ACM Research Announces Preliminary Unaudited Revenue and Shipments for the First Quarter 2025

Rhea-AI Summary

ACM Research has released preliminary unaudited financial results for Q1 2025, projecting revenue between $165-170 million, representing 8.4-11.7% year-over-year growth. The semiconductor equipment supplier reported:

• Expected Q1 2025 total shipments of $154-157 million, showing a 36-37% year-over-year decrease due to Q4 2024 customer pull-ins
• Combined Q4 2024 and Q1 2025 shipments expected to grow 8-9% versus prior year periods
• Reaffirmed full-year 2025 revenue outlook of $850-950 million, targeting 9-21% annual growth

ACM Shanghai, the company's main operating subsidiary (81.1% owned), will report separate results in RMB under Chinese accounting standards. The parent company will discuss complete Q1 2025 results during its May 8 earnings call.

Positive

• Q1 2025 revenue expected at $165-170M, representing 8.4-11.7% YoY growth
• Full year 2025 revenue outlook maintained at $850-950M (9-21% YoY growth)
• Combined Q4 2024 + Q1 2025 shipments show 8-9% growth vs prior year periods
• Company expects return to YoY growth in shipments by Q2 2025

Negative

• Q1 2025 shipments down 36-37% YoY to $154-157M
• Q1 shipment decline partly due to customer pull-ins in Q4 2024
• ACM Shanghai results may differ materially from consolidated results due to accounting differences

Insights

Financial Analyst

ACM reports 8-11% revenue growth despite 36-37% shipment decline; maintains full-year outlook suggesting confidence in subsequent quarters.

ACM Research's preliminary Q1 2025 revenue of $165-170 million represents year-over-year growth of 8.4-11.7%, showing continued expansion despite semiconductor market fluctuations. However, total shipments for Q1 declined significantly by 36-37% year-over-year to $154-157 million.

This shipment decline warrants attention, though the company explicitly attributes it to customer pull-ins during Q4 2024. Supporting this explanation, the combined shipments for Q4 2024 and Q1 2025 grew by 8-9% versus the prior year periods, suggesting the overall business trajectory remains positive despite quarterly fluctuations.

Most importantly, ACM has reaffirmed its full-year 2025 revenue outlook of $850-950 million, representing annual growth of 9-21%. This maintained guidance indicates management believes the Q1 shipment pattern is not indicative of their overall annual performance expectations, with management specifically anticipating "a return to year-on-year growth in total shipments for the second quarter of 2025."

The corporate structure adds complexity to financial reporting, with ACM owning 81.1% of ACM Shanghai, which contributes the majority of consolidated revenue and net income. Potential material differences exist between ACM Shanghai's RMB-denominated results under Chinese accounting standards and ACM's consolidated USD results under US GAAP.

Semiconductor Industry Expert

Q1 shipment decline reflects timing shifts rather than demand weakness; maintained guidance suggests healthy underlying business momentum.

In the semiconductor equipment sector, quarterly shipment patterns often fluctuate dramatically based on customer timing decisions around capital expenditures. The 36-37% year-over-year shipment decline in Q1 2025 to $154-157 million appears alarming at first glance, but must be viewed within industry context.

ACM's explanation that this decline reflects customer pull-ins during Q4 2024 is consistent with typical semiconductor equipment industry dynamics, where end customers adjust procurement timing based on fab construction schedules and technology node transitions. The combined 8-9% shipment growth across both quarters provides a more representative view of the underlying business momentum.

The normalized growth rate across two quarters aligns logically with ACM's full-year revenue growth projection of 9-21%. The company's specific statement that they "anticipate a return to year-on-year growth in total shipments for the second quarter of 2025" suggests management has visibility into near-term customer demand patterns rather than facing sustained weakness.

As a supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, ACM's performance reflects both fab capacity expansion decisions and technology upgrade cycles. The maintained annual guidance of $850-950 million, despite the Q1 shipment variability, indicates management's view that their overall 2025 business outlook remains intact, with subsequent quarters expected to show stronger performance to compensate for Q1 timing shifts.

Coincides with Release of ACM Shanghai First Quarter 2025 Results
ACM Reaffirms 2025 Revenue Outlook

FREMONT, Calif., April 29, 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 announces expectations for preliminary unaudited revenue and total shipments for the first quarter of 2025. Today’s release coincides with the as-scheduled release of unaudited financial results by ACM Research (Shanghai), Inc., ACM’s principal operating subsidiary (“ACM Shanghai”), to the Shanghai Stock Exchange website [link to China Disclosure].

ACM will discuss its full financial results for the first quarter 2025 and its revenue outlook for the remainder of the year on its earnings call on Thursday, May 8, 2025, at 8 a.m. Eastern Time (8 p.m. China Time).

ACM announces the following:

• preliminary unaudited revenue for the first quarter of 2025 is expected to be in the range of $165 million to $170 million, which would represent year-to-year growth of 8.4% to 11.7%.
• preliminary total shipments for the first quarter of 2025 are expected to be in the range of $154 million to $157 million, which would represent a year-to-year decrease of 36% to 37%.   This decrease is due in part to customer pull-ins in the fourth quarter of 2024, which contributed to stronger total shipments for that period. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 are expected to grow by 8% to 9% versus the prior year periods. We anticipate a return to year-on-year growth in total shipments for the second quarter of 2025.
• re-affirms full year 2025 revenue outlook in the range of $850 million to $950 million, which would represent year-to-year growth of 9% to 21%.
  

Actual unaudited first quarter 2025 results are subject to the completion of ACM’s quarter end closing procedures and review by ACM’s independent registered public accounting firm.

ACM currently owns an 81.1% equity interest in ACM Shanghai, and a substantial majority of ACM’s consolidated revenue and net income is contributed by ACM Shanghai. The stand-alone financial results of ACM Shanghai are reported in RMB as prepared in accordance with Chinese generally accepted accounting principles, and those results will differ, potentially materially, from ACM’s consolidated revenue and net profit for the period, which will reflect additional financial and operational items and will be prepared in U.S. dollars in accordance with U.S. generally accepted accounting principles.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. 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.acmr.com.

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.

© ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to such trademark.

For investor and media inquiries, please contact:
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

FAQ

What is ACMR's revenue forecast for Q1 2025?

ACM Research (ACMR) expects Q1 2025 revenue between $165-170 million, representing 8.4% to 11.7% year-over-year growth.

Why did ACMR shipments decline in Q1 2025?

ACMR's Q1 2025 shipments decreased 36-37% year-over-year due to customer pull-ins during Q4 2024. However, combined Q4 2024 and Q1 2025 shipments show 8-9% growth versus prior year periods.

What is ACMR's full-year 2025 revenue guidance?

ACMR reaffirmed its 2025 revenue outlook of $850-950 million, projecting 9-21% year-over-year growth.

How much of ACM Shanghai does ACMR own?

ACMR owns an 81.1% equity interest in ACM Shanghai, which contributes the majority of ACMR's consolidated revenue and net income.

When will ACMR release complete Q1 2025 earnings?

ACMR will discuss complete Q1 2025 financial results during its earnings call on Thursday, May 8, 2025, at 8 a.m. Eastern Time.