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ACM Research (ACMR) investor relations material
ACM Research Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $215.4M, up 6.4% year-over-year, driven by growth in cleaning, plating, furnace, and advanced packaging tools.
Net income attributable was $29.8M, up 22.9% year-over-year; non-GAAP net income was $36.8M versus $37.5M.
Gross margin reached 48.5%, exceeding the target range, with non-GAAP gross margin at 48.7%.
Major upgrades to cleaning tools and new product launches, including the Ultra C wb Wet Bench with N2 bubbling technology, reinforced leadership in wafer cleaning.
Management reaffirmed long-term growth confidence, especially in China, and highlighted global expansion with new U.S. tool deliveries.
Financial highlights
Q2 2025 revenue: $215.4M (+6.4% YoY); shipments: $206M (+32% sequentially, +2% YoY).
Net income attributable: $29.8M (+22.9% YoY); diluted GAAP EPS: $0.44 (up from $0.35); non-GAAP EPS: $0.54 (vs. $0.55).
Gross margin: 48.5% (up from 47.8% YoY); non-GAAP: 48.7% (up from 48.2%).
Operating income: $31.7M (down from $37.6M YoY); non-GAAP: $41.5M (down from $51.9M).
Cash, equivalents, and deposits at quarter end: $483.9M; total borrowings: $278.1M.
Outlook and guidance
2025 revenue guidance maintained at $850M–$950M, implying 15% YoY growth at midpoint.
Long-term revenue target for Mainland China raised to $2.5B and global target to $4B, based on higher WFE market size and market share assumptions.
Gross margin expected to remain between 42% and 48% for the foreseeable future.
Management anticipates continued growth in R&D and sales and marketing expenses to support expansion.
Outlook reflects ongoing impacts from trade policy, customer spending, supply chain, and tool acceptance timing.
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