ACM Research Raises Outlook as Product Mix Drives Growth
The semiconductor-equipment maker lifted the bottom of its 2026 revenue forecast by $45 million.
ACM Research (ACMR) accelerated second-quarter revenue growth to 36% as newer product lines offset a decline in its core cleaning-equipment business. Revenue reached $292.9 million, up from $215.4 million a year earlier, while diluted earnings rose to $1.23 a share from $0.44.
The quarter marked a rebound after three consecutive sequential revenue declines. Sales increased 26.7% from $231.3 million in the first quarter, following decreases from $269.2 million in the third quarter of 2023 to $244.4 million in the fourth quarter.
The shift came from ECP, furnace and other technologies, where revenue rose 168% to $128.5 million. Advanced-packaging products excluding ECP, along with services and spare parts, increased 153% to $31.4 million. Revenue from single-wafer cleaning, Tahoe and semi-critical cleaning equipment fell 14.2% to $133.0 million.
Shipments increased 36.4% from a year earlier and 17% sequentially to $281.5 million, though annual shipment growth slowed from 53.6% in the first quarter. ACM shipped its 2,000th ECP chamber and received its first production order for a 510-by-515-millimeter panel-plating tool, along with an evaluation order for a smaller version.
Operating expenses rose 16.6% to $84.9 million, slower than revenue, and declined to 29% of sales from 33.8%. That operating leverage helped GAAP operating income increase 57% to $49.7 million and widened the operating margin to 17% from 14.7%. Gross margin narrowed to 46% from 48.5%, while remaining above the levels recorded in the second half of 2023.
Net income attributable to ACM nearly tripled to $89.0 million, largely alongside a $69.6 million unrealized investment gain. Excluding investment gains and stock compensation, net income rose to $44.5 million from $37.3 million and diluted earnings increased to $0.61 a share from $0.55.
ACM now expects 2024 revenue of $1.125 billion to $1.175 billion, representing growth of 25% to 30%. The previous forecast called for $1.08 billion to $1.175 billion and growth of 21% to 30%. Cash, restricted cash and short-term deposits ended June at $1.36 billion, giving the company additional resources as it broadened the Tahoe platform into wet-etch and monitor-wafer-reclaim applications.