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 | |||
