ACM Research Inc - Class A
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.73%.
Did ACMR Beat Earnings? Q1 2025 Results
ACM Research delivered a strong first quarter in 2025, beating Wall Street expectations on both the top and bottom lines as the semiconductor equipment maker posted revenue of $172.35 million, up 13.2% year over year and ahead of the $165.33 million consensus estimate. Non-GAAP EPS of $0.46 cleared the $0.35 analyst forecast by 32.37%, a notable margin of outperformance driven in part by a sharp drop in income tax expense to $2.15 million from $4.37 million a year earlier, which helped offset gross margin compression to 47.9% from 52.0%. The quarter also featured key technology milestones, including qualification of ACM's high-temperature SPM tool by a major logic customer in mainland China and customer acceptance of its backside/bevel etch tool from a U.S. customer, reinforcing management's case for expanding relevance across both front-end and advanced packaging markets. Looking ahead, ACM maintained its full-year 2025 revenue guidance of $850 million to $950 million, with management anticipating a return to year-on-year shipment growth beginning in Q2 2025.
- 13.2% year-over-year revenue growth driven by higher sales of single wafer cleaning, Tahoe, semi-critical cleaning equipment, ECP, furnace and other technologies
- Revenue heavily concentrated in mainland China (98% of total revenue)
- Lower income tax expense of $2.2 million vs. $4.4 million year-over-year
- Operating expenses as a percentage of revenue decreased to 32.9% from 35.4%
“Our first quarter results mark a good start to 2025. We delivered 13% year-over-year revenue growth, solid profitability, and positive cash flow from operations. We achieved several strategic milestones: including the qualification of our high-temperature SPM tool by a leading logic customer in China, customer acceptance for our backside/bevel etch tool from a U.S. customer, and we received the 2025 3D InCites Technology Enablement Award for our proprietary Ultra ECP ap-p tool, which we believe is the world's first to utilize horizontal plating for panel applications. These achievements highlight ACM's technology leadership in both front-end processing and advanced packaging applications, which we believe will allow us to play a key role as the global industry demands innovation to advance the ever-evolving semiconductor requirements for AI.”
ACM Research CEO, on the earnings call
Forward Guidance & Outlook
ACM is maintaining its full-year 2025 revenue guidance range of $850 million to $950 million. This expectation is based on management's current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field. For 2025, the company expects incremental revenue contribution from Tahoe, SPM, and furnace tools, and progress in customer evaluations of Track, PECVD, and panel-level packaging platforms. Management anticipates a return to year-on-year growth in total shipments for Q2 2025.
ACMR YoY Financials
ACMR Revenue by Segment
ACMR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.