ACM Research Reports Third Quarter 2023 Results

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. ACM is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield.

© ACM Research, Inc. The ACM Research logo and ULTRA C are trademarks of ACM Research, Inc. For convenience, these trademarks appears in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Yujia Zhai
	+1 (860) 214-0809
	Email Contact

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	Email Contact

ACM RESEARCH, INC. Condensed Consolidated Balance Sheets
(unaudited)

	September 30, 2023			December 31, 2022
	(Unaudited)
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	207,101		$	247,951
Restricted cash		560			500
Short-term time deposits		75,651			70,492
Short-term investment		21,844			20,209
Accounts receivable, net		248,477			182,936
Other receivables		36,126			29,617
Inventories, net		507,431			393,172
Advances to related party		1,164			3,322
Prepaid expenses		17,540			15,607
Total current assets		1,115,894			963,806
Property, plant and equipment, net		190,882			82,875
Land use right, net		8,299			8,692
Operating lease right-of-use assets, net		7,184			2,489
Intangible assets, net		2,163			1,255
Long-term time deposits		43,183			101,956
Deferred tax assets		16,486			6,703
Long-term investments		22,306			17,459
Other long-term assets		3,851			50,265
Total assets	$	1,410,248		$	1,235,500
Liabilities and Equity
Current liabilities:
Short-term borrowings	$	33,911		$	56,004
Current portion of long-term borrowings		6,717			2,322
Related party accounts payable		7,684			14,468
Accounts payable		136,675			101,735
Advances from customers		191,393			153,773
Deferred revenue		4,747			4,174
Income taxes payable		11,061			3,469
FIN-48 payable		6,487			6,686
Other payables and accrued expenses		80,400			52,201
Current portion of operating lease liability		2,876			1,382
Total current liabilities		481,951			396,214
Long-term borrowings		39,753			18,687
Long-term operating lease liability		4,308			1,107
Other long-term liabilities		6,106			7,321
Total liabilities		532,118			423,329
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock		6			5
Class B Common stock		1			1
Additional paid-in capital		620,210			604,089
Retained earnings		152,306			94,426
Statutory surplus reserve		16,881			16,881
Accumulated other comprehensive loss		(60,354	)		(40,546	)
Total ACM Research, Inc. stockholders’ equity		729,050			674,856
Non-controlling interests		149,080			137,315
Total equity		878,130			812,171
Total liabilities and equity	$	1,410,248		$	1,235,500

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