ACM Research (ACMR) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached a record $901.3 million, up 15.2% year-over-year, outpacing a flat China WFE market.

• Q4 2025 revenue was $244.4 million, up 9.4% year-over-year.

• Strong execution in core and new product platforms, with significant progress in SPM cleaning, supercritical CO2 dry, and advanced packaging tools.

• Expanded global presence with first tool installations in Singapore and multiple advanced packaging orders from global customers.

• Ended 2025 with $845.5 million in net cash, supported by a $623 million private offering and $111 million from ACM Shanghai share sale.

Financial highlights

• Full-year 2025 revenue: $901.3 million (+15.2% YoY); Q4 revenue: $244.4 million (+9.4% YoY).

• 2025 GAAP gross margin: 44.4% (vs. 50.1%); Q4 gross margin: 40.9% (vs. 49.6%).

• 2025 GAAP net income: $94.1 million (vs. $103.6 million); non-GAAP net income: $110.2 million (vs. $152.2 million).

• 2025 GAAP diluted EPS: $1.37 (vs. $1.53); non-GAAP EPS: $1.61 (vs. $2.26).

• Cash and equivalents at year-end: $1.13 billion; net cash: $845.5 million.

Outlook and guidance

• 2026 revenue guidance: $1.08–$1.175 billion, representing 21–30% growth.

• Gross margin expected at lower end of 42%-48% target range in 1H26, improving in 2H26 as new products ramp.

• R&D spending planned at 16%-18% of sales for 2026.

• Guidance reflects ongoing impacts from international trade policy, customer spending, supply chain constraints, and tool acceptance timing.

• Operations in Oregon expected to begin in H2 2026.