ACM Research (ACMR) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $215.4 million, up 6.4% year-over-year, driven by growth in cleaning, plating, furnace, and advanced packaging tools, with strong sequential gains and market share expansion.

• Net income attributable to shareholders was $29.8 million, up 22.9% year-over-year, with GAAP diluted EPS of $0.44 and non-GAAP EPS of $0.54.

• Gross margin improved to 48.5% (non-GAAP: 48.7%), exceeding targets and reflecting favorable product mix.

• Major product upgrades and repeat orders for the Ultra C wb Wet Bench tool with proprietary N2 bubbling technology supported growth in advanced 3D devices.

• Continued focus on innovation and global expansion, with a majority of revenue from mainland China and new R&D and production facilities in Shanghai and Oregon.

Financial highlights

• Q2 2025 revenue: $215.4 million (+6.4% YoY); six-month revenue: $387.7 million (+9.3% YoY).

• Net income attributable: $29.8 million (+22.9% YoY); non-GAAP net income: $36.8 million.

• Gross margin: 48.5% (up from 47.8% YoY); non-GAAP: 48.7%.

• Operating income: $31.7 million (down YoY); non-GAAP: $41.5 million.

• Cash, equivalents, and deposits: $483.9 million at June 30, 2025.

Outlook and guidance

• 2025 revenue guidance maintained at $850 million–$950 million, implying 15% year-over-year growth at midpoint.

• Gross margin expected to fluctuate between 42% and 48% due to product mix, currency, and sales volume.

• Long-term revenue target raised to $4 billion, with China target increased to $2.5 billion based on updated WFE market assumptions.