ACM Research (ACMR) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $204.0 million, up 21% year-over-year, with shipments of $261 million, and strong profitability supported by innovation in cleaning and packaging tools.

• Major operational milestones included breakthroughs in Ultra C Tahoe cleaning tool performance, new product launches, and facility expansions in Lingang, China, and Oregon, USA.

• Net income attributable to ACM Research, Inc. increased 20% to $30.9 million for Q3 2024, with diluted EPS of $0.45.

• Year-to-date revenue was $558.6 million, up 44%, and shipments $709.7 million, up 56%.

• Expanded global presence and R&D capabilities, including the acquisition of a new facility in Oregon.

Financial highlights

• Q3 2024 revenue: $204.0M (+21% YoY); nine-month revenue: $558.6M (+44% YoY).

• Q3 gross margin: 51.4% (vs. 52.5% prior year); non-GAAP gross margin: 51.6%.

• Q3 operating income: $44.2M (21.7% margin); non-GAAP: $56.1M (27.5% margin).

• Q3 net income attributable to ACM: $30.9M (diluted EPS $0.45); non-GAAP net income: $42.4M (diluted EPS $0.63).

• Cash, equivalents, and deposits: $369.1M at September 30, 2024.

Outlook and guidance

• FY2024 revenue guidance raised to $725M–$745M, reflecting improved near-term outlook.

• Gross margin expected to remain above the long-term model of 40–45%.

• Shipment growth rate expected to outpace revenue growth.

• Management expects existing cash, cash flow from operations, and bank borrowings to be sufficient for anticipated needs.

• Growth expected in mainland China via market share gains and new product ramps, with continued support for US, Europe, and Southeast Asia customers.