ACM Research Reports Fourth Quarter and Fiscal Year 2022 Results


ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
 
  Three Months Ended December 31,  Year Ended December 31,
   2022    2021    2022    2021 
 (Unaudited) (Unaudited)
 ( In thousands, except share and per share data) ( In thousands, except share and per share data)
Revenue$108,542  $95,142  $388,832  $259,751 
Cost of revenue 54,737   49,696   205,217   144,895 
Gross profit 53,805   45,446   183,615      114,856  
Operating expenses:              
Sales and marketing   12,395       9,273       39,889       26,733  
Research and development   17,835       12,914       62,226       34,207  
General and administrative   6,905       4,133       22,465       15,214  
Total operating expenses   37,135       26,320       124,580       76,154  
Income from operations   16,670       19,126       59,035       38,702  
Interest income   2,775       392       8,740       505  
Interest expense   (669 )     (191 )     (1,655 )     (765 )
Realized gain from sale of trading securities   (20 )     -       1,116       -  
Unrealized gain (loss) on trading securities   1,707       (1,210 )     (7,855 )     607  
Other income (expense), net   (6,634 )     52       3,315       (631 )
Equity income in net income of affiliates   3,014       3,601       4,666       4,637  
Income before income taxes   16,843       21,770       67,362       43,055  
Income tax expense   (2,660 )     (3,155 )     (16,798 )     (134 )
Net income   14,183       18,615       50,564       42,921  
Less: Net income attributable to non-controlling interests   2,374       3,050       11,301       5,164  
Net income attributable to ACM Research, Inc. $ 11,809     $ 15,565     $ 39,263     $ 37,757  
Comprehensive income:              
Net income   14,183       18,615       50,564       42,921  
Foreign currency translation adjustment   21,232       3,436       (59,102 )     4,695  
Comprehensive Income (loss)   35,415       22,051       (8,538 )     47,616  
Less: Comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests   6,232       3,136       1,854       5,607  
Comprehensive income (loss) attributable to ACM Research, Inc. $ 29,183     $ 18,915     $ (10,392 )   $ 42,009  
               
Net income attributable to ACM Research, Inc. per common share:              
Basic $ 0.20     $ 0.27     $ 0.66     $ 0.65  
Diluted $ 0.18     $ 0.23     $ 0.59     $ 0.58  
               
Weighted average common shares outstanding used in computing per share amounts:            
Basic   59,268,562       58,588,386       59,235,975       57,654,708  
Diluted   64,198,325       66,325,821       65,341,771       65,356,716  
               

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