ACM Research Reports First Quarter 2023 Results
ACM Research, Inc. (“ACM” or the “Company”) (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, 2023
FREMONT, Calif., May 05, 2023 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM” or the “Company”) (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, 2023.
“We delivered 76% revenue growth and good profitability. Our team executed well through the relaxed COVID policy, initial impacts from the U.S. advanced node export restrictions, and the Chinese New Year holiday,” said ACM’s President and Chief Executive Officer, Dr. David Wang. “Our results demonstrate the positive trajectory of ACM’s multi-product portfolio strategy. We had good growth from cleaning and increased contribution from our ECP, furnace, and other technologies. I am also pleased with our technical progress and growing customer interest in our new Track and PECVD platforms.”
Dr. Wang continued, “We are moving forward with our global expansion efforts. We purchased land in South Korea, to serve as a site for a new R&D and production facility, in an effort to further leverage local expertise in the close proximity to large potential customers. The evaluation of two cleaning tools at the U.S. facility of a major U.S.-based semiconductor manufacturer is going well, and we recently leased a facility in Oregon to add to our services and demonstration capabilities in the region. We are excited to begin initial production at our new facility in Lingang, Shanghai in the second half of 2023.”
Dr. Wang concluded, “As we look to the rest of 2023, we expect growth to continue driven by new products, mature node investments in China, and initial contribution from certain international customers.” Three Months Ended March 31, GAAP Non-GAAP(1) 2023 2022 2023 2022 (dollars in thousands, except EPS)Revenue$74,256 $42,186 $74,256 $42,186 Gross margin 53.8% 46.7% 54.0% 46.9%Income (loss) from operations$8,862 $(9,306) $10,930 $(7,932)Net income (loss) attributable to ACM Research, Inc.$7,145 $(5,786) $9,867 $(554)Basic EPS$0.12 $(0.10) $0.17 $(0.01)Diluted EPS (2)(3)$0.11 $(0.10) $0.15 $(0.01)
