ACM Research Reports First Quarter 2023 Results

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

The Company develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The Company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield.

© ACM Research, Inc. ULTRA C, SAPS and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Yujia Zhai
	+1 (860) 214-0809
	yujia@blueshirtgroup.com

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	gary@blueshirtgroup.com

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets


	March 31, 2023			December 31, 2022
	(Unaudited)
	(In thousands, except for par value)
Assets
Current assets:
Cash and cash equivalents	$	260,387		$	247,951
Restricted cash		460			500
Short-term time deposits		2,999			70,492
Trading securities		12,733			20,209
Accounts receivable		186,130			182,936
Other receivables		36,178			29,617
Inventories		473,299			393,172
Advances to related party		2,306			3,322
Prepaid expenses		19,319			15,607
Total current assets		993,811			963,806
Property, plant and equipment, net		149,904			82,875
Land use right, net		8,761			8,692
Operating lease right-of-use assets, net		7,408			2,489
Intangible assets, net		1,233			1,255
Long-term time deposits		117,855			101,956
Deferred tax assets		13,035			6,703
Long-term investments		17,265			17,459
Other long-term assets		3,479			50,265
Total assets	$	1,312,751		$	1,235,500
Liabilities and Equity
Current liabilities:
Short-term borrowings	$	56,745		$	56,004
Current portion of long-term borrowings		2,369			2,322
Related party accounts payable		18,354			14,468
Accounts payable		116,558			101,735
Advances from customers		180,453			153,773
Deferred revenue		4,400			4,174
Income taxes payable		8,579			3,469
FIN-48 payable		6,774			6,686
Other payables and accrued expenses		52,966			52,201
Current portion of operating lease liability		3,013			1,382
Total current liabilities		450,211			396,214
Long-term borrowings		18,245			18,687
Long-term operating lease liability		4,395			1,107
Other long-term liabilities		7,195			7,321
Total liabilities		480,046			423,329
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock		5			5
Class B Common stock		1			1
Additional paid-in capital		606,398			604,089
Retained earnings		101,410			94,426
Statutory surplus reserve		16,881			16,881
Accumulated other comprehensive loss		(32,768	)		(40,546	)
Total ACM Research, Inc. stockholders’ equity		691,927			674,856
Non-controlling interests		140,778			137,315
Total equity		832,705			812,171
Total liabilities and equity	$	1,312,751		$	1,235,500

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