ACM Research, Inc. Earnings Recaps
Q1 2026
May 8, 2026
The stock rallied 8.1% post-earnings, reflecting investor approval of ACM’s robust revenue growth and expanding product portfolio, notably the strong performance in electrochemical plating (ECP) and advanced packaging segments.
Key takeaways
- Revenue increased 34.2% year-over-year to $231.3 million, driven primarily by a more than 3x rise in ECP revenue and a 62% growth in advanced packaging services spare parts.
- Shipments surged 53.6%, including a meaningful contribution from the initial ramp of single-wafer SPM tools, highlighting strong execution and customer demand.
- Gross margin stabilized at 46.5%, comfortably above the midpoint of the company’s long-term target range (42–48%), showing margin resilience amid growth.
- Cleaning segment revenue declined 6% year-over-year, although shipments in this category grew 32%, supported by the ramp of new single-wafer SPM tools expected to expand significantly during the year.
- The balance sheet remains solid with $924 million in net cash following a $110 million equity raise, providing a strong platform for further R&D and global expansion.
Q3 2025
Nov 6, 2025
ACM Research reported robust third-quarter 2025 results with record revenue of $269 million, a 32% increase year-over-year, driven by strong demand for its innovative product portfolio, particularly in the semiconductor sector.
Key takeaways
- Gross margin held at 42.1%, aligning with expectations despite product mix challenges.
- The company successfully raised approximately $623 million through its ACM Shanghai subsidiary to bolster R&D and expand production capacity.
- Year-over-year revenue growth in single-wafer cleaning, Tahoe, and semi-critical cleaning tools increased by 13%, contributing significantly to total revenue.
- Revenue from electroplating and furnace technologies surged 73%, underscoring strong market demand and diversification.
- ACM is well-positioned to capture a projected incremental market opportunity of over $1 billion in new cleaning products within the China market by 2026.