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ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| ( In thousands, except share and per share data) | ( In thousands, except share and per share data) | ||||||||||||||
| Revenue | $ | 168,569 | $ | 133,709 | $ | 387,402 | $ | 280,290 | |||||||
| Cost of revenue | 80,055 | 67,742 | 190,263 | 150,480 | |||||||||||
| Gross profit | 88,514 | 65,967 | 197,139 | 129,810 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 16,803 | 13,133 | 37,579 | 27,494 | |||||||||||
| Research and development | 26,151 | 15,678 | 60,244 | 44,391 | |||||||||||
| General and administrative | 12,387 | 5,520 | 26,851 | 15,560 | |||||||||||
| Total operating expenses | 55,341 | 34,331 | 124,674 | 87,445 | |||||||||||
| Income from operations | 33,173 | 31,636 | 72,465 | 42,365 | |||||||||||
| Interest income | 2,152 | 2,016 | 6,283 | 5,965 | |||||||||||
| Interest expense | (640 | ) | (419 | ) | (1,984 | ) | (986 | ) | |||||||
| Realized gain from sale of short-term investments | 656 | 1,136 | 8,569 | 1,136 | |||||||||||
| Unrealized loss on short-term investments | (1,319 | ) | (5,281 | ) | (4,428 | ) | (9,562 | ) | |||||||
| Other income (expense), net | (2,150 | ) | 7,207 | 156 | 9,949 | ||||||||||
| Income (loss) from equity method investments | (160 | ) | 1,251 | 3,728 | 1,652 | ||||||||||
| Income before income taxes | 31,712 | 37,546 | 84,789 | 50,519 | |||||||||||
| Income tax expense | (718 | ) | (10,470 | ) | (11,235 | ) | (14,138 | ) | |||||||
| Net income | 30,994 | 27,076 | 73,554 | 36,381 | |||||||||||
| Less: Net income attributable to non-controlling interests | 5,315 | 6,072 | 13,905 | 8,927 | |||||||||||
| Net income attributable to ACM Research, Inc. | $ | 25,679 | $ | 21,004 | $ | 59,649 | $ | 27,454 | |||||||
| Less: Dilutive effect arising from stock-based awards by ACM Shanghai | 461 | 321 | 1,338 | 465 | |||||||||||
| Net income available to common stockholders, diluted | $ | 25,218 | $ | 20,683 | $ | 58,311 | $ | 26,989 | |||||||
| Comprehensive income (loss): | |||||||||||||||
| Net income | 30,994 | 27,076 | 73,554 | 36,381 | |||||||||||
| Foreign currency translation adjustment, net of tax | 4,015 | (42,416 | ) | (21,831 | ) | (80,334 | ) | ||||||||
| Comprehensive Income (loss) | 35,009 | (15,340 | ) | 51,723 | (43,953 | ) | |||||||||
| Less: Comprehensive income (loss) attributable to non-controlling interests | 7,768 | (1,057 | ) | 11,882 | (4,378 | ) | |||||||||
| Comprehensive income (loss) attributable to ACM Research, Inc. | $ | 27,241 | $ | (14,283 | ) | $ | 39,841 | $ | (39,575 | ) | |||||
| Net income attributable to ACM Research, Inc. per common share: | |||||||||||||||
| Basic | $ | 0.43 | $ | 0.35 | $ | 0.99 | $ | 0.46 | |||||||
| Diluted | $ | 0.39 | $ | 0.32 | $ | 0.90 | $ | 0.41 | |||||||
| Weighted average common shares outstanding used in computing per share amounts: | |||||||||||||||
| Basic | 60,219,218 | 59,360,790 | 59,953,144 | 59,123,895 | |||||||||||
| Diluted | 65,450,941 | 65,612,665 | 64,834,051 | 65,629,273 | |||||||||||
