|
)
|
|
|
(1,733
|
)
|
|
|
-
|
|
|
|
(42,658
|
)
|
General and administrative
|
|
|
(26,851
|
)
|
|
|
(5,592
|
)
|
|
|
-
|
|
|
|
(21,259
|
)
|
|
|
(15,560
|
)
|
|
|
(1,843
|
)
|
|
|
-
|
|
|
|
(13,717
|
)
|
Total operating expenses
|
|
|
(124,674
|
)
|
|
|
(13,828
|
)
|
|
|
-
|
|
|
|
(110,846
|
)
|
|
|
(87,445
|
)
|
|
|
(4,853
|
)
|
|
|
-
|
|
|
|
(82,592
|
)
|
Income from operations
|
|
$
|
72,465
|
|
|
$
|
(14,666
|
)
|
|
$
|
-
|
|
|
$
|
87,131
|
|
|
$
|
42,365
|
|
|
$
|
(5,236
|
)
|
|
$
|
-
|
|
|
$
|
47,601
|
|
Unrealized loss on short-term investments
|
|
|
(4,428
|
)
|
|
|
-
|
|
|
|
(4,428
|
)
|
|
|
-
|
|
|
|
(9,562
|
)
|
|
|
-
|
|
|
|
(9,562
|
)
|
|
|
-
|
|
Net income (loss) attributable to ACM Research, Inc.
|
|
$
|
59,649
|
|
|
$
|
(14,666
|
)
|
|
$
|
(4,428
|
)
|
|
$
|
78,743
|
|
|
$
|
27,454
|
|
|
$
|
(5,236
|
)
|
|
$
|
(9,562
|
)
|
|
$
|
42,252
|
|
Basic EPS
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
$
|
1.31
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
$
|
0.71
|
|
Diluted EPS
|
|
$
|
0.90
|
|
|
|
|
|
|
|
|
|
|
$
|
1.19
|
|
|
$
|
0.41
|
|
|
|
|
|
|
|
|
|
|
$
|
0.64
|
|
-8-
v3.23.3
Document and Entity Information
|
Nov. 07, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Nov. 07, 2023
|
Entity File Number |
001-38273
|
Entity Registrant Name |
ACM Research, Inc.
|
Entity Central Index Key |
0001680062
|
Entity Incorporation, State or Country Code |
DE
|
Entity Tax Identification Number |
94-3290283
|
Entity Address, Address Line One |
42307 Osgood Road
|
Entity Address, Address Line Two |
Suite I
|
Entity Address, City or Town |
Fremont
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
94539
|
City Area Code |
510
|
Local Phone Number |
445-3700
|
Title of 12(b) Security |
Class A Common Stock, par value $0.0001 per share
|
Trading Symbol |
ACMR
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
false
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
ACM Research (NASDAQ:ACMR)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
ACM Research (NASDAQ:ACMR)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024