ACM Research Lifts 2026 Revenue Outlook After Third-Quarter Gain

The Tip Desk · November 8, 2026 · 3 min read

The equipment maker now expects 2026 revenue of $1.24 billion to $1.28 billion after third-quarter sales of $367.7 million.

ACM Research, Inc. (ACMR), a supplier of wafer processing equipment for semiconductor and advanced packaging, raised its fiscal 2026 revenue outlook to $1.24 billion to $1.28 billion, or 38% to 42% growth, from a prior range of $1.125 billion to $1.175 billion.

The company said the higher band reflects continued customer demand and expectations for robust shipment growth in the fourth quarter. In August it had already lifted the range from $1.08 billion to $1.175 billion.

Third-quarter revenue was $367.7 million, up 36.6% from a year earlier, matching the 36% year-over-year pace of the second quarter. Total shipments were $343.5 million, up 30.6% from the third quarter of 2025, after shipments had increased 36% year over year in the second quarter. Shipments include deliveries recognized as revenue and first tools awaiting customer acceptance.

President and Chief Executive Officer Dr. David Wang said ECP and advanced packaging led growth and that the cleaning category returned to year-over-year growth. Product mix told the same story. Single wafer cleaning, Tahoe and semi-critical cleaning equipment generated $210.7 million, versus $181.6 million a year earlier. ECP (front-end and packaging), furnace and other technologies rose to $109.5 million from $59.9 million. Advanced packaging excluding ECP, services and spares was $47.5 million, versus $27.7 million.

GAAP gross margin compressed to 41.5% from 42.0% a year earlier and from 46.0% in the second quarter. Non-GAAP gross margin was 41.6%, versus 42.1% a year earlier. The company said the GAAP figure was slightly below its long-term target range of 42% to 48% and that margin varies with product mix, currency and volume.

Operating expenses were $96.9 million, up 15.0%, and 26.3% of revenue versus 31.3%. Non-GAAP operating expenses were $86.7 million, up 12.7%, and 23.6% of revenue versus 28.6%. GAAP operating income rose to $55.5 million from $28.9 million, with operating margin of 15.1% versus 10.7%. Non-GAAP operating income was $66.2 million, versus $36.5 million.

GAAP net income attributable to ACM Research fell to $1.5 million from $35.9 million a year earlier, and diluted earnings were $0.02 a share versus $0.52. The swing tracked a $39.1 million unrealized loss on short-term investments at ACM Shanghai, compared with an $18.7 million unrealized gain a year earlier. Non-GAAP net income, which excludes stock-based compensation and the investment mark, was $40.5 million, versus $28.4 million, and non-GAAP diluted earnings were $0.55 a share versus $0.41.

In October the company shipped its first 310 by 310 mm Ultra ECP ap-p panel-level horizontal electroplating production tool to a customer in Asia and introduced an enhanced Single-Wafer Hot SPM system with sulfuric acid recycling. Wang said the second building of the Lingang manufacturing facility is coming online in the fourth quarter, doubling manufacturing floor space.

Cash and cash equivalents, plus restricted cash and short-term time deposits, were $1.28 billion at September 30, 2026, compared with $1.36 billion at June 30. Net cash was $0.9 billion versus $1.0 billion.