ACM Research Reports First Quarter 2023 Results

ACM RESEARCH, INC.
Total Revenue by Product Category, by Equipment Type and by Region
 
  Three Months Ended March 31,
   2023  2022
 ($ in thousands)
Single wafer cleaning, Tahoe and semi-critical cleaning equipment$36,614$26,033
ECP (front-end and packaging), furnace and other technologies 26,598 12,248
Advanced packaging (excluding ECP), services & spares 11,044 3,905
Total Revenue By Product Category $ 74,256 $ 42,186
   
Wet-cleaning and other front-end processing tools$56,382$31,702
Advanced packaging, other processing tools, services and spares 17,874 10,484
Total Revenue Front-End and Back-End $ 74,256 $ 42,186
   
  Three Months Ended March 31,
   2023  2022
Mainland China$72,458$42,130
Other Regions 1,798 56
Total Revenue By Region $ 74,256 $ 42,186
   

  ACM RESEARCH, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures

As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (SBC) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain on trading securities. The following table reconciles gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

 

  Three Months Ended March 31,
   2023  2022
  Actual SBC Other non-
operating
adjustments
Adjusted Actual SBC Other non-
operating
adjustments
Adjusted
(GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
  (In thousands)
                 
Revenue $ 74,256   $ -   $ -   $ 74,256   $ 42,186   $ -   $ -   $ 42,186  
Cost of revenue   (34,270 )   (125 )   -     (34,145 )   (22,500 )   (113 )   -     (22,387 )
Gross profit   39,986     (125 )   -     40,111     19,686     (113 )   -     19,799  
Operating expenses:                
Sales and marketing   (9,337 )   (431 )   -     (8,906 )   (6,697 )   (354 )   -     (6,343 )
Research and development   (14,029 )   (701 )   -     (13,328 )   (17,346 )   (411 )   -     (16,935 )
General and administrative   (7,758 )   (811 )   -     (6,947 )   (4,949 )   (496 )   -     (4,453 )
Total operating expenses   (31,124 )   (1,943 )   -     (29,181 )   (28,992 )   (1,261 )   -     (27,731 )
Income (loss) from operations $ 8,862   $ (2,068 ) $ -   $ 10,930   $ (9,306 ) $ (1,374 ) $ -   $ (7,932 )
Unrealized loss on trading securities   (654 )   -     (654 )   -     (3,858 )   -     (3,858 )   -  
Net income (loss) attributable to ACM Research, Inc. $ 7,145   $ (2,068 ) $ (654 ) $ 9,867   $ (5,786 ) $ (1,374 ) $ (3,858 ) $ (554 )
Basic EPS $ 0.12       $ 0.17   $ (0.10 )     $ (0.01 )
Diluted EPS $ 0.11       $ 0.15   $ (0.10 )     $ (0.01 )
                 

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