ACM Research Reports First Quarter 2024 Results

 

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  

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