ACM Research Reports Third Quarter 2024 Results
ACM Research (NASDAQ: ACMR) reported strong Q3 2024 results with record revenue of $204 million, up 21% year-over-year. The company achieved a gross margin of 51.4% and diluted EPS of $0.45. Total shipments reached $261 million, up 23% from Q3 2023. ACM has raised its fiscal year 2024 revenue guidance to $725-745 million from the previous $695-735 million range. The company's Ultra C Tahoe cleaning tool achieved a major breakthrough, now matching single-wafer cleaning tool performance while reducing chemical consumption by up to 75%. ACM also expanded its U.S. presence with a new Oregon facility purchase and opened a new R&D facility in Lingang, China.
ACM Research (NASDAQ: ACMR) ha riportato risultati robusti per il terzo trimestre del 2024, con un fatturato record di 204 milioni di dollari, in aumento del 21% rispetto all'anno precedente. L'azienda ha raggiunto un margine lordo del 51,4% e un utile per azione diluito di 0,45 dollari. Le spedizioni totali hanno raggiunto 261 milioni di dollari, in aumento del 23% rispetto al terzo trimestre del 2023. ACM ha innalzato le previsioni di fatturato per l'anno fiscale 2024 a un intervallo di 725-745 milioni di dollari, rispetto al precedente intervallo di 695-735 milioni di dollari. Lo strumento di pulizia Ultra C Tahoe dell'ACM ha conseguito un'importante innovazione, raggiungendo ora le prestazioni degli strumenti di pulizia a wafer singolo, riducendo al contempo il consumo chimico fino al 75%. Inoltre, ACM ha ampliato la sua presenza negli Stati Uniti con l'acquisto di una nuova struttura in Oregon e ha aperto un nuovo centro di ricerca e sviluppo a Lingang, in Cina.
ACM Research (NASDAQ: ACMR) informó resultados sólidos para el tercer trimestre de 2024, con ingresos récord de 204 millones de dólares, un aumento del 21% interanual. La empresa logró un margen bruto del 51,4% y una utilidad por acción diluida de 0,45 dólares. El total de envíos alcanzó 261 millones de dólares, un aumento del 23% respecto al tercer trimestre de 2023. ACM ha elevado su guía de ingresos para el año fiscal 2024 a un rango de 725-745 millones de dólares desde el rango anterior de 695-735 millones de dólares. La herramienta de limpieza Ultra C Tahoe de ACM logró un gran avance, igualando ahora el rendimiento de las herramientas de limpieza de un solo wafer, mientras reduce el consumo químico en hasta un 75%. ACM también amplió su presencia en EE. UU. con la compra de una nueva instalación en Oregón y abrió un nuevo centro de I+D en Lingang, China.
ACM Research (NASDAQ: ACMR)는 2024년 3분기 강력한 실적을 보고하였으며, 2억 4백만 달러의 기록적인 수익을 기록하여 전년 대비 21% 증가했습니다. 이 회사는 51.4%의 총 이익률과 희석된 주당 순이익 0.45달러를 달성했습니다. 총 출하는 2억 6천 1백만 달러로, 2023년 3분기 대비 23% 증가했습니다. ACM은 2024회계연도 수익 가이던스를 6억 9천5백만 달러에서 7억 2천5백~7억 4천5백만 달러로 상향 조정했습니다. ACM의 Ultra C Tahoe 청소 도구는 단일 웨이퍼 청소 도구 성능을 맞추는 주요 돌파구를 달성했으며, 화학 소비를 최대 75%까지 줄였습니다. ACM은 오레곤에 새 시설을 구입하여 미국 내 입지를 확장하였으며, 중국 링강에 새로운 연구개발 시설을 열었습니다.
ACM Research (NASDAQ: ACMR) a annoncé de bons résultats pour le troisième trimestre 2024, avec un chiffre d'affaires record de 204 millions de dollars, soit une augmentation de 21 % par rapport à l'année précédente. L'entreprise a atteint une marge brute de 51,4 % et un bénéfice par action dilué de 0,45 dollar. Les expéditions totales ont atteint 261 millions de dollars, en hausse de 23 % par rapport au troisième trimestre 2023. ACM a relevé ses prévisions de chiffre d'affaires pour l'exercice 2024 à une fourchette de 725 à 745 millions de dollars, contre la fourchette précédente de 695 à 735 millions de dollars. L'outil de nettoyage Ultra C Tahoe d'ACM a réalisé une avancée majeure, égalant désormais les performances des outils de nettoyage à wafer unique tout en réduisant la consommation chimique de jusqu'à 75 %. ACM a également élargi sa présence aux États-Unis avec l'achat d'un nouveau site en Oregon et a ouvert un nouveau centre de R&D à Lingang, en Chine.
ACM Research (NASDAQ: ACMR) hat starke Ergebnisse für das 3. Quartal 2024 berichtet, mit einem Rekordumsatz von 204 Millionen Dollar, was einem Anstieg von 21% im Jahresvergleich entspricht. Das Unternehmen erzielte eine Bruttomarge von 51,4% und einen verwässerten Gewinn pro Aktie von 0,45 Dollar. Die Gesamtlieferungen beliefen sich auf 261 Millionen Dollar, ein Anstieg von 23% im Vergleich zum 3. Quartal 2023. ACM hat seine Umsatzprognose für das Geschäftsjahr 2024 angehoben auf einen Bereich von 725-745 Millionen Dollar von der vorherigen Schätzung von 695-735 Millionen Dollar. Das Ultra C Tahoe Reinigungswerkzeug von ACM erzielte einen bedeutenden Durchbruch und erreicht nun die Leistung von Einzelwafer-Reinigungswerkzeugen, während der Chemikalienverbrauch um bis zu 75% gesenkt wird. Darüber hinaus hat ACM seine Präsenz in den USA mit dem Kauf eines neuen Werks in Oregon erweitert und ein neues F&E-Zentrum in Lingang, China, eröffnet.
- Revenue increased 21% YoY to $204 million in Q3 2024
- Raised FY2024 revenue guidance to $725-745 million
- Strong gross margin of 51.4%, exceeding long-term target of 40-45%
- Operating income grew to $44.2 million from $33.2 million YoY
- Total shipments increased 23% YoY to $261 million
- Cash position remained strong at $369.1 million
- Gross margin declined to 51.4% from 52.5% YoY
- Operating expenses increased 10% YoY
Insights
ACM Research delivered a strong Q3 2024 with impressive metrics across the board.
Key growth drivers include increased sales in single wafer cleaning, Tahoe systems and ECP equipment. The raised FY2024 revenue guidance to
The Lingang facility launch and Oregon facility purchase demonstrate strategic investments in both Asian and US markets, positioning for broader market penetration.
The technological breakthroughs in ACM's Ultra C Tahoe cleaning tool represent a significant competitive advantage. The system now matches single-wafer cleaning performance while reducing sulfuric acid consumption by up to
The expansion into panel-level packaging with new tools like Ultra C bev-p positions ACM well in the growing advanced packaging market, particularly important for AI chip manufacturing. The US customer orders for wafer-level packaging tools indicate successful market diversification beyond China, though China remains their primary growth driver.
FREMONT, Calif., Nov. 07, 2024 (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, 2024.
"I am pleased to report another strong quarter for ACM, with record revenue and shipments, good profitability, and positive cash flow from operations," said ACM’s President and Chief Executive Officer, Dr. David Wang. "We believe our results demonstrate ACM’s role as an innovator, delivering world-class tools that drive value for our customers and strengthen our position in the global market. Tahoe is gaining momentum with multiple logic and memory customers in production. This tool now delivers the same advanced cleaning performance as single-wafer tools, and at the same time up to
Dr. Wang continued, "Looking ahead, we anticipate continued growth of our business in mainland China through market share gains and new product ramps. We have begun initial operations at our Lingang facility, and we remain committed to support major customers in the US, Europe, and Southeast Asia. Our near-term outlook has improved, and as a result, we have raised our 2024 revenue outlook."
Three Months Ended September 30, | |||||||||||||||
GAAP | Non-GAAP(1) | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(dollars in thousands, except EPS) | |||||||||||||||
Revenue | $ | 203,976 | $ | 168,569 | $ | 203,976 | $ | 168,569 | |||||||
Gross margin | 51.4 | % | 52.5 | % | 51.6 | % | 52.9 | % | |||||||
Income from operations | $ | 44,184 | $ | 33,173 | $ | 56,065 | $ | 43,754 | |||||||
Net income attributable to ACM Research, Inc. | $ | 30,904 | $ | 25,679 | $ | 42,372 | $ | 37,579 | |||||||
Basic EPS | $ | 0.49 | $ | 0.43 | $ | 0.68 | $ | 0.62 | |||||||
Diluted EPS | $ | 0.45 | $ | 0.39 | $ | 0.63 | $ | 0.57 | |||||||
Nine Months Ended September 30, | |||||||||||||||
GAAP | Non-GAAP(1) | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(dollars in thousands, except EPS) | |||||||||||||||
Revenue | $ | 558,647 | $ | 387,402 | $ | 558,647 | $ | 387,402 | |||||||
Gross margin | 50.3 | % | 50.9 | % | 50.6 | % | 51.1 | % | |||||||
Income from operations | $ | 107,009 | $ | 72,465 | $ | 147,801 | $ | 87,131 | |||||||
Net income attributable to ACM Research, Inc. | $ | 72,547 | $ | 59,649 | $ | 114,490 | $ | 78,743 | |||||||
Basic EPS | $ | 1.17 | $ | 0.99 | $ | 1.85 | $ | 1.31 | |||||||
Diluted EPS | $ | 1.07 | $ | 0.90 | $ | 1.70 | $ | 1.19 |
(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 raised its revenue guidance range for fiscal year 2024 to a range of
Operating Highlights and Recent Announcements
- Shipments. Total shipments in the third quarter of 2024 were
$261 million , up23% from the third 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.
- Major Performance Breakthrough for Flagship Ultra C Tahoe Cleaning Tool. The upgraded Ultra C Tahoe now achieves the performance of standalone single-wafer cleaning tools on low-to-medium temperature sulfuric peroxide mix (SPM) processes. The hybrid architecture delivers enhanced cleaning performance, high throughput, and process flexibility, with an up to
75% reduction in chemical consumption. The upgraded Ultra C Tahoe is now in production at several high-volume customer facilities in mainland China. Additional logic and memory customers are evaluating the tool, and we expect to deliver additional units through the end 2024. - Launched Ultra C bev-p Panel Bevel Etching Tool for Panel-Level Packaging Applications. The new tool is specifically designed for bevel etching and cleaning in copper-related processes and is capable of handling both the front and back side etching within a single system. This capability enhances process efficiency and product reliability.
- Received Orders for Wafer-Level Packaging Tools from U.S. Customer and R&D Center. ACM has received purchase orders for four wafer-level packaging tools, including two from a U.S.-based customer and two from a U.S.-based research and development (R&D) center. The four tools support a range of advanced packaging processes and are scheduled for delivery in the first half of 2025.
- Completed Purchase of Commercial Facility in Oregon. On October 1, 2024, ACM completed the purchase of a 39,500 square foot facility, including a 5,200 square foot functional clean room. This facility is intended to augment ACM’s current Oregon facility and further expand ACM’s R&D and demonstration capability in the U.S. market.
- Opening of R&D and Production Facility. On October 20, 2024, ACM Shanghai celebrated the official opening of its new R&D and production facility in Lingang, China.
Third Quarter 2024 Financial Summary
Unless otherwise noted, the following figures refer to the third quarter of 2024 and comparisons are with the third quarter of 2023.
- Revenue was
$204.0 million , up21% , reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies, partly offset by lower sales of advanced packaging (excluding ECP), services & spares. - Gross margin was
51.4% versus52.5% . Non-GAAP gross margin, which excludes stock-based compensation, was51.6% versus52.9% . Gross margin exceeded ACM’s long-term business model range of40% to45% . 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
$60.7 million , an increase of10% . Operating expenses as a percentage of revenue decreased to29.7% from32.8% . Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were$49.2 million , up8.5% . Non-GAAP operating expenses as a percentage of revenue decreased to24.1% from26.9% . - Operating income was
$44.2 million , compared to$33.2 million . Operating margin was21.7% compared to19.7% . Non-GAAP operating income, which excludes the effect of stock-based compensation, was$56.1 million , compared to$43.8 million . Non-GAAP operating margin, which excludes stock-based compensation, was27.5% compared to26.0% . - Unrealized gain (loss) on short-term investments was
$0.4 million , compared to an unrealized gain (loss) of$(1.3) million . Unrealized gain (loss) reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics. - Income tax expense was
$4.0 million , compared to$0.7 million . - Net income attributable to ACM Research, Inc. was
$30.9 million , compared to$25.7 million . Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain (loss) on short-term investments, was$42.4 million , compared to$37.6 million . - Net income per diluted share attributable to ACM Research, Inc. was
$0.45 , compared to$0.39 . Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain (loss) on short-term investments, was$0.63 , compared to$0.57 . - Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were
$369.1 million at September 30, 2024, compared to$366.8 million at June 30, 2024.
Conference Call Details
A conference call to discuss results will be held on Thursday, November 7, 2024, 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/BIcf4dbc584cf54892966d5353590ab648
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 | |
steven@blueshirtgroup.co | |
In China: | The Blueshirt Group Asia |
Gary Dvorchak, CFA | |
+86 (138) 1079-1480 | |
gary@blueshirtgroup.co |
ACM RESEARCH, INC. Condensed Consolidated Balance Sheets | |||||||
September 30, 2024 | December 31, 2023 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 333,472 | $ | 182,090 | |||
Restricted cash | 1,782 | 1,083 | |||||
Short-term time deposits | 20,304 | 80,524 | |||||
Short-term investment | 20,351 | 21,312 | |||||
Accounts receivable, net | 370,589 | 283,186 | |||||
Other receivables | 57,849 | 40,065 | |||||
Inventories, net | 628,720 | 545,395 | |||||
Advances to related party | 1,453 | 2,432 | |||||
Prepaid expenses | 10,794 | 20,023 | |||||
Total current assets | 1,445,314 | 1,176,110 | |||||
Property, plant and equipment, net | 250,099 | 201,848 | |||||
Land use right, net | 8,320 | 8,367 | |||||
Operating lease right-of-use assets, net | 5,680 | 7,026 | |||||
Intangible assets, net | 2,838 | 2,538 | |||||
Long-term time deposits | 13,517 | 40,818 | |||||
Deferred tax assets | 13,400 | 20,271 | |||||
Long-term investments | 33,655 | 27,880 | |||||
Other long-term assets | 21,352 | 6,050 | |||||
Total assets | $ | 1,794,175 | $ | 1,490,908 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Short-term borrowings | $ | 33,795 | $ | 31,335 | |||
Current portion of long-term borrowings | 30,670 | 6,783 | |||||
Related party accounts payable | 15,392 | 11,407 | |||||
Accounts payable | 170,810 | 141,814 | |||||
Advances from customers | 215,678 | 181,368 | |||||
Deferred revenue | 10,138 | 3,687 | |||||
Income taxes payable | 6,796 | 6,401 | |||||
FIN-48 payable | 8,991 | 12,149 | |||||
Other payables and accrued expenses | 115,388 | 102,951 | |||||
Current portion of operating lease liability | 2,377 | 2,764 | |||||
Total current liabilities | 610,035 | 500,659 | |||||
Long-term borrowings | 106,069 | 53,952 | |||||
Long-term operating lease liability | 3,303 | 4,262 | |||||
Other long-term liabilities | 5,685 | 5,873 | |||||
Total liabilities | 725,092 | 564,746 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Stockholders’ equity: | |||||||
Class A Common stock | 6 | 6 | |||||
Class B Common stock | 1 | 1 | |||||
Additional paid-in capital | 669,540 | 629,845 | |||||
Retained earnings | 229,374 | 156,827 | |||||
Statutory surplus reserve | 30,060 | 30,060 | |||||
Accumulated other comprehensive loss | (40,815 | ) | (49,349 | ) | |||
Total ACM Research, Inc. stockholders’ equity | 888,166 | 767,390 | |||||
Non-controlling interests | 180,917 | 158,772 | |||||
Total equity | 1,069,083 | 926,162 | |||||
Total liabilities and equity | $ | 1,794,175 | $ | 1,490,908 |
ACM RESEARCH, INC. Condensed Consolidated Statements of Operations and Comprehensive Income | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
(Unaudited) | |||||||||||||||
( In thousands, except share and per share data) | |||||||||||||||
Revenue | $ | 203,976 | $ | 168,569 | $ | 558,647 | $ | 387,402 | |||||||
Cost of revenue | 99,142 | 80,055 | 277,908 | 190,263 | |||||||||||
Gross profit | 104,834 | 88,514 | 280,739 | 197,139 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 15,759 | 16,803 | 47,067 | 37,579 | |||||||||||
Research and development | 27,837 | 26,151 | 77,723 | 60,244 | |||||||||||
General and administrative | 17,054 | 12,387 | 48,940 | 26,851 | |||||||||||
Total operating expenses | 60,650 | 55,341 | 173,730 | 124,674 | |||||||||||
Income from operations | 44,184 | 33,173 | 107,009 | 72,465 | |||||||||||
Interest income | 2,967 | 2,152 | 7,122 | 6,283 | |||||||||||
Interest expense | (1,208 | ) | (640 | ) | (2,923 | ) | (1,984 | ) | |||||||
Realized gain from sale of short-term investments | 171 | 656 | 444 | 8,569 | |||||||||||
Unrealized gain (loss) on short-term investments | 413 | (1,319 | ) | (1,151 | ) | (4,428 | ) | ||||||||
Other income (expense), net | (5,164 | ) | (2,150 | ) | (727 | ) | 156 | ||||||||
Income (loss) from equity method investments | 1,316 | (160 | ) | 101 | 3,728 | ||||||||||
Income before income taxes | 42,679 | 31,712 | 109,875 | 84,789 | |||||||||||
Income tax expense | (4,007 | ) | (718 | ) | (17,712 | ) | (11,235 | ) | |||||||
Net income | 38,672 | 30,994 | 92,163 | 73,554 | |||||||||||
Less: Net income attributable to non-controlling interests | 7,768 | 5,315 | 19,616 | 13,905 | |||||||||||
Net income attributable to ACM Research, Inc. | $ | 30,904 | $ | 25,679 | $ | 72,547 | $ | 59,649 | |||||||
Comprehensive income (loss): | |||||||||||||||
Net income | 38,672 | 30,994 | 92,163 | 73,554 | |||||||||||
Foreign currency translation adjustment, net of tax | 17,089 | 4,015 | 10,376 | (21,831 | ) | ||||||||||
Comprehensive Income | 55,761 | 35,009 | 102,539 | 51,723 | |||||||||||
Less: Comprehensive income attributable to non-controlling interests | 10,842 | 7,768 | 21,458 | 11,882 | |||||||||||
Comprehensive income (loss) attributable to ACM Research, Inc. | $ | 44,919 | $ | 27,241 | $ | 81,081 | $ | 39,841 | |||||||
Net income attributable to ACM Research, Inc. per common share: | |||||||||||||||
Basic | $ | 0.49 | $ | 0.43 | $ | 1.17 | $ | 0.99 | |||||||
Diluted | $ | 0.45 | $ | 0.39 | $ | 1.07 | $ | 0.90 | |||||||
Weighted average common shares outstanding used in computing per share amounts: | |||||||||||||||
Basic | 62,500,903 | 60,219,218 | 62,017,257 | 59,953,144 | |||||||||||
Diluted | 66,671,526 | 65,450,941 | 66,512,143 | 64,834,051 |
ACM RESEARCH, INC. Total Revenue by Product Category and by Region | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
(Unaudited) | |||||||||||
($ in thousand) | |||||||||||
Single wafer cleaning, Tahoe and semi-critical cleaning equipment | $ | 160,985 | $ | 132,417 | $ | 423,676 | $ | 281,559 | |||
ECP (front-end and packaging), furnace and other technologies | 34,600 | 25,508 | 99,362 | 71,223 | |||||||
Advanced packaging (excluding ECP), services & spares | 8,391 | 10,644 | 35,609 | 34,620 | |||||||
Total Revenue By Product Category | $ | 203,976 | $ | 168,569 | $ | 558,647 | $ | 387,402 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Mainland China | $ | 203,672 | $ | 168,302 | $ | 552,642 | $ | 375,528 | |||
Other Regions | 304 | 267 | 6,005 | 11,874 | |||||||
Total Revenue By Region | $ | 203,976 | $ | 168,569 | $ | 558,647 | $ | 387,402 |
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, | ||||||||||||||||||||||||||||||
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 | $ | 203,976 | $ | - | $ | - | $ | 203,976 | $ | 168,569 | $ | - | $ | - | $ | 168,569 | ||||||||||||||
Cost of revenue | (99,142 | ) | (447 | ) | - | (98,695 | ) | (80,055 | ) | (588 | ) | - | (79,467 | ) | ||||||||||||||||
Gross profit | 104,834 | (447 | ) | - | 105,281 | 88,514 | (588 | ) | - | 89,102 | ||||||||||||||||||||
Gross margin | 51.4 | % | 0.2 | % | - | 51.6 | % | 52.5 | % | 0.3 | % | - | 52.9 | % | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||
Sales and marketing | (15,759 | ) | (2,594 | ) | - | (13,165 | ) | (16,803 | ) | (2,543 | ) | - | (14,260 | ) | ||||||||||||||||
Research and development | (27,837 | ) | (3,373 | ) | - | (24,464 | ) | (26,151 | ) | (3,421 | ) | - | (22,730 | ) | ||||||||||||||||
General and administrative | (17,054 | ) | (5,467 | ) | - | (11,587 | ) | (12,387 | ) | (4,029 | ) | - | (8,358 | ) | ||||||||||||||||
Total operating expenses | (60,650 | ) | (11,434 | ) | - | (49,216 | ) | (55,341 | ) | (9,993 | ) | - | (45,348 | ) | ||||||||||||||||
Income (loss) from operations | $ | 44,184 | $ | (11,881 | ) | $ | - | $ | 56,065 | $ | 33,173 | $ | (10,581 | ) | $ | - | $ | 43,754 | ||||||||||||
Unrealized gain (loss) on short-term investments | 413 | - | 413 | - | (1,319 | ) | - | (1,319 | ) | - | ||||||||||||||||||||
Net income (loss) attributable to ACM Research, Inc. | $ | 30,904 | $ | (11,881 | ) | $ | 413 | $ | 42,372 | $ | 25,679 | $ | (10,581 | ) | $ | (1,319 | ) | $ | 37,579 | |||||||||||
Basic EPS | $ | 0.49 | $ | 0.68 | $ | 0.43 | $ | 0.62 | ||||||||||||||||||||||
Diluted EPS | $ | 0.45 | $ | 0.63 | $ | 0.39 | $ | 0.57 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
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 | $ | 558,647 | $ | - | $ | - | $ | 558,647 | $ | 387,402 | $ | - | $ | - | $ | 387,402 | |||||||||||||||
Cost of revenue | (277,908 | ) | (2,020 | ) | - | (275,888 | ) | (190,263 | ) | (838 | ) | - | (189,425 | ) | |||||||||||||||||
Gross profit | 280,739 | (2,020 | ) | - | 282,759 | 197,139 | (838 | ) | - | 197,977 | |||||||||||||||||||||
Gross margin | 50.3 | % | 0.4 | % | - | 50.6 | % | 50.9 | % | 0.2 | % | - | 51.1 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||
Sales and marketing | (47,067 | ) | (8,645 | ) | - | (38,422 | ) | (37,579 | ) | (3,405 | ) | - | (34,174 | ) | |||||||||||||||||
Research and development | (77,723 | ) | (12,082 | ) | - | (65,641 | ) | (60,244 | ) | (4,831 | ) | - | (55,413 | ) | |||||||||||||||||
General and administrative | (48,940 | ) | (18,045 | ) | - | (30,895 | ) | (26,851 | ) | (5,592 | ) | - | (21,259 | ) | |||||||||||||||||
Total operating expenses | (173,730 | ) | (38,772 | ) | - | (134,958 | ) | (124,674 | ) | (13,828 | ) | - | (110,846 | ) | |||||||||||||||||
Income (loss) from operations | $ | 107,009 | $ | (40,792 | ) | $ | - | $ | 147,801 | $ | 72,465 | $ | (14,666 | ) | $ | - | $ | 87,131 | |||||||||||||
Unrealized gain (loss) on short-term investments | (1,151 | ) | - | (1,151 | ) | - | (4,428 | ) | - | (4,428 | ) | - | |||||||||||||||||||
Net income (loss) attributable to ACM Research, Inc. | $ | 72,547 | $ | (40,792 | ) | $ | (1,151 | ) | $ | 114,490 | $ | 59,649 | $ | (14,666 | ) | $ | (4,428 | ) | $ | 78,743 | |||||||||||
Basic EPS | $ | 1.17 | $ | 1.85 | $ | 0.99 | $ | 1.31 | |||||||||||||||||||||||
Diluted EPS | $ | 1.07 | $ | 1.70 | $ | 0.90 | $ | 1.19 |
FAQ
What was ACM Research (ACMR) revenue in Q3 2024?
What is ACM Research's (ACMR) updated revenue guidance for 2024?
How much did ACM Research (ACMR) shipments grow in Q3 2024?