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ACM Research Reports Fourth Quarter and Fiscal Year 2024 Results
ACMRACM Research(ACMR) GlobeNewswire·2025-02-26 10:30

Core Viewpoint - ACM Research, Inc. reported strong financial performance for the fiscal year 2024, with significant revenue growth and operational milestones achieved, while maintaining a positive outlook for 2025 [2][3]. Financial Performance - Revenue for the fourth quarter of 2024 was 223.5million,a31.2223.5 million, a 31.2% increase from 170.3 million in the fourth quarter of 2023 [6][22]. - For the full year 2024, revenue reached 782.1million,up40.2782.1 million, up 40.2% from 557.7 million in 2023 [5][22]. - Gross margin for the fourth quarter was 49.6%, compared to 46.4% in the same quarter of 2023, while the full year gross margin was 50.1%, up from 49.5% [6][22]. - Operating income for the fourth quarter was 44.0million,anincreaseof88.244.0 million, an increase of 88.2% compared to 23.4 million in the fourth quarter of 2023 [13][22]. - Net income attributable to ACM Research, Inc. for the fourth quarter was 31.1million,comparedto31.1 million, compared to 17.7 million in the same quarter of 2023 [13][22]. Operational Highlights - Total shipments in 2024 were 973million,reflectinga63.1973 million, reflecting a 63.1% increase [7]. - Major operational milestones included process qualification of Thermal and Plasma-Enhanced ALD furnace tools at two semiconductor customers in mainland China and the commencement of operations at the Lingang production facility [2][3]. - The company expects incremental revenue contributions from new product lines and increased localization in China [2]. Outlook - ACM maintains its revenue guidance for fiscal year 2025 in the range of 850 million to 950million,consideringvariousmarketfactors[3].−Thelong−termgrossmargintargethasbeenupdatedtoarangeof42950 million, considering various market factors [3]. - The long-term gross margin target has been updated to a range of 42% to 48% [3]. Product and Market Performance - Revenue from single wafer cleaning, Tahoe, and semi-critical cleaning equipment was 155.2 million in the fourth quarter of 2024, up from 122.3millioninthesamequarterof2023[25].−Themajorityofrevenuein2024camefrommainlandChina,totaling122.3 million in the same quarter of 2023 [25]. - The majority of revenue in 2024 came from mainland China, totaling 775.8 million, compared to 540.9millionin2023[25].CashFlowandFinancialPosition−Cashflowfromoperationsfortheyearwas540.9 million in 2023 [25]. Cash Flow and Financial Position - Cash flow from operations for the year was 152 million, with cash and cash equivalents totaling 441.9millionatyear−end[2][6].−Operatingexpensesforthefullyearincreasedby33.4441.9 million at year-end [2][6]. - Operating expenses for the full year increased by 33.4% to 240.6 million, but as a percentage of revenue, they decreased to 30.8% from 32.3% [6][22].