Acm Research . Class A Stock Earnings Reports

ACM reported a strong Q3 2025 with revenue of $269.2M, up 32% year-over-year and a new quarterly record. Shipments were $263.1M (roughly flat year-over-year, +28% sequential). Gross margin was 42.1% (near the low end of the company’s 42–48% target range) and was pressured by product mix (higher mix of smaller front-end tools) and inventory provisions/adjustments. Net cash increased materially following ACM Shanghai’s secondary STAR Market raise (subsidiary raised ~ $623M net), leaving ACM with net cash of ~$811M at quarter end. Management emphasized continued heavy investment in R&D and product expansion (targeting R&D ~14–16% of sales), and plans to use proceeds to expand the Lingang mini-line, global production capacity and accelerate development of new product categories (furnace, PECVD, Track, panel-level plating, etc.). Key product progress: SPM high-temperature cleaning shows industry-leading particulate performance (19-nanoparticle sites to single-digit counts) with road map to smaller particle control; first panel-level horizontal plating system to ship in Q4; first KrF high-throughput Track platform shipped; ongoing PECVD and furnace customer qualifications with anticipated incremental revenue in 2026. Management narrowed 2025 revenue guidance to $875M–$925M (midpoint implying ~15% y/y growth). Company reiterated long-term target of ~$4B revenue with ~60% from China and ~40% global, and emphasized an inflection driven by product innovation. Near-term operations: Q4 shipments expected to be lower than Q3 due to some customer push-outs and parts shortages (some issues expected to clear in early 2026). Operating expenses increased (Opex $76.9M, up 56%), operating margin declined to 13.6%, and non-GAAP net income was impacted by stock-based comp and unrealized investment gains; CapEx expected ~$60–70M for 2025.