$ACMR

ACM Research, Inc.

CIK:0001680062|SEC Filings

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue (note 3)	$ 292,919	$ 215,372	$ 524,182	$ 387,719
Cost of revenue, including cost of revenue from related parties of $19,569 and $32,052 for the three and six months ended June 30, 2026, respectively and $16,518 and $25,917 for the three and six months ended June 30, 2025 respectively.	158,301	110,911	282,326	200,708
Gross profit	134,618	104,461	241,856	187,011
Operating expenses:
Sales and marketing	23,778	22,102	44,466	38,445
Research and development	42,254	33,817	78,803	61,320
General and administrative	18,843	16,848	32,667	29,775
Total operating expenses	84,875	72,767	155,936	129,540
Income from operations	49,743	31,694	85,920	57,471
Interest income	7,142	4,013	11,861	7,352
Interest expense	(2,059)	(1,757)	(3,992)	(3,315)
Realized gain on short-term investments (note 11)	0	54	0	54
Unrealized gain on short-term investments (note 11)	69,592	2,730	68,186	1,648
Other expense, net	(9,793)	(346)	(19,093)	(608)
Income from equity method investments	21,097	1,773	22,846	2,725
Income before income taxes	135,722	38,161	165,728	65,327
Income tax expense (note 15)	(13,472)	(1,891)	(17,243)	(4,044)
Net income	122,250	36,270	148,485	61,283
Less: Net income attributable to non-controlling interests	33,266	6,510	42,194	11,143
Net income attributable to ACM Research, Inc.	88,984	29,760	106,291	50,140
Comprehensive income:
Net income	122,250	36,270	148,485	61,283
Foreign currency translation adjustment, net of tax of nil	30,141	3,905	57,938	5,655
Unrealized gain on available-for-sale investments, net of tax	675	0	675	0
Comprehensive income	153,066	40,175	207,098	66,938
Less: Comprehensive income attributable to non-controlling interests	41,477	7,250	57,644	12,207
Comprehensive income attributable to ACM Research, Inc.	$ 111,589	$ 32,925	$ 149,454	$ 54,731
Net income attributable to ACM Research, Inc. per share of common stock (note 2):
Basic (in dollars per share)	$ 1.31	$ 0.47	$ 1.59	$ 0.79
Diluted (in dollars per share)	$ 1.23	$ 0.44	$ 1.49	$ 0.74
Weighted average shares of common stock outstanding used in computing per share amounts (note 2):
Basic (in shares)	67,890,917	63,968,763	66,853,350	63,620,235
Diluted (in shares)	71,838,908	67,464,856	70,678,872	67,138,338

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 148,485	$ 61,283
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash operating lease cost	2,384	2,081
Depreciation and amortization	11,766	6,356
Income from equity method investments	(22,846)	(2,725)
Unrealized gain on short-term investments	(68,186)	(1,648)
Inventory provision	12,019	5,625
Provision for credit losses	3,710	1,435
Deferred income taxes	4,186	(7,451)
Stock-based compensation	12,204	19,587
Dividends from unconsolidated affiliates	2,821	0
Others	0	1,086
Net changes in operating assets and liabilities:
Accounts receivable	(4,369)	(44,508)
Other receivables	(8,862)	(848)
Inventories	(69,882)	(52,946)
Advances to related parties	2,337	342
Prepaid expenses and other current assets	(12,035)	(6,433)
Other long-term assets	(1,143)	0
Related parties accounts payable	(2,261)	3,694
Accounts payable	(10,730)	7,743
Advances from customers	(25,915)	(24,357)
Deferred revenue	(1,480)	5,123
Income taxes payable	(19,849)	(12,585)
FIN-48 payable	1,189	1,908
Other payables and accrued expenses	13,619	336
Operating lease liabilities	(2,537)	(2,027)
Other long-term liabilities	(521)	(690)
Net cash used in operating activities	(35,896)	(39,619)
Cash flows from investing activities:
Purchases of property and equipment	(87,311)	(31,458)
Purchase of intangible assets	(476)	(784)
Purchase of time deposits	(25,000)	(27,000)
Proceeds from redemption and maturity of time deposits	38,005	27,261
Proceeds from sale of short-term investments	0	686
Purchase of long-term investments	(4,698)	0
Net cash used in investing activities	(79,480)	(31,295)
Cash flows from financing activities:
Proceeds from short-term borrowings	91,906	45,073
Repayments of short-term borrowings	(61,380)	(25,175)
Proceeds from long-term borrowings	75,525	89,485
Repayments of long-term borrowings	(62,863)	(15,246)
Capital contribution by non-controlling shareholder	0	242
Proceeds from exercise of stock options	30,778	23,582
Gross proceeds from sales of ACM Shanghai shares	110,243	0
Repurchase of ACM Shanghai shares	0	(6,988)
Proceeds from issuance of ACM Research shares, net of issuance costs	148,389	0
Net cash provided by financing activities	332,598	110,973
Effect of exchange rate changes on cash, cash equivalents and restricted cash	7,403	1,517
Net increase in cash, cash equivalents and restricted cash	224,625	41,576
Cash, cash equivalents and restricted cash at beginning of period	765,962	411,310
Cash, cash equivalents and restricted cash at end of period	990,587	452,886
Supplemental disclosure of cash flow information:
Interest paid	3,992	3,315
Cash paid for income taxes	30,541	23,399
Reconciliation of cash, cash equivalents and restricted cash in consolidated statements of cash flows:
Cash and cash equivalents	969,229	442,088
Restricted cash	21,358	10,798
Cash, cash equivalents and restricted cash	990,587	452,886
Non-cash investing activities:
Transfer of prepayment for property to property, plant, and equipment	125	21
Transfer from other non-current assets to long term investment	0	16,737
Transfer from inventories to property, plant and equipment	0	589
Purchases of property, plant and equipment through other payables and accrued expenses	10,529	24,055
Non-cash financing activities:
Cashless exercise of stock options	0	179
Deferred offering costs included in prepaid expenses and other current assets	$ 2,403	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 969,229	$ 757,373
Restricted cash	21,358	8,589
Short-term time deposits (note 2)	365,055	366,591
Short-term investments (note 11)	105,091	35,524
Account receivables, net (note 4)	538,389	504,250
Inventories, net (note 5)	783,119	702,631
Prepaid expenses and other current assets	25,554	10,567
Total current assets	2,874,778	2,436,680
Property, plant and equipment, net (note 6)	384,593	314,830
Operating lease right-of-use assets, net	16,634	17,925
Intangible assets, net	2,516	2,847
Deferred tax assets (note 15)	25,904	29,389
Long-term investments (note 10)	89,249	66,035
Other long-term assets	5,564	4,479
Total assets	3,399,238	2,872,185
Current liabilities:
Short-term borrowings (note 7)	107,218	74,041
Current portion of long-term borrowings (note 9)	40,787	35,082
Advances from customers (note 3)	165,566	187,809
Deferred revenue (note 3)	15,908	17,388
Income taxes payable (note 15)	3,626	991
FIN-48 payable (note 15)	28,908	27,719
Other payables and accrued expenses (note 8)	168,944	150,396
Current portion of operating lease liabilities	4,907	4,786
Total current liabilities	786,264	745,712
Long-term borrowings (note 9)	192,904	178,930
Long-term operating lease liabilities	3,503	5,069
Other long-term liabilities	11,444	11,965
Total liabilities	994,115	941,676
Commitments and contingencies (note 16)
Stockholders’ equity:
Additional paid-in capital	1,361,841	1,115,504
Retained earnings	456,719	350,428
Statutory surplus reserve (note 18)	34,164	34,164
Accumulated other comprehensive income (loss)	7,423	(35,740)
Total ACM Research, Inc. stockholders’ equity	1,860,154	1,464,363
Non-controlling interests	544,969	466,146
Total equity	2,405,123	1,930,509
Total liabilities and equity	3,399,238	2,872,185
Class A Common Stock
Stockholders’ equity:
Common stock	6	6
Class B Common Stock
Stockholders’ equity:
Common stock	1	1
Related Party
Current assets:
Other receivables	163	2,500
Current liabilities:
Accounts payable	29,799	32,060
Nonrelated Party
Current assets:
Other receivables	66,820	48,655
Current liabilities:
Accounts payable	$ 220,601	$ 215,440