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ACM Research Reports Third Quarter 2025 Results
FREMONT, Calif., November 05, 2025 (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, 2025.

“I am pleased to report another strong quarter for ACM. We grew revenue by 32%, and continue to innovate with world-class tools across multiple product lines. We believe the market is moving toward ACM as AI and global datacenter investments are demanding new innovative technology requirements for next generation semiconductor equipment,” said Dr. David Wang, President and Chief Executive Officer of ACM. “We are seeing broad interest in our proprietary horizontal plating technology for panel-level packaging, with plans to deliver our first system in the fourth quarter. Our high-temperature SPM platform is setting new benchmarks as our proprietary nozzle design achieves industry-best performance at 19nm particle size and below, with significantly lower maintenance and no need to clean the outer chamber. The first shipment of our KrF Track platform in the third quarter further expands our SAM into critical lithography-adjacent applications.”

Dr. Wang continued, “In September, our principal operating subsidiary, ACM Shanghai, raised approximately $623 million in net proceeds from its second capital raise on the STAR Market. We plan to deploy this capital to further accelerate development of next-generation tools, complete the Lingang mini-line, and expand production capacity to support future global demand. We have narrowed the range of our guidance for 2025 revenue, and we remain committed to achieve our $4 billion long-term revenue target.”
Three Months Ended September 30,
GAAPNon-GAAP(1)
2025202420252024
(dollars in thousands, except EPS)
Revenue
$    269,160    
$    203,976    
$    269,160    
$    203,976    
Gross margin
    42.0    %
    51.4    %
    42.1    %
    51.6    %
Income from operations
$    28,923    
$    44,184    
$    36,485    
$    56,065    
Net income attributable to ACM Research, Inc.
$    35,889    
$    30,904    
$    24,795    
$    42,372    
Basic EPS
$    0.56    
$    0.49    
$    0.39    
$    0.68    
Diluted EPS
$    0.52    
$    0.45    
$    0.36    
$    0.63    

Nine Months Ended September 30,
GAAPNon-GAAP(1)
2025202420252024
(dollars in thousands, except EPS)
Revenue
$    656,879    
$    558,647    
$    656,879    
$    558,647    
Gross margin
    45.7    %
    50.3    %
    45.9    %
    50.6    %
Income from operations
$    86,394    
$    107,009    
$    113,543    
$    147,801    
Net income attributable to ACM Research, Inc.
$    86,029    
$    72,547    
$    92,874    
$    114,490    
Basic EPS
$    1.35    
$    1.17    
$    1.45    
$    1.85    
Diluted EPS
$    1.26    
$    1.07    
$    1.36    
$    1.70    

(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 has narrowed the range of its revenue guidance range for fiscal year 2025 to $875 million to $925 million, versus the prior range of $850 million to $950 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 2025 were $263.1 million, up 0.7% from the third quarter of 2024. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
•ACM Shanghai Completed its Private Offering. In September 2025, ACM Shanghai issued 38,601,326 ordinary shares at RMB 116.11 per share, raising net proceeds of RMB 4.4 billion (approximately USD $623 million) after deducting offering-related expenses. As a result of the Private Offering, ACM’s equity interests in ACM Shanghai declined from 81.1% as of June 30, 2025 to 74.6% as of September 30, 2025.
•During the third quarter of 2025, ACM Shanghai paid a cash dividend for a net total of approximately RMB 264.9 million (approximately USD $36.8 million) to the stockholders of ACM Shanghai, including ACM, which owned 81.1% of the outstanding shares of ACM Shanghai at the time.
•Delivered Its First High-Throughput Ultra Lith KrF Track System to a Leading Chinese Logic Wafer Fab Customer. ACM announced the launch of its first Ultra Lith KrF track system, designed to support front-end semiconductor manufacturing. The new system expands ACM’s lithography product line and delivers high-throughput performance, advanced thermal control, and real-time process control and monitoring. The first system was shipped to a leading Chinese logic wafer fab customer in September 2025.
•Unveiled Ultra ECDP Electrochemical Deplating Tool for Compound Semiconductor Gold Etch Processes. ACM announced the launch of its first Ultra ECDP Electrochemical Deplating (“Ultra ECDP”) tool specifically designed for wide bandgap compound semiconductor manufacturing. The Ultra ECDP tool is engineered for electrochemical wafer-level gold (Au) etching performed outside of the wafer pattern area and delivers improved uniformity, smaller undercut and enhanced gold line appearance.
•Third Quarter 2025 Financial Summary
Unless otherwise noted, the following figures refer to the third quarter of 2025 and comparisons are with the third quarter of 2024.
•Revenue was $269.2 million, up 32.0%, reflecting growth from single wafer cleaning, Tahoe and semi-critical cleaning equipment, ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares.
•Gross margin was 42.0% versus 51.4%. Non-GAAP gross margin, which excludes stock-based compensation, was 42.1% versus 51.6%. Gross margin was at the low end 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, sales volume, inventory provisions and other adjustments.
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•Operating expenses were $84.2 million, an increase of 38.9%. Operating expenses as a percentage of revenue increased to 31.3% from 29.7%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $76.9 million, up 56.3%. Non-GAAP operating expenses as a percentage of revenue increased to 28.6% from 24.1%.
•Operating income was $28.9 million, compared to $44.2 million. Operating margin was 10.7% compared to 21.7%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $36.5 million, compared to $56.1 million. Non-GAAP operating margin, which excludes stock-based compensation, was 13.6% compared to 27.5%.
•Unrealized gain on short-term investments was $18.7 million, compared to an unrealized gain of $0.4 million. Unrealized gain 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 $2.7 million, compared to $4.0 million.
•Net income attributable to ACM Research, Inc. was $35.9 million, compared to $30.9 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $24.8 million, compared to $42.4 million.
•Net income per diluted share attributable to ACM Research, Inc. was $0.52, compared to $0.45. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.36, compared to $0.63.
•Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $1,098.3 million at September 30, 2025, compared to $483.9 million at June 30, 2025.
Conference Call Details

A conference call to discuss results will be held on Wednesday, November 5, 2025, 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-conf.media-server.com/register/BI1b6b3109856a47f8ad0506af886844bf
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 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.”
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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, vertical furnace processes, Track and PECVD, which are critical to advanced semiconductor device manufacturing and 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. For more information, visit www.acmrcsh.com.
© ACM Research, Inc. ULTRA C 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.
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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


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ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
September 30, 2025December 31, 2024
(Unaudited)
(In thousands)
Assets
Current assets:
Cash and cash equivalents
$    1,058,909    
$    407,445    
Restricted cash
    8,430    
    3,865    
Short-term time deposits
    30,922    
    17,277    
Short-term investment
    39,976    
    19,373    
Accounts receivable, net
    476,996    
    387,045    
Other receivables
    50,450    
    41,859    
Inventories, net
    676,409    
    597,984    
Advances to related parties
    927    
    1,024    
Prepaid expenses and other current assets
    15,143    
    7,507    
            Total current assets
    2,358,162    
    1,483,379    
Property, plant and equipment, net
    296,714    
    269,272    
Operating lease right-of-use assets, net
    18,026    
    14,038    
Intangible assets, net
    2,706    
    3,461    
Long-term time deposits
    —    
    13,275    
Deferred tax assets
    26,641    
    14,781    
Long-term investments
    63,556    
    37,063    
Other long-term assets
    4,838    
    20,452    
                        Total assets
$    2,770,643    
$    1,855,721    
Liabilities and Equity
Current liabilities:
Short-term borrowings
$    45,049    
$    32,814    
Current portion of long-term borrowings
    48,637    
    44,472    
Related parties accounts payable
    23,323    
    16,133    
Accounts payable
    180,884    
    139,294    
Advances from customers
    203,506    
    243,949    
Deferred revenue
    15,550    
    8,537    
Income taxes payable
    —    
    12,779    
FIN-48 payable
    21,768    
    19,466    
Other payables and accrued expenses
    135,032    
    121,657    
Current portion of operating lease liability
    4,120    
    2,132    
            Total current liabilities
    677,869    
    641,233    
Long-term borrowings
    193,356    
    105,525    
Long-term operating lease liability
    5,882    
    3,840    
Other long-term liabilities
    8,322    
    9,217    
                       Total liabilities
    885,429    
    759,815    
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock
    6    
    6    
Class B Common stock
    1    
    1    
Additional paid-in capital
    1,105,129    
    677,476    
Retained earnings
    346,029    
    260,000    
Statutory surplus reserve
    30,514    
    30,514    
Accumulated other comprehensive loss
    (48,999)
    (63,372)
Total ACM Research, Inc. stockholders’ equity
    1,432,680    
    904,625    
Non-controlling interests
    452,534    
    191,281    
Total equity
    1,885,214    
    1,095,906    
               Total liabilities and equity
$    2,770,643    
$    1,855,721    


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ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Unaudited)
( In thousands, except share and per share data)
Revenue
$    269,160    
$    203,976    
$    656,879    
$    558,647    
Cost of revenue
    156,011    
    99,142    
    356,719    
    277,908    
        Gross profit
    113,149    
    104,834    
    300,160    
    280,739    
Operating expenses:
    Sales and marketing
    22,311    
    15,759    
    60,756    
    47,067    
    Research and development
    39,651    
    27,837    
    100,971    
    77,723    
    General and administrative
    22,264    
    17,054    
    52,039    
    48,940    
         Total operating expenses
    84,226    
    60,650    
    213,766    
    173,730    
         Income from operations
    28,923    
    44,184    
    86,394    
    107,009    
Interest income
    3,100    
    2,967    
    10,452    
    7,122    
Interest expense
    (1,851)
    (1,208)
    (5,166)
    (2,923)
Realized gain on short-term investments
    -    
    171    
    54    
    444    
Unrealized gain (loss) on short-term investments
    18,656    
    413    
    20,304    
    (1,151)
Other expense, net
    (3,411)
    (5,164)
    (4,019)
    (727)
Income from equity method investments
    3,670    
    1,316    
    6,395    
    101    
        Income before income taxes
    49,087    
    42,679    
    114,414    
    109,875    
Income tax expense
    (2,689)
    (4,007)
    (6,733)
    (17,712)
        Net income
    46,398    
    38,672    
    107,681    
    92,163    
Less: Net income attributable to non-controlling interests
    10,509    
    7,768    
    21,652    
    19,616    
        Net income attributable to ACM Research, Inc.
$    35,889    
$    30,904    
$    86,029    
$    72,547    
Comprehensive income (loss):
     Net income
$    46,398    
$    38,672    
$    107,681    
$    92,163    
    Foreign currency translation adjustment, net of tax of nil
    9,899    
    17,089    
    15,554    
    10,376    
    Unrealized gain on available-for-sale investments, net of tax
    2,391    
    -    
    2,391    
    -    
         Comprehensive Income
    58,688    
    55,761    
    125,626    
    102,539    
Less: Comprehensive income attributable to non-controlling interests
    13,017    
    10,842    
    25,224    
    21,458    
        Comprehensive income attributable to ACM Research, Inc.
$    45,671    
$    44,919    
$    100,402    
$    81,081    
Net income attributable to ACM Research, Inc. per common share:
     Basic
$    0.56    
$    0.49    
$    1.35    
$    1.17    
     Diluted
$    0.52    
$    0.45    
$    1.26    
$    1.07    
Weighted average common shares outstanding used in computing per share amounts:
     Basic64,381,296 62,500,903 63,876,709 62,017,257 
     Diluted68,414,313 66,671,526 67,551,302 66,512,143 


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ACM RESEARCH, INC.
Total Revenue by Product Category
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Unaudited)
($ in thousands)
Single wafer cleaning, Tahoe and semi-critical cleaning equipment
$    181,570    
$    160,985    
$    466,100    
$    423,676    
ECP (front-end and packaging), furnace and other technologies
    59,853    
    34,600    
    135,499    
    99,362    
Advanced packaging (excluding ECP), services & spares
    27,737    
    8,391    
    55,280    
    35,609    
Total Revenue By Product Category
$    269,160    
$    203,976    
$    656,879    
$    558,647    


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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 September 30,
20252024
Actual
(GAAP)
SBC
Other non-
operating adjustments
Adjusted
(Non-GAAP)
Actual
(GAAP)
SBC
Other non-
operating adjustments
Adjusted
(Non-GAAP)
(In thousands)
Revenue
$    269,160    
$    -    
$    -    
$    269,160    
$    203,976    
$    -    
$    -    
$    203,976    
Cost of revenue
    (156,011)    
    (253)    
    -    
    (155,758)    
    (99,142)    
    (447)    
    -    
    (98,695)    
Gross profit
    113,149    
    (253)    
    -    
    113,402    
    104,834    
    (447)    
    -    
    105,281    
Gross margin
    42.0    %
    0.1    %
    -    
    42.1    %
    51.4    %
    0.2    %
    -    
    51.6    %
Operating expenses:
Sales and marketing
    (22,311)    
    (1,601)    
    -    
    (20,710)    
    (15,759)    
    (2,594)    
    -    
    (13,165)    
Research and development
    (39,651)    
    (1,915)    
    -    
    (37,736)    
    (27,837)    
    (3,373)    
    -    
    (24,464)    
General and administrative
    (22,264)    
    (3,793)    
    -    
    (18,471)    
    (17,054)    
    (5,467)    
    -    
    (11,587)    
Total operating expenses
    (84,226)    
    (7,309)    
    -    
    (76,917)    
    (60,650)    
    (11,434)    
    -    
    (49,216)    
Income (loss) from operations
    28,923    
    (7,562)    
    -    
    36,485    
    44,184    
    (11,881)    
    -    
    56,065    
Unrealized gain on short-term investments
    18,656    
    -    
    18,656    
    -    
    413    
    -    
    413    
    -    
Net income (loss) attributable to ACM Research, Inc.
$    35,889    
$    (7,562)    
$    18,656    
$    24,795    
$    30,904    
$    (11,881)    
$    413    
$    42,372    
Basic EPS
$    0.56    
$    0.39    
$    0.49    
$    0.68    
Diluted EPS
$    0.52    
$    0.36    
$    0.45    
$    0.63    

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Nine Months Ended September 30,
20252024
Actual
(GAAP)
SBC
Other non-
operating adjustments
Adjusted
(Non-GAAP)
Actual
(GAAP)
SBC
Other non-
operating adjustments
Adjusted
(Non-GAAP)
(In thousands)
Revenue
$    656,879    
$    -    
$    -    
$    656,879    
$    558,647    
$    -    
$    -    
$    558,647    
Cost of revenue
    (356,719)    
    (1,138)    
    -    
    (355,581)    
    (277,908)    
    (2,020)    
    -    
    (275,888)    
Gross profit
    300,160    
    (1,138)    
    -    
    301,298    
    280,739    
    (2,020)    
    -    
    282,759    
Gross margin
    45.7    %
    0.2    %
    -    
    45.9    %
    50.3    %
    0.4    %
    -    
    50.6    %
Operating expenses:
Sales and marketing
    (60,756)    
    (5,854)    
    -    
    (54,902)    
    (47,067)    
    (8,645)    
    -    
    (38,422)    
Research and development
    (100,971)    
    (7,270)    
    -    
    (93,701)    
    (77,723)    
    (12,082)    
    -    
    (65,641)    
General and administrative
    (52,039)    
    (12,887)    
    -    
    (39,152)    
    (48,940)    
    (18,045)    
    -    
    (30,895)    
Total operating expenses
    (213,766)    
    (26,011)    
    -    
    (187,755)    
    (173,730)    
    (38,772)    
    -    
    (134,958)    
Income (loss) from operations
    86,394    
    (27,149)    
    -    
    113,543    
    107,009    
    (40,792)    
    -    
    147,801    
Unrealized gain (loss) on short-term investments
    20,304    
    -    
    20,304    
    -    
    (1,151)    
    -    
    (1,151)
    -    
Net income (loss) attributable to ACM Research, Inc.
$    86,029    
$    (27,149)    
$    20,304    
$    92,874    
$    72,547    
$    (40,792)    
$    (1,151)
$    114,490    
Basic EPS
$    1.35    
$    1.45    
$    1.17    
$    1.85    
Diluted EPS
$    1.26    
$    1.36    
$    1.07    
$    1.70    

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