ACM Research (ACMR) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $223.5 million, up 31% year-over-year; full-year revenue was $782.1 million, up 40% year-over-year.

• Gross margin for Q4 was 49.8% (non-GAAP), and for the full year 50.4% (non-GAAP); GAAP gross margin for the year was 50.1%.

• Operating profit increased 46% in Q4 and 63% for the full year (non-GAAP); GAAP operating profit rose 57.6% to $151.0 million.

• Net cash and time deposits at year-end were $441.9 million, up from $367 million in 2023.

• Achieved process qualification for new ALD furnace tools at two China customers and began operations at the Lingang facility.

Financial highlights

• Q4 2024 total shipments were $264 million, up 88% year-over-year; full-year shipments were $973 million, up 63%.

• Q4 2024 non-GAAP gross profit was $111.2 million; full-year non-GAAP gross profit was $393.9 million.

• Finished goods inventory at year-end was $293 million.

• Cash flow from operations was $88 million in Q4 and $152 million for the year.

• Cleaning segment contributed 72% of 2024 revenue; ECP, Furnace & Other 19%; Advanced Packaging & Other 9%.

Outlook and guidance

• 2025 revenue outlook is $850 million–$950 million, implying 15% year-over-year growth at the midpoint.

• Gross margin target for 2025 raised to 42%-48% from prior 40%-45%.

• R&D spending planned at 12%-13% of revenue, sales and marketing at 7%-8%, and G&A at 5%-6% for 2025.

• Capex for 2025 expected to be $65 million–$75 million.

• Outlook considers trade policy, customer spending, supply chain constraints, and tool acceptance timing.