UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): November 7, 2023
 
ACM Research, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
001-38273
94-3290283
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

42307 Osgood RoadSuite I Fremont, California
  94539
(Address of Principal Executive Offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (510) 445-3700
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading symbol
 
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share
  ACMR
  The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934: Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02.
Results of Operations and Financial Condition.
 
On November 7, 2023, we issued a press release announcing financial results for the third quarter of 2023. The full text of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information contained in this Item 2.02, including the exhibit furnished hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such filing.

Item 9.01
Financial Statements and Exhibits.
 
(d)
Exhibits.

Exhibit
 
Description
     
 
Press Release of ACM Research, Inc. dated November 7, 2023
     
104
 
Cover Page Interactive Data File (embedded within the XBRL document)

2

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 

ACM RESEARCH, INC.
     
 
By:
/s/ Mark McKechnie
   
Mark McKechnie
   
Chief Financial Officer and Treasurer
     
Dated: November 7, 2023  


3


Exhibit 99.1



ACM Research Reports Third Quarter 2023 Results
 
FREMONT, Calif., November 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
 

(1)
Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized loss on short-term investments.
 
Outlook
 
ACM has updated and narrowed its revenue guidance range for fiscal year 2023 to $520 million to $540 million from the previous guidance range of $515 million to $585 million. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.
 

Operating Highlights and Recent Announcements
 
Shipments. Total shipments in the third quarter of 2023 were $213 million, up 31% from the third quarter of 2022. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
 
Receipt of Purchase Order for Backside Clean and Bevel Etch Tool from Large U.S. Manufacturer. ACM announced the receipt of a purchase order for its ULTRA C b backside clean and bevel etch tool from a major U.S. semiconductor manufacturer. The tool is expected to be shipped to the prospective customer’s U.S. facility in the second quarter of 2024.
 
Introduced Vacuum Cleaning Platform. ACM introduced the ULTRA C v Vacuum Cleaning Tool to meet the unique flux removal requirements for chiplets and other advanced 3D packaging structures. The new tool, which was developed in collaboration with several key customers, has demonstrated excellent process performance with no flux residual remaining post-clean. ACM also announced that it has received a purchase order from a major Chinese manufacturer for the tool, which it expects to deliver in the first quarter of 2024.
 
Dividend. ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. (“ACM Shanghai”) (SSEC:  688082.SS), paid a dividend to its stockholders of RMB 0.372 per share for an aggregate total of approximately RMB 161.3 million (approximately $22.2 million) in the third quarter of 2023.
 
Appointment of Ernst & Young Hua Ming LLP as Auditor for 2023. ACM announced that Ernst & Young Hua Ming LLP (“E&Y”) has been appointed as ACM’s independent registered public accounting firm to audit ACM’s consolidated financial statements and internal controls over financial reporting for the fiscal year ending December 31, 2023. The engagement of E&Y became effective on September 20, 2023.
 
Financial Summary
 
Unless otherwise noted, the following figures refer to the third quarter of 2023 and comparisons are with the third quarter of 2022.
 
Revenue was $168.6 million, up 26.1%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment; electro-chemical plating (“ECP”) (front-end and packaging), furnace and other technologies; and advanced packaging (excluding ECP), services and spares.
 
Gross margin was 52.5%, up from 49.3%. Non-GAAP gross margin, which excludes stock-based compensation, was 52.9%, up from 49.4%. Gross margin exceeded the range of 40% to 45% reflected in ACM’s long-term business model. The increase in gross margin was due to a favorable product mix and improved gross margins for specific product lines. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
 
Operating expenses were $55.3 million, an increase of 61.2%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $45.3 million, up 39.2%.  Operating expenses as a percent of revenue increased to 32.8% from 25.7%.  Non-GAAP operating expenses as a percent of revenue increased to 26.9% from 24.4%.
 
Operating income was $33.2 million, up from $31.6 million. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $43.8 million, up from $33.5 million.
 
Unrealized loss on short-term investments was $1.3 million. The loss reflects the change in market value of the investments by ACM Shanghai in short-term investments. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
 
Realized gain from sale of short-term investments was $0.7 million versus $1.1 million.
 
Income tax expense was $0.7 million versus $10.5 million. As a result of a change in Section 174 of the U.S. Internal Revenue Code of 1986, as amended, that became effective on January 1, 2022, ACM’s effective tax rate remains elevated, due primarily to the requirement to capitalize and amortize previously deductible research and experimental expenses.
 
Net income attributable to ACM Research, Inc. was $25.7 million, up from $21.0 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments was $37.6 million, up from $28.2 million.
 
Net income per diluted share attributable to ACM Research, Inc. was $0.39, up from $0.32.  Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.57, up from $0.42.
 
Cash and cash equivalents were $207.1 million at September 30, 2023, versus $257.4 million at June 30, 2023. Cash and cash equivalents, plus restricted cash and time deposits, were $326.5 million at September 30, 2023, versus $376.1 million at June 30, 2023.
 
-2-

Conference Call Details
 
A conference call to discuss results will be held on Tuesday, November 7, 2023, at 8:00 a.m. Eastern Time (9:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register.vevent.com/register/BIdd16996d506148a59592532dd0c43fd0
 
Participants who have not pre-registered may join the webcast by accessing the link at ir.acmrcsh.com/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmrcsh.com.
 
Use of Non-GAAP Financial Measures
 
ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude non-cash change in fair value of financial assets and liabilities and unrealized gain on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”
 
ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.
 
While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.
 
Forward-Looking Statements
 
Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements.  Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements.  A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
 
About ACM Research, Inc.
 
ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. ACM is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield.
 
© ACM Research, Inc. The ACM Research logo and ULTRA C are trademarks of ACM Research, Inc. For convenience, these trademarks appears in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.
 
For investor and media inquiries, please contact:
 
In the United States:
The Blueshirt Group
 
Yujia Zhai
 
+1 (860) 214-0809
 
yujia@blueshirtgroup.com

-3-

In China:
The Blueshirt Group Asia
 
Gary Dvorchak, CFA
 
+86 (138) 1079-1480
 
gary@blueshirtgroup.com

-4-

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets

   
September 30, 2023
   
December 31, 2022
 
 
 
(Unaudited)
       
 
 
(In thousands)
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
207,101
   
$
247,951
 
Restricted cash
   
560
     
500
 
Short-term time deposits
   
75,651
     
70,492
 
Short-term investment
   
21,844
     
20,209
 
Accounts receivable, net
   
248,477
     
182,936
 
Other receivables
   
36,126
     
29,617
 
Inventories, net
   
507,431
     
393,172
 
Advances to related party
   
1,164
     
3,322
 
Prepaid expenses
   
17,540
     
15,607
 
Total current assets
   
1,115,894
     
963,806
 
Property, plant and equipment, net
   
190,882
     
82,875
 
Land use right, net
   
8,299
     
8,692
 
Operating lease right-of-use assets, net
   
7,184
     
2,489
 
Intangible assets, net
   
2,163
     
1,255
 
Long-term time deposits
   
43,183
     
101,956
 
Deferred tax assets
   
16,486
     
6,703
 
Long-term investments
   
22,306
     
17,459
 
Other long-term assets
   
3,851
     
50,265
 
Total assets
 
$
1,410,248
   
$
1,235,500
 
Liabilities and Equity
               
Current liabilities:
               
Short-term borrowings
 
$
33,911
   
$
56,004
 
Current portion of long-term borrowings
   
6,717
     
2,322
 
Related party accounts payable
   
7,684
     
14,468
 
Accounts payable
   
136,675
     
101,735
 
Advances from customers
   
191,393
     
153,773
 
Deferred revenue
   
4,747
     
4,174
 
Income taxes payable
   
11,061
     
3,469
 
FIN-48 payable
   
6,487
     
6,686
 
Other payables and accrued expenses
   
80,400
     
52,201
 
Current portion of operating lease liability
   
2,876
     
1,382
 
Total current liabilities
   
481,951
     
396,214
 
Long-term borrowings
   
39,753
     
18,687
 
Long-term operating lease liability
   
4,308
     
1,107
 
Other long-term liabilities
   
6,106
     
7,321
 
Total liabilities
   
532,118
     
423,329
 
Commitments and contingencies
               
Equity:
               
Stockholders’ equity:
               
Class A Common stock
   
6
     
5
 
Class B Common stock
   
1
     
1
 
Additional paid-in capital
   
620,210
     
604,089
 
Retained earnings
   
152,306
     
94,426
 
Statutory surplus reserve
   
16,881
     
16,881
 
Accumulated other comprehensive loss
   
(60,354
)
   
(40,546
)
Total ACM Research, Inc. stockholders’ equity
   
729,050
     
674,856
 
Non-controlling interests
   
149,080
     
137,315
 
Total equity
   
878,130
     
812,171
 
Total liabilities and equity
 
$
1,410,248
   
$
1,235,500
 

-5-

ACM RESEARCH, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
 
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2023
   
2022
   
2023
   
2022
 
   
(Unaudited)
   
(Unaudited)
 
   
( In thousands, except share and per share data)
   
( In thousands, except share and per share data)
 
Revenue
 
$
168,569
   
$
133,709
   
$
387,402
   
$
280,290
 
Cost of revenue
   
80,055
     
67,742
     
190,263
     
150,480
 
Gross profit
   
88,514
     
65,967
     
197,139
     
129,810
 
Operating expenses:
                               
Sales and marketing
   
16,803
     
13,133
     
37,579
     
27,494
 
Research and development
   
26,151
     
15,678
     
60,244
     
44,391
 
General and administrative
   
12,387
     
5,520
     
26,851
     
15,560
 
Total operating expenses
   
55,341
     
34,331
     
124,674
     
87,445
 
Income from operations
   
33,173
     
31,636
     
72,465
     
42,365
 
Interest income
   
2,152
     
2,016
     
6,283
     
5,965
 
Interest expense
   
(640
)
   
(419
)
   
(1,984
)
   
(986
)
Realized gain from sale of short-term investments
   
656
     
1,136
     
8,569
     
1,136
 
Unrealized loss on short-term investments
   
(1,319
)
   
(5,281
)
   
(4,428
)
   
(9,562
)
Other income (expense), net
   
(2,150
)
   
7,207
     
156
     
9,949
 
Income (loss) from equity method investments
   
(160
)
   
1,251
     
3,728
     
1,652
 
Income before income taxes
   
31,712
     
37,546
     
84,789
     
50,519
 
Income tax expense
   
(718
)
   
(10,470
)
   
(11,235
)
   
(14,138
)
Net income
   
30,994
     
27,076
     
73,554
     
36,381
 
Less: Net income attributable to non-controlling interests
   
5,315
     
6,072
     
13,905
     
8,927
 
Net income attributable to ACM Research, Inc.
 
$
25,679
   
$
21,004
   
$
59,649
   
$
27,454
 
Less: Dilutive effect arising from stock-based awards by ACM Shanghai
   
461
     
321
     
1,338
     
465
 
Net income available to common stockholders, diluted
 
$
25,218
   
$
20,683
   
$
58,311
   
$
26,989
 
Comprehensive income (loss):
                               
Net income
   
30,994
     
27,076
     
73,554
     
36,381
 
Foreign currency translation adjustment, net of tax
   
4,015
     
(42,416
)
   
(21,831
)
   
(80,334
)
Comprehensive Income (loss)
   
35,009
     
(15,340
)
   
51,723
     
(43,953
)
Less: Comprehensive income (loss) attributable to non-controlling interests
   
7,768
     
(1,057
)
   
11,882
     
(4,378
)
Comprehensive income (loss) attributable to ACM Research, Inc.
 
$
27,241
   
$
(14,283
)
 
$
39,841
   
$
(39,575
)
                                 
Net income attributable to ACM Research, Inc. per common share:
                               
Basic
 
$
0.43
   
$
0.35
   
$
0.99
   
$
0.46
 
Diluted
 
$
0.39
   
$
0.32
   
$
0.90
   
$
0.41
 
                                 
Weighted average common shares outstanding used in computing per share amounts:
                         
Basic
   
60,219,218
     
59,360,790
     
59,953,144
     
59,123,895
 
Diluted
   
65,450,941
     
65,612,665
     
64,834,051
     
65,629,273
 

-6-

ACM RESEARCH, INC.

Total Revenue by Product Category, by Equipment Type and by Region
 
`
 
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2023
   
2022
   
2023
   
2022
 
   
($ in thousands)
 
Single wafer cleaning, Tahoe and semi-critical cleaning equipment
 
$
132,417
   
$
99,720
   
$
281,559
   
$
198,336
 
ECP (front-end and packaging), furnace and other technologies
   
25,508
     
24,521
     
71,223
     
57,269
 
Advanced packaging (excluding ECP), services & spares
   
10,644
     
9,468
     
34,620
     
24,685
 
Total Revenue By Product Category
 
$
168,569
   
$
133,709
   
$
387,402
   
$
280,290
 
                                 
     
2023
     
2022
     
2023
     
2022
 
Mainland China
 
$
168,302
   
$
131,180
   
$
375,528
   
$
273,585
 
Other Regions
   
267
     
2,529
     
11,874
     
6,705
 
Total Revenue By Region
 
$
168,569
   
$
133,709
   
$
387,402
   
$
280,290
 

-7-

ACM RESEARCH, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures
 
As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (SBC) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

   
Three Months Ended September 30,
 
   
2023
   
2022
 
   
Actual
   
SBC
   
Other non-
operating
adjustments
   
Adjusted
   
Actual
   
SBC
   
Other non-
operating
adjustments
   
Adjusted
 
 
(GAAP)
   
(Non-GAAP)
   
(GAAP)
   
(Non-GAAP)
 
   
(In thousands)
 
                                                 
Revenue
 
$
168,569
   
$
-
   
$
-
   
$
168,569
   
$
133,709
   
$
-
   
$
-
   
$
133,709
 
Cost of revenue
   
(80,055
)
   
(588
)
   
-
     
(79,467
)
   
(67,742
)
   
(130
)
   
-
     
(67,612
)
Gross profit
   
88,514
     
(588
)
   
-
     
89,102
     
65,967
     
(130
)
   
-
     
66,097
 
Gross margin
   
52.5
%
   
0.3
%
   
-
     
52.9
%
   
49.3
%
   
0.1
%
   
-
     
49.4
%
Operating expenses:
                                                               
Sales and marketing
   
(16,803
)
   
(2,543
)
   
-
     
(14,260
)
   
(13,133
)
   
(349
)
   
-
     
(12,784
)
Research and development
   
(26,151
)
   
(3,421
)
   
-
     
(22,730
)
   
(15,678
)
   
(666
)
   
-
     
(15,012
)
General and administrative
   
(12,387
)
   
(4,029
)
   
-
     
(8,358
)
   
(5,520
)
   
(748
)
   
-
     
(4,772
)
Total operating expenses
   
(55,341
)
   
(9,993
)
   
-
     
(45,348
)
   
(34,331
)
   
(1,763
)
   
-
     
(32,568
)
Income (loss) from operations
 
$
33,173
   
$
(10,581
)
 
$
-
   
$
43,754
   
$
31,636
   
$
(1,893
)
 
$
-
   
$
33,529
 
Unrealized loss on short-term investments
   
(1,319
)
   
-
     
(1,319
)
   
-
     
(5,281
)
   
-
     
(5,281
)
   
-
 
Net income (loss) attributable to ACM Research, Inc.
 
$
25,679
   
$
(10,581
)
 
$
(1,319
)
 
$
37,579
   
$
21,004
   
$
(1,893
)
 
$
(5,281
)
 
$
28,178
 
Basic EPS
 
$
0.43
                   
$
0.62
   
$
0.35
                   
$
0.47
 
Diluted EPS
 
$
0.39
                   
$
0.57
   
$
0.32
                   
$
0.42
 

   
Nine Months Ended September 30,
 
   
2023
   
2022
 
 
 
Actual
   
SBC
   
Other non-
operating
adjustments
   
Adjusted
   
Actual
   
SBC
   
Other non-
operating
adjustments
   
Adjusted
 
 
(GAAP)
   
(Non-GAAP)
   
(GAAP)
   
(Non-GAAP)
 
 
 
(In thousands)
 
 
                                               
Revenue
 
$
387,402
   
$
-
   
$
-
   
$
387,402
   
$
280,290
   
$
-
   
$
-
   
$
280,290
 
Cost of revenue
   
(190,263
)
   
(838
)
   
-
     
(189,425
)
   
(150,480
)
   
(383
)
   
-
     
(150,097
)
Gross profit
   
197,139
     
(838
)
   
-
     
197,977
     
129,810
     
(383
)
   
-
     
130,193
 
Gross margin
   
50.9
%
   
0.2
%
   
-
     
51.1
%
   
46.3
%
   
0.1
%
   
-
     
46.4
%
Operating expenses:
                                                               
Sales and marketing
   
(37,579
)
   
(3,405
)
   
-
     
(34,174
)
   
(27,494
)
   
(1,277
)
   
-
     
(26,217
)
Research and development
   
(60,244
)
   
(4,831
)
   
-
     
(55,413
)
   
(44,391
)
   
(1,733
)
   
-
     
(42,658
)
General and administrative
   
(26,851
)
   
(5,592
)
   
-
     
(21,259
)
   
(15,560
)
   
(1,843
)
   
-
     
(13,717
)
Total operating expenses
   
(124,674
)
   
(13,828
)
   
-
     
(110,846
)
   
(87,445
)
   
(4,853
)
   
-
     
(82,592
)
Income from operations
 
$
72,465
   
$
(14,666
)
 
$
-
   
$
87,131
   
$
42,365
   
$
(5,236
)
 
$
-
   
$
47,601
 
Unrealized loss on short-term investments
   
(4,428
)
   
-
     
(4,428
)
   
-
     
(9,562
)
   
-
     
(9,562
)
   
-
 
Net income (loss) attributable to ACM Research, Inc.
 
$
59,649
   
$
(14,666
)
 
$
(4,428
)
 
$
78,743
   
$
27,454
   
$
(5,236
)
 
$
(9,562
)
 
$
42,252
 
Basic EPS
 
$
0.99
                   
$
1.31
   
$
0.46
                   
$
0.71
 
Diluted EPS
 
$
0.90
                   
$
1.19
   
$
0.41
                   
$
0.64
 


-8-

v3.23.3
Document and Entity Information
Nov. 07, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 07, 2023
Entity File Number 001-38273
Entity Registrant Name ACM Research, Inc.
Entity Central Index Key 0001680062
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 94-3290283
Entity Address, Address Line One 42307 Osgood Road
Entity Address, Address Line Two Suite I
Entity Address, City or Town Fremont
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94539
City Area Code 510
Local Phone Number 445-3700
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share
Trading Symbol ACMR
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false

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