ACM Research Reports Third Quarter 2024 Results

Core Viewpoint - ACM Research, Inc. reported strong financial results for Q3 2024, highlighting record revenue, profitability, and positive cash flow, while also raising its revenue outlook for the fiscal year 2024 [2][5]. Financial Performance - Revenue for Q3 2024 was $204.0 million, a 21$168.6 million in Q3 2023 [3][11]. - Gross margin decreased to 51.4% from 52.5% year-over-year, while non-GAAP gross margin was 51.6% compared to 52.9% [3][11]. - Operating income rose to $44.2 million from$33.2 million, with an operating margin of 21.7% compared to 19.7% [3][11]. - Net income attributable to ACM was $30.9 million, up from$25.7 million, with diluted EPS increasing to $0.45 from$0.39 [3][11][22]. Revenue Breakdown - Total shipments in Q3 2024 were $261 million, a 23$161.0 million, up from $132.4 million [24]. - Revenue from ECP and other technologies was$34.6 million, compared to $25.5 million in the previous year [24]. Outlook and Growth Strategy - ACM raised its revenue guidance for fiscal year 2024 to a range of$725 million to $745 million, up from the previous range of$695 million to $735 million [5]. - The company anticipates continued growth in mainland China and has begun initial operations at its Lingang facility [2][9]. - New product launches, including the Ultra C Tahoe cleaning tool and Ultra C bev-p Panel Bevel Etching Tool, are expected to enhance ACM's market position in AI chip manufacturing [7][8]. Recent Developments - ACM completed the purchase of a 39,500 square foot facility in Oregon to expand R&D capabilities [8]. - The company celebrated the opening of its new R&D and production facility in Lingang, China [9].