UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 7, 2024
 
ACM Research, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
001-38273
94-3290283
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

42307 Osgood Road, Suite I
   
Fremont, California
 
94539
(Address of Principal Executive Offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (510) 445-3700
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading symbol
 
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share
 
ACMR
 
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:    Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.
Results of Operations and Financial Condition.
 
On August 7, 2024, we issued a press release announcing financial results for the second quarter of 2024. The full text of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information contained in this Item 2.02, including the exhibit furnished hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such filing.

Item 9.01
Financial Statements and Exhibits.
 
(d)
Exhibits.
 
Exhibit
 
Description
     
 
Press Release of ACM Research, Inc. dated August 7, 2024
     
104
 
Cover Page Interactive Data File (embedded within the XBRL document)

2

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
ACM RESEARCH, INC.
   
 
By:
/s/ Mark McKechnie
   
Mark McKechnie
   
Chief Financial Officer and Treasurer
     
Dated: August 7, 2024
   


3


Exhibit 99.1


ACM Research Reports Second Quarter 2024 Results
 
FREMONT, Calif., Aug 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 second quarter ended June 30, 2024.
 
"I am pleased with our second quarter results. We delivered record revenue, strong profitability and positive cash flow from operations,” said ACM’s President and Chief Executive Officer, Dr. David Wang. “We are benefiting from continued investments by our customers, and market share gains from our existing and new products.  I am also thrilled to announce today our new Panel Electrochemical Plating (Ultra ECP ap-p) tool, which we believe positions ACM to participate in the growing demand for AI solutions. Our proprietary horizontal plating enables advanced packaging with sub-micron features on square panels, which is especially applicable to GPUs and high-density high bandwidth memory (HBM). We are also making good progress with our global development activities, and we recently entered into an agreement to purchase a R&D facility with a clean room in Oregon, to expand our U.S. footprint to help accelerate our new customer initiatives.”
 
Dr. Wang continued, "We have raised our 2024 revenue outlook to reflect continued investments by our customers, market share gains, and strong product cycles for the second half of the year.  We have also taken the opportunity to raise our long-term revenue target to $3 billion based on increased confidence in our new product cycles and our international opportunities.”
 
   
Three Months Ended June 30,
 
   
GAAP
   
Non-GAAP(1)
 
   
2024
   
2023
   
2024
   
2023
 
   
(dollars in thousands, except EPS)
 
Revenue
 
$
202,480
   
$
144,577
   
$
202,480
   
$
144,577
 
Gross margin
   
47.8
%
   
47.5
%
   
48.2
%
   
47.6
%
Income from operations
 
$
37,593
   
$
30,430
   
$
51,935
   
$
32,447
 
Net income attributable to ACM Research, Inc.
 
$
24,210
   
$
26,825
   
$
37,521
   
$
31,297
 
Basic EPS
 
$
0.39
   
$
0.45
   
$
0.60
   
$
0.52
 
Diluted EPS
 
$
0.35
   
$
0.41
   
$
0.55
   
$
0.48
 
 
   
Six Months Ended June 30,
 
   
GAAP
   
Non-GAAP(1)
 
   
2024
   
2023
   
2024
   
2023
 
   
(dollars in thousands, except EPS)
 
Revenue
 
$
354,671
   
$
218,833
   
$
354,671
   
$
218,833
 
Gross margin
   
49.6
%
   
49.6
%
   
50.0
%
   
49.8
%
Income from operations
 
$
62,825
   
$
39,292
   
$
91,736
   
$
43,377
 
Net income attributable to ACM Research, Inc.
 
$
41,643
   
$
33,970
   
$
72,118
   
$
41,164
 
Basic EPS
 
$
0.67
   
$
0.57
   
$
1.17
   
$
0.69
 
Diluted EPS
 
$
0.61
   
$
0.52
   
$
1.07
   
$
0.63
 
 
(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 is increasing its revenue guidance for fiscal year 2024 to a range of $695 million to $735 million from the prior range of $650 million to $725 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 second quarter of 2024 were $202.5 million, up 32% from the second 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.
 
Introduced New Panel ECP Plating Tool to Strengthen FOPLP Portfolio. ACM introduced its new Panel Electrochemical Plating (Ultra ECP ap-p) tool designed for fan-out panel-level packaging (FOPLP). This new tool employs a horizontal plating approach and integrates ACM’s proprietary multi-anode technology, achieving uniformity and precision across the entire panel.
 
Entered FOPLP Market with Introduction of Ultra C vac-p Flux Cleaning Tool for Chiplets. ACM announced the Ultra C vac-p flux cleaning tool for fan-out panel-level packaging (FOPLP). Utilizing vacuum technology, the new tool efficiently removes flux residues from chiplet structures. ACM also announced it received a purchase order from a new China semiconductor manufacturer which has been shipped to the customer’s facility in July.
 
Received Order from U.S.-based Foundry and Wafer-level packing (WLP) Customer for an advanced packaging tool to be delivered to their U.S. facility in the first half of 2025.
 
Entered Agreement to Purchase a Clean Room in Hillsboro Oregon. On July 30, 2024, ACM entered into an agreement to purchase a 39,500 square foot facility, including a 5,200 square foot functional clean room.  This facility is intended to replace ACM’s current Oregon facility and further expand R&D and demonstration capability in the U.S. market. The purchase is scheduled to close in the fourth quarter of 2024.
 
New General Counsel and Vice President of Corporate Strategy. ACM announced the appointment of Howard Chen as General Counsel and Vice President of Corporate Strategy, effective July 1, 2024.
 
Second Quarter 2024 Financial Summary
 
Unless otherwise noted, the following figures refer to the second quarter of 2024 and comparisons are with the second quarter of 2023.
 
Revenue was $202.5 million, up 40%, 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 47.8% versus 47.5%. Non-GAAP gross margin, which excludes stock-based compensation, was 48.2%% versus 47.6%. Gross margin exceeded ACM’s long-term business model range of 40% to 45%. 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.

- 2 -

Operating expenses were $59.2 million, an increase of 55%. Operating expenses as a percentage of revenue increased to 29.2% from 26.4%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $45.6 million, up 25.7%. Non-GAAP operating expenses as a percentage of revenue decreased to 22.5% from 25.1%.
 
Operating income was $37.6 million, compared to $30.4 million. Operating margin was 18.6% compared to 21.0%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $51.9 million, compared to $32.4 million.  Non-GAAP operating margin, which excludes stock-based compensation, was 25.6% compared to 22.4%.
 
Unrealized gain (loss) on short-term investments was $1.0 million, compared to $(2.5) million. Unrealized gain (loss) reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc., in short-term investments. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
 
Income tax expense was $9.3 million, compared to $7.6 million.
 
Net income attributable to ACM Research, Inc. was $24.2 million, compared to $26.8 million.  Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $37.5 million, compared to $31.3 million.
 
Net income per diluted share attributable to ACM Research, Inc. was $0.35, compared to $0.41.  Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.55, compared to $0.48.
 
Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $366.8 million at June 30, 2024, compared to $288.3 million at March 31, 2024.
 
Conference Call Details
 
A conference call to discuss results will be held on Wednesday, August 7, 2024, at 8:00 a.m. Eastern Time (8:00 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.”

- 3 -

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.
 
© 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.

- 4 -

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

- 5 -

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
 
   
June 30, 2024
   
December 31, 2023
 
   
(Unaudited)
       
   
(In thousands, except for per share data)
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
324,031
   
$
182,090
 
Restricted cash
   
881
     
1,083
 
Short-term time deposits
   
27,183
     
80,524
 
Short-term investment
   
19,597
     
21,312
 
Accounts receivable, net
   
293,499
     
283,186
 
Other receivables
   
53,694
     
40,065
 
Inventories, net
   
602,927
     
545,395
 
Advances to related party
   
2,756
     
2,432
 
Prepaid expenses
   
18,594
     
20,023
 
Total current assets
   
1,343,162
     
1,176,110
 
Property, plant and equipment, net
   
228,731
     
201,848
 
Land use right, net
   
8,225
     
8,367
 
Operating lease right-of-use assets, net
   
6,252
     
7,026
 
Intangible assets, net
   
2,836
     
2,538
 
Long-term time deposits
   
14,656
     
40,818
 
Deferred tax assets
   
20,898
     
20,271
 
Long-term investments
   
31,898
     
27,880
 
Other long-term assets
   
10,917
     
6,050
 
Total assets
 
$
1,667,575
   
$
1,490,908
 
Liabilities and Equity
               
Current liabilities:
               
Short-term borrowings
 
$
54,439
   
$
31,335
 
Current portion of long-term borrowings
   
19,671
     
6,783
 
Related party accounts payable
   
18,012
     
11,407
 
Accounts payable
   
142,418
     
141,814
 
Advances from customers
   
205,609
     
181,368
 
Deferred revenue
   
5,279
     
3,687
 
Income taxes payable
   
11,136
     
6,401
 
FIN-48 payable
   
12,093
     
12,149
 
Other payables and accrued expenses
   
114,940
     
102,951
 
Current portion of operating lease liability
   
2,573
     
2,764
 
Total current liabilities
   
586,170
     
500,659
 
Long-term borrowings
   
70,833
     
53,952
 
Long-term operating lease liability
   
3,679
     
4,262
 
Other long-term liabilities
   
5,505
     
5,873
 
Total liabilities
   
666,187
     
564,746
 
Commitments and contingencies
               
Equity:
               
Stockholders’ equity:
               
Class A Common stock
   
6
     
6
 
Class B Common stock
   
1
     
1
 
Additional paid-in capital
   
659,462
     
629,845
 
Retained earnings
   
198,470
     
156,827
 
Statutory surplus reserve
   
30,060
     
30,060
 
Accumulated other comprehensive loss
   
(54,830
)
   
(49,349
)
Total ACM Research, Inc. stockholders’ equity
   
833,169
     
767,390
 
Non-controlling interests
   
168,219
     
158,772
 
Total equity
   
1,001,388
     
926,162
 
Total liabilities and equity
 
$
1,667,575
   
$
1,490,908
 

- 6 -

ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2024
   
2023
   
2024
   
2023
 
   
(Unaudited)
 
   
( In thousands, except share and per share data)
 
Revenue
 
$
202,480
   
$
144,577
   
$
354,671
   
$
218,833
 
Cost of revenue
   
105,696
     
75,938
     
178,766
     
110,208
 
Gross profit
   
96,784
     
68,639
     
175,905
     
108,625
 
Operating expenses:
                               
Sales and marketing
   
17,135
     
11,439
     
31,308
     
20,776
 
Research and development
   
25,968
     
20,064
     
49,886
     
34,093
 
General and administrative
   
16,088
     
6,706
     
31,886
     
14,464
 
Total operating expenses
   
59,191
     
38,209
     
113,080
     
69,333
 
Income from operations
   
37,593
     
30,430
     
62,825
     
39,292
 
Interest income
   
2,381
     
2,346
     
4,155
     
4,131
 
Interest expense
   
(932
)
   
(649
)
   
(1,715
)
   
(1,344
)
Realized gain from sale of short-term investments
   
-
     
3,919
     
273
     
7,913
 
Unrealized gain (loss) on short-term investments
   
1,031
     
(2,455
)
   
(1,564
)
   
(3,109
)
Other income (expense), net
   
1,357
     
3,724
     
4,437
     
2,306
 
Gain (loss) from equity method investments
   
(695
)
   
3,920
     
(1,215
)
   
3,888
 
Income before income taxes
   
40,735
     
41,235
     
67,196
     
53,077
 
Income tax expense
   
(9,336
)
   
(7,638
)
   
(13,705
)
   
(10,517
)
Net income
   
31,399
     
33,597
     
53,491
     
42,560
 
Less: Net income attributable to non-controlling interests
   
7,189
     
6,772
     
11,848
     
8,590
 
Net income attributable to ACM Research, Inc.
 
$
24,210
   
$
26,825
   
$
41,643
   
$
33,970
 
Comprehensive income (loss):
                               
Net income
   
31,399
     
33,597
     
53,491
     
42,560
 
Foreign currency translation adjustment, net of tax
   
116
     
(35,269
)
   
(6,713
)
   
(25,846
)
Comprehensive Income
   
31,515
     
(1,672
)
   
46,778
     
16,714
 
Less: Comprehensive income attributable to non-controlling interests
   
7,210
     
652
     
10,616
     
4,114
 
Comprehensive income attributable to ACM Research, Inc.
 
$
24,305
   
$
(2,324
)
 
$
36,162
   
$
12,600
 
                                 
Net income attributable to ACM Research, Inc. per common share:
                               
Basic
 
$
0.39
   
$
0.45
   
$
0.67
   
$
0.57
 
Diluted
 
$
0.35
   
$
0.41
   
$
0.61
   
$
0.52
 
                                 
Weighted average common shares outstanding used in computing per share amounts:
                               
Basic
   
62,178,369
     
59,898,149
     
61,772,776
     
59,817,903
 
Diluted
   
67,057,846
     
64,929,638
     
66,520,706
     
64,968,900
 

- 7 -

ACM RESEARCH, INC.
Total Revenue by Product Category and by Region
 
   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2024
   
2023
   
2024
   
2023
 
   
(Unaudited)
 
   
($ in thousand)
 
Single wafer cleaning, Tahoe and semi-critical cleaning equipment
 
$
153,221
   
$
112,528
   
$
262,691
   
$
149,142
 
ECP (front-end and packaging), furnace and other technologies
   
38,962
     
19,117
     
64,762
     
45,715
 
Advanced packaging (excluding ECP), services & spares
   
10,297
     
12,932
     
27,218
     
23,976
 
Total Revenue By Product Category
 
$
202,480
   
$
144,577
   
$
354,671
   
$
218,833
 
 
   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2024
   
2023
   
2024
   
2023
 
Mainland China
 
$
196,835
   
$
134,767
   
$
348,970
   
$
207,226
 
Other Regions
   
5,645
     
9,810
     
5,701
     
11,607
 
Total Revenue By Region
 
$
202,480
   
$
144,577
   
$
354,671
   
$
218,833
 

- 8 -

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 June 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
 
$
202,480
   
$
-
   
$
-
   
$
202,480
   
$
144,577
   
$
-
   
$
-
   
$
144,577
 
Cost of revenue
   
(105,696
)
   
(792
)
   
-
     
(104,904
)
   
(75,938
)
   
(125
)
   
-
     
(75,813
)
Gross profit
   
96,784
     
(792
)
   
-
     
97,576
     
68,639
     
(125
)
   
-
     
68,764
 
Gross margin
   
47.8
%
   
0.4
%
   
-
     
48.2
%
   
47.5
%
   
0.1
%
   
-
     
47.6
%
Operating expenses:
                                                               
Sales and marketing
   
(17,135
)
   
(3,024
)
   
-
     
(14,111
)
   
(11,439
)
   
(431
)
   
-
     
(11,008
)
Research and development
   
(25,968
)
   
(4,206
)
   
-
     
(21,762
)
   
(20,064
)
   
(709
)
   
-
     
(19,355
)
General and administrative
   
(16,088
)
   
(6,320
)
   
-
     
(9,768
)
   
(6,706
)
   
(752
)
   
-
     
(5,954
)
Total operating expenses
   
(59,191
)
   
(13,550
)
   
-
     
(45,641
)
   
(38,209
)
   
(1,892
)
   
-
     
(36,317
)
Income (loss) from operations
 
$
37,593
   
$
(14,342
)
 
$
-
   
$
51,935
   
$
30,430
   
$
(2,017
)
 
$
-
   
$
32,447
 
Unrealized gain (loss) on short-term investments
   
1,031
     
-
     
1,031
     
-
     
(2,455
)
   
-
     
(2,455
)
   
-
 
Net income (loss) attributable to ACM Research, Inc.
 
$
24,210
   
$
(14,342
)
 
$
1,031
   
$
37,521
   
$
26,825
   
$
(2,017
)
 
$
(2,455
)
 
$
31,297
 
Basic EPS
 
$
0.39
                   
$
0.60
   
$
0.45
                   
$
0.52
 
Diluted EPS
 
$
0.35
                   
$
0.55
   
$
0.41
                   
$
0.48
 
 
- 9 -

   
Six Months Ended June 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
 
$
354,671
   
$
-
   
$
-
   
$
354,671
   
$
218,833
   
$
-
   
$
-
   
$
218,833
 
Cost of revenue
   
(178,766
)
   
(1,573
)
   
-
     
(177,193
)
   
(110,208
)
   
(250
)
   
-
     
(109,958
)
Gross profit
   
175,905
     
(1,573
)
   
-
     
177,478
     
108,625
     
(250
)
   
-
     
108,875
 
Gross margin
   
49.6
%
   
0.4
%
   
-
     
50.0
%
   
49.6
%
   
0.1
%
   
-
     
49.8
%
Operating expenses:
                                                               
Sales and marketing
   
(31,308
)
   
(6,051
)
   
-
     
(25,257
)
   
(20,776
)
   
(862
)
   
-
     
(19,914
)
Research and development
   
(49,886
)
   
(8,709
)
   
-
     
(41,177
)
   
(34,093
)
   
(1,410
)
   
-
     
(32,683
)
General and administrative
   
(31,886
)
   
(12,578
)
   
-
     
(19,308
)
   
(14,464
)
   
(1,563
)
   
-
     
(12,901
)
Total operating expenses
   
(113,080
)
   
(27,338
)
   
-
     
(85,742
)
   
(69,333
)
   
(3,835
)
   
-
     
(65,498
)
Income (loss) from operations
 
$
62,825
   
$
(28,911
)
 
$
-
   
$
91,736
   
$
39,292
   
$
(4,085
)
 
$
-
   
$
43,377
 
Unrealized gain (loss) on short-term investments
   
(1,564
)
   
-
     
(1,564
)
   
-
     
(3,109
)
   
-
     
(3,109
)
   
-
 
Net income (loss) attributable to ACM Research, Inc.
 
$
41,643
   
$
(28,911
)
 
$
(1,564
)
 
$
72,118
   
$
33,970
   
$
(4,085
)
 
$
(3,109
)
 
$
41,164
 
Basic EPS
 
$
0.67
                   
$
1.17
   
$
0.57
                   
$
0.69
 
Diluted EPS
 
$
0.61
                   
$
1.07
   
$
0.52
                   
$
0.63
 


- 10 -

v3.24.2.u1
Document and Entity Information
Aug. 07, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 07, 2024
Entity File Number 001-38273
Entity Registrant Name ACM Research, Inc.
Entity Central Index Key 0001680062
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 94-3290283
Entity Address, Address Line One 42307 Osgood Road
Entity Address, Address Line Two Suite I
Entity Address, City or Town Fremont
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94539
City Area Code 510
Local Phone Number 445-3700
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share
Trading Symbol ACMR
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false

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