ACMR
ACM Research, Inc.37.14
-0.59-1.56%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A boosts new-product, global details
Q&A elaborated on new-product ramps like SPM nozzles, N2 bubbling etch for 300+ layer NAND, and supercritical CO2 dry with 40% lower consumables, fueling 2026 growth beyond prepared remarks. Management pinned Q4 gross margin weakness on semi-critical pricing pressure and inventory provisions—temporary hits—with H1 2026 at the low end of 42-48% before H2 rebound; op margins stay mid-teens amid R&D push. $111M Shanghai proceeds target global sales and US assembly to sidestep tariffs. Singapore tools install now, Taiwan panel POs expand. Margins dipped temporarily. Confident tone on global traction; watch execution outside China.
Key Stats
Market Cap
2.41BP/E (TTM)
21.59Basic EPS (TTM)
1.72Dividend Yield
0%Recent Filings
8-K
2026 guidance: RMB 8.2-8.8B
ACM Research's Shanghai subsidiary shared 2026 guidance during a March 10 investor call, projecting RMB 8.2-8.8 billion revenue, 42-48% gross margin, and 14-19% R&D spend. Panel-level tools for AI chips gained traction with Chinese customers; Taiwan push underway. Cleaning still dominates at 66.4% of 2025 sales. Risks loom from order delays, supply issues.
10-K
FY2025 results
ACM Research drove FY2025 revenue to $901M, up 15% y/y, with single-wafer cleaning at $626M (69.5% of total, +8% y/y) leading alongside ECP/furnace/other ($200M, +32% y/y) and advanced packaging/services ($76M, +45% y/y); gross margin slipped to 44% from 50% on product mix and inventory provisions. Q4 shipments sustained momentum amid China WFE softness, but operating income fell to 12% on R&D surge to 16% of sales. Cash swelled to $1.1B post-$623M ACM Shanghai private placement (diluting ownership to 75%). Debt steady at ~$289M. China regulators could demand approvals for U.S. listing, risking operations.
8-K
FY25 revenue hits $901M
ACM Research reported FY2025 revenue of $901M, up 15% YoY, beating China WFE estimates despite Q4 gross margin dipping to 40.9% from product mix and charges. Shipments fell 12%, yet global traction grew with first Singapore deliveries and advanced packaging orders. Cash swelled to $846M net. 2026 revenue guide holds at $1.08B-$1.175B. Oregon ops start H2.
8-K
Subsidiary stake trimmed 1.12%
8-K
ACM Shanghai IR record disclosed
ACM Research disclosed its Shanghai subsidiary's January 27, 2026, investor meeting record on January 29 via 8-K, addressing Q4 2025 revenue dip from deferred deliveries and recognition into Q1 2026. It reaffirmed 2026 gross margins at 42%-48% and R&D at 14%-19% of revenue, while highlighting overseas expansion with U.S. and Singapore deliveries. New products drive growth. Risks include order delays.
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