ACM Research Inc - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.32%.
Did ACMR Beat Earnings? Q4 2025 Results
ACM Research delivered a tale of two metrics in Q4 2025, posting revenue that edged past expectations while earnings fell well short of the mark. The semiconductor equipment maker reported quarterly revenue of $244.43 million, up 9.4% year over year and modestly ahead of the $239.90 million consensus, but non-GAAP diluted EPS of $0.25 missed the $0.53 estimate by 53.04%, a gap that sent shares lower in the aftermath. The culprit was a sharp compression in gross margin, which collapsed to 40.9% from 49.6% a year earlier, driven by product mix shifts toward semi-critical tools, competitive pricing pressures, and inventory-related charges that gutted operating leverage. GAAP net income attributable to ACM tumbled to $8.05 million from $31.08 million in the prior-year period. Despite the profitability stumble, management held its 2026 revenue guidance at $1.08 billion to $1.18 billion, representing 21% to 30% growth, anchored by contributions from advanced packaging, SPM cleaning, and furnace products, alongside a planned H2 2026 launch of Oregon operations to broaden its global reach.
- Growth in single wafer cleaning, Tahoe, and semi-critical cleaning equipment revenue
- Higher sales of ECP (front-end and packaging), furnace and other technologies
- Growth in advanced packaging (excluding ECP), services and spares
- Record annual revenue of $901 million, outperforming estimated China WFE
“2025 was a year of strong execution for ACM. We delivered record annual revenue of $901 million, up 15% year over year, outperforming estimated China WFE. We strengthened our foundation for long-term growth by advancing new products, expanding our global production capacity, and enhancing global funding initiatives.”
ACM Research CEO, on the earnings call
Forward Guidance & Outlook
ACM maintains its fiscal year 2026 revenue guidance of $1.08 billion to $1.175 billion, representing 21-30% year-over-year growth. The outlook is based on management's assessment of continuing international trade policy impacts, expected spending scenarios of key customers, supply chain constraints, and timing of first-tool acceptances. Incremental contributions are expected from Tahoe, SPM cleaning, furnace, and advanced packaging. Oregon operations are expected to begin in H2 2026. The company reiterated its long-term revenue target of $4 billion.
ACMR YoY Financials
ACMR Revenue by Segment
ACMR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.