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ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income | |||||||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| (Unaudited) | |||||||
| (In thousands, except share and per share data) | |||||||
| Revenue | $ | 152,191 | $ | 74,256 | |||
| Cost of revenue | 73,070 | 34,270 | |||||
| Gross profit | 79,121 | 39,986 | |||||
| Operating expenses: | |||||||
| Sales and marketing | 14,173 | 9,337 | |||||
| Research and development | 23,918 | 14,029 | |||||
| General and administrative | 15,798 | 7,758 | |||||
| Total operating expenses | 53,889 | 31,124 | |||||
| Income from operations | 25,232 | 8,862 | |||||
| Interest income | 1,774 | 1,785 | |||||
| Interest expense | (783 | ) | (695 | ) | |||
| Realized gain from sale of short-term investments | 273 | 3,994 | |||||
| Unrealized loss on short-term investments | (2,595 | ) | (654 | ) | |||
| Other income (expense), net | 3,080 | (1,418 | ) | ||||
| Loss from equity method investments | (520 | ) | (32 | ) | |||
| Income before income taxes | 26,461 | 11,842 | |||||
| Income tax expense | (4,369 | ) | (2,879 | ) | |||
| Net income | 22,092 | 8,963 | |||||
| Less: Net income attributable to non-controlling interests | 4,659 | 1,818 | |||||
| Net income attributable to ACM Research, Inc. | $ | 17,433 | $ | 7,145 | |||
| Comprehensive income (loss): | |||||||
| Net income | 22,092 | 8,963 | |||||
| Foreign currency translation adjustment, net of tax | (6,829 | ) | 9,423 | ||||
| Comprehensive Income | 15,263 | 18,386 | |||||
| Less: Comprehensive income attributable to non-controlling interests | 3,406 | 3,462 | |||||
| Comprehensive income attributable to ACM Research, Inc. | $ | 11,857 | $ | 14,924 | |||
| Net income attributable to ACM Research, Inc. per common share: | |||||||
| Basic | $ | 0.28 | $ | 0.12 | |||
| Diluted | $ | 0.26 | $ | 0.11 | |||
| Weighted average common shares outstanding used in computing per share amounts: | |||||||
| Basic | 61,367,184 | 59,736,764 | |||||
| Diluted | 66,242,321 | 65,058,777 | |||||
ACM Research Reports First Quarter 2024 Results
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