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- **Revenue Surges**: Q3 2025 revenue up 32% YoY to $269 million, driven by new product shipments (SPM, panel-level plating, Track).
- **Gross Margin Challenges**: 42.1% due to smaller tool mix and inventory adjustments, but 42%-48% target maintained.
- **Capital Deployment**: $623M capital raise funds Lingang expansion and R&D for next-gen tools (furnace, PECVD, panel packaging).
- **2026 Growth Catalysts**: SPM, furnace, and panel-level packaging tools expected to contribute >$1B in China alone, targeting 60% market share.
- **Q4 Shipments Soft**: Component shortages and customer delays weigh on Q4, but 2026 outlook strong with new product ramp.
- **AI-Driven Innovation**: Horizontal plating for panel packaging, high-temperature SPM, and PECVD differentiation position ACM as a key supplier for AI/advanced packaging.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $269 million, up 32% YoY, driven by strong demand across cleaning, ECP, and advanced packaging tools.
- **New Product Shipments**: First shipments of KrF Track, panel-level plating tools, and high-temperature SPM systems, with SPM achieving single-digit nanoparticle performance.
- **Capital Raise**: ACM Shanghai raised $623 million, supporting Lingang mini-line expansion and global production capacity.
- **Long-Term Outlook**: 2025 revenue guidance narrowed to $875-$925 million (midpoint +15% YoY), with new products (SPM, furnace, Track) expected to contribute significantly in 2026.

**【CFO Financial Commentary】**
- **Gross Margin**: 42.1% (low end of 42%-48% target), impacted by smaller front-end tool mix (-200bps) and inventory provisions (-300bps).
- **Operating Expenses**: $76.9 million (+56% YoY), with R&D/S&M/G&A at 14%/7.7%/6.9% of sales.
- **Net Income**: $24.8 million (non-GAAP EPS $0.36), down 41% YoY due to higher operating expenses and tax rate (7%-8% expected for 2025).
- **Cash Position**: $1.1 billion in cash, up from $484 million Q2, supporting inventory builds and capital expenditures.

**【Q&A Highlights】**
- **Shipments Delay**: Q4 shipments expected to decline sequentially due to customer delays and component shortages, but 2026 growth intact with new product ramp.
- **Panel-Level Packaging**: First tool shipment in Q4, targeting HBM memory and AI-driven 2.5D/3D integration. Horizontal plating technology wins innovation award, with 310x310mm and 515x515mm panel support.
- **SK Hynix Engagement**: Multiproduct engagement (cleaning, furnace, PECVD), with Tahoe and SPM tools addressing advanced 3D NAND requirements.
- **PECVD Momentum**: 3-truck-per-chamber design enables flexible process coverage, with shipments expected to accelerate in 2026 across China, Korea, and global markets.


ACM Research, Inc. (ACMR) Q3 2025 Earnings Call Transcript

Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment

Electro-chemical plating (Front-End and Packaging), Furnace and Other Technologies

Advanced Packaging (Exclude Ecp), Services & Spares

Mainland China

Other Regions

ACMR

ACMR fundamentals

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