ACM Research Reports Third Quarter 2022 Results

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

	Three Months Ended September 30,						Nine Months Ended September 30,
		2022			2021			2022			2021
	(Unaudited)						(Unaudited)
	( In thousands, except share and per share data)						( In thousands, except share and per share data)
Revenue	$	133,709		$	67,013		$	280,290		$	164,609
Cost of revenue		67,742			37,328			150,480			95,199
Gross profit		65,967			29,685			129,810			69,410
Operating expenses:
Sales and marketing		13,133			6,363			27,494			17,460
Research and development		15,678			7,856			44,391			21,293
General and administrative		5,520			3,671			15,560			11,081
Total operating expenses, net		34,331			17,890			87,445			49,834
Income from operations		31,636			11,795			42,365			19,576
Interest income		2,016			33			5,965			113
Interest expense		(419	)		(191	)		(986	)		(574	)
Realized gain from sale of trading securities		1,136			-			1,136			-
Unrealized gain (loss) on trading securities		(5,281	)		(919	)		(9,562	)		1,817
Other income (expense), net		7,207			(255	)		9,949			(683	)
Equity income in net income of affiliates		1,251			421			1,652			1,036
Income before income taxes		37,546			10,884			50,519			21,285
Income tax benefit (expense)		(10,470	)		266			(14,138	)		3,021
Net income		27,076			11,150			36,381			24,306
Less: Net income attributable to non-controlling interests		6,072			995			8,927			2,114
Net income attributable to ACM Research, Inc.	$	21,004		$	10,155		$	27,454		$	22,192
Comprehensive income:
Net income		27,076			11,150			36,381			24,306
Foreign currency translation adjustment		(42,416	)		(409	)		(80,334	)		1,259
Comprehensive Income (loss)		(15,340	)		10,741			(43,953	)		25,565
Less: Comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests		(1,057	)		757			(4,378	)		2,471
Comprehensive income (loss) attributable to ACM Research, Inc.	$	(14,283	)	$	9,984		$	(39,575	)	$	23,094

Net income attributable to ACM Research, Inc. per common share:
Basic	$	0.35		$	0.17		$	0.46		$	0.39
Diluted	$	0.32		$	0.15		$	0.41		$	0.34

Weighted average common shares outstanding used in computing per share amounts:
Basic		59,360,790			58,267,638			59,123,895			57,340,059
Diluted		65,612,665			66,127,548			65,629,273			65,191,020

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