ACM Research Reports First Quarter 2024 Results

About ACM Research, Inc.

ACM 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. ACM 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. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, 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
Steven C. Pelayo, CFA
+1 (360) 808-5154
steven@blueshirtgroup.co
  
In China:The Blueshirt Group Asia
Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.co
  


ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
 
  
  March 31, 2024  December 31, 2023
 (Unaudited)  
 (In thousands)
Assets   
Current assets:   
Cash and cash equivalents$211,305  $182,090 
Restricted cash 808   1,083 
Short-term time deposits 48,364   80,524 
Short-term investment 18,648   21,312 
Accounts receivable, net 296,371   283,186 
Other receivables 51,316   40,065 
Inventories, net   581,140       545,395  
Advances to related party   1,338       2,432  
Prepaid expenses   20,066       20,023  
Total current assets   1,229,356       1,176,110  
Property, plant and equipment, net   218,822       201,848  
Land use right, net   8,305       8,367  
Operating lease right-of-use assets, net   6,498       7,026  
Intangible assets, net   2,803       2,538  
Long-term time deposits   27,841       40,818  
Deferred tax assets   21,360       20,271  
Long-term investments   31,293       27,880  
Other long-term assets   10,471       6,050  
Total assets $ 1,556,749     $ 1,490,908  
Liabilities and Equity      
Current liabilities:      
Short-term borrowings $ 54,706     $ 31,335  
Current portion of long-term borrowings   6,549       6,783  
Related party accounts payable   16,243       11,407  
Accounts payable   135,499       141,814  
Advances from customers   182,547       181,368  
Deferred revenue   4,405       3,687  
Income taxes payable   11,403       6,401  
FIN-48 payable   12,131       12,149  
Other payables and accrued expenses   107,098       102,951  
Current portion of operating lease liability   2,668       2,764  
Total current liabilities   533,249       500,659  
Long-term borrowings   53,408       53,952  
Long-term operating lease liability   3,830       4,262  
Other long-term liabilities   5,469       5,873  
Total liabilities   595,956       564,746  
Commitments and contingencies      
Equity:      
Stockholders’ equity:      
Class A Common stock   6       6  
Class B Common stock   1       1  
Additional paid-in capital   646,800       629,845  
Retained earnings   174,260       156,827  
Statutory surplus reserve   30,060       30,060  
Accumulated other comprehensive loss   (54,925 )     (49,349 )
Total ACM Research, Inc. stockholders’ equity   796,202       767,390  
Non-controlling interests   164,591       158,772  
Total equity   960,793       926,162  
Total liabilities and equity $ 1,556,749     $ 1,490,908  

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