ACM Research, Inc.

Second-quarter 2026 revenue was $292.9 million, up 36% year over year. Shipments were $281.5 million, up 36.4%; gross margin was 46.0% versus 48.7% a year ago; operating margin was 19.2% versus 19.3%; and non-GAAP diluted EPS was $0.61 versus $0.55. Revenue by segment included $133.0 million from single-wafer cleaning/Tahoe/semi-critical cleaning, down 14.2%; $128.5 million from ECP front-end, furnace and other technologies, up 167.7%; and $31.4 million from advanced packaging excluding ECP, up 153.3%. Cash, cash equivalents, restricted cash and time deposits were $1.36 billion, net cash was $1.0 billion, inventory was $783.1 million, cash used by operations was $6.4 million, and capital expenditures were $65.4 million. For full-year 2026, ACM now expects revenue of $1.125 billion to $1.175 billion, up from the prior range of $1.08 billion to $1.175 billion; management said this implies 25% to 30% year-over-year growth and reiterated that shipment growth should outpace revenue growth.

David Wang framed the quarter as another period of strong execution and said ACM is transforming into a broader multiproduct semiconductor equipment company. He emphasized AI-driven demand, especially in advanced packaging and panel-level plating, and highlighted new orders from two advanced packaging customers for horizontal panel-level plating tools. His tone was confident and expansionary, with repeated references to new products, global market opportunities, and a long growth runway beyond China.

Mark McKechnie focused on profitability, balance sheet strength, and spending discipline. He cited 46.0% gross margin, 19.2% operating margin, $1.0 billion of net cash, and $1.36 billion of cash, cash equivalents, restricted cash and time deposits, while noting capital expenditures of $65.4 million and a full-year capex plan of about $175 million. He also said customer concentration improved meaningfully, with just one customer at 12.7% of first-half revenue versus three 10% customers at 49.9% in the prior-year period, and he kept the long-term gross margin target at 42% to 48%.

Analysts pressed on Q3/Q4 timing, shipment growth, and whether consensus should come down; management said backlog is strong, some orders will ship later, and component shortages and supply constraints could affect timing, but they remain confident enough to raise the full-year revenue floor. Questions also focused on component inflation, and management said they do not expect a significant gross-margin impact because they stocked raw materials and are not seeing major price increases, only longer lead times. Analysts asked about global expansion, capital allocation, and manufacturing outside Mainland China; management said U.S., Taiwan, Singapore, Europe, and Korea are key targets, with some U.S.-bound tools now built in Korea, and said there are no near-term plans to sell more Shanghai shares.