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, 2023.
“We delivered another solid quarter. Revenue grew 26% and
shipments were a record $213 million, up 31%,” said ACM’s President
and Chief Executive Officer, Dr. David Wang. “Our results
demonstrate spending on mature nodes and market share gains at our
customer base, together with more contribution from new products
and new customers.”
Dr. Wang continued, “I am pleased with continued customer demand
and execution by the ACM team as we continue on our mission to
become a key supplier to major semiconductor manufacturers. We are
encouraged by sustained investments in mature node capacity by our
China-based customers and growing demand for our multi-product
portfolio. We are making great progress with our increased efforts
in Korea which we believe will result in better traction with major
local customers, accelerate our product development, and provide
production capacity to support the market opportunity for global
customers.”
|
Three Months Ended September 30, |
|
GAAP |
|
Non-GAAP(1) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(dollars in thousands, except EPS) |
Revenue |
$ |
168,569 |
|
|
$ |
133,709 |
|
|
$ |
168,569 |
|
|
$ |
133,709 |
|
Gross margin |
|
52.5 |
% |
|
|
49.3 |
% |
|
|
52.9 |
% |
|
|
49.4 |
% |
Income from operations |
$ |
33,173 |
|
|
$ |
31,636 |
|
|
$ |
43,754 |
|
|
$ |
33,529 |
|
Net income attributable to ACM
Research, Inc. |
$ |
25,679 |
|
|
$ |
21,004 |
|
|
$ |
37,579 |
|
|
$ |
28,178 |
|
Basic EPS |
$ |
0.43 |
|
|
$ |
0.35 |
|
|
$ |
0.62 |
|
|
$ |
0.47 |
|
Diluted EPS |
$ |
0.39 |
|
|
$ |
0.32 |
|
|
$ |
0.57 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
GAAP |
|
Non-GAAP(1) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(dollars in thousands, except EPS) |
Revenue |
$ |
387,402 |
|
|
$ |
280,290 |
|
|
$ |
387,402 |
|
|
$ |
280,290 |
|
Gross margin |
|
50.9 |
% |
|
|
46.3 |
% |
|
|
51.1 |
% |
|
|
46.4 |
% |
Income from operations |
$ |
72,465 |
|
|
$ |
42,365 |
|
|
$ |
87,131 |
|
|
$ |
47,601 |
|
Net income attributable to ACM
Research, Inc. |
$ |
59,649 |
|
|
$ |
27,454 |
|
|
$ |
78,743 |
|
|
$ |
42,252 |
|
Basic EPS |
$ |
0.99 |
|
|
$ |
0.46 |
|
|
$ |
1.31 |
|
|
$ |
0.71 |
|
Diluted EPS |
$ |
0.90 |
|
|
$ |
0.41 |
|
|
$ |
1.19 |
|
|
$ |
0.64 |
|
(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 loss on short-term investments. |
Outlook
ACM has updated and narrowed its revenue guidance range for
fiscal year 2023 to $520 million to $540 million from the previous
guidance range of $515 million to $585 million. This expectation is
based on ACM management’s current assessment of the continuing
impact from international trade policy together with various
expected spending scenarios of key customers, supply chain
constraints, and the timing of acceptances for first tools under
evaluation in the field, among other factors.
Operating Highlights and Recent
Announcements
- Shipments. Total
shipments in the third quarter of 2023 were $213 million, up 31%
from the third quarter of 2022. Total shipments include deliveries
for revenue in the quarter and deliveries of first tool systems
awaiting customer acceptance for potential revenue in future
quarters.
- Receipt of Purchase Order
for Backside Clean and Bevel Etch Tool from Large U.S.
Manufacturer. ACM announced the receipt of a purchase
order for its ULTRA C b backside clean and bevel etch tool from a
major U.S. semiconductor manufacturer. The tool is expected to be
shipped to the prospective customer’s U.S. facility in the second
quarter of 2024.
- Introduced Vacuum Cleaning
Platform. ACM introduced the ULTRA C v Vacuum Cleaning
Tool to meet the unique flux removal requirements for chiplets and
other advanced 3D packaging structures. The new tool, which was
developed in collaboration with several key customers, has
demonstrated excellent process performance with no flux residual
remaining post-clean. ACM also announced that it has received a
purchase order from a major Chinese manufacturer for the tool,
which it expects to deliver in the first quarter of 2024.
- Dividend. ACM’s
principal operating subsidiary, ACM Research (Shanghai), Inc. (“ACM
Shanghai”) (SSEC: 688082.SS), paid a dividend to its stockholders
of RMB 0.372 per share for an aggregate total of approximately RMB
161.3 million (approximately $22.2 million) in the third quarter of
2023.
- Appointment of Ernst &
Young Hua Ming LLP as Auditor for 2023. ACM announced that
Ernst & Young Hua Ming LLP (“E&Y”) has been appointed as
ACM’s independent registered public accounting firm to audit ACM’s
consolidated financial statements and internal controls over
financial reporting for the fiscal year ending December 31, 2023.
The engagement of E&Y became effective on September 20,
2023.
Financial Summary
Unless otherwise noted, the following figures refer to the third
quarter of 2023 and comparisons are with the third quarter of
2022.
- Revenue was $168.6
million, up 26.1%, reflecting higher sales of single wafer
cleaning, Tahoe and semi-critical cleaning equipment;
electro-chemical plating (“ECP”) (front-end and packaging), furnace
and other technologies; and advanced packaging (excluding ECP),
services and spares.
- Gross margin was
52.5%, up from 49.3%. Non-GAAP gross margin, which excludes
stock-based compensation, was 52.9%, up from 49.4%. Gross margin
exceeded the range of 40% to 45% reflected in ACM’s long-term
business model. The increase in gross margin was due to a favorable
product mix and improved gross margins for specific product lines.
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 $55.3 million, an increase of 61.2%. Non-GAAP operating
expenses, which exclude the effect of stock-based compensation,
were $45.3 million, up 39.2%. Operating expenses as a percent of
revenue increased to 32.8% from 25.7%. Non-GAAP operating expenses
as a percent of revenue increased to 26.9% from 24.4%.
- Operating income
was $33.2 million, up from $31.6 million. Non-GAAP operating
income, which excludes the effect of stock-based compensation, was
$43.8 million, up from $33.5 million.
- Unrealized loss on
short-term investments was $1.3 million. The loss reflects
the change in market value of the investments by ACM Shanghai in
short-term investments. The value is marked-to-market quarterly and
is excluded in the non-GAAP financial metrics.
- Realized gain from sale of
short-term investments was $0.7 million versus $1.1
million.
- Income tax expense
was $0.7 million versus $10.5 million. As a result of a change in
Section 174 of the U.S. Internal Revenue Code of 1986, as amended,
that became effective on January 1, 2022, ACM’s effective tax rate
remains elevated, due primarily to the requirement
to capitalize and amortize previously deductible research and
experimental expenses.
- Net income attributable to
ACM Research, Inc. was $25.7 million, up from $21.0
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 $37.6 million, up
from $28.2 million.
- Net income per diluted share
attributable to ACM Research, Inc. was $0.39, up from
$0.32. Non-GAAP net income per diluted share, which excludes the
effect of stock-based compensation and unrealized loss on
short-term investments, was $0.57, up from $0.42.
- Cash and cash
equivalents were $207.1 million at September 30, 2023,
versus $257.4 million at June 30, 2023. Cash and cash equivalents,
plus restricted cash and time deposits, were $326.5 million at
September 30, 2023, versus $376.1 million at June 30, 2023.
Conference Call Details
A conference call to discuss results will be held on Tuesday,
November 7, 2023, 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/BIdd16996d506148a59592532dd0c43fd0
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
non-cash change in fair value of financial assets and liabilities
and unrealized gain 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 and thermal processes that are critical to
advanced semiconductor device manufacturing, as well as 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.
© ACM Research, Inc. The ACM Research logo and ULTRA C are
trademarks of ACM Research, Inc. For convenience, these trademarks
appears 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 |
|
Yujia Zhai |
|
+1 (860) 214-0809 |
|
yujia@blueshirtgroup.com |
|
|
In China: |
The Blueshirt Group Asia |
|
Gary Dvorchak, CFA |
|
+86 (138) 1079-1480 |
|
gary@blueshirtgroup.com |
ACM RESEARCH, INC.Condensed Consolidated Balance
Sheets |
(unaudited) |
|
|
|
September 30, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
|
|
|
(In thousands) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
207,101 |
|
|
$ |
247,951 |
|
Restricted cash |
|
560 |
|
|
|
500 |
|
Short-term time deposits |
|
75,651 |
|
|
|
70,492 |
|
Short-term investment |
|
21,844 |
|
|
|
20,209 |
|
Accounts receivable, net |
|
248,477 |
|
|
|
182,936 |
|
Other receivables |
|
36,126 |
|
|
|
29,617 |
|
Inventories, net |
|
507,431 |
|
|
|
393,172 |
|
Advances to related party |
|
1,164 |
|
|
|
3,322 |
|
Prepaid expenses |
|
17,540 |
|
|
|
15,607 |
|
Total current assets |
|
1,115,894 |
|
|
|
963,806 |
|
Property, plant and equipment, net |
|
190,882 |
|
|
|
82,875 |
|
Land use right, net |
|
8,299 |
|
|
|
8,692 |
|
Operating lease right-of-use assets, net |
|
7,184 |
|
|
|
2,489 |
|
Intangible assets, net |
|
2,163 |
|
|
|
1,255 |
|
Long-term time deposits |
|
43,183 |
|
|
|
101,956 |
|
Deferred tax assets |
|
16,486 |
|
|
|
6,703 |
|
Long-term investments |
|
22,306 |
|
|
|
17,459 |
|
Other long-term assets |
|
3,851 |
|
|
|
50,265 |
|
Total assets |
$ |
1,410,248 |
|
|
$ |
1,235,500 |
|
Liabilities and Equity |
|
|
|
Current liabilities: |
|
|
|
Short-term borrowings |
$ |
33,911 |
|
|
$ |
56,004 |
|
Current portion of long-term borrowings |
|
6,717 |
|
|
|
2,322 |
|
Related party accounts payable |
|
7,684 |
|
|
|
14,468 |
|
Accounts payable |
|
136,675 |
|
|
|
101,735 |
|
Advances from customers |
|
191,393 |
|
|
|
153,773 |
|
Deferred revenue |
|
4,747 |
|
|
|
4,174 |
|
Income taxes payable |
|
11,061 |
|
|
|
3,469 |
|
FIN-48 payable |
|
6,487 |
|
|
|
6,686 |
|
Other payables and accrued expenses |
|
80,400 |
|
|
|
52,201 |
|
Current portion of operating lease liability |
|
2,876 |
|
|
|
1,382 |
|
Total current liabilities |
|
481,951 |
|
|
|
396,214 |
|
Long-term borrowings |
|
39,753 |
|
|
|
18,687 |
|
Long-term operating lease liability |
|
4,308 |
|
|
|
1,107 |
|
Other long-term liabilities |
|
6,106 |
|
|
|
7,321 |
|
Total liabilities |
|
532,118 |
|
|
|
423,329 |
|
Commitments and contingencies |
|
|
|
Equity: |
|
|
|
Stockholders’ equity: |
|
|
|
Class A Common stock |
|
6 |
|
|
|
5 |
|
Class B Common stock |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
620,210 |
|
|
|
604,089 |
|
Retained earnings |
|
152,306 |
|
|
|
94,426 |
|
Statutory surplus reserve |
|
16,881 |
|
|
|
16,881 |
|
Accumulated other comprehensive loss |
|
(60,354 |
) |
|
|
(40,546 |
) |
Total ACM Research, Inc. stockholders’ equity |
|
729,050 |
|
|
|
674,856 |
|
Non-controlling interests |
|
149,080 |
|
|
|
137,315 |
|
Total equity |
|
878,130 |
|
|
|
812,171 |
|
Total liabilities and equity |
$ |
1,410,248 |
|
|
$ |
1,235,500 |
|
|
|
|
|
ACM RESEARCH, INC.Condensed Consolidated
Statements of Operations and Comprehensive Income
(Loss) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
|
( In thousands, except share and per share data) |
|
( In thousands, except share and per share data) |
Revenue |
$ |
168,569 |
|
|
$ |
133,709 |
|
|
$ |
387,402 |
|
|
$ |
280,290 |
|
Cost of revenue |
|
80,055 |
|
|
|
67,742 |
|
|
|
190,263 |
|
|
|
150,480 |
|
Gross profit |
|
88,514 |
|
|
|
65,967 |
|
|
|
197,139 |
|
|
|
129,810 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
16,803 |
|
|
|
13,133 |
|
|
|
37,579 |
|
|
|
27,494 |
|
Research and development |
|
26,151 |
|
|
|
15,678 |
|
|
|
60,244 |
|
|
|
44,391 |
|
General and administrative |
|
12,387 |
|
|
|
5,520 |
|
|
|
26,851 |
|
|
|
15,560 |
|
Total operating expenses |
|
55,341 |
|
|
|
34,331 |
|
|
|
124,674 |
|
|
|
87,445 |
|
Income from operations |
|
33,173 |
|
|
|
31,636 |
|
|
|
72,465 |
|
|
|
42,365 |
|
Interest income |
|
2,152 |
|
|
|
2,016 |
|
|
|
6,283 |
|
|
|
5,965 |
|
Interest expense |
|
(640 |
) |
|
|
(419 |
) |
|
|
(1,984 |
) |
|
|
(986 |
) |
Realized gain from sale of short-term investments |
|
656 |
|
|
|
1,136 |
|
|
|
8,569 |
|
|
|
1,136 |
|
Unrealized loss on short-term investments |
|
(1,319 |
) |
|
|
(5,281 |
) |
|
|
(4,428 |
) |
|
|
(9,562 |
) |
Other income (expense), net |
|
(2,150 |
) |
|
|
7,207 |
|
|
|
156 |
|
|
|
9,949 |
|
Income (loss) from equity method investments |
|
(160 |
) |
|
|
1,251 |
|
|
|
3,728 |
|
|
|
1,652 |
|
Income before income taxes |
|
31,712 |
|
|
|
37,546 |
|
|
|
84,789 |
|
|
|
50,519 |
|
Income tax expense |
|
(718 |
) |
|
|
(10,470 |
) |
|
|
(11,235 |
) |
|
|
(14,138 |
) |
Net income |
|
30,994 |
|
|
|
27,076 |
|
|
|
73,554 |
|
|
|
36,381 |
|
Less: Net income attributable to non-controlling interests |
|
5,315 |
|
|
|
6,072 |
|
|
|
13,905 |
|
|
|
8,927 |
|
Net income attributable to ACM Research, Inc. |
$ |
25,679 |
|
|
$ |
21,004 |
|
|
$ |
59,649 |
|
|
$ |
27,454 |
|
Less: Dilutive effect arising from stock-based awards by ACM
Shanghai |
|
461 |
|
|
|
321 |
|
|
|
1,338 |
|
|
|
465 |
|
Net income available to common stockholders,
diluted |
$ |
25,218 |
|
|
$ |
20,683 |
|
|
$ |
58,311 |
|
|
$ |
26,989 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
Net income |
|
30,994 |
|
|
|
27,076 |
|
|
|
73,554 |
|
|
|
36,381 |
|
Foreign currency translation adjustment, net of
tax |
|
4,015 |
|
|
|
(42,416 |
) |
|
|
(21,831 |
) |
|
|
(80,334 |
) |
Comprehensive Income (loss) |
|
35,009 |
|
|
|
(15,340 |
) |
|
|
51,723 |
|
|
|
(43,953 |
) |
Less: Comprehensive income (loss) attributable to non-controlling
interests |
|
7,768 |
|
|
|
(1,057 |
) |
|
|
11,882 |
|
|
|
(4,378 |
) |
Comprehensive income (loss) attributable to ACM Research,
Inc. |
$ |
27,241 |
|
|
$ |
(14,283 |
) |
|
$ |
39,841 |
|
|
$ |
(39,575 |
) |
|
|
|
|
|
|
|
|
Net income attributable to ACM Research, Inc.
per common share: |
|
|
|
|
|
|
|
Basic |
$ |
0.43 |
|
|
$ |
0.35 |
|
|
$ |
0.99 |
|
|
$ |
0.46 |
|
Diluted |
$ |
0.39 |
|
|
$ |
0.32 |
|
|
$ |
0.90 |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding used in computing per share amounts: |
|
|
|
|
|
|
Basic |
|
60,219,218 |
|
|
|
59,360,790 |
|
|
|
59,953,144 |
|
|
|
59,123,895 |
|
Diluted |
|
65,450,941 |
|
|
|
65,612,665 |
|
|
|
64,834,051 |
|
|
|
65,629,273 |
|
|
|
|
|
|
|
|
|
ACM RESEARCH, INC.Total Revenue by Product
Category, by Equipment Type and by Region |
|
|
|
|
|
` |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
2023 |
2022 |
2023 |
2022 |
|
($ in thousands) |
Single wafer cleaning, Tahoe and semi-critical cleaning
equipment |
$ |
132,417 |
$ |
99,720 |
$ |
281,559 |
$ |
198,336 |
ECP (front-end and packaging), furnace and other technologies |
|
25,508 |
|
24,521 |
|
71,223 |
|
57,269 |
Advanced packaging (excluding ECP), services & spares |
|
10,644 |
|
9,468 |
|
34,620 |
|
24,685 |
Total Revenue By Product Category |
$ |
168,569 |
$ |
133,709 |
$ |
387,402 |
$ |
280,290 |
|
|
|
|
|
|
2023 |
2022 |
2023 |
2022 |
Mainland China |
$ |
168,302 |
$ |
131,180 |
$ |
375,528 |
$ |
273,585 |
Other Regions |
|
267 |
|
2,529 |
|
11,874 |
|
6,705 |
Total Revenue By Region |
$ |
168,569 |
$ |
133,709 |
$ |
387,402 |
$ |
280,290 |
|
|
|
|
|
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 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, |
|
2023 |
2022 |
|
Actual |
SBC |
Other non-operating adjustments |
Adjusted |
Actual |
SBC |
Other non-operating adjustments |
Adjusted |
(GAAP) |
(Non-GAAP) |
(GAAP) |
(Non-GAAP) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
168,569 |
|
$ |
- |
|
$ |
- |
|
$ |
168,569 |
|
$ |
133,709 |
|
$ |
- |
|
$ |
- |
|
$ |
133,709 |
|
Cost of revenue |
|
(80,055 |
) |
|
(588 |
) |
|
- |
|
|
(79,467 |
) |
|
(67,742 |
) |
|
(130 |
) |
|
- |
|
|
(67,612 |
) |
Gross profit |
|
88,514 |
|
|
(588 |
) |
|
- |
|
|
89,102 |
|
|
65,967 |
|
|
(130 |
) |
|
- |
|
|
66,097 |
|
Gross margin |
|
52.5 |
% |
|
0.3 |
% |
|
- |
|
|
52.9 |
% |
|
49.3 |
% |
|
0.1 |
% |
|
- |
|
|
49.4 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
(16,803 |
) |
|
(2,543 |
) |
|
- |
|
|
(14,260 |
) |
|
(13,133 |
) |
|
(349 |
) |
|
- |
|
|
(12,784 |
) |
Research and development |
|
(26,151 |
) |
|
(3,421 |
) |
|
- |
|
|
(22,730 |
) |
|
(15,678 |
) |
|
(666 |
) |
|
- |
|
|
(15,012 |
) |
General and administrative |
|
(12,387 |
) |
|
(4,029 |
) |
|
- |
|
|
(8,358 |
) |
|
(5,520 |
) |
|
(748 |
) |
|
- |
|
|
(4,772 |
) |
Total operating expenses |
|
(55,341 |
) |
|
(9,993 |
) |
|
- |
|
|
(45,348 |
) |
|
(34,331 |
) |
|
(1,763 |
) |
|
- |
|
|
(32,568 |
) |
Income (loss) from
operations |
$ |
33,173 |
|
$ |
(10,581 |
) |
$ |
- |
|
$ |
43,754 |
|
$ |
31,636 |
|
$ |
(1,893 |
) |
$ |
- |
|
$ |
33,529 |
|
Unrealized loss on short-term investments |
|
(1,319 |
) |
|
- |
|
|
(1,319 |
) |
|
- |
|
|
(5,281 |
) |
|
- |
|
|
(5,281 |
) |
|
- |
|
Net income (loss)
attributable to ACM Research, Inc. |
$ |
25,679 |
|
$ |
(10,581 |
) |
$ |
(1,319 |
) |
$ |
37,579 |
|
$ |
21,004 |
|
$ |
(1,893 |
) |
$ |
(5,281 |
) |
$ |
28,178 |
|
Basic EPS |
$ |
0.43 |
|
|
|
$ |
0.62 |
|
$ |
0.35 |
|
|
|
$ |
0.47 |
|
Diluted EPS |
$ |
0.39 |
|
|
|
$ |
0.57 |
|
$ |
0.32 |
|
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2023 |
2022 |
|
Actual |
SBC |
Other non-operating adjustments |
Adjusted |
Actual |
SBC |
Other non-operating adjustments |
Adjusted |
(GAAP) |
(Non-GAAP) |
(GAAP) |
(Non-GAAP) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
387,402 |
|
$ |
- |
|
$ |
- |
|
$ |
387,402 |
|
$ |
280,290 |
|
$ |
- |
|
$ |
- |
|
$ |
280,290 |
|
Cost of revenue |
|
(190,263 |
) |
|
(838 |
) |
|
- |
|
|
(189,425 |
) |
|
(150,480 |
) |
|
(383 |
) |
|
- |
|
|
(150,097 |
) |
Gross profit |
|
197,139 |
|
|
(838 |
) |
|
- |
|
|
197,977 |
|
|
129,810 |
|
|
(383 |
) |
|
- |
|
|
130,193 |
|
Gross margin |
|
50.9 |
% |
|
0.2 |
% |
|
- |
|
|
51.1 |
% |
|
46.3 |
% |
|
0.1 |
% |
|
- |
|
|
46.4 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
(37,579 |
) |
|
(3,405 |
) |
|
- |
|
|
(34,174 |
) |
|
(27,494 |
) |
|
(1,277 |
) |
|
- |
|
|
(26,217 |
) |
Research and development |
|
(60,244 |
) |
|
(4,831 |
) |
|
- |
|
|
(55,413 |
) |
|
(44,391 |
) |
|
(1,733 |
) |
|
- |
|
|
(42,658 |
) |
General and administrative |
|
(26,851 |
) |
|
(5,592 |
) |
|
- |
|
|
(21,259 |
) |
|
(15,560 |
) |
|
(1,843 |
) |
|
- |
|
|
(13,717 |
) |
Total operating expenses |
|
(124,674 |
) |
|
(13,828 |
) |
|
- |
|
|
(110,846 |
) |
|
(87,445 |
) |
|
(4,853 |
) |
|
- |
|
|
(82,592 |
) |
Income from operations |
$ |
72,465 |
|
$ |
(14,666 |
) |
$ |
- |
|
$ |
87,131 |
|
$ |
42,365 |
|
$ |
(5,236 |
) |
$ |
- |
|
$ |
47,601 |
|
Unrealized loss on short-term investments |
|
(4,428 |
) |
|
- |
|
|
(4,428 |
) |
|
- |
|
|
(9,562 |
) |
|
- |
|
|
(9,562 |
) |
|
- |
|
Net income (loss)
attributable to ACM Research, Inc. |
$ |
59,649 |
|
$ |
(14,666 |
) |
$ |
(4,428 |
) |
$ |
78,743 |
|
$ |
27,454 |
|
$ |
(5,236 |
) |
$ |
(9,562 |
) |
$ |
42,252 |
|
Basic EPS |
$ |
0.99 |
|
|
|
$ |
1.31 |
|
$ |
0.46 |
|
|
|
$ |
0.71 |
|
Diluted EPS |
$ |
0.90 |
|
|
|
$ |
1.19 |
|
$ |
0.41 |
|
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
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