ACM Research Reports First Quarter 2023 Results

ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
 
  Three Months Ended March 31,
   2023    2022 
 (Unaudited)
 ( In thousands, except share and per share data)
Revenue$74,256  $42,186 
Cost of revenue 34,270   22,500 
Gross profit 39,986   19,686 
Operating expenses:   
Sales and marketing 9,337   6,697 
Research and development 14,029   17,346 
General and administrative 7,758   4,949 
Total operating expenses 31,124   28,992 
Income from (loss) operations 8,862   (9,306)
Interest income 1,785   1,805 
Interest expense (695)     (261 )
Realized gain from sale of trading securities   3,994       -  
Unrealized loss on trading securities   (654 )     (3,858 )
Other income (expense), net   (1,418 )     237  
Equity loss in net loss of affiliates   (32 )     (71 )
Income (loss) before income taxes   11,842       (11,454 )
Income tax benefit (expense)   (2,879 )     4,011  
Net income (loss)   8,963       (7,443 )
Less: Net income (loss) attributable to non-controlling interests   1,818       (1,657 )
Net income (loss) attributable to ACM Research, Inc. $ 7,145     $ (5,786 )
Comprehensive income (loss):      
Net income (loss)   8,963       (7,443 )
Foreign currency translation adjustment   9,423       2,454  
Comprehensive Income (loss)   18,386       (4,989 )
Less: Comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests   3,462       (1,073 )
Comprehensive income (loss) attributable to ACM Research, Inc. $ 14,924     $ (3,916 )
       
Net income (loss) attributable to ACM Research, Inc. per share of common stock:      
Basic $ 0.12     $ (0.10 )
Diluted $ 0.11     $ (0.10 )
       
Weighted average shares of common stock outstanding used in computing per share amounts:    
Basic   59,736,764       58,827,390  
Diluted   65,058,777       58,827,390  
       



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