ACM Research, Inc. develops, manufactures, and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, and thermal processes. Headquartered in California with primary operations in mainland China, the company focuses on improving product yield for advanced semiconductor devices and wafer-level packaging. Its proprietary technologies, such as Space Alternated Phase Shift (SAPS), are designed to remove random defects without damaging delicate wafer features.
ACM's customer base is highly concentrated and it derives most of its revenue from a limited number of customers. In 2025 four customers each accounted for more than 10% of revenue - approximately 16.9%, 13.5%, 11.6% and 10.2% - together representing 52.2% of total revenue (the same 52.2% four-customer aggregate as in 2024; in 2023 three customers accounted for 45.5%). As of December 31, 2025 four customers accounted for approximately 64% of accounts receivable. Beginning with fiscal 2025 ACM no longer discloses specific customer names and instead reports revenue mix by customer type once per year: for 2025 that mix was foundry, logic and other 59%, memory 27%, and packaging and wafer processing 14%. ACM's operations are concentrated in mainland China (conducted primarily through its ACM Research (Shanghai), Inc. subsidiary), and the company is subject to U.S. and other export-control and trade restrictions affecting that market.