For our GAAP results and reconciliations between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website, and to slides 14 and 15. Revenue grew 9% in the fourth quarter and 15% for the full year. Investment in AI and data center infrastructure is reshaping the global semiconductor demand, shifting capital toward advanced logic, memory, and advanced packaging. Second, we announced that we are receiving multiple orders for our advanced packaging tool from three global customers.
This include the orders for multiple wafer-level advanced packaging system from a leading global OSAT customer based in Singapore, with the delivers scheduled for the first quarter of 2026. For the fourth quarter of 2025, we deliver $244 million in revenue, up 9%. For the year 2025, we deliver $901 million in revenue, up 15%. Top-line growth of 15% was better than growth for the overall China WFE market, which third party estimate as generally flat for 2025.
We consider this good result, especially since our 2025 revenue include very little contribution from our new products. Importantly, we expect the 2026 shipment growth to be higher than our 2026 revenue growth. Growth margin was 41% for the fourth quarter and 44.5% for the full year. Q4 growth margin was slightly below our long-term target range of 42%-48%.
| Metric | Period | Current guidance |
|---|---|---|
| 2026 gross margin | FY2026 | Lower end of 42%-48% in the first half, with an anticipated lift in the second half as higher-margin new products contribute |
| 2026 operating expenses | FY2026 | R&D 16%-18% of sales; S&M 7%-8%; G&A ~6% |
| 2026 operating margin | FY2026 | Expected in the mid-teens, similar to 2025, as ACM invests into the $4 billion opportunity |
| 2026 effective tax rate | FY2026 | 8%-10% |
| 2026 revenue linearity | FY2026 | First half ~42%-43% of revenue, second half ~57%-58%; Q1 about 18%-20% of the full-year mix |
| 2026 shipments | FY2026 | Shipment growth expected to outpace revenue growth |
| Cleaning portfolio coverage | 2026 | Targeting 100% coverage in 2026 |
| Metric | YoY | Note |
|---|---|---|
| Q4 revenue | +9.4% to $244M | Growth across ECP/front-end and advanced packaging; full-year revenue $901.3M, up 15.2%. |
| Full-year revenue | +15.2% to $901.3M | Better than roughly flat China WFE; included very little new-product contribution. |
| Q4 gross margin | -8.8 pts to 41.0% | Product mix and margin pressure on a few semi-critical products (~5 pts) plus higher inventory provisions (~4 pts); full-year 44.5% versus 50.4%. |
| Q4 operating income | -44% to $29.5M | Operating margin 12.1% versus 23.6%; full-year operating margin 15.9% versus 25.6% on 34% opex growth. |
| Full-year net income attributable to ACM Research | -28% to $110.2M | Diluted EPS $1.61 versus $2.26; Q4 net income $17.3M ($0.25) versus $37.7M ($0.56). |
| Full-year shipments | -12.2% to $854M | Tough compare against 2024 (+63%) plus new-product shipments pushed into 2026; Q4 shipments $228M, down 13.5%. |
| Cleaning (single-wafer, Tahoe, semi-critical) | +8.1% full year | $626M, ~69% of revenue; Q4 $159.9M, up 3%; little contribution yet from newer cleaning lines. |
| ECP, front-end packaging, furnace and other | +32.1% full year | Q4 $64.1M, up 23.9%; strong ECP demand. |
| Advanced packaging (ex-ECP) | +45.3% full year | Q4 $20.5M, up 23.8%; broadening wafer-level and panel-level packaging. |
| Net cash | - | $845.5M at year-end versus $259.1M, a $585.4M increase including $623M net from the ACM Shanghai offering. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| New-product cycle in 2026 | Minimal new-product revenue in 2025 | Strong 2026 cycle expected from single-wafer SPM cleaning and furnace, with supercritical CO2 dry, panel-level plating, Track and PECVD contributing more in 2027 and beyond. | — |
| Gross-margin pressure | Dipped in Q3 | Q4 gross margin 41.0% on a few low-margin semi-critical products under competitive pressure and higher inventory provisions; management calls it temporary, expects a second-half-2026 lift from higher-margin new products, and holds the 42%-48% target. | — |
| China competitive dynamics | Differentiated, IP-protected strategy | Management flagged a flood of new local entrants (often 5+ chasing a single point product with similar designs) but argued ACM wins on best-in-world differentiated technology, a deep China IP portfolio, and local customers' demand for the best technology to compete globally. | — |
| Global expansion outside China | Early global engagement | Announced first Singapore foundry install, Singapore OSAT wafer-level packaging orders, a panel-level vacuum-cleaning tool for a global packaging manufacturer, and North American wafer-level packaging orders; building U.S. (Oregon) assembly to mitigate tariffs. | — |
| Disclosure change and customer mix | Named-customer disclosure | Starting 2025 ACM discloses revenue by customer type annually - foundry/logic/other 59%, memory 27%, packaging/wafer processing 14% - with four 10%+ customers again totaling 52.2% of sales (top four at 16.9%, 13.5%, 11.6%, 10.2%). | — |
| Capital deployment | ACM Shanghai raise | Proceeds fund R&D, a second Lingang building (toward ~$3 billion annual capacity) and the Lingang mini-line, plus global sales/marketing and U.S. assembly; ACM has flexibility to raise further capital in the U.S. or via additional ACM Shanghai stock sales. | — |