Core Viewpoint - ACM Research, Inc. has launched its first Ultra Lith KrF track system aimed at enhancing front-end semiconductor manufacturing, which signifies the company's commitment to addressing lithography challenges in mature-node devices [1][3]. Group 1: Product Launch and Features - The Ultra Lith KrF track system expands ACM's lithography product line, offering high-throughput performance, advanced thermal control, and real-time process monitoring [1][3]. - The system features a flexible process module configuration with 12 spin coaters and 12 developers, supported by 54 hot plates for various temperature processing, achieving a throughput greater than 300 wafers per hour [3][2]. - The system incorporates proprietary backside particle removal unit (BPRV) technology to minimize cross-contamination risk and includes an integrated wafer-scale outlier inspection (WSOI) unit for real-time process variation detection [3][2]. Group 2: Market Position and Strategy - The launch reflects ACM's strategy to enhance its presence in front-end process equipment and to cater to the growing demand for mature-node devices, which are believed to represent a significant portion of global semiconductor output [3][2]. - By offering both ArF and KrF track systems, ACM aims to provide seamless fab integration and greater manufacturing flexibility across diverse applications [3][2]. Group 3: Company Overview - ACM Research, Inc. develops, manufactures, and sells semiconductor process equipment, including cleaning, electroplating, and packaging tools, aimed at improving productivity and product yield for semiconductor manufacturers [5].

Core Viewpoint - The initial market reaction to ACM Research's Q2 2025 earnings report was negative, but subsequent analysis revealed strong underlying growth potential, leading to a significant stock recovery and a year-to-date increase of nearly 98% [1][2][3]. Financial Performance - ACM Research reported Q2 2025 revenue of $215.4 million, slightly below Wall Street's estimate of $223.4 million, which initially raised concerns [4]. - The company achieved Non-GAAP earnings per share (EPS) of 54 cents, surpassing analyst estimates of 42 cents by nearly 30% [5]. - Non-GAAP gross margin was reported at 48.7%, exceeding the company's long-term target range of 40% to 45%, indicating strong operational efficiency [5]. Management Guidance - Management reaffirmed full-year 2025 revenue guidance of $850 million to $950 million, suggesting that the quarterly revenue miss was a timing issue rather than a sign of weakening demand [6]. - The long-term revenue target for Mainland China was raised from $1.5 billion to $2.5 billion, reflecting a nearly 70% increase based on an expanded view of the market [7]. Market Dynamics - U.S. export controls on China's tech sector have accelerated China's push for semiconductor independence, creating significant opportunities for local suppliers like ACM Research [8]. - ACM Research's strategic positioning in Shanghai provides a competitive advantage and access to capital expenditures from leading Chinese foundries [9]. Strategic Expansion - The company is developing an R&D and production facility in Oregon, aiming to attract Western clients and leverage support from initiatives like the U.S. CHIPS Act [10]. - This dual focus on strengthening its presence in China while expanding internationally establishes a robust growth pathway for ACM Research [10]. Investment Outlook - The recent stock rally reflects a market reevaluation of ACM Research's strategic position, emphasizing long-term growth opportunities over short-term earnings fluctuations [11]. - ACM Research is positioned as a premier investment choice for those looking to capitalize on the multi-year build-out of China's semiconductor industry [12].

Summary of Semiconductor Industry Conference Call Industry Overview - The conference call focuses on the **semiconductor industry in China**, particularly in the context of the **CHIPS Act** and its implications for capital expenditures (capex) and technology development [1][4][5]. Key Points Capital Expenditures (Capex) - China's semiconductor capex is projected to increase to **US$43 billion to US$46 billion** for the period **2025-2030**, up from previous estimates of **US$40 billion to US$44 billion** [4][16]. - A strong investment of **US$41 billion** was recorded in **2024**, representing a **19% year-over-year increase** [4][16]. - The investment focus is expected to shift towards **memory** and **advanced node technologies**, with local suppliers anticipated to contribute **26%** of wafer fabrication equipment procurement in **2025**, increasing to **36%** by **2030** [4][16]. Demand and Supply Chain Migration - The semiconductor supply chain in China is undergoing significant migration, with expansions in **CIS**, **automotive chips**, and **AI chips** [5]. - Local foundries and OSATs are enhancing their manufacturing technologies, driven by structural technology innovations and better services [5]. Lithography Demand - An estimated **2,261 additional lithography systems** will be required by **2035** to meet the projected chip demand in China, necessitating an investment of approximately **US$110 billion** [6][39]. - The breakdown of required lithography systems includes **212 EUVs**, **843 immersion DUVs**, and **2,564 dry DUV/UV systems** [39]. Market Dynamics - The semiconductor market in China is expected to see a **5% to 1%** growth in capex from **2025 to 2030**, driven primarily by foundries and memory players, which will account for about **80%** of the capex [16][22]. - Chinese semiconductor manufacturers are projected to capture **17%** of the semiconductor demand value in **2024**, increasing to **37%** by **2030** [33]. Equipment Market - The Wafer Fabrication Equipment (WFE) market in China is expected to reach **US$41 billion** by **2026**, with local suppliers increasing their market share from **17%** in **2024** to **36%** by **2027** [28][32]. - The growth in WFE revenues is attributed to the increasing semiconductor spending, with China expected to account for **37% to 38%** of global WFE spending in **2025-2027** [28]. Implications for Global Suppliers - US suppliers are expected to maintain a strong market share in China's WFE spending, despite facing challenges from local manufacturers and export controls [45]. - Japanese SPE manufacturers may see a gradual decline in their market share in China, although they will still benefit from the high capex environment [49]. Additional Insights - The semiconductor industry in China is characterized by a robust local ecosystem supported by ongoing technology development and a large home market [1][4]. - The demand for lithography systems is critical for meeting future chip production needs, highlighting the importance of investment in R&D and local manufacturing capabilities [6][39]. This summary encapsulates the key insights and projections regarding the semiconductor industry in China, emphasizing the growth in capital expenditures, the demand for advanced technologies, and the evolving dynamics of the supply chain.

Core Viewpoint - The A-share market is experiencing a significant surge driven by the AI industry chain, with the ChiNext Index rising by 2.4% and various sectors such as semiconductors and CPO witnessing substantial gains, indicating a technological revolution in the capital market [1][3]. Industry Insights - Over 40% of the 1.7 trillion yuan trading volume is directed towards the AI industry chain, with leading companies like NewEase Technology hitting the 20% limit up due to a 42% increase in capital expenditure from North American cloud giants, with orders extending to 2026 [3]. - The ChiNext AI index has surged by 68% since April, reflecting real industrial breakthroughs rather than speculative hype, as evidenced by companies like SMIC investing nearly 15% of their revenue in R&D and ranking among the top three globally in wet etching equipment shipments [3]. - The Ministry of Industry and Information Technology has recently released the "Artificial Intelligence +" policy, which supports AI chip development and intelligent computing infrastructure, effectively boosting the tech industry [3]. - Inspur Information holds over 45% market share in AI servers, with orders from major players like Tencent and Huawei expected to sustain growth for the next three years [3]. - Rare earth materials are becoming shadow stocks in the tech sector, with companies like Northern Rare Earth hitting the limit up due to the essential role of permanent magnet materials in AI robotics [3]. Investment Directions - For medium to long-term investors, three key areas to focus on include: - Semiconductor equipment, with SMIC's Ultra C series cleaning equipment reducing chemical consumption by 75%, showcasing true domestic replacement capabilities [4]. - AI computing infrastructure, exemplified by the low PUE value of 1.04 for the liquid-cooled data center from Zhongke Shuguang, which is 30% more energy-efficient than traditional facilities [4]. - The robotics supply chain, with significant domestic replacement opportunities for core components like reducers and sensors as Tesla's Optimus prepares for mass production [4]. - The investment in tech stocks is characterized as a marathon rather than a sprint, with historical context provided by the 554% rise in the ChiNext during the 2012 bull market driven by the smartphone and mobile internet revolution [4].

Since my last coverage , ACM Research, Inc. (NASDAQ: ACMR ) is up 24% after going through a rollercoaster of market sentiment. Earlier this month, the stock dropped as much as 22% after reporting Q2 earnings due to its topline growth coming below analyst estimatesAs a former managing editor at a financial media publication focused on mid and small caps, I am using my experience to present investment opportunities in undervalued companies. My experience, combined with my academic background in financial mark ...

Group 1: Technology Sector Overview - Information technology is one of the top-performing sectors in 2025, but returns are unevenly distributed across the tech universe [1] - The Magnificent Seven, including major firms like Apple Inc. and Alphabet, have performed in line with the broader market, with the Roundhill Magnificent Seven ETF returning 9.6% compared to 9.3% for the S&P 500 year-to-date [2] Group 2: Indie Semiconductor Inc. - Indie Semiconductor, a specialized semiconductor maker for the automotive industry, has a market cap under $1 billion and reported a non-GAAP gross margin of 49.1% in Q2 2025 [3][4] - The company is preparing to scale production of its 77 GHz radar chipset and has found success with its LXM laser product, which could address a market worth up to $5 billion by 2030 [4] - Five out of six analysts have given indie a Buy rating, with a 12-month stock price forecast of $5.90, indicating a potential upside of 37.85% from the current price of $4.28 [5] Group 3: ACM Research Inc. - ACM Research, which specializes in chipmaking equipment, reported a revenue increase of over 6% year-over-year to over $215 million, driven by sales of its Ultra C WB wet bench tool [7][8] - The company has nearly doubled its long-term revenue forecast for its Chinese business to $2.5 billion, anticipating significant growth in the semiconductor space [8] - ACM shares have risen almost 14% year-to-date, with a consensus price target of $26.33, suggesting further upside potential [9] Group 4: Arteris Inc. - Arteris focuses on on-chip interconnect fabric technology and reported Q2 2025 revenue of $16.5 million, beating expectations despite a GAAP net loss of $9.13 million [10][11] - The company has a market cap under $400 million and is expected to have a significant impact in the AI chip industry, with all three analysts rating its shares as a Buy [12] - Analysts project a 12-month stock price forecast of $15.00 for Arteris, indicating a potential upside of 63.40% from the current price of $9.18 [10]

PART I. FINANCIAL INFORMATION Contains the company's unaudited interim financial statements, management's analysis, and market risk disclosures [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited condensed consolidated balance sheets, statements of income, equity, and cash flows [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Details the company's financial position, showing significant growth in total assets and borrowings Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $1,645,653 | $1,483,379 | | **Total Assets** | **$2,039,715** | **$1,855,721** | | **Total Current Liabilities** | $671,012 | $641,233 | | **Total Liabilities** | $848,026 | $759,815 | | **Total Equity** | **$1,191,689** | **$1,095,906** | - Key asset increases were seen in Cash and cash equivalents (up **$34.6M**), Account receivables (up **$46.6M**), and Inventories (up **$50.3M**) compared to year-end 2024[20](index=20&type=chunk) - Total borrowings (short-term and long-term) increased from **$182.8M** at year-end 2024 to **$278.1M** as of June 30, 2025[20](index=20&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Outlines revenue, profit, and earnings per share for the second quarter and first half of 2025 versus 2024 Q2 2025 vs Q2 2024 Performance (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $215,372 | $202,480 | | Gross Profit | $104,461 | $96,784 | | Income from Operations | $31,694 | $37,593 | | Net Income Attributable to ACM | $29,760 | $24,210 | Six Months 2025 vs 2024 Performance (in thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | $387,719 | $354,671 | | Gross Profit | $187,011 | $175,905 | | Income from Operations | $57,471 | $62,825 | | Net Income Attributable to ACM | $50,140 | $41,643 | - Diluted EPS for Q2 2025 was **$0.44**, an increase from **$0.35** in Q2 2024; for the six-month period, diluted EPS was **$0.74** in 2025, up from **$0.61** in 2024[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash movements from operating, investing, and financing activities for the first half of 2025 Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(39,619) | $51,942 | | Net cash (used in) provided by investing activities | $(31,295) | $31,889 | | Net cash provided by financing activities | $110,973 | $58,251 | - The **significant use of cash in operating activities** in H1 2025 was primarily driven by increases in inventories (**$52.9M**) and accounts receivable (**$44.5M**), and a decrease in advances from customers (**$24.4M**)[31](index=31&type=chunk) - Financing activities provided **$111.0M** in cash, mainly from proceeds from short-term and long-term borrowings (**$134.6M**) and stock option exercises (**$23.6M**)[32](index=32&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Provides supplementary details on customer concentration, subsidiary structure, and ongoing legal inquiries - For the six months ended June 30, 2025, three customers accounted for **49.9% of total revenue**; as of June 30, 2025, four customers accounted for **49.5% of total accounts receivable**[71](index=71&type=chunk)[72](index=72&type=chunk) - The company's principal operating subsidiary is ACM Research (Shanghai), Inc, in which it holds an **81.1% effective interest** as of June 30, 2025[34](index=34&type=chunk) - In 2025, ACM Korea received inquiries from the **Seoul Customs Office** regarding certain goods shipped to overseas markets; the investigation is ongoing but is not currently expected to have a material effect[133](index=133&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial performance and condition, highlighting revenue growth drivers, rising expenses, and liquidity position [Overview](index=38&type=section&id=Overview) Discusses the company's market position, industry forecasts, and a proposed private offering by its Shanghai subsidiary - The company's current product portfolio addresses an estimated **$20 billion** of the 2025 global wafer fab equipment (WFE) market[162](index=162&type=chunk) - Gartner estimates the total worldwide WFE market will increase by 4.7% to **$116.8 billion** in 2025, while the China WFE market is expected to decrease by 17.1% to **$33.5 billion**[163](index=163&type=chunk)[164](index=164&type=chunk) - ACM Shanghai has a proposed private offering to raise up to **RMB 4.5 billion ($642.2 million)**, which would reduce ACM Research's equity interest from 81.1% to approximately **74.6%**[164](index=164&type=chunk)[165](index=165&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Compares revenue by product, gross margin, and operating expenses for Q2 and H1 2025 against the prior year Revenue by Product Category - Q2 Comparison (in thousands) | Product Category | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Single wafer cleaning, Tahoe and semi-critical | $154,961 | $153,221 | 1.1% | | ECP, furnace and other technologies | $48,016 | $38,962 | 23.2% | | Advanced packaging, services & spares | $12,395 | $10,297 | 20.4% | | **Total Revenue** | **$215,372** | **$202,480** | **6.4%** | Revenue by Product Category - H1 Comparison (in thousands) | Product Category | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Single wafer cleaning, Tahoe and semi-critical | $284,530 | $262,691 | 8.3% | | ECP, furnace and other technologies | $75,646 | $64,762 | 16.8% | | Advanced packaging, services & spares | $27,543 | $27,218 | 1.2% | | **Total Revenue** | **$387,719** | **$354,671** | **9.3%** | - Gross margin for Q2 2025 was **48.5%**, a slight increase from 47.8% in Q2 2024; for H1 2025, gross margin was **48.2%**, a decrease from 49.6% in H1 2024[181](index=181&type=chunk)[202](index=202&type=chunk) - Total operating expenses **increased by 22.9% in Q2 2025** and **14.6% in H1 2025** year-over-year, driven by higher R&D and Sales & Marketing costs[182](index=182&type=chunk)[203](index=203&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Details the company's cash position, sources of liquidity, and changes in cash flow from operations Cash Position (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents and restricted cash | $452,886 | $411,310 | | Short-term time deposits | $31,019 | $17,277 | | Long-term time deposits | $0 | $13,275 | | **Total** | **$483,905** | **$441,862** | - For the first six months of 2025, net cash used in operating activities was **$39.6 million**, a significant shift from **$51.9 million provided** by operations in the same period of 2024[223](index=223&type=chunk) - The company believes existing cash, cash flow from operations, and bank borrowings will be **sufficient to meet anticipated cash needs** for at least the next 12 months[217](index=217&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risks) Confirms no material changes to the company's market risk exposures or management strategies during H1 2025 - There have been **no material changes** in the first six months of 2025 to the company's market risks or its management of such risks[251](index=251&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Affirms the effectiveness of disclosure controls and notes no material changes to internal financial reporting controls - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were **effective at a reasonable assurance level**[253](index=253&type=chunk) - **No changes occurred** during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[255](index=255&type=chunk) PART II. OTHER INFORMATION Covers legal proceedings, risk factors, equity sales, and other corporate disclosures [Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) States the company is not currently involved in any material legal proceedings outside the ordinary course of business - The company is not currently involved in any legal proceedings that are expected to have a **material adverse effect** on its business, operating results, or financial condition[256](index=256&type=chunk) [Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) Indicates no material changes to the risk factors previously disclosed in the 2024 Annual Report - There were **no material changes** to the risk factors discussed in the Annual Report for the fiscal year ended December 31, 2024, and the Q1 2025 10-Q[257](index=257&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports the issuance of common stock from stock option exercises, exempt from registration under the Securities Act - An aggregate of **349,743 shares** of Class A common stock were issued during the six months ended June 30, 2025, from the exercise of stock options, claiming exemption under Section 4(a)(2) of the Securities Act[258](index=258&type=chunk) [Other Information](index=60&type=section&id=Item%205.%20Other%20Information) Discloses the adoption of Rule 10b5-1 trading plans by two company executives for future stock sales - On May 15, 2025, Sotheara Cheav, SVP of Manufacturing, adopted a **Rule 10b5-1 trading plan** for the sale of up to 21,152 shares of Class A Common Stock[260](index=260&type=chunk) - On May 20, 2025, Jian Wang, CEO of ACM Shanghai, adopted a **Rule 10b5-1 trading plan** for the sale of up to 90,000 shares of Class A Common Stock[261](index=261&type=chunk) [Exhibits](index=62&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed with the report, including officer certifications and Inline XBRL data files - Exhibits filed with the report include **CEO and CFO certifications** pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, and various Inline XBRL documents[262](index=262&type=chunk)

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $215 million, representing a 25% sequential increase and a 6% year-over-year increase [9][25] - Total shipments were $206 million, up 32% sequentially and 2% year-over-year [9][25] - Gross margin was 48.7%, exceeding the targeted range of 42% to 48% [9][26] - Operating income was $41.5 million, down 20.2% year-over-year, with an operating margin of 19.3% [27] - Net income attributable to ACM Research was $36.8 million, compared to $37.5 million in the previous year [28] Business Line Data and Key Metrics Changes - Revenue from single wafer cleaning, Tahoe, and semi-critical cleaning tools grew 1%, representing 72% of total revenue [10] - Revenue from ECP furnace and other technologies grew 23%, representing 22% of total revenue [12] - Revenue from advanced packaging, excluding ECP but including service, was up 20% and represented 6% of total revenue [13] Market Data and Key Metrics Changes - The long-term revenue target for Mainland China was increased to $2.5 billion from $1.5 billion, based on an updated market size assumption of $40 billion for the China WFE market [15][16] - The company maintained its revenue target for the rest of the world at $1.5 billion [17] Company Strategy and Development Direction - The company is focused on delivering innovative products to meet the challenges of next-generation semiconductor manufacturing, particularly driven by AI demand [7] - A major upgrade to the Ultra C WB wet bench cleaning tool was announced, integrating new nitrogen bubbling technology [8] - The company is expanding its production capacity in both China and Oregon to support growth initiatives [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue growth for 2025, maintaining a target range of $850 million to $950 million, implying a 15% year-over-year growth at the midpoint [23] - The company is actively working to mitigate supply chain risks by diversifying suppliers and sourcing components from multiple regions [41][42] Other Important Information - ACM Shanghai received approval for a follow-on offering to raise up to $620 million, aimed at accelerating updated revenue targets [19] - The company is investing in R&D, with plans for R&D expenses in the 14% to 16% range of sales [27] Q&A Session Summary Question: Shipment growth expectations for 2025 - Management acknowledged that while shipments were up, they were only slightly higher year-over-year and emphasized that the second half of the year is expected to be stronger [32][34] Question: Strategic purchases and supply chain risks - The company is multi-sourcing components and looking for suppliers outside the U.S. to mitigate potential supply chain risks due to export controls [38][42] Question: Differences in financial results between ACM and ACM Shanghai - The difference in reported revenue is attributed to different revenue recognition standards between U.S. GAAP and China GAAP [77][80] Question: Long-term market size assumptions for China - Management expressed confidence in the long-term WFE market size in China, projecting it to remain around $40 billion based on demand for memory and logic products [92][95] Question: Progress in Taiwan and Southeast Asia - The company is actively engaging with customers in Taiwan and Southeast Asia, focusing on panel level packaging technology [60][122]

While ACM Research has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? ACM Research, Inc. (ACMR) came out with quarterly earnings of $0.54 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +28.57%. A quarter ago, it was expected that this company would post e ...

Financial Performance - Revenue reached $215.4 million, a 6.4% year-over-year increase[9] - Total shipments amounted to $206.4 million, up 1.9% year-over-year[9] - GAAP gross margin was 48.5%, compared to 47.8% in Q2 2024[9] - Non-GAAP gross margin was 48.7%, versus 48.2% in Q2 2024[9] - GAAP operating income was $31.7 million, down 15.7% year-over-year, representing 14.7% of revenue[9] - Non-GAAP operating income was $41.5 million, a 20.2% year-over-year decrease, accounting for 19.3% of revenue[9] - Diluted GAAP earnings per share were $0.44, compared to $0.35 in Q2 2024[9] - Diluted non-GAAP earnings per share were $0.54, slightly down from $0.55 in Q2 2024[9] Revenue Breakdown by Product Category - ECP, Furnace & Other contributed $155.0 million in revenue, up 1.1%, representing 72% of the revenue mix[13] - Cleaning products generated $48.0 million in revenue, a 23.2% increase, accounting for 22% of the revenue mix[13] - Advanced Packaging & Other brought in $12.4 million in revenue, up 20.4%, representing 6% of the revenue mix[13]