ACM Research Reports Third Quarter 2023 Results

FREMONT, Calif., Nov. 07, 2023 (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 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  

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