📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

ACM Research, Inc., together with its subsidiaries, develops, manufactures, and sells capital equipment in Mainland China and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding ACMR

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	122.6K	$4.8M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used phrases like 'good results with strong sequential growth', 'momentum across our expanding product portfolio', and 'we remain confident in the year and our long-term opportunity'. They raised long-term revenue targets without hedging, signaling conviction.

Q3 2025

Confident Specific

Management repeatedly highlighted record revenue, innovation milestones (e.g., SPM particle performance, first panel tool shipment, first Track tool shipment), and a multi-product portfolio strategy, but also acknowledged gross margin pressure from mix and inventory provisions and shipment delays due to parts shortages and customer pushouts.

Q4 2025

Confident Specific

Management repeatedly cited specific technical milestones (SPM nozzle achieving <20 nanoparticles, 40% CO2 reduction, first horizontal panel plating tool) and named concrete customer orders from Singapore, North America, and a leading OSAT. They also explicitly reiterated the $1.08-$1.175B FY2026 revenue guidance, showing conviction.

Q1 2026 latest

Confident Specific

The CEO and CFO repeatedly cite concrete figures (34% revenue growth, 46.5% gross margin, 15–20 SPM tools by year-end) and emphasize proprietary technology advantages. Language like 'we expect significant production ramping' and 'we are confident that a successful customer evaluation will lead to volume production order' shows high conviction without hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Key positive changes include a recovery in gross margin to 46.5% (above the midpoint), a significant ramp in new cleaning products (SPM) that management expects to take market share, and strong momentum in ECP and advanced packaging. The Lingang mini-line is de-risking new product introductions and shortening time-to-revenue. However, the cleaning segment revenue declined 6% year-over-year in Q1, and management’s explanation focused on past problems rather than current demand — this bears watching next quarter. The shipment-to-revenue divergence suggests revenue recognition may lag; investors should monitor shipment conversion. Overall, the call reinforced confidence in the $4 billion long-term revenue target and multi-product strategy, with new product categories (PECVD, track, panel plating) beginning to contribute.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED ACM Research Q1 2026 revenue $231M (+34% YoY), gross margin 46.5%.

Revenue & Profitability

Revenue was $231.3 million, up 34.2% year-over-year. Net income attributable to ACM Research was $24.3 million, down from $31.3 million. Non-GAAP operating income was $41.8 million, operating margin 18.1%. Cash and equivalents were $1.25 billion, net cash $924.2 million. Total inventory was $738 million.

Outlook

Management reiterates full-year 2026 revenue guidance of $1.08-$1.175 billion, implying ~25% growth at the midpoint. They expect shipment growth to outpace revenue growth in 2026. Demand is driven by AI, high-speed/high-density/low-power devices, and the need for advanced cleaning and packaging solutions. The global boom in AI is a key tailwind.

Growth Drivers

Key growth drivers include the ECP segment (up 205% YoY) for front-end and advanced packaging, the single-wafer SPM cleaning tool (15-20 units to be delivered in 2026), advanced packaging services (up 62%), and new products like PECVD, track, and panel-level horizontal plating. Global expansion is underway with more than 20 tools expected outside China by end of 2026.

Balance Sheet & CapEx

Capital expenditure guidance for full-year 2026 is about $175 million. The Lingang facility’s second building will support up to $3 billion in annual output. The Oregon facility is on track for in-house demo lab and production capability by end of 2026. ACM Shanghai raised $110 million in gross proceeds from a share sale to support U.S. expansion.

Margins

Gross margin in Q1 2026 was 46.5%, above the midpoint of the long-term target range of 42%-48%. Non-GAAP operating margin was 18.1% (down from 20.7% a year ago). For 2026, R&D is expected to be 16%-18% of sales, sales/marketing 8%-9%, and G&A 5%-6%. Operating leverage is expected to improve in SG&A over time.

Key Risks

Not discussed in this earnings call.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-07

Q2 2026 saw 36% year-over-year revenue and shipment growth, led by advanced packaging and ECP products. Orders surged 105% in H1, and full-year revenue guidance was raised to $1.125–$1.175 billion, with shipment growth expected to outpace revenue. Gross margin remained strong at 46%.

Q1 2026 Q1 2026 2026-05-07

Q1 2026 revenue grew 34% year-over-year, driven by ECP and advanced packaging, with gross margin at 46.5%. Shipments outpaced revenue, and a strong product ramp is expected in 2026. Full-year guidance was reiterated, with robust cash and investment in R&D.

Q4 2025 Q4 2025 2026-02-26

Revenue grew 15% in 2025, outpacing a flat China WFE market, with strong execution in core and new products. Gross margin declined due to product mix and competition but is expected to recover as new products ramp. 2026 revenue is guided up 25% at midpoint.

Q3 2025 Q3 2025 2025-11-05

Q3 2025 revenue rose 32% year-over-year to $269M, with gross margin at 42.1% and net income at $24.8M. Capital raised and new product launches support future growth, though short-term shipment delays and inventory write-downs impacted results. New products and capacity expansion are expected to drive 2026 growth.

Q2 2025 Q2 2025 2025-08-06

Q2 2025 saw strong sequential revenue growth, robust gross margins, and continued product innovation, especially in cleaning and plating tools. The company raised its long-term revenue target to $4 billion, driven by higher China WFE market assumptions and increased market share goals.

📊 Analysis Methodology

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