ACM Research's Q4 2024: Contradictions in Market Share, Customer Impact, and Sales Expectations

These are the key contradictions discussed in ACM Research's latest 2024Q4 earnings call, specifically including: Market Share and Market Trends, Customer Impact from U.S. Export Controls, Market Share and Revenue Outlook, and Sales Expectations:



Revenue and Shipment Growth:
- ACM Research reported $223 million in revenue for Q4 2024, up 31%, and $782 million for the full fiscal year, up 40%.
- The growth was driven by market expansion, new product cycle momentum, and significant gains in market share.

Product Category Performance:
- Revenue from Single Wafer Cleaning, Tahoe, and Semi-Critical Cleaning grew by 43% in 2024, representing 74% of the total revenue.
- This growth was supported by increased demand for Ultra C b backside cleaning tools and new product cycles.

Plating and Furnace Segment Growth:
- Revenue from ECP, furnace, and other technologies rose by 46% in 2024, contributing to 90% of the total revenue.
- The growth was attributed to increased adoption of ACM's plating tools and furnace products, particularly in front-end and back-end applications.

Impact of U.S. Regulatory Actions:
- ACM Shanghai and ACM Korea were added to the U.S. Entity List, potentially impacting their ability to obtain U.S. components.
- The company is localizing its supply chain to mitigate the impact and remains committed to complying with global regulations.