We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
ACM Research Inc | NASDAQ:ACMR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.43 | -1.90% | 22.20 | 22.00 | 23.05 | 23.51 | 22.17 | 23.25 | 778,258 | 00:57:14 |
|
|
|
(State or Other
Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
||
,
|
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
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))
|
Title of each class
|
Trading symbol
|
Name of each exchange on which registered
|
||
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit
|
Description
|
|
Press Release of ACM Research, Inc. dated May 8, 2024
|
||
104
|
Cover Page Interactive Data File (embedded within the XBRL document)
|
ACM RESEARCH, INC. | ||
By: |
/s/ Mark McKechnie
|
|
Mark McKechnie
|
||
Chief Financial Officer and Treasurer
|
||
Dated: May 8, 2024
|
Three Months Ended March 31,
|
||||||||||||||||
GAAP
|
Non-GAAP(1)
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
(dollars in thousands, except EPS)
|
||||||||||||||||
Revenue
|
$
|
152,191
|
$
|
74,256
|
$
|
152,191
|
$
|
74,256
|
||||||||
Gross margin
|
52.0
|
%
|
53.8
|
%
|
52.5
|
%
|
54.0
|
%
|
||||||||
Income from operations
|
$
|
25,232
|
$
|
8,862
|
$
|
39,801
|
$
|
10,930
|
||||||||
Net income attributable to ACM Research, Inc.
|
$
|
17,433
|
$
|
7,145
|
$
|
34,597
|
$
|
9,867
|
||||||||
Basic EPS
|
$
|
0.28
|
$
|
0.12
|
$
|
0.56
|
$
|
0.17
|
||||||||
Diluted EPS
|
$
|
0.26
|
$
|
0.11
|
$
|
0.52
|
$
|
0.15
|
(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 attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized loss on
short-term investments.
|
• |
Shipments. Total shipments in the first quarter of 2024 were $245 million, up 175% from the first quarter of 2023. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer
acceptance for potential revenue in future quarters.
|
• |
Revenue was $152.2 million, up 105.0%, reflecting higher sales of single wafer cleaning,
Tahoe and semi-critical cleaning equipment and advanced packaging (excluding ECP), and services and spares.
|
• |
Gross margin was 52.0% versus 53.8%. Non-GAAP gross margin, which excludes stock-based
compensation, was 52.5% versus 54.0%. Gross margin exceeded ACM’s long-term business model range of 40% to 45%. 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 $53.9 million, an increase of 73.1%. Operating expenses as a
percentage of revenue decreased to 35.4% from 41.9%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $40.1 million, up 37.4%. Non-GAAP operating expenses as a percentage of revenue decreased to 26.3%
from 39.3%.
|
• |
Operating income was $25.2 million, up from $8.9 million. Operating margin was 16.6% versus 11.9%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $39.8 million, up from $10.9 million. Non-GAAP operating margin, which excludes stock-based compensation, was 26.2% versus 14.7%.
|
• |
Unrealized loss on short-term investments was $2.6 million. The loss reflects the change in
market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc., in short-term investments. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
|
• |
Income tax expense was $4.4 million, compared to $2.9 million.
|
• |
Net income attributable to ACM Research, Inc. was $17.4 million, up from $7.1 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 $34.6 million, up from $9.9 million.
|
• |
Net income per diluted share attributable to ACM Research, Inc. was $0.26, compared to
$0.11. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.52, up from $0.15.
|
• |
Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits
were $288.3 million at March 31, 2024, versus $304.5 million at December 31, 2023.
|
In the United States:
|
The Blueshirt Group
|
|
Steven C. Pelayo, CFA
|
||
+1 (360) 808-5154
|
||
steven@blueshirtgroup.co
|
||
In China:
|
The Blueshirt Group Asia
|
|
Gary Dvorchak, CFA
|
||
+86 (138) 1079-1480
|
||
gary@blueshirtgroup.co
|
March 31, 2024
|
December 31, 2023
|
|||||||
(Unaudited)
|
||||||||
(In thousands)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
211,305
|
$
|
182,090
|
||||
Restricted cash
|
808
|
1,083
|
||||||
Short-term time deposits
|
48,364
|
80,524
|
||||||
Short-term investment
|
18,648
|
21,312
|
||||||
Accounts receivable, net
|
296,371
|
283,186
|
||||||
Other receivables
|
51,316
|
40,065
|
||||||
Inventories, net
|
581,140
|
545,395
|
||||||
Advances to related party
|
1,338
|
2,432
|
||||||
Prepaid expenses
|
20,066
|
20,023
|
||||||
Total current assets
|
1,229,356
|
1,176,110
|
||||||
Property, plant and equipment, net
|
218,822
|
201,848
|
||||||
Land use right, net
|
8,305
|
8,367
|
||||||
Operating lease right-of-use assets, net
|
6,498
|
7,026
|
||||||
Intangible assets, net
|
2,803
|
2,538
|
||||||
Long-term time deposits
|
27,841
|
40,818
|
||||||
Deferred tax assets
|
21,360
|
20,271
|
||||||
Long-term investments
|
31,293
|
27,880
|
||||||
Other long-term assets
|
10,471
|
6,050
|
||||||
Total assets
|
$
|
1,556,749
|
$
|
1,490,908
|
||||
Liabilities and Equity
|
||||||||
Current liabilities:
|
||||||||
Short-term borrowings
|
$
|
54,706
|
$
|
31,335
|
||||
Current portion of long-term borrowings
|
6,549
|
6,783
|
||||||
Related party accounts payable
|
16,243
|
11,407
|
||||||
Accounts payable
|
135,499
|
141,814
|
||||||
Advances from customers
|
182,547
|
181,368
|
||||||
Deferred revenue
|
4,405
|
3,687
|
||||||
Income taxes payable
|
11,403
|
6,401
|
||||||
FIN-48 payable
|
12,131
|
12,149
|
||||||
Other payables and accrued expenses
|
107,098
|
102,951
|
||||||
Current portion of operating lease liability
|
2,668
|
2,764
|
||||||
Total current liabilities
|
533,249
|
500,659
|
||||||
Long-term borrowings
|
53,408
|
53,952
|
||||||
Long-term operating lease liability
|
3,830
|
4,262
|
||||||
Other long-term liabilities
|
5,469
|
5,873
|
||||||
Total liabilities
|
595,956
|
564,746
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Stockholders’ equity:
|
||||||||
Class A Common stock
|
6
|
6
|
||||||
Class B Common stock
|
1
|
1
|
||||||
Additional paid-in capital
|
646,800
|
629,845
|
||||||
Retained earnings
|
174,260
|
156,827
|
||||||
Statutory surplus reserve
|
30,060
|
30,060
|
||||||
Accumulated other comprehensive loss
|
(54,925
|
)
|
(49,349
|
)
|
||||
Total ACM Research, Inc. stockholders’ equity
|
796,202
|
767,390
|
||||||
Non-controlling interests
|
164,591
|
158,772
|
||||||
Total equity
|
960,793
|
926,162
|
||||||
Total liabilities and equity
|
$
|
1,556,749
|
$
|
1,490,908
|
Three Months Ended March 31,
|
||||||||
2024
|
2023
|
|||||||
(Unaudited)
(In thousands, except share and per
share data)
|
||||||||
Revenue
|
$
|
152,191
|
$
|
74,256
|
||||
Cost of revenue
|
73,070
|
34,270
|
||||||
Gross profit
|
79,121
|
39,986
|
||||||
Operating expenses:
|
||||||||
Sales and marketing
|
14,173
|
9,337
|
||||||
Research and development
|
23,918
|
14,029
|
||||||
General and administrative
|
15,798
|
7,758
|
||||||
Total operating expenses
|
53,889
|
31,124
|
||||||
Income from operations
|
25,232
|
8,862
|
||||||
Interest income
|
1,774
|
1,785
|
||||||
Interest expense
|
(783
|
)
|
(695
|
)
|
||||
Realized gain from sale of short-term investments
|
273
|
3,994
|
||||||
Unrealized loss on short-term investments
|
(2,595
|
)
|
(654
|
)
|
||||
Other income (expense), net
|
3,080
|
(1,418
|
)
|
|||||
Loss from equity method investments
|
(520
|
)
|
(32
|
)
|
||||
Income before income taxes
|
26,461
|
11,842
|
||||||
Income tax expense
|
(4,369
|
)
|
(2,879
|
)
|
||||
Net income
|
22,092
|
8,963
|
||||||
Less: Net income attributable to non-controlling interests
|
4,659
|
1,818
|
||||||
Net income attributable to ACM Research, Inc.
|
$
|
17,433
|
$
|
7,145
|
||||
Comprehensive income (loss):
|
||||||||
Net income
|
22,092
|
8,963
|
||||||
Foreign currency translation adjustment, net of tax
|
(6,829
|
)
|
9,423
|
|||||
Comprehensive Income
|
15,263
|
18,386
|
||||||
Less: Comprehensive income attributable to non-controlling interests
|
3,406
|
3,462
|
||||||
Comprehensive income attributable to ACM Research, Inc.
|
$
|
11,857
|
$
|
14,924
|
||||
Net income attributable to ACM Research, Inc. per common share:
|
||||||||
Basic
|
$
|
0.28
|
$
|
0.12
|
||||
Diluted
|
$
|
0.26
|
$
|
0.11
|
||||
Weighted average common shares outstanding used in computing per share amounts:
|
||||||||
Basic
|
61,367,184
|
59,736,764
|
||||||
Diluted
|
66,242,321
|
65,058,777
|
|
Three Months Ended March 31,
|
|||||||
|
2024
|
2023
|
||||||
|
(Unaudited)
($ in thousands)
|
|||||||
Single wafer cleaning, Tahoe and semi-critical cleaning equipment
|
$
|
109,470
|
$
|
36,614
|
||||
ECP (front-end and packaging), furnace and other technologies
|
25,800
|
26,598
|
||||||
Advanced packaging (excluding ECP), services & spares
|
16,921
|
11,044
|
||||||
Total Revenue by Product Category
|
$
|
152,191
|
$
|
74,256
|
||||
2023 |
2022 |
|||||||
Mainland China
|
$ |
152,135
|
$ |
72,458
|
||||
Other Regions
|
56
|
1,798
|
||||||
Total Revenue by Region
|
$ |
152,191
|
$ |
74,256
|
Three Months Ended March 31,
|
||||||||||||||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||||||||||||||
Actual
(GAAP)
|
SBC
|
Other non-
operating
adjustments
|
Adjusted
(Non-GAAP)
|
Actual
(GAAP)
|
SBC
|
Other non-
operating
adjustments
|
Adjusted
(Non-GAAP)
|
|||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Revenue
|
$
|
152,191
|
$
|
-
|
$
|
-
|
$
|
152,191
|
$
|
74,256
|
$
|
-
|
$
|
-
|
$
|
74,256
|
||||||||||||||||
Cost of revenue
|
(73,070
|
)
|
(781
|
)
|
-
|
(72,289
|
)
|
(34,270
|
)
|
(125
|
)
|
-
|
(34,145
|
)
|
||||||||||||||||||
Gross profit
|
79,121
|
(781
|
)
|
-
|
79,902
|
39,986
|
(125
|
)
|
-
|
40,111
|
||||||||||||||||||||||
Gross margin
|
52.0
|
%
|
0.5
|
%
|
-
|
52.5
|
%
|
53.8
|
%
|
0.2
|
%
|
-
|
54.0
|
%
|
||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||||||
Sales and marketing
|
(14,173
|
)
|
(3,027
|
)
|
-
|
(11,146
|
)
|
(9,337
|
)
|
(431
|
)
|
-
|
(8,906
|
)
|
||||||||||||||||||
Research and development
|
(23,918
|
)
|
(4,503
|
)
|
-
|
(19,415
|
)
|
(14,029
|
)
|
(701
|
)
|
-
|
(13,328
|
)
|
||||||||||||||||||
General and administrative
|
(15,798
|
)
|
(6,258
|
)
|
-
|
(9,540
|
)
|
(7,758
|
)
|
(811
|
)
|
-
|
(6,947
|
)
|
||||||||||||||||||
Total operating expenses
|
(53,889
|
)
|
(13,788
|
)
|
-
|
(40,101
|
)
|
(31,124
|
)
|
(1,943
|
)
|
-
|
(29,181
|
)
|
||||||||||||||||||
Income (loss) from operations
|
$
|
25,232
|
$
|
(14,569
|
)
|
$
|
-
|
$
|
39,801
|
$
|
8,862
|
$
|
(2,068
|
)
|
$
|
-
|
$
|
10,930
|
||||||||||||||
Unrealized loss on short-term investments
|
(2,595
|
)
|
-
|
(2,595
|
)
|
-
|
(654
|
)
|
-
|
(654
|
)
|
-
|
||||||||||||||||||||
Net income (loss)
attributable to ACM Research, Inc.
|
$
|
17,433
|
$
|
(14,569
|
)
|
$
|
(2,595
|
)
|
$
|
34,597
|
$
|
7,145
|
$
|
(2,068
|
)
|
$
|
(654
|
)
|
$
|
9,867
|
||||||||||||
Basic EPS
|
$
|
0.28
|
$
|
0.56
|
$
|
0.12
|
$
|
0.17
|
||||||||||||||||||||||||
Diluted EPS
|
$
|
0.26
|
$
|
0.52
|
$
|
0.11
|
$
|
0.15
|
Document and Entity Information |
May 08, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 08, 2024 |
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 |
1 Year ACM Research Chart |
1 Month ACM Research Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions