ACM Research, Inc.

acmr.com

What Do They Do?

Sells wafer-cleaning equipment and other semiconductor process tools to chip fabricators, plus packaging equipment to wafer assembly and packaging customers.

How Do They Make Money?

Chip makers buy tools and spare parts. First-time tools are sold when accepted, repeat tools when shipped or delivered, and spare parts when received.

revenue

Segment	Share	How money arrives
Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment Sold outright	69% FY2022: 70%	Sold outright
ECP (front-end and packaging), Furnace and Other Technologies Sold outright	22% FY2022: 20%	Sold outright
Advanced Packaging (excluding ECP), Services & Spares Sold outright	8.4% FY2022: 9.9%	Sold outright

Who Are Their Customers?

Foundry, logic and other chip makers, memory makers, and advanced-packaging or wafer-processing customers buy equipment. ACM sells through direct teams and representatives, but customers place orders directly with ACM.

Customers above 10% of revenue, FY2025

of revenue from four customers (17%, 14%, 12%, 10%)

FY2024: 53% from four customers

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$66.6M.

Operating income, FY2025

12% of revenue

▼ −28% vs FY2024 ($151M, 19%)

Net income, FY2025

10% of revenue

▼ −9% vs FY2024 ($103.6M, 13%)

Free cash flow, FY2025

−7% of revenue

▼ Now a loss vs FY2024 ($70M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +36%; vs $215.4M in Q2 FY2025
Net income: ▲ +199%; vs $29.8M in Q2 FY2025

Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment share of revenue vs 72.0% in Q2 FY2025

Aug 7, 2026 Raised its 2026 revenue guidance The lower end rose from $1.08 billion to $1.125 billion; the upper end remained $1.175 billion.

Growing. Revenue grew 3.5x in 4 years, from $259.8M in FY2021 to $901.3M in FY2025, about 36% a year.

Revenue over time

Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment ECP (front-end and packaging), Furnace and Other Technologies Advanced Packaging (excluding ECP), Services & Spares

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Lam Research, NAURA Technology Group, SCREEN Holdings, SEMES, Tokyo Electron, Kokusai Semiconductor Equipment, Applied Materials, and Suzhou Jingtuo Semiconductor Technology

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