ACM Research(ACMR) - 2025 Q1 - Quarterly Report

Financial Performance - Revenue for Q1 2025 was $172.347 million, a 13.2$152.191 million in Q1 2024[21] - Gross profit for Q1 2025 was $82.550 million, compared to$79.121 million in Q1 2024, reflecting a gross margin improvement[21] - Net income attributable to ACM Research, Inc. for Q1 2025 was $20.380 million, up 16.4$17.433 million in Q1 2024[21] - Net income for Q1 2025 was $25,013,000, an increase of 13.7$22,092,000 in Q1 2024[26] - The company reported a basic net income per share of $0.32 for Q1 2025, up from$0.28 in Q1 2024[21] - Comprehensive income attributable to ACM Research, Inc. was $21.806 million for Q1 2025, compared to$11.857 million in Q1 2024[21] - Basic net income per share increased to $0.32 for the three months ended March 31, 2025, up from$0.28 in the same period of 2024, reflecting a growth of 14.3%[61] Assets and Liabilities - Total current assets increased to $1.548 billion as of March 31, 2025, from$1.483 billion as of December 31, 2024[17] - Total assets reached $1.934 billion as of March 31, 2025, compared to$1.856 billion at the end of 2024[17] - Total liabilities were $778.415 million as of March 31, 2025, up from$759.815 million at the end of 2024[17] - Stockholders' equity increased to $949.146 million as of March 31, 2025, from$904.625 million at the end of 2024[18] Cash Flow and Investments - Cash provided by operating activities was $5,282,000 in Q1 2025, compared to cash used of$9,649,000 in Q1 2024[26] - Total cash, cash equivalents, and restricted cash at the end of Q1 2025 was $467,826,000, up from$212,113,000 at the end of Q1 2024[27] - The fair value of cash and cash equivalents as of March 31, 2025, was $76,510,000, an increase from$50,967,000 as of December 31, 2024[58] - The company purchased property and equipment totaling $16,726,000 in Q1 2025, compared to$25,419,000 in Q1 2024[27] - Proceeds from the exercise of stock options amounted to $22,729,000 in Q1 2025, significantly higher than$4,799,000 in Q1 2024[27] Research and Development - Research and development expenses for Q1 2025 were $27.503 million, compared to$23.918 million in Q1 2024, indicating a focus on innovation[21] Inventory and Receivables - Total inventories, net, increased to $609,567 thousand as of March 31, 2025, from$597,984 thousand as of December 31, 2024[76] - The allowance for credit losses decreased slightly to $18,338 thousand as of March 31, 2025, from$18,347 thousand at the end of 2024[75] - Accounts receivable as of March 31, 2025, totaled $387,849 thousand, slightly up from$387,045 thousand as of December 31, 2024[75] - Revenue recognized from contract liabilities at the beginning of the year was $62,119 thousand for the three months ended March 31, 2025, compared to$29,188 thousand for the same period in 2024, representing a 112.5% increase[74] Borrowings and Interest - Total short-term borrowings decreased to $24,951 thousand as of March 31, 2025, from$32,814 thousand as of December 31, 2024[82] - As of March 31, 2025, total long-term borrowings amounted to $134,540 million, an increase of 27.5$105,525 million as of December 31, 2024[90] - Interest expense related to long-term borrowings for the three months ended March 31, 2025, was $1,365 million, compared to$570 million for the same period in 2024, reflecting a 139.5% increase[96] Tax and Compliance - The income tax expense for the three months ended March 31, 2025, was $2,153,000, a decrease from$4,369,000 in the same period of 2024, reflecting a reduction of approximately 51%[128] - The company is currently evaluating the provisions of ASU No. 2023-09, which requires additional disclosures on income tax rates and payments, effective for annual periods beginning after December 15, 2024[69] Stock and Equity - The company recognized a provision for inventory of $4,523 thousand in cost of revenue for the three months ended March 31, 2025, compared to$1,025 thousand in the same period of 2024[77] - The company issued option grants for 32,000 shares to employees and board members during the three months ended March 31, 2025[118] - The total carrying amount of long-term loans was $202,475 million as of March 31, 2025, compared to an estimated fair value of$189,779 million[95] Other Financial Metrics - The company had total unrecognized tax benefits of $16,774,000 as of March 31, 2025, with no expected reversal in the next 12 months[130] - The company’s effective interest in its subsidiaries remained stable at approximately 81.1$16,737 million in Ninebell Co., Ltd., increasing its ownership to 36.2%[102]