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.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
901,309
782,118
557,723
388,832
Cost of Sales
501,242
390,564
281,508
205,217
Gross Profit
400,067
391,554
276,215
183,615
Selling, General & Administrative Expenses
145,649
135,083
87,667
62,354
Research & Development Expenses
144,989
105,473
92,709
62,226
Operating Profit
109,429
150,998
95,839
59,035
Interest and Investment Income
24,929
10,358
18,306
13,406
Interest Expense
(6,955)
(4,151)
(2,681)
(1,655)
Non-Operating Income
7,789
9,095
4,752
(3,424)
Total Non-Operating Income
25,763
15,302
20,377
8,327
Income Before Provision for Income Taxes
135,192
166,300
116,216
67,362
Consolidated Net Income
121,893
131,269
96,852
50,564
Net Income Attributable to Minority Interests and Other
27,815
27,642
19,503
11,301
Net Income Attributable to Common Shareholders
94,078
103,627
77,349
39,263
Basic EPS
1.47
1.67
1.29
0.66
Diluted EPS
1.37
1.53
1.16
0.59
Basic Weighted Average Shares Outstanding
64,185
62,213
60,165
59,236
Diluted Weighted Average Shares Outstanding
67,312
66,237
64,871
65,342
Shares Outstanding
65,612
62,961
61,058
59,677
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
765,962
411,310
183,173
248,451
Short-Term Investments
402,115
36,650
101,836
90,701
Total Cash and Cash Equivalents
1,168,077
447,960
285,009
339,152
Accounts Receivable
504,250
387,045
283,186
182,936
Other Receivables
48,655
41,859
40,065
29,617
Total Trade Receivables
552,905
428,904
323,251
212,553
Inventories
702,631
597,984
545,395
393,172
Other Current Assets
13,067
8,531
22,455
18,929
Total Current Assets
2,436,680
1,483,379
1,176,110
963,806
Net Property, Plant & Equipment
332,755
283,310
217,241
85,364
Net Intangible Assets
2,847
3,461
2,538
9,947
Long-Term Investments
66,035
50,338
68,698
119,415
Other Long-Term Assets
33,868
35,233
26,321
56,968
Total Assets
2,872,185
1,855,721
1,490,908
1,235,500
Accounts Payable
247,500
155,427
153,221
116,203
Accrued Expenses
179,106
153,902
121,501
62,356
Short-Term Debt
74,041
32,814
31,335
56,004
Current Portion of Long-Term Debt
35,082
44,472
6,783
2,322
Current Portion of Leases
4,786
2,132
2,764
1,382
Unearned Revenue
205,197
252,486
185,055
157,947
Total Current Liabilities
745,712
641,233
500,659
396,214
Long-Term Debt
5,069
3,840
53,952
18,687
Leases
178,930
105,525
4,262
1,107
Other Long-Term Liabilities
11,965
9,217
5,873
7,321
Total Long-Term Liabilities
195,964
118,582
64,087
27,115
Total Liabilities
941,676
759,815
564,746
423,329
Common Stock
7
7
7
6
Additional Paid-in Capital
1,115,504
677,476
629,845
604,089
Accumulated Other Comprehensive Income
(35,740)
(63,372)
(49,349)
(40,546)
Retained Earnings
384,592
290,514
186,887
111,307
Total Common Shareholders' Equity
1,464,363
904,625
767,390
674,856
Minority Interests and Other
466,146
191,281
158,772
137,315
Total Shareholders' Equity
1,930,509
1,095,906
926,162
812,171
Total Liabilities and Shareholders' Equity
2,872,185
1,855,721
1,490,908
1,235,500
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
121,893
131,269
96,852
50,564
Depreciation & Amortization
16,328
9,967
8,092
5,366
Share-Based Compensation Expense
33,577
49,576
27,338
7,730
Other Adjustments
(4,296)
24,704
(23,015)
11,152
Changes in Trade Receivables
(117,874)
(127,089)
(112,962)
(95,986)
Changes in Inventories
(108,218)
(64,135)
(164,027)
(195,562)
Changes in Accounts Payable
83,781
6,166
39,282
24,070
Changes in Accrued Expenses
27,129
23,203
21,375
23,406
Changes in Income Taxes Payable
(3,842)
13,740
8,472
7,640
Changes in Unearned Revenue
(51,993)
71,900
32,667
105,252
Changes in Other Operating Activities
(6,810)
13,149
(9,397)
(5,826)
Cash from Operating Activities
(10,325)
152,450
(75,323)
(62,194)
Capital Expenditure
(56,283)
(82,463)
(61,876)
(91,094)
Purchases of Intangible Assets
(1,372)
(3,485)
(2,462)
(1,426)
Purchases of Investments
(389,774)
(100,994)
(51,984)
(177,727)
Proceeds from Sale of Investments
56,408
174,983
109,577
4,577
Other Investing Activities
686
—
—
—
Cash from Investing Activities
(390,335)
(11,959)
(6,745)
(265,670)
Issuance of Short-Term Debt
87,526
33,265
31,334
56,004
Repayments of Short-Term Debt
(47,332)
(32,297)
(55,068)
(9,224)
Net Issuance / (Repayments) of Short-Term Debt
40,194
968
(23,734)
46,780
Issuance of Long-Term Debt
119,139
96,896
42,360
—
Repayments of Long-Term Debt
(60,253)
(9,582)
(2,283)
(2,223)
Net Issuance / (Repayments) of Long-Term Debt
58,886
87,314
40,077
(2,223)
Issuance of Common Shares
34,767
11,099
6,138
1,314
Repurchases of Common Shares
(6,988)
—
—
—
Net Issuance / (Repurchases) of Common Shares
27,779
11,099
6,138
1,314
Common Share Dividends Paid
(7,578)
(6,900)
(3,951)
—
Other Financing Activities
623,206
—
—
—
Cash from Financing Activities
742,487
92,481
18,530
45,871
Effect of Exchange Rate Changes on Cash and Cash Equivalents
12,825
(4,835)
(1,740)
(32,623)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash