ACM Research (NASDAQ) ACMR

ACM Research, Inc. makes machines to clean computer chips. These tools remove microscopic dust during manufacturing. They help build better smartphones and memory devices.

Cleaning and Building Circuits

• Single Wafer Cleaning: Systems using Space Alternated Phase Shift (SAPS) and Timely Energized Bubble Oscillation (TEBO) technologies to clean surfaces with sound waves.
• Tahoe Technology: Cleaning tools designed to use significantly less sulfuric acid and hydrogen peroxide during manufacturing.
• Electro-Chemical Plating: Equipment that applies thin layers of metal to wafers for advanced electrical circuitry.
• Advanced Packaging: Systems used in the final steps of assembling integrated circuits into finished components.

Recent Corporate Milestones

• Closed a registered direct offering in May 2026 that generated approximately $148.4 million in net proceeds.
• Purchased a 3,196-square-meter office facility in Shanghai for $45.9 million in June 2026.
• Received board approval in May 2026 for a proposed listing on the Main Board of the Hong Kong Stock Exchange.
• Added to the U.S. Bureau of Industry and Security Entity List in December 2024; this restricts certain technology transfers.

Technical Edge and Geography

ACM Research uses sound-wave technology to clean complex 3D chip structures where standard methods may fail. While based in California, the company performs most manufacturing and research in mainland China and Korea.

Performance and Financial Totals

• Revenue was $524.2 million for the six-month period ended June 30, 2026, up 35.2% year over year.
• Net income reached $148.5 million for the six-month period ended June 30, 2026, up 142.3% year over year.
• Total shipments hit $522.2 million for the first half of 2026, compared to $363.1 million in 2025.
• Cash, cash equivalents, and time deposits totaled $1.4 billion as of June 30, 2026.
• Gross margin was 46.1% for the six months ended June 30, 2026, compared to 48.2% in 2025.

The Path Forward

The company has expanded from a niche supplier into a provider of diverse chip-processing equipment. It is now focused on global growth while navigating international trade and regulatory changes.