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