ACM Research (Shanghai) (688082) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 1.48 billion, up 13.06% year-over-year, but net profit attributable to shareholders dropped 57.66% to RMB 104 million.

• Operating cash flow turned negative at -RMB 144 million, compared to a positive RMB 93 million in Q1 2025.

• R&D investment increased 22.35% year-over-year, now accounting for 20.90% of revenue.

Financial highlights

• Gross margin declined as operating costs and R&D expenses rose sharply.

• Basic EPS fell to RMB 0.22 from RMB 0.56 year-over-year, a 60.71% decrease.

• Total assets grew 1.88% to RMB 19.25 billion; equity attributable to shareholders rose 1.28%.

Outlook and guidance

• Profitability was impacted by increased R&D spending and significant foreign exchange losses.

• Management emphasizes continued investment in technology to maintain competitiveness.