Acm Research . Class A Stock Earnings Reports

ACM Research reported solid Q1 2026 results: revenue of $231.3M, up 34% YoY, and shipments of $240.7M, up 54% YoY (about 15% of shipments were catch-up from Q4). Gross margin recovered to 46.5%, above the midpoint of management's 42%–48% target. Key growth drivers were electroplating (ECP) and advanced packaging (ECP + services/spares up 205% and 62%, respectively), while legacy single-wafer cleaning revenue declined ~6% in the quarter but shipments for cleaning grew 32% and management expects a material ramp later in 2026. Management highlighted new product momentum (single-wafer SPM, Tahoe, Tahoe-related products, panel-level horizontal plating, PECVD, high-throughput track and vertical furnace) and expects incremental revenue from these as evaluations convert to production. The company reiterated 2026 revenue guidance of $1.08B–$1.175B (midpoint implies ~25% growth) and said shipments should outpace revenue in 2026. Financial position remains strong with approximately $1.25B in cash and equivalents and net cash of $924.2M after the $110M gross proceeds from the ACM Shanghai minority share sale. Planned capital spending is now about $175M for 2026 to support production ramp and global expansion (including Oregon facility for U.S.-made tools). Management emphasized the Lingang mini-line (class 100) as a differentiator to shorten customer qualification cycles and accelerate product ramp. Operating expenses rose (R&D ~15% of sales in Q1; guide to 16%–18% for 2026) and non-GAAP net income was $24.3M (EPS $0.34), down from the prior-year quarter, partly due to stock-based compensation and other items. Overall takeaways for investors: strong top-line growth driven by ECP/advanced packaging, accelerating new-product pipeline with near-term delivery targets (notably SPM), robust cash balance to fund expansion, and reiterated full-year guidance with shipments expected to lead revenue growth.