ACM Research Lifts 2026 Floor to 25% Growth

The Tip Desk · August 7, 2026 · 3 min read

Second-quarter revenue reached $292.9 million, and the company raised its fiscal 2026 outlook to $1.125 billion to $1.175 billion.

ACM Research, Inc. (ACMR), a supplier of wafer processing equipment for semiconductor and advanced packaging, raised the floor of its 2026 revenue outlook after second-quarter sales of $292.9 million, up 36.0% from a year earlier.

The company now expects full-year revenue of $1.125 billion to $1.175 billion, or 25% to 30% growth, after maintaining a 21% to 30% range in May. President and Chief Executive Officer Dr. David Wang said customer demand and increased order activity provide visibility for the remainder of 2026, and that 2026 is a “Big Year” for new products as evaluations and ramps proceed across SPM cleaning, track, PECVD and horizontal panel-level plating.

Year-over-year revenue growth accelerated from the first quarter, when sales were $231.3 million, up 34%. Total shipments were $281.5 million, up 36.4% from the second quarter of 2025, after first-quarter shipments of $241 million, up 54%. Shipments include deliveries of first-tool systems awaiting customer acceptance.

The mix shift was the quarter’s operating story. ECP (front-end and packaging), furnace and other technologies generated $128.5 million, versus $48.0 million a year earlier. Advanced packaging excluding ECP, plus services and spares, was $31.4 million, versus $12.4 million. Wang said those two categories grew 168% and 153%, respectively. Single-wafer cleaning, Tahoe and semi-critical cleaning equipment was $133.0 million, versus $155.0 million, and that category partially offset the growth.

During the quarter, ACM shipped its 2,000th electroplating chamber, after 500 chambers in 2022 and 1,500 in 2025. It also received the first production order for one 510 × 515 mm Ultra ECP ap-p tool from an existing advanced packaging customer in mainland China, with delivery scheduled for the first half of 2027, and an evaluation order for one 310 × 310 mm tool from a new panel-manufacturer customer in Asia, with delivery in the fourth quarter of 2026.

GAAP gross margin was 46.0%, versus 48.5% a year earlier and 46.4% in the first quarter. Non-GAAP gross margin was 46.0%. Operating expenses were $84.9 million, up 16.6%, and 29.0% of revenue versus 33.8%. GAAP operating income was $49.7 million, versus $31.7 million, with operating margin of 17.0% versus 14.7%. Non-GAAP operating income was $56.3 million, with non-GAAP operating margin of 19.2% versus 19.3%.

GAAP net income attributable to ACM Research was $89.0 million, versus $29.8 million, including an unrealized gain on short-term investments of $69.6 million, versus $2.7 million. Non-GAAP net income attributable to the company was $44.5 million, versus $37.3 million, and non-GAAP diluted earnings were $0.61 a share, versus $0.55.

Cash and cash equivalents, plus restricted cash and short-term time deposits, were $1.36 billion at June 30, 2026. Net cash was $1.0 billion. Wang said the company is expanding engagement with global customers and making progress at its Oregon facility, and remains committed to a long-term revenue target of $4 billion.

The raised floor, not the unchanged ceiling, is the change in the 2026 path: management is now pointing to 25% to 30% growth after a quarter in which ECP and advanced packaging more than offset a decline in single-wafer, Tahoe and semi-critical cleaning, and in which the 2,000th electroplating chamber and a first Ultra ECP ap-p production order added to the product-cycle story Wang described for the rest of the year.