ACM Research, Inc. Q2 2026 Earnings Recap

ACM Research reported revenue and shipments up 36% year-over-year with gross margin steady at 46%, yet the stock’s modest 0.5% gain suggests investors found the results largely in line with expectations without meaningful upside or notable concerns.

Key Takeaways

• Revenue reached $293 million, increasing 36% year-over-year, driven by strong growth in ECP and advanced packaging products (both up more than 150%).
• Shipments also rose 36% to $282 million, with a shipment growth rate expected to continue outpacing revenue.
• Gross margin held stable at 46%, and operating profit margin remained around 19%.
• The order book saw a robust 105% increase year-over-year in the first half of 2026, backed by new panel-level plating technology orders from multiple customers.
• Cash position remains strong with $1.4 billion gross cash and $1.0 billion net cash, following a recent $150 million registered direct offering.