ACM Research(US:ACMR)2025-11-06 21:05Revenue and Profitability - Revenue for Q3 2025 reached $269.16 million, a 32% increase from $203.98 million in Q3 2024[22] - Gross profit for Q3 2025 was $113.15 million, compared to $104.83 million in Q3 2024, reflecting a gross margin improvement[22] - Net income attributable to ACM Research, Inc. for Q3 2025 was $35.89 million, up from $30.90 million in Q3 2024, representing a 16% increase[22] - The company reported a comprehensive income of $58.69 million for Q3 2025, compared to $55.76 million in Q3 2024[22] - Basic net income per share for Q3 2025 was $0.56, up from $0.49 in Q3 2024, a 14% increase[22] - For the nine months ended September 30, 2025, net income available to common stockholders was $86,029 thousand, compared to $72,547 thousand in 2024, marking a rise of 18.5%[66] - For the three months ended September 30, 2025, net income was $46,398 thousand, up from $38,672 thousand in 2024, representing a growth of 20.6%[66] - The net income for the nine months ended September 30, 2025, was $86,029, compared to $30,904 for the same period in 2024, representing an increase of 178.5%[26] Assets and Liabilities - Total current assets increased to $2.36 billion as of September 30, 2025, compared to $1.48 billion at the end of 2024, marking a 59% growth[19] - Total assets reached $2.77 billion as of September 30, 2025, up from $1.86 billion at the end of 2024, indicating a 49% increase[19] - Total liabilities increased to $885.43 million as of September 30, 2025, compared to $759.82 million at the end of 2024, a rise of 16%[19] - As of September 30, 2025, the total equity of ACM Research, Inc. reached $1,885,214, an increase from $1,069,083 as of September 30, 2024, reflecting a growth of approximately 76.2%[27] - Cash and cash equivalents increased to $1.06 billion as of September 30, 2025, compared to $407.45 million at the end of 2024, a growth of 160%[19] - The total paid-in capital increased to $1,105,129 as of September 30, 2025, up from $669,540 a year earlier, marking a growth of approximately 65.5%[27] Cash Flow and Investments - Cash flows from operating activities resulted in a net cash outflow of $44.244 million for the nine months ended September 30, 2025, compared to a net cash inflow of $63.855 million in 2024[30] - The company reported a net cash outflow from investing activities of $42.784 million for the nine months ended September 30, 2025, compared to a net cash inflow of $8.572 million in 2024[31] - Cash and cash equivalents at the end of the period reached $1.067 billion, significantly up from $335.254 million at the end of 2024[31] - The company raised $622.964 million from the issuance of shares by ACM Shanghai during the financing activities[31] Stock and Equity - The company issued 390,170 shares by ACM Shanghai, contributing an additional $622,964 to the equity[27] - The total number of Class A common stock shares increased to 59,854,640 as of September 30, 2025, from 57,524,519 a year earlier[27] - ACM Research's equity interest in ACM Shanghai decreased from 81.1% to 74.6% following a private offering of 38.6 million ordinary shares in September 2025[33] Expenses - Operating expenses for Q3 2025 were $84.23 million, compared to $60.65 million in Q3 2024, reflecting a 39% increase[22] - Stock-based compensation for the nine months ended September 30, 2025, amounted to $27,149, compared to $11,881 for the same period in 2024, indicating an increase of 128.5%[26] - Research and development expenses for the nine months ended September 30, 2025, were $7,270, down 39.5% from $12,082 in 2024[122] - Total stock-based compensation expense for the three months ended September 30, 2025, was $7,562, a decrease of 36.5% compared to $11,881 for the same period in 2024[122] Customer Concentration - Revenue concentration showed that two customers accounted for 38.9% of revenue for the three months ended September 30, 2025, compared to four customers accounting for 62.3% in 2024[71] - As of September 30, 2025, five customers represented 66.8% of accounts receivable, up from four customers accounting for 57.1% as of December 31, 2024[72] Tax and Compliance - The effective income tax expense for the nine months ended September 30, 2025, was $6,733, a decrease of 62.0% compared to $17,712 in 2024[130] - The Company had total unrecognized tax benefits of $16,774 as of September 30, 2025, with no expected reversal in the next 12 months[127] - Interest and penalties related to uncertain tax provisions recognized for the nine months ended September 30, 2025, amounted to $3,379, compared to $677 in 2024[127] Long-term Investments and Loans - ACM Shanghai acquired 20% equity interests in Ninebell for a total consideration of $16,737, increasing its ownership to 36.2% after the transaction[101] - ACM Research entered into a long-term loan facility of $281,400 from China CITIC Bank, with principal repayments starting in January 2025 and final maturity in January 2028[94] - As of September 30, 2025, the total carrying amount of long-term loans was $241,993, compared to $149,997 as of December 31, 2024, reflecting a significant increase[99] Inventory and Receivables - Accounts receivable increased to $504,824 as of September 30, 2025, compared to $405,392 at December 31, 2024, reflecting a 24.5% growth[79] - Total inventory, net, rose to $676,409 as of September 30, 2025, compared to $597,984 at December 31, 2024, marking a 13.1% increase[81] - The allowance for credit losses increased to $27,828 at September 30, 2025, from $18,347 at December 31, 2024, reflecting a 51.5% rise[80] Other Financial Metrics - The total fair value of cash equivalents and short-term investments as of September 30, 2025, was $139,636 thousand, compared to $70,340 thousand as of December 31, 2024, reflecting a significant increase[63] - The diluted net income per share for the nine months ended September 30, 2025, was $1.26, compared to $1.07 for the same period in 2024, an increase of 17.76%[66] - The market value of short-term investments listed in the Shanghai Stock Exchange increased to $39,976 as of September 30, 2025, from $19,373 as of December 31, 2024[107]