Financial Performance - Revenue for Q3 2024 reached $203,976,000, a 21% increase from $168,569,000 in Q3 2023[16] - Gross profit for Q3 2024 was $104,834,000, compared to $88,514,000 in Q3 2023, reflecting an 18% growth[16] - Net income attributable to ACM Research, Inc. for Q3 2024 was $30,904,000, up from $25,679,000 in Q3 2023, representing a 20% increase[16] - Basic net income per share for Q3 2024 was $0.49, up from $0.43 in Q3 2023, a 14% increase[16] - Net income for the nine months ended September 30, 2024, was $92,163,000, an increase from $73,554,000 for the same period in 2023, representing a growth of approximately 25.3%[25] - For the three months ended September 30, 2024, net income was $38.672 million, compared to $30.994 million for the same period in 2023, representing a 24.5% increase[63] - The company reported a foreign currency translation adjustment of $17,089,000 in Q3 2024, compared to $4,015,000 in Q3 2023[16] Assets and Liabilities - Total current assets increased to $1,445,314 thousand as of September 30, 2024, up from $1,176,110 thousand at December 31, 2023, representing a growth of approximately 22.8%[13] - Total assets reached $1,794,175 thousand, up from $1,490,908 thousand, marking an increase of 20.4%[14] - Total liabilities grew to $725,092 thousand, compared to $564,746 thousand, which is an increase of 28.4%[14] - Stockholders' equity increased to $888,166 thousand from $767,390 thousand, representing a growth of 15.7%[14] - Current liabilities totaled $610,035 thousand, up from $500,659 thousand, indicating a rise of 21.8%[14] - Long-term borrowings increased to $106,069 thousand from $53,952 thousand, reflecting a growth of 96.8%[14] Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2024, was $63,855,000, compared to cash used in operating activities of $(36,970,000) for the same period in 2023[25] - The company had net cash provided by financing activities of $77,025,000 for the nine months ended September 30, 2024, compared to $7,013,000 for the same period in 2023, indicating a substantial increase[26] - Cash, cash equivalents, and restricted cash at the end of the period on September 30, 2024, totaled $335,254,000, compared to $207,661,000 at the end of the same period in 2023, marking an increase of approximately 61.5%[27] - The company received net proceeds of RMB 22,478 ($3,167) from the Nuode Asset Fund during the three months ended September 30, 2024[116] Expenses - Operating expenses for Q3 2024 totaled $60,650,000, a 10% increase from $55,341,000 in Q3 2023[16] - Research and development expenses increased to $27,837,000 in Q3 2024 from $26,151,000 in Q3 2023, indicating a 6% rise[16] - Stock-based compensation for the nine months ended September 30, 2024, was $40,792,000, significantly higher than $14,666,000 for the same period in 2023, reflecting an increase of approximately 178.5%[25] - The company recorded an income tax expense of $17,712,000 for the nine months ended September 30, 2024, compared to $11,235,000 for the same period in 2023, reflecting an increase of approximately 57.7%[153] Inventory and Receivables - Accounts receivable rose to $370,589 thousand, compared to $283,186 thousand at the end of 2023, indicating a 30.8% increase[13] - Inventories increased to $628,720 thousand from $545,395 thousand, reflecting a growth of 15.3%[13] - Total inventory increased to $628,720 thousand as of September 30, 2024, up from $545,395 thousand at December 31, 2023, driven by a rise in finished goods inventory[77] - Finished goods inventory value increased by $70,030 thousand, reflecting higher first-tools under evaluation by customers[79] Shareholder Information - The weighted average shares of common stock outstanding for Q3 2024 were 62,500,903, compared to 60,219,218 in Q3 2023[16] - During the nine months ended September 30, 2024, ACM issued 1,488,347 shares of Class A common stock upon option exercises, compared to 919,448 shares for the same period in 2023, representing a 62% increase[128] - As of September 30, 2024, the number of shares of Class A common stock issued and outstanding was 57,524,519, up from 56,036,172 on December 31, 2023, marking an increase of 2.6%[129] Strategic Developments - The company emphasizes that its operations in mainland China are conducted without using a variable interest entity, ensuring compliance with local regulations[5] - ACM Shanghai completed the purchase of additional equity interest in Ninebell for $16,737,000 on October 21, 2024, increasing its ownership to 36.4%[172] - The company acquired a commercial facility in Hillsboro, Oregon, for $7.75 million on October 1, 2024, aimed at expanding R&D and demonstration capabilities in the U.S. market[171] - ACM Research plans to offer up to 43.6 million ordinary shares in a private offering, which could generate gross proceeds of up to RMB 4.5 billion ($642.2 million) if fully consummated[189][190]

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $204 million, an increase of 21% year-over-year [7][36] - Year-to-date revenue for the first nine months was $558.6 million, up 44% [8] - Gross margin for Q3 was 51.6%, slightly down from 52.9% in the previous year, but still above the long-term target of 40% to 45% [37] - Operating income increased to $56.1 million, compared to $43.8 million in the prior year [39] - Net income attributable to ACM Research was $42.4 million, up from $37.6 million [40] Business Line Data and Key Metrics Changes - Revenue from single wafer cleaning, Tahoe, and semi-critical cleaning products grew 22% in Q3, representing 79% of total revenue [9][36] - Revenue from ACP furnace and other technologies increased by 36% in Q3, accounting for 17% of total revenue [19][36] - Revenue from advanced packaging declined by 21% in Q3 but was up 3% year-to-date, representing 4% of total revenue [21][36] Market Data and Key Metrics Changes - The global total available market (TAM) for cleaning is estimated to be close to $6 billion, with ACM products covering over 90% of all cleaning process steps in memory and logic manufacturing [9] - The middle and low temperature SPM market represents over 80% of the SPM market, indicating a significant opportunity for ACM's Tahoe product [17] Company Strategy and Development Direction - ACM aims to expand its market share in China while also increasing its presence in international markets, targeting to generate half of its revenue from outside China in the long term [34] - The company is focused on innovation, with the Ultra C Tahoe product positioned to meet the environmental demands of semiconductor manufacturing while enhancing production capabilities [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued high demand for wafer fabrication equipment (WFE) in China, driven by ongoing investments in memory and logic manufacturing [34][49] - The company raised its 2024 revenue outlook to a range of $725 million to $745 million, reflecting strong shipment activity [32] Other Important Information - Cash and cash equivalents at the end of Q3 were approximately $369 million, with positive cash flow from operations of $11.9 million for the quarter [41] - The company is expanding its facilities in both China and the US to support growth and customer engagement [31] Q&A Session Summary Question: Coverage of 3D NAND applications - Management indicated that while ACM covers almost 90% of typical process cleaning, they are still qualifying some processes for 3D NAND applications [44][46] Question: Future of WFE spending in China - Management expects WFE spending in China to remain strong, with potential for slight fluctuations but overall positive growth anticipated [48][49] Question: Gross margin expectations - Management confirmed that while gross margins are expected to return to the target range of 40% to 45%, they remain confident in maintaining healthy margins due to product mix and backlog [52][53] Question: Sales outside of China - Management indicated that they expect to see growth in sales outside of China, particularly as they engage with global customers and expand their product offerings [54][56] Question: Advanced packaging market trends - Management noted that while the advanced packaging market in China has slowed, they anticipate a gradual recovery and increased spending in the coming quarters [67]

Q3 2024 Financial Performance - Revenue reached $204.0 million, a 21% year-over-year increase[5] - Total shipments amounted to $261 million, up 23% year-over-year[5] - GAAP gross margin was 51.4%, slightly lower than the 52.5% in Q3 2023[5] - Non-GAAP gross margin was 51.6%, compared to 52.9% in Q3 2023[5] - GAAP operating income was $44.2 million, representing 21.7% of revenue[5] - Non-GAAP operating income was $56.1 million, or 27.5% of revenue[5] - Diluted GAAP earnings per share were $0.45, an increase from $0.39 in Q3 2023[5] - Diluted non-GAAP earnings per share were $0.63, up from $0.57 in Q3 2023[5] Revenue Breakdown - For Q3 2024, Cleaning accounted for 79% of revenue, while ECP, Furnace & Other represented 17%, and Advanced Packaging & Other made up 4%[9] - For the first nine months of 2024, Cleaning contributed 76% of revenue, ECP, Furnace & Other 18%, and Advanced Packaging & Other 6%[9] Future Outlook - The company raised its 2024 revenue guidance range to $725 million - $745 million, from the previous $695 million - $735 million[17]

ACM Research, Inc. (ACMR) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 125%. A quarter ago, it was expected that this company would post earnings of $0.30 per share when it actually produced earnings of $0.55, delivering a surprise of 83.33%.Over the last four quarters, the company ...

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 Date of ...

ACM Research (ACMR) is scheduled to report third-quarter 2024 results before market open on Nov. 7. For the third quarter, the Zacks Consensus Estimate for revenues is pegged at $192 million, indicating growth of 13.9% from the year-ago quarter's reported value. The Zacks Consensus Estimate for earnings is pegged at 28 cents per share, suggesting a fall of 50.9% from the year-ago figure. The figure has been unchanged over the past 60 days. ACM Research's earnings beat the Zacks Consensus Estimate in each of ...

In the latest trading session, ACM Research, Inc. (ACMR) closed at $19.69, marking a +0.87% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.27%. At the same time, the Dow added 0.65%, and the tech-heavy Nasdaq gained 0.26%. Heading into today, shares of the company had gained 0.15% over the past month, lagging the Computer and Technology sector's gain of 2.21% and the S&P 500's gain of 2% in that time. The investment community will be paying close attention to the ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Let's take a look at what these Wall Street heavyweights have to say about ACM Research, Inc. (ACMR) before we discuss the reliability of brokerage recommendations and how to use them to your advantage. ACM Research currently has an average brokerage rec ...

ACM Research, Inc. (ACMR) closed the latest trading day at $19.43, indicating a +1.46% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily loss of 0.05%. Meanwhile, the Dow experienced a drop of 0.02%, and the technology-dominated Nasdaq saw an increase of 0.18%.Shares of the company have appreciated by 12.19% over the course of the past month, outperforming the Computer and Technology sector's gain of 3.5% and the S&P 500's gain of 2.76%.The investment commu ...

The most recent trading session ended with ACM Research, Inc. (ACMR) standing at $22.07, reflecting a +1.22% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.71%. Elsewhere, the Dow saw an upswing of 1.03%, while the tech-heavy Nasdaq appreciated by 0.6%.The company's shares have seen an increase of 37.4% over the last month, surpassing the Computer and Technology sector's gain of 9.96% and the S&P 500's gain of 6.41%.The investment community wil ...