Strong Q1 growth as ACM Research (NASDAQ: ACMR) tops $231M revenue
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
ACM Research, Inc. reported first-quarter 2026 revenue of $231.3 million, up 34.2% year over year, driven by electrochemical plating, furnace and advanced packaging tools. Shipments reached $240.7 million, up 53.6%, supporting future revenue.
GAAP income from operations increased to $36.2 million and operating margin improved to 15.6%, while GAAP net income attributable to ACM Research was $17.3 million. Non-GAAP net income was $24.3 million, with non-GAAP diluted EPS of $0.34.
ACM ended March 31, 2026 with $1.25 billion in cash, restricted cash and short-term time deposits and net cash of $924.2 million, helped by selling about 4.8 million ACM Shanghai shares for roughly $110 million in gross proceeds. Management maintained full-year 2026 revenue guidance of $1.08–$1.175 billion and emphasized momentum from new products and a proposed Hong Kong listing of ACM Shanghai.
Positive
- Strong top-line growth and scale: Q1 2026 revenue reached $231.3 million, up 34.2% year over year, with operating income rising to $36.2 million and operating margin improving to 15.6%, indicating solid demand and operating leverage.
- Robust cash position and capital actions: Cash, restricted cash and short-term time deposits totaled $1.25 billion with net cash of $924.2 million, supported by approximately $110 million in gross proceeds from selling about 4.8 million ACM Shanghai shares and ongoing plans for a Hong Kong listing of ACM Shanghai.
Negative
- None.
Insights
ACM delivers strong Q1 growth, maintains robust balance sheet and >$1B 2026 revenue outlook.
ACM Research grew Q1 2026 revenue to $231.3 million, up 34.2% year over year, led by ECP, furnace and advanced packaging demand. Shipments of $240.7 million outpaced revenue, indicating a healthy backlog as tools await customer acceptance.
GAAP operating income rose to $36.2 million with a 15.6% operating margin, while non-GAAP operating income reached $41.8 million. GAAP net income attributable to ACM was $17.3 million and non-GAAP net income was $24.3 million, reflecting higher operating scale alongside increased other expenses.
Liquidity is a clear strength: cash, restricted cash and short-term time deposits totaled $1.25 billion at March 31, 2026, with net cash of $924.2 million. The sale of about 4.8 million ACM Shanghai shares generated roughly $110 million in gross proceeds, and a proposed Hong Kong listing for ACM Shanghai could further support capital access and global positioning if completed as described.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $231.3 million
Q1 2026 Shipments: $240.7 million
GAAP Net Income: $17.3 million
+5 more
8 metrics
Q1 2026 Revenue
$231.3 million
Three months ended March 31, 2026; up 34.2% year over year
Q1 2026 Shipments
$240.7 million
Total shipments in Q1 2026; up 53.6% versus Q1 2025
GAAP Net Income
$17.3 million
Net income attributable to ACM Research, Inc. in Q1 2026
Non-GAAP Net Income
$24.3 million
Non-GAAP net income attributable to ACM Research, Inc. in Q1 2026
Non-GAAP Diluted EPS
$0.34
Three months ended March 31, 2026
Cash and Equivalents
$1.25 billion
Cash, restricted cash and short-term time deposits at March 31, 2026
Net Cash
$924.2 million
Net cash at March 31, 2026, excluding short- and long-term borrowings
2026 Revenue Guidance
$1.08–$1.175 billion
Maintained full-year 2026 revenue outlook range
Key Terms
non-GAAP, advanced packaging, PECVD, H share listing, +1 more
5 terms
non-GAAP financial
"Non-GAAP financial measures exclude stock-based compensation and unrealized gain (loss) on short-term investments."
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
advanced packaging technical
"Growth in the quarter was driven by strong performance in ECP and advanced packaging applications."
Advanced packaging describes modern methods for arranging, connecting and enclosing semiconductor chips so they work together more efficiently in a smaller space—think of stacking and wiring tiny electronic building blocks instead of leaving them as separate items on a circuit board. It matters to investors because these techniques can boost product speed, reduce power use, shrink device size and lower manufacturing costs, all of which influence a maker’s competitiveness, profit margins and market share.
PECVD technical
"shipped its first plasma-enhanced chemical vapor deposition (PECVD) silicon carbonitride (SiCN) system"
PECVD (plasma-enhanced chemical vapor deposition) is a manufacturing technique that uses a plasma to deposit very thin material layers onto surfaces, commonly used for chips, solar panels, LEDs and protective coatings. It matters to investors because the process affects product performance, manufacturing cost, and production yield—like a more precise spray-paint that can be applied at lower heat, improving quality and scaling potential, which can influence a maker’s competitiveness and margins.
FIN-48 payable financial
"FIN-48 payable | 28,308 | | | 27,719"
Earnings Snapshot
Revenue: $231.3 million · Guidance included
Q1 2026
Revenue
$231.3 million
+34.2% year over year
GAAP net income attributable to ACM Research, Inc.
$17.3 million
Non-GAAP net income attributable to ACM Research, Inc.
$24.3 million
GAAP diluted EPS
$0.24
Non-GAAP diluted EPS
$0.34
Guidance
Revenue guidance for fiscal year 2026 maintained at $1.08–$1.175 billion.
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): May 7, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (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 | ||||||||||||
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 o
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. o
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2026, we issued a press release announcing financial results for the first quarter of 2026. 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 | |||||||
99.1 104 | Press Release of ACM Research, Inc. dated May 7, 2026 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: May 7, 2026
3
Exhibit 99.1
ACM Research Reports First Quarter 2026 Results
FREMONT, Calif., May 07, 2026 (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 first quarter ended March 31, 2026.
“We are off to a solid start in 2026, with revenue of $231 million, up 34% year-over-year, and shipments of $241 million, up 54% year-over-year. Growth in the quarter was driven by strong performance in ECP and advanced packaging applications, reflecting increasing customer adoption of our differentiated technologies in high performance applications,” said Dr. David Wang, President and Chief Executive Officer of ACM. “This quarter, at Semicon China, we announced the ACM Planetary Family, a unified portfolio that reflects ACM’s status as a global, multi-product company, serving a broad range of semiconductor manufacturing steps.”
Dr. Wang continued, “We expect 2026 to be a big year for new products at ACM. Our R&D over the past 5 years, together with our internal Lingang mini-line, is paying off with industry-leading offerings across several product categories enabling our global customers to solve their evolving production challenges. We expect incremental revenue contribution from Tahoe, single-wafer SPM and vertical furnace, and increased evaluations in our panel-level horizontal plating, low-pressure panel-level flux cleaning, track, and PECVD platforms. We are also taking additional steps to expand our capabilities in global markets, including the proposed Hong Kong listing of ACM Research (Shanghai), Inc., ACM’s principal operating subsidiary (“ACM Shanghai”) and the ramp-up of our Oregon facility later this year.”
“We are maintaining our 2026 revenue outlook for 21%-30% growth, supported by new product cycles, market share gains, and increasing engagement from global customers.” Dr. Wang concluded, “Our business has momentum, our strategy is working, and we remain firmly committed to delivering world-class innovative solutions to meet current and future requirements across a broad and expanding global customer base.”
| Three Months Ended March 31, | |||||||||||||||||||||||
| GAAP | Non-GAAP(1) | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (dollars in thousands, except EPS) | |||||||||||||||||||||||
| Revenue | $ | 231,263 | $ | 172,347 | $ | 231,263 | $ | 172,347 | |||||||||||||||
| Gross margin | 46.4 | % | 47.9 | % | 46.5 | % | 48.2 | % | |||||||||||||||
| Income from operations | $ | 36,177 | $ | 25,777 | $ | 41,798 | $ | 35,594 | |||||||||||||||
| Net income attributable to ACM Research, Inc. | $ | 17,307 | $ | 20,380 | $ | 24,334 | $ | 31,279 | |||||||||||||||
| Basic EPS | $ | 0.26 | $ | 0.32 | $ | 0.37 | $ | 0.49 | |||||||||||||||
Diluted EPS | $ | 0.24 | $ | 0.30 | $ | 0.34 | $ | 0.46 | |||||||||||||||
(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 gain (loss) on short-term investments.
Outlook
ACM is maintaining its revenue guidance range of $1.08 billion to $1.175 billion for fiscal year 2026. 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.
Exhibit 99.1
Operating Highlights and Recent Announcements
•Shipments. Total shipments in the first quarter of 2026 were $240.7 million, versus $156.7 million in the first quarter of 2025, up 53.6%. Total shipments include deliveries of repeat tools and deliveries of first tools awaiting customer acceptance for potential revenue recognition in future quarters.
•Shipped First PECVD SiCN System. ACM announced that it has shipped its first plasma-enhanced chemical vapor deposition (PECVD) silicon carbonitride (SiCN) system to a leading semiconductor manufacturer. As part of the Saturn Series within the ACM Planetary Family, the system met customer-defined process specifications in ACM’s Lingang lab and has been delivered to the customer site for final validation. Targeting advanced back-end-of-line (BEOL) requirements, the system further expands ACM’s capabilities in advanced packaging applications.
•Shipment of Advanced Packaging Equipment to Leading Global Customers. ACM completed, on schedule, shipments of its Ultra C vac-p panel-level advanced packaging vacuum cleaning system to a leading global semiconductor packaging manufacturer outside mainland China, and of its wafer-level advanced packaging systems to a leading OSAT customer in Singapore.
•Introduced ACM Planetary Family™ Product Portfolio Structure. ACM launched a unified, process‑based portfolio structure, the ACM Planetary Family, organizing its products into eight distinct families aligned with key semiconductor manufacturing steps, collectively referred to as the Eight Planets series.
•Sale of Shares of ACM Shanghai. On February 6, 2026, ACM completed the sale of approximately 4.8 million shares of ACM Shanghai, at a price of RMB160.00 per share (approximately $23.05 per share based on the exchange rate in effect on the date of the sale), generating approximately $110 million in gross proceeds and approximately $86 million net of taxes.
•ACM Shanghai Proposed H share listing in Hong Kong. On April 17, 2026, ACM Shanghai, announced a proposed issuance of overseas listed H shares and an application for a secondary listing on the Hong Kong Stock Exchange. The initiative is intended to strengthen ACM Shanghai’s capital base, enhance competitiveness, attract and retain talent, and further expand its international market presence.
•First Quarter 2026 Financial Summary
Unless otherwise noted, the following figures refer to the first quarter of 2026 and comparisons are with the first quarter of 2025.
•Revenue was $231.3 million, up 34.2%, reflecting growth from ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares.
•Gross margin was 46.4% versus 47.9%. Non-GAAP gross margin, which excludes stock-based compensation, was 46.5% versus 48.2%. Gross margin was above the mid-point of ACM’s long-term business model target range of 42% to 48%. 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 $71.1 million, an increase of 25.2%. Operating expenses as a percentage of revenue decreased to 30.7% from 32.9%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $65.8 million, up 38.5%. Non-GAAP operating expenses as a percentage of revenue increased to 28.4% from 27.6%.
•Operating income was $36.2 million, up 40.3% compared to $25.8 million. Operating margin was 15.6% compared to 15.0%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $41.8 million, up 17.4% compared to $35.6 million. Non-GAAP operating margin, which excludes stock-based compensation, was 18.1% compared to 20.7%.
•Unrealized loss on short-term investments was $1.4 million, compared to an unrealized loss of $1.1 million. Unrealized loss reflects the change in market value of the investments by ACM Shanghai. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
•Income tax expense was $3.8 million, compared to $2.2 million.
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Exhibit 99.1
•Net income attributable to ACM Research, Inc. was $17.3 million, compared to $20.4 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 $24.3 million, compared to $31.3 million.
•Net income per diluted share attributable to ACM Research, Inc. was $0.24, compared to $0.30. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.34, compared to $0.46.
•Cash and cash equivalents, plus restricted cash and short-term time deposits were $1.25 billion at March 31, 2026, compared to $1.13 billion at December 31, 2025. Net cash, which excludes short-term and long-term borrowings, was $924.2 million at March 31, 2026, versus $844.5 million at December 31, 2025.
Conference Call Details
A conference call to discuss results will be held on Thursday, May 7, 2026, at 8:00 a.m. Eastern Time (8:00 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-conf.media-server.com/register/BI67a35ea588fa4ef486e4e5460faf9982
Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.
A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.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 the effect of stock-based compensation and unrealized gain (loss) 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
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Exhibit 99.1
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 spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. 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. For more information, visit www.acmr.com.
© ACM Research, Inc. Ultra C, ACM Planetary Family and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear 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 | ||||
Steven C. Pelayo, CFA | |||||
| (360) 808-5154 | |||||
steven@blueshirtgroup.co | |||||
In China: | The Blueshirt Group Asia | ||||
| Gary Dvorchak, CFA | |||||
| +86 (138) 1079-1480 | |||||
gary@blueshirtgroup.co | |||||
- 4 -
Exhibit 99.1
ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
| March 31, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | |||||||||||
(In thousands) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 872,269 | $ | 757,373 | |||||||
| Restricted cash | 21,866 | 8,589 | |||||||||
| Short-term time deposits | 358,237 | 366,591 | |||||||||
| Short-term investment | 34,662 | 35,524 | |||||||||
| Accounts receivable, net | 526,507 | 504,250 | |||||||||
| Other receivables | 53,595 | 48,655 | |||||||||
| Inventories, net | 737,995 | 702,631 | |||||||||
| Advances to related parties | 870 | 2,500 | |||||||||
| Prepaid expenses and other current assets | 13,352 | 10,567 | |||||||||
| Total current assets | 2,619,353 | 2,436,680 | |||||||||
| Property, plant and equipment, net | 324,020 | 314,830 | |||||||||
| Operating lease right-of-use assets, net | 17,060 | 17,925 | |||||||||
| Intangible assets, net | 2,722 | 2,847 | |||||||||
| Deferred tax assets | 30,224 | 29,389 | |||||||||
| Long-term investments | 68,467 | 66,035 | |||||||||
| Other long-term assets | 4,052 | 4,479 | |||||||||
| Total assets | $ | 3,065,898 | $ | 2,872,185 | |||||||
| Liabilities and Equity | |||||||||||
| Current liabilities: | |||||||||||
| Short-term borrowings | $ | 93,981 | $ | 74,041 | |||||||
| Current portion of long-term borrowings | 13,302 | 35,082 | |||||||||
| Related parties accounts payable | 31,791 | 32,060 | |||||||||
| Accounts payable | 208,867 | 215,440 | |||||||||
| Advances from customers | 168,825 | 187,809 | |||||||||
| Deferred revenue | 10,954 | 17,388 | |||||||||
| Income taxes payable | 24,780 | 991 | |||||||||
| FIN-48 payable | 28,308 | 27,719 | |||||||||
| Other payables and accrued expenses | 160,075 | 150,396 | |||||||||
| Current portion of operating lease liability | 4,795 | 4,786 | |||||||||
| Total current liabilities | 745,678 | 745,712 | |||||||||
| Long-term borrowings | 220,858 | 178,930 | |||||||||
| Long-term operating lease liability | 4,125 | 5,069 | |||||||||
| Other long-term liabilities | 11,765 | 11,965 | |||||||||
| Total liabilities | 982,426 | 941,676 | |||||||||
| Commitments and contingencies | |||||||||||
| Equity: | |||||||||||
| Stockholders’ equity: | |||||||||||
| Class A Common stock | 6 | 6 | |||||||||
| Class B Common stock | 1 | 1 | |||||||||
| Additional paid-in capital | 1,194,786 | 1,115,504 | |||||||||
| Retained earnings | 367,735 | 350,428 | |||||||||
| Statutory surplus reserve | 34,164 | 34,164 | |||||||||
| Accumulated other comprehensive loss | (15,182) | (35,740) | |||||||||
| Total ACM Research, Inc. stockholders’ equity | 1,581,510 | 1,464,363 | |||||||||
| Non-controlling interests | 501,962 | 466,146 | |||||||||
| Total equity | 2,083,472 | 1,930,509 | |||||||||
| Total liabilities and equity | $ | 3,065,898 | $ | 2,872,185 | |||||||
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Exhibit 99.1
ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (Unaudited) | |||||||||||
( In thousands, except share and per share data) | |||||||||||
| Revenue | $ | 231,263 | $ | 172,347 | |||||||
| Cost of revenue | 124,025 | 89,797 | |||||||||
| Gross profit | 107,238 | 82,550 | |||||||||
| Operating expenses: | |||||||||||
| Sales and marketing | 20,688 | 16,343 | |||||||||
| Research and development | 36,549 | 27,503 | |||||||||
| General and administrative | 13,824 | 12,927 | |||||||||
| Total operating expenses | 71,061 | 56,773 | |||||||||
| Income from operations | 36,177 | 25,777 | |||||||||
| Interest income | 4,719 | 3,339 | |||||||||
| Interest expense | (1,933) | (1,558) | |||||||||
| Unrealized loss on short-term investments | (1,406) | (1,082) | |||||||||
| Other expense, net | (9,300) | (262) | |||||||||
| Income from equity method investments | 1,749 | 952 | |||||||||
| Income before income taxes | 30,006 | 27,166 | |||||||||
| Income tax expense | (3,771) | (2,153) | |||||||||
| Net income | 26,235 | 25,013 | |||||||||
| Less: Net income attributable to non-controlling interests | 8,928 | 4,633 | |||||||||
| Net income attributable to ACM Research, Inc. | $ | 17,307 | $ | 20,380 | |||||||
| Comprehensive income: | |||||||||||
| Net income | $ | 26,235 | $ | 25,013 | |||||||
| Foreign currency translation adjustment, net of tax of nil | 27,797 | 1,750 | |||||||||
| Comprehensive Income | 54,032 | 26,763 | |||||||||
| Less: Comprehensive income attributable to non-controlling interests | 16,167 | 4,957 | |||||||||
| Comprehensive income attributable to ACM Research, Inc. | $ | 37,865 | $ | 21,806 | |||||||
| Net income attributable to ACM Research, Inc. per common share: | |||||||||||
| Basic | $ | 0.26 | $ | 0.32 | |||||||
| Diluted | $ | 0.24 | $ | 0.30 | |||||||
| Weighted average common shares outstanding used in computing per share amounts: | |||||||||||
| Basic | 65,804,254 | 63,267,834 | |||||||||
| Diluted | 69,769,907 | 66,952,774 | |||||||||
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Exhibit 99.1
ACM RESEARCH, INC.
Total Revenue by Product Category
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
(Unaudited) | |||||||||||
($ in thousand) | |||||||||||
| Single wafer cleaning, Tahoe and semi-critical cleaning equipment | $ | 122,482 | $ | 129,569 | |||||||
| ECP (front-end and packaging), furnace and other technologies | 84,239 | 27,630 | |||||||||
| Advanced packaging (excluding ECP), services & spares | 24,542 | 15,148 | |||||||||
| Total Revenue By Product Category | $ | 231,263 | $ | 172,347 | |||||||
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Exhibit 99.1
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 (loss) 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 March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| Actual (GAAP) | SBC | Other non- operating adjustments | Adjusted (Non-GAAP) | Actual (GAAP) | SBC | Other non- operating adjustments | Adjusted (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 231,263 | $ | - | $ | - | $ | 231,263 | $ | 172,347 | $ | - | $ | - | $ | 172,347 | |||||||||||||||||||||||||||||||
| Cost of revenue | (124,025) | (348) | - | (123,677) | (89,797) | (529) | - | (89,268) | |||||||||||||||||||||||||||||||||||||||
| Gross profit | 107,238 | (348) | - | 107,586 | 82,550 | (529) | - | 83,079 | |||||||||||||||||||||||||||||||||||||||
Gross margin | 46.4 | % | 0.1 | % | - | 46.5 | % | 47.9 | % | 0.3 | % | - | 48.2 | % | |||||||||||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
| Sales and marketing | (20,688) | (1,492) | - | (19,196) | (16,343) | (2,157) | - | (14,186) | |||||||||||||||||||||||||||||||||||||||
| Research and development | (36,549) | (1,842) | - | (34,707) | (27,503) | (2,775) | - | (24,728) | |||||||||||||||||||||||||||||||||||||||
| General and administrative | (13,824) | (1,939) | - | (11,885) | (12,927) | (4,356) | - | (8,571) | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | (71,061) | (5,273) | - | (65,788) | (56,773) | (9,288) | - | (47,485) | |||||||||||||||||||||||||||||||||||||||
| Income (loss) from operations | 36,177 | (5,621) | - | 41,798 | 25,777 | (9,817) | - | 35,594 | |||||||||||||||||||||||||||||||||||||||
| Unrealized loss on short-term investments | (1,406) | - | (1,406) | - | (1,082) | - | (1,082) | - | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to ACM Research, Inc. | $ | 17,307 | $ | (5,621) | $ | (1,406) | $ | 24,334 | $ | 20,380 | $ | (9,817) | $ | (1,082) | $ | 31,279 | |||||||||||||||||||||||||||||||
| Basic EPS | $ | 0.26 | $ | 0.37 | $ | 0.32 | $ | 0.49 | |||||||||||||||||||||||||||||||||||||||
| Diluted EPS | $ | 0.24 | $ | 0.34 | $ | 0.30 | $ | 0.46 | |||||||||||||||||||||||||||||||||||||||
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FAQ
How did ACMR perform financially in Q1 2026?
ACM Research reported Q1 2026 revenue of $231.3 million, up 34.2% year over year. GAAP net income attributable to ACM was $17.3 million, while non-GAAP net income was $24.3 million, reflecting strong demand across multiple product categories.
What is ACMR’s revenue guidance for full-year 2026?
ACM Research is maintaining its 2026 revenue guidance range of $1.08 billion to $1.175 billion. Management bases this outlook on current views of trade policy, customer spending scenarios, supply chain conditions, and the timing of tool acceptances in the field.
How strong is ACMR’s balance sheet after Q1 2026?
As of March 31, 2026, ACM Research held $1.25 billion in cash, restricted cash and short-term time deposits, with net cash of $924.2 million. This sizable liquidity provides flexibility to support R&D, capacity expansion and strategic initiatives.
What major strategic or capital actions did ACMR take in early 2026?
On February 6, 2026, ACM sold about 4.8 million ACM Shanghai shares for roughly $110 million in gross proceeds. Additionally, ACM Shanghai announced a proposed H share issuance and secondary listing on the Hong Kong Stock Exchange to strengthen its capital base.
Which product areas drove ACMR’s Q1 2026 revenue growth?
Q1 2026 revenue growth was driven by ECP (front-end and packaging), furnace and other technologies, plus advanced packaging, services and spares. Shipments reached $240.7 million, including repeat tools and first tools pending customer acceptance for future revenue.