ACM Research Reports Fourth Quarter and Fiscal Year 2022 Results

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

	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021
	(Unaudited)						(Unaudited)
	( In thousands, except share and per share data)						( In thousands, except share and per share data)
Revenue	$	108,542		$	95,142		$	388,832		$	259,751
Cost of revenue		54,737			49,696			205,217			144,895
Gross profit		53,805			45,446			183,615			114,856
Operating expenses:
Sales and marketing		12,395			9,273			39,889			26,733
Research and development		17,835			12,914			62,226			34,207
General and administrative		6,905			4,133			22,465			15,214
Total operating expenses		37,135			26,320			124,580			76,154
Income from operations		16,670			19,126			59,035			38,702
Interest income		2,775			392			8,740			505
Interest expense		(669	)		(191	)		(1,655	)		(765	)
Realized gain from sale of trading securities		(20	)		-			1,116			-
Unrealized gain (loss) on trading securities		1,707			(1,210	)		(7,855	)		607
Other income (expense), net		(6,634	)		52			3,315			(631	)
Equity income in net income of affiliates		3,014			3,601			4,666			4,637
Income before income taxes		16,843			21,770			67,362			43,055
Income tax expense		(2,660	)		(3,155	)		(16,798	)		(134	)
Net income		14,183			18,615			50,564			42,921
Less: Net income attributable to non-controlling interests		2,374			3,050			11,301			5,164
Net income attributable to ACM Research, Inc.	$	11,809		$	15,565		$	39,263		$	37,757
Comprehensive income:
Net income		14,183			18,615			50,564			42,921
Foreign currency translation adjustment		21,232			3,436			(59,102	)		4,695
Comprehensive Income (loss)		35,415			22,051			(8,538	)		47,616
Less: Comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests		6,232			3,136			1,854			5,607
Comprehensive income (loss) attributable to ACM Research, Inc.	$	29,183		$	18,915		$	(10,392	)	$	42,009

Net income attributable to ACM Research, Inc. per common share:
Basic	$	0.20		$	0.27		$	0.66		$	0.65
Diluted	$	0.18		$	0.23		$	0.59		$	0.58

Weighted average common shares outstanding used in computing per share amounts:
Basic		59,268,562			58,588,386			59,235,975			57,654,708
Diluted		64,198,325			66,325,821			65,341,771			65,356,716

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