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 is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press 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 trademarks.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group Steven C. Pelayo, CFA +1 (360) 808-5154 steven@blueshirtgroup.co
In China:	The Blueshirt Group Asia Gary Dvorchak, CFA +86 (138) 1079-1480 gary@blueshirtgroup.co

ACM RESEARCH, INC. Condensed Consolidated Balance Sheets
	March 31, 2024				December 31, 2023
	(Unaudited)
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	211,305			$	182,090
Restricted cash		808				1,083
Short-term time deposits		48,364				80,524
Short-term investment		18,648				21,312
Accounts receivable, net		296,371				283,186
Other receivables		51,316				40,065
Inventories, net		581,140				545,395
Advances to related party		1,338				2,432
Prepaid expenses		20,066				20,023
Total current assets		1,229,356				1,176,110
Property, plant and equipment, net		218,822				201,848
Land use right, net		8,305				8,367
Operating lease right-of-use assets, net		6,498				7,026
Intangible assets, net		2,803				2,538
Long-term time deposits		27,841				40,818
Deferred tax assets		21,360				20,271
Long-term investments		31,293				27,880
Other long-term assets		10,471				6,050
Total assets	$	1,556,749			$	1,490,908
Liabilities and Equity
Current liabilities:
Short-term borrowings	$	54,706			$	31,335
Current portion of long-term borrowings		6,549				6,783
Related party accounts payable		16,243				11,407
Accounts payable		135,499				141,814
Advances from customers		182,547				181,368
Deferred revenue		4,405				3,687
Income taxes payable		11,403				6,401
FIN-48 payable		12,131				12,149
Other payables and accrued expenses		107,098				102,951
Current portion of operating lease liability		2,668				2,764
Total current liabilities		533,249				500,659
Long-term borrowings		53,408				53,952
Long-term operating lease liability		3,830				4,262
Other long-term liabilities		5,469				5,873
Total liabilities		595,956				564,746
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock		6				6
Class B Common stock		1				1
Additional paid-in capital		646,800				629,845
Retained earnings		174,260				156,827
Statutory surplus reserve		30,060				30,060
Accumulated other comprehensive loss		(54,925	)			(49,349	)
Total ACM Research, Inc. stockholders’ equity		796,202				767,390
Non-controlling interests		164,591				158,772
Total equity		960,793				926,162
Total liabilities and equity	$	1,556,749			$	1,490,908

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