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Mar 31, 2025
ACM Research Q1 2025 Earnings Report
ACM Research delivered solid top-line growth and profitability in Q1 2025, supported by strong demand in China and innovation in semiconductor processing tools.
Key Takeaways
ACM Research reported a 13.2% year-over-year revenue increase in Q1 2025, driven by higher sales in wafer cleaning and front-end processing. The company maintained solid operating margins and generated positive cash flow despite a temporary drop in shipments due to earlier pull-ins.
Revenue grew 13.2% YoY to $172.3 million.
Non-GAAP EPS was $0.46, reflecting a strong operating margin of 20.7%.
Cash and cash equivalents increased to $457.2 million.
Q1 shipments dropped to $157 million due to Q4 2024 customer pull-ins, but YoY growth expected to resume in Q2.
Revenue by Segment
Forward Guidance
ACM maintained its FY2025 revenue guidance of $850M to $950M and expects shipment growth to return in Q2.
Positive Outlook
- Revenue guidance maintained at $850M–$950M.
- New product qualifications achieved, including high-temp SPM tool in China.
- Customer acceptance for new backside/bevel etch tool in the U.S.
- Continued investments in U.S. facility to support global expansion.
- Gross margin remains above long-term target range.
Challenges Ahead
- Q1 shipments declined due to Q4 customer pull-ins.
- Gross margin declined from 52.0% to 47.9% YoY.
- Non-GAAP operating income fell 10.6% YoY.
- Unrealized losses on short-term investments continued to affect GAAP results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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