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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