ACM Research (ACMR) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 36.6% YoY to $367.7M; shipments increased 30.6% to $343.5M, led by ECP and advanced packaging as cleaning returned to growth.

• Backlog reached $2.5B as of Sept. 29, up 88% YoY; orders through Sept. 30 increased 147%.

• FY2026 revenue guidance rose to $1.24B–$1.28B, representing expected growth of 38%–42%.

Financial highlights

• Q3 revenue was $367.7M versus $269.2M; shipments were $343.5M, up 30.6% YoY.

• GAAP operating income was $55.5M versus $28.9M; non-GAAP operating income was $66.2M versus $36.5M.

• GAAP net income attributable to ACM Research, Inc. was $1.5M versus $35.9M; adjusted net income was $40.5M versus $28.4M.

• Diluted GAAP EPS was $0.02 versus $0.52; non-GAAP diluted EPS was $0.55 versus $0.41.

• 9M revenue rose 35.8% to $891.9M; net income was $154.8M and attributable net income was $107.8M.

Outlook and guidance

• FY2026 revenue guidance increased from $1.125B–$1.175B to $1.24B–$1.28B; shipments are expected to grow faster than revenue.

• Outlook assumes continued customer demand and robust Q4 shipments; risks include trade policy, customer spending, supply constraints and first-tool acceptance timing.

• Q4 gross margin is expected to improve modestly from Q3; the long-term gross margin target is 42%–48%, and FY2026 effective tax rate is expected in the 10% range.

• FY2026 expense plans: R&D at 15%–17% of sales, sales and marketing at 7%–8%, and G&A at 5%.

• Furnace revenue is expected to become more meaningful in 2027; track and PECVD shipments are expected in 2027, with revenue as qualification and production adoption progress into 2028.