ACM Research Reports First Quarter 2024 Results
ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income | | | | |
Three Months Ended March 31, | | | |
2024 | | | |
2023 | | | | (Unaudited) | | | (In thousands, except share and per share data) | | Revenue | $ | 152,191 | | | $ | 74,256 | | | Cost of revenue | | 73,070 | | | | 34,270 | | |
Gross profit | | 79,121 | | | | 39,986 | | | Operating expenses: | | | | | Sales and marketing | | 14,173 | | | | 9,337 | | | Research and development | | 23,918 | | | | 14,029 | | | General and administrative | | 15,798 | | | | 7,758 | | |
Total operating expenses | | 53,889 | | | | 31,124 | | |
Income from operations | | 25,232 | | | | 8,862 | | | Interest income | | 1,774 | | | | 1,785 | | | Interest expense | | (783 | ) | | | (695 | ) | | Realized gain from sale of short-term investments | | 273 | | | | 3,994 | | | Unrealized loss on short-term investments | | (2,595 | ) | | | (654 | ) | | Other income (expense), net | | 3,080 | | | | (1,418 | ) | | Loss from equity method investments | | (520 | ) | | | (32 | ) | |
Income before income taxes | | 26,461 | | | | 11,842 | | | Income tax expense | | (4,369 | ) | | | (2,879 | ) | |
Net income | | 22,092 | | | | 8,963 | | | Less: Net income attributable to non-controlling interests | | 4,659 | | | | 1,818 | | |
Net income attributable to ACM Research, Inc. | $ | 17,433 | | | $ | 7,145 | | | Comprehensive income (loss): | | | | | Net income | | 22,092 | | | | 8,963 | | | Foreign currency translation adjustment, net of tax | | (6,829 | ) | | | 9,423 | | |
Comprehensive Income | | 15,263 | | | | 18,386 | | | Less: Comprehensive income attributable to non-controlling interests | | 3,406 | | | | 3,462 | | |
Comprehensive income attributable to ACM Research, Inc. | $ | 11,857 | | | $ | 14,924 | | | | | | | | Net income attributable to ACM Research, Inc. per common share: | | | | | Basic | $ | 0.28 | | | $ | 0.12 | | | Diluted | $ | 0.26 | | | $ | 0.11 | | | | | | | | Weighted average common shares outstanding used in computing per share amounts: | | | | Basic | | 61,367,184 | | | | 59,736,764 | | | Diluted | | 66,242,321 | | | | 65,058,777 | |
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