ACM Research Reports First Quarter 2023 Results

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

	Three Months Ended March 31,
	2023			2022
	(Unaudited)
	( In thousands, except share and per share data)
Revenue	$	74,256		$	42,186
Cost of revenue		34,270			22,500
Gross profit		39,986			19,686
Operating expenses:
Sales and marketing		9,337			6,697
Research and development		14,029			17,346
General and administrative		7,758			4,949
Total operating expenses		31,124			28,992
Income from (loss) operations		8,862			(9,306	)
Interest income		1,785			1,805
Interest expense		(695	)		(261	)
Realized gain from sale of trading securities		3,994			-
Unrealized loss on trading securities		(654	)		(3,858	)
Other income (expense), net		(1,418	)		237
Equity loss in net loss of affiliates		(32	)		(71	)
Income (loss) before income taxes		11,842			(11,454	)
Income tax benefit (expense)		(2,879	)		4,011
Net income (loss)		8,963			(7,443	)
Less: Net income (loss) attributable to non-controlling interests		1,818			(1,657	)
Net income (loss) attributable to ACM Research, Inc.	$	7,145		$	(5,786	)
Comprehensive income (loss):
Net income (loss)		8,963			(7,443	)
Foreign currency translation adjustment		9,423			2,454
Comprehensive Income (loss)		18,386			(4,989	)
Less: Comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests		3,462			(1,073	)
Comprehensive income (loss) attributable to ACM Research, Inc.	$	14,924		$	(3,916	)

Net income (loss) attributable to ACM Research, Inc. per share of common stock:
Basic	$	0.12		$	(0.10	)
Diluted	$	0.11		$	(0.10	)

Weighted average shares of common stock outstanding used in computing per share amounts:
Basic		59,736,764			58,827,390
Diluted		65,058,777			58,827,390

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