ACM Research Q2 revenue down 4% YoY, raises China target.

• ACM Research reports Q2 2025 financial results. • Revenue driven by SPM, Tahoe, plating and furnace tools. • Momentum in new platforms: Track, PECVD, panel-level packaging. • Raised long-term revenue target for mainland China market. • Global expansion with tool deliveries planned for the U.S. in Q3.

ACM Research Inc. (NASDAQ: ACMR) today reported its second-quarter 2025 financial results, showcasing robust growth across its product portfolio, particularly in semiconductor tools. The company's revenue for the quarter reached $215.4 million, up 6.4% from the same period last year, driven by strong performance from its single wafer cleaning, Tahoe, and plating tools, as well as advanced packaging solutions. Gross margin stood at 48.5%, exceeding the company's long-term business model target range of 40% to 45%.

Key highlights from the Q2 2025 financial results include:

- Revenue Growth: Revenue for the second quarter of 2025 was $215.4 million, up 6.4% from the same period last year. This growth was driven by strong sales of SPM, Tahoe, plating, and furnace tools, as well as advanced packaging solutions.
- Gross Margin: Gross margin for the quarter was 48.5%, up from 47.8% in the same period last year. Non-GAAP gross margin, which excludes stock-based compensation, was 48.7%.
- Operating Income: Operating income for the quarter was $31.7 million, compared to $37.6 million in the same period last year. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $41.5 million.
- Net Income: Net income attributable to ACM Research Inc. for the quarter was $29.8 million, compared to $24.2 million in the same period last year. Non-GAAP net income, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $36.8 million.
- EPS: Basic EPS for the quarter was $0.47, compared to $0.39 in the same period last year. Diluted EPS was $0.44, compared to $0.35.
- Cash Position: Cash and cash equivalents at June 30, 2025, were $483.9 million, down from $498.4 million at March 31, 2025.

Dr. David Wang, President and Chief Executive Officer of ACM, stated, "Our results for the first half of 2025 reflect good execution across our product portfolio and strengthen our confidence in our long-term growth opportunity in China. We see continued momentum from our SPM, Tahoe, plating and furnace tools, and we are encouraged by customer engagements across multiple new platforms including Track, PECVD, and panel-level packaging."

ACM also announced major upgrades to its Ultra C wb Wet Bench cleaning tool, featuring a patent-pending nitrogen (N₂) bubbling technique that improves wet etching uniformity by over 50% and enhances particle removal performance for advanced-node applications. The company delivered an ECP tool to a customer in China, marking its 1,500th electroplating chamber shipped, reinforcing its leadership in high-performance electroplating equipment.

ACM is maintaining its revenue guidance range of $850 million to $950 million for fiscal year 2025, based on its current assessment of international trade policy, customer spending scenarios, supply chain constraints, and the timing of tool acceptances. The company is also planning tool deliveries to the U.S. during the third quarter of 2025.

References:
[1] https://finance.yahoo.com/news/acm-research-inc-acmr-q2-134517836.html
[2] https://www.marketscreener.com/news/acm-research-reports-second-quarter-2025-results-ce7c5ed9dd88f324