ACM Research Reports Fourth Quarter and Fiscal Year 2023 Results


ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
 
  Three Months Ended December 31,  Year Ended December 31,
  2023
  2022
  2023
  2022
 (Unaudited) (Unaudited)
     
 ( In thousands, except share and per share data) ( In thousands, except share and per share data)
Revenue$170,321  $108,542  $557,723  $388,832 
Cost of revenue 91,245   54,737   281,508   205,217 
Gross profit 79,076   53,805   276,215   183,615 
Operating expenses:       
Sales and marketing 9,440   12,395      47,019       39,889  
Research and development   32,465       17,835       92,709       62,226  
General and administrative   13,797       6,905       40,648       22,465  
Total operating expenses   55,702       37,135       180,376       124,580  
Income from operations   23,374       16,670       95,839       59,035  
Interest income   2,071       2,775       8,354       8,740  
Interest expense   (697 )     (669 )     (2,681 )     (1,655 )
Realized gain (loss) from sale of short-term investments   478       (20 )     9,047       1,116  
Unrealized gain (loss) on short-term investments   1,691       1,707       (2,737 )     (7,855 )
Other income (expense), net   (1,714 )     (6,634 )     (1,558 )     3,315  
Income from equity method investments   6,224       3,014       9,952       4,666  
Income before income taxes   31,427       16,843       116,216       67,362  
Income tax expense   (8,129 )     (2,660 )     (19,364 )     (16,798 )
Net income   23,298       14,183       96,852       50,564  
Less: Net income attributable to non-controlling interests   5,598       2,374       19,503       11,301  
Net income attributable to ACM Research, Inc. $ 17,700     $ 11,809     $ 77,349     $ 39,263  
Comprehensive income (loss):              
Net income   23,298       14,183       96,852       50,564  
Foreign currency translation adjustment, net of tax   11,214       21,232       (10,617 )     (59,102 )
Comprehensive Income (loss)   34,512       35,415       86,235       (8,538 )
Less: Comprehensive income attributable to non-controlling interests   5,807       6,232       17,689       1,854  
Comprehensive income (loss) attributable to ACM Research, Inc. $ 28,705     $ 29,183     $ 68,546     $ (10,392 )
               
Net income attributable to ACM Research, Inc. per common share:              
Basic $ 0.29     $ 0.20     $ 1.29     $ 0.66  
Diluted $ 0.26     $ 0.18     $ 1.16     $ 0.59  
               
Weighted average common shares outstanding used in computing per share amounts:            
Basic   60,792,349       59,568,562       60,164,670       59,235,975  
Diluted   65,911,901       64,198,325       64,870,543       65,341,771  
               



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