FREMONT, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its first quarter ended March 31, 2024.
“I am pleased with our first quarter results, a solid start for 2024. We delivered 105% revenue growth, record shipments, and strong profitability," said ACM’s President and Chief Executive Officer, Dr. David Wang. “Our results demonstrate continued spending on mature nodes by our mainland China customers, contribution from new products, and market share gains at both existing and new customers.”
Dr. Wang continued, “We anticipate growth for 2024 as a result of our broadening product portfolio and expanding global footprint. We expect additional market share gains in cleaning with increased customer traction for Tahoe, single wafer high temperature SPM, and supercritical CO2 dry products, continued strength in ECP, and accelerating customer adoption for our furnace products. We expect to begin initial production at our facility in Lingang, Shanghai this year, and we continue to invest in our U.S. and Korea operations to support the global market opportunity.”
| Three Months Ended March 31, | |||||||||||||||
| GAAP | Non-GAAP(1) | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (dollars in thousands, except EPS) | |||||||||||||||
| Revenue | $ | 152,191 | $ | 74,256 | $ | 152,191 | $ | 74,256 | |||||||
| Gross margin | 52.0 | % | 53.8 | % | 52.5 | % | 54.0 | % | |||||||
| Income from operations | $ | 25,232 | $ | 8,862 | $ | 39,801 | $ | 10,930 | |||||||
| Net income attributable to ACM Research, Inc. | $ | 17,433 | $ | 7,145 | $ | 34,597 | $ | 9,867 | |||||||
| Basic EPS | $ | 0.28 | $ | 0.12 | $ | 0.56 | $ | 0.17 | |||||||
| Diluted EPS | $ | 0.26 | $ | 0.11 | $ | 0.52 | $ | 0.15 | |||||||
