About ACM Research, Inc.
ACM develops, manufactures and sells single-wafer wet cleaning equipment, which semiconductor manufacturers can use in numerous manufacturing steps to remove particles, contaminants and other random defects, and thereby improve product yield, in fabricating advanced integrated circuits.
© ACM Research, Inc. The ACM logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this release without a ™ symbol, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademark.
For investor and media inquiries, please contact:
| In the United States: | The Blueshirt Group | |||||
| Ralph Fong | ||||||
| +1 (415) 489-2195 | ||||||
| Email Contact | ||||||
| In China: | The Blueshirt Group Asia | |||||
| Gary Dvorchak, CFA | ||||||
| +86 (138) 1079-1480 | ||||||
| Email Contact | ||||||
| ACM RESEARCH, INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| December 31, 2019 | December 31, 2018 | |||||||
| (Unaudited) | ||||||||
| (In thousands, except share and per share data) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 58,261 | $ | 27,124 | ||||
| Restricted cash | 59,598 | |||||||
| Accounts receivable, less allowance for doubtful accounts of $0 as of December 31, 2019 and $0 as of December 31, 2018 | 31,091 | 24,608 | ||||||
| Other receivables | 2,603 | 3,547 | ||||||
| Inventories | 44,796 | 38,764 | ||||||
| Prepaid expenses | 2,047 | 1,985 | ||||||
| Total current assets | 198,396 | 96,028 | ||||||
| Property, plant and equipment, net | 3,619 | 3,708 | ||||||
| Operating lease right-of-use assets, net | 3,887 | - | ||||||
| Intangible assets, net | 344 | 274 | ||||||
| Deferred tax assets | 5,331 | 1,637 | ||||||
| Long-term investments | 5,934 | 1,360 | ||||||
| Other long-term assets | 192 | 40 | ||||||
| Total assets | 217,703 | 103,047 | ||||||
| Liabilities, Redeemable Non-controlling Interest and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Short-term borrowings | 13,753 | 9,447 | ||||||
| Accounts payable | 13,262 | 16,673 | ||||||
| Advances from customers | 9,129 | 8,417 | ||||||
| Income taxes payable | 3,129 | 1,193 | ||||||
| Other payables and accrued expenses | 12,874 | 10,410 | ||||||
| Current portion of operating lease liability | 1,355 | - | ||||||
| Total current liabilities | 53,502 | 46,140 | ||||||
| Long-term operating lease liability | 2,532 | - | ||||||
| Other long-term liabilities | 4,186 | 4,583 | ||||||
| Total liabilities | 60,220 | 50,723 | ||||||
| Commitments and contingencies | ||||||||
| Redeemable Non-controlling interests | 60,162 | - | ||||||
| Stockholders’ equity: | ||||||||
| Common stock – Class A, par value $0.0001: 50,000,000 shares authorized as of September 30, 2019 and December 31, 2018; 16,179,058 shares issued and outstanding as of December 31, 2019 and 14,110,315 shares issued and outstanding as of December 31, 2018 | 2 | 1 | ||||||
| Common stock–Class B, par value $0.0001: 2,409,738 shares authorized as of September 30, 2019 and December 31, 2018; 1,862,608 shares issued and outstanding as of September 30, 2019 and 1,898,423 shares issued and outstanding as of December 31, 2018 | - | - | ||||||
| Additional paid in capital | 83,487 | 56,567 | ||||||
| Accumulated surplus (deficit) | 15,507 | (3,387 | ) | |||||
| Accumulated other comprehensive loss | (1,675 | ) | (857 | ) | ||||
| Total stockholders’ equity | 97,321 | 52,324 | ||||||
| Total liabilities, redeemable non-controlling interests, and stockholders' equity | $ | 217,703 | $ | 103,047 | ||||
