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ACM RESEARCH, INC.
Total Revenue by Product Category and by Region | ||||
| ' |
Three Months Ended
March 31, | |||
| 2024 | 2023 | |||
| (Unaudited) | ||||
| ($ in thousands) | ||||
| Single wafer cleaning, Tahoe and semi-critical cleaning equipment | $ | 109,470 | $ | 36,614 |
| ECP (front-end and packaging), furnace and other technologies | 25,800 | 26,598 | ||
| Advanced packaging (excluding ECP), services & spares | 16,921 | 11,044 | ||
| Total Revenue by Product Category | $ | 152,191 | $ | 74,256 |
| 2023 | 2022 | |||
| Mainland China | $ | 152,135 | $ | 72,458 |
| Other Regions | 56 | 1,798 | ||
| Total Revenue by Region | $ | 152,191 | $ | 74,256 |
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 loss on short-term investments. The following tables reconcile 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, | ||||||||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||||||
| Actual | SBC | Other non-operating adjustments | Adjusted | Actual | SBC | Other non-operating adjustments | Adjusted | |||||||||||||||||
| (GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | |||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Revenue | $ | 152,191 | $ | - | $ | - | $ | 152,191 | $ | 74,256 | $ | - | $ | - | $ | 74,256 | ||||||||
| Cost of revenue | (73,070 | ) | (781 | ) | - | (72,289 | ) | (34,270 | ) | (125 | ) | - | (34,145 | ) | ||||||||||
| Gross profit | 79,121 | (781 | ) | - | 79,902 | 39,986 | (125 | ) | - | 40,111 | ||||||||||||||
| Gross margin | 52.0 | % | 0.5 | % | - | 52.5 | % | 53.8 | % | 0.2 | % | - | 54.0 | % | ||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Sales and marketing | (14,173 | ) | (3,027 | ) | - | (11,146 | ) | (9,337 | ) | (431 | ) | - | (8,906 | ) | ||||||||||
| Research and development | (23,918 | ) | (4,503 | ) | - | (19,415 | ) | (14,029 | ) | (701 | ) | - | (13,328 | ) | ||||||||||
| General and administrative | (15,798 | ) | (6,258 | ) | - | (9,540 | ) | (7,758 | ) | (811 | ) | - | (6,947 | ) | ||||||||||
| Total operating expenses | (53,889 | ) | (13,788 | ) | - | (40,101 | ) | (31,124 | ) | (1,943 | ) | - | (29,181 | ) | ||||||||||
| Income (loss) from operations | $ | 25,232 | $ | (14,569 | ) | $ | - | $ | 39,801 | $ | 8,862 | $ | (2,068 | ) | $ | - | $ | 10,930 | ||||||
| Unrealized loss on short-term investments | (2,595 | ) | - | (2,595 | ) | - | (654 | ) | - | (654 | ) | - | ||||||||||||
| Net income (loss) attributable to ACM Research, Inc. | $ | 17,433 | $ | (14,569 | ) | $ | (2,595 | ) | $ | 34,597 | $ | 7,145 | $ | (2,068 | ) | $ | (654 | ) | $ | 9,867 | ||||
| Basic EPS | $ | 0.28 | $ | 0.56 | $ | 0.12 | $ | 0.17 | ||||||||||||||||
| Diluted EPS | $ | 0.26 | $ | 0.52 | $ | 0.11 | $ | 0.15 | ||||||||||||||||
