ACM Research, Inc. ("ACM") (NASDAQ: ACMR), a supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, reported financial results for its second quarter ended June 30, 2026. The results place ACM among the faster-growing companies in the semiconductor capital equipment sector, where it competes against established players such as Applied Materials, Lam Research, and Tokyo Electron while carving out a specialized niche in electroplating and wet processing technologies.

"We delivered a strong second quarter, with revenue and shipments both increasing 36% year over year," said Dr. David Wang, President and Chief Executive Officer of ACM. "Revenue growth was led by the ECP and advanced packaging categories, which grew 168% and 153%, respectively, reflecting the growing contribution of our broader product portfolio. During the quarter, we shipped our 2,000th ECP chamber, an important milestone that demonstrates the increasing adoption of our ECP technology in high-volume manufacturing of logic, memory and 3D packaging. We also delivered good profitability, and ended the quarter with $1.0 billion in net cash, providing significant financial strength to support our long-term growth strategy."

Dr. Wang continued: "Customer demand as demonstrated by increased order activity provides us with good visibility for the remainder of 2026. We see 2026 as a 'Big Year' for new products as we proceed with customer evaluations and product ramps across multiple platforms, including SPM Cleaning, Track, PECVD and horizontal panel-level plating for advanced packaging. At the same time, we are expanding engagement with global customers and making solid progress at our Oregon facility. We are raising our full-year 2026 revenue outlook for 25% to 30% growth. We remain confident in our ability to outgrow the market through new product cycles, market share gains and increasing contributions from global markets as we execute toward our long-term revenue target of $4 billion."

The Oregon facility represents ACM's effort to establish domestic U.S. manufacturing and customer support capabilities, an increasingly important factor as U.S.-China trade policy and export controls reshape the semiconductor equipment supply chain.

Revised Outlook

ACM raised its revenue guidance range to $1.125 billion to $1.175 billion for fiscal year 2026, up from the prior range of $1.08 billion to $1.175 billion. This outlook reflects management's assessment of the continuing impact from international trade policy, expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field.

Operating Highlights and Recent Announcements

Shipments. Total shipments in Q2 2026 were $281.5 million, up 36.4% year over year. This figure includes deliveries recognized as revenue in the quarter as well as first tool systems awaiting customer acceptance for potential future revenue.

2,000th Electroplating Chamber Shipped. ACM shipped its 2,000th electroplating chamber, following prior milestones of 500 chambers in 2022 and 1,500 chambers in 2025, underscoring continued commercial expansion and growing market recognition of ACM's electroplating solutions. Electrochemical plating is a critical process step in forming copper interconnects and through-silicon vias (TSVs) used in 3D integrated circuits, technologies central to high-bandwidth memory (HBM) and advanced logic packaging that underpin AI accelerators.

High-Temperature SPM Cleaning Technology at SPCC 2026. ACM presented its proprietary high-temperature SPM cleaning technology at the Surface Preparation and Cleaning Conference (SPCC) 2026, demonstrating particle performance of fewer than 15 particles at 15nm without requiring periodic DI water chamber cleaning. The technology targets improved yield and reduced maintenance for advanced GAA logic, DRAM, and HBM applications. GAA, or gate-all-around, transistor architecture represents the industry's transition beyond FinFET at the most advanced manufacturing nodes, requiring new cleaning and process capabilities.

Ultra C Tahoe Platform Expansion. ACM expanded its Ultra C Tahoe system into a multi-process wet processing platform by adding advanced wet etch and monitor wafer reclaim applications for logic and memory manufacturing. The expanded platform has been adopted by leading semiconductor manufacturers, with the Tahoe Recycle application running in volume production at customer facilities.

Ultra ECP ap-p Tool Orders. ACM received the first production order for one 510 × 515 mm Ultra ECP ap-p tool from an existing advanced packaging customer in mainland China, with delivery scheduled for the first half of 2027. ACM also received an evaluation order for one 310 × 310 mm tool from a new leading panel-manufacturer customer based in Asia, with delivery scheduled for the fourth quarter of 2026. Panel-level packaging is an emerging approach that processes multiple dies on large glass or organic panels rather than individual silicon wafers, aimed at improving throughput and cost-efficiency for high-volume advanced packaging.

Second Quarter 2026 Financial Summary

Unless otherwise noted, figures refer to Q2 2026 with comparisons to Q2 2025.

Revenue was $292.9 million, up 36.0%, driven primarily by higher sales of ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), and services & spares, partially offset by lower sales of single-wafer cleaning, Tahoe, and semi-critical cleaning tools.

Gross margin was 46.0% versus 48.5%. Non-GAAP gross margin was 46.0% versus 48.7%. Gross margin remained above the mid-point of ACM's long-term target range of 42% to 48%. ACM expects gross margin to fluctuate period to period based on product mix, currency impacts, and sales volume.

Operating expenses were $84.9 million, up 16.6%. Operating expenses as a percentage of revenue decreased to 29.0% from 33.8%. Non-GAAP operating expenses were $78.5 million, up 23.9%, representing 26.8% of revenue versus 29.4%.

Operating income was $49.7 million, compared to $31.7 million. Operating margin was 17.0% versus 14.7%. Non-GAAP operating income was $56.3 million compared to $41.5 million. Non-GAAP operating margin was 19.2% versus 19.3%.

Unrealized gain on short-term investments was $69.6 million, compared to $2.7 million. This reflects the change in market value of investments held by ACM's principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and excluded from non-GAAP metrics.

Income tax expense was $13.5 million, compared to $1.9 million, primarily reflecting the tax effect of increased operating profit.

Net income attributable to ACM Research, Inc. was $89.0 million, compared to $29.8 million. Non-GAAP net income, excluding stock-based compensation and unrealized gain on short-term investments, was $44.5 million, compared to $37.3 million.

Diluted earnings per share was $1.23, compared to $0.44. Non-GAAP diluted EPS was $0.61, compared to $0.55.

Cash position: Cash and cash equivalents, plus restricted cash and short-term time deposits, totaled $1.36 billion at June 30, 2026, up from $1.25 billion at March 31, 2026. Net cash, excluding short-term and long-term borrowings, was $1.0 billion at June 30, 2026, compared to $924.2 million at March 31, 2026.

Conference Call Details

A conference call will be held on Friday, August 7, 2026, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). Participants must register online at to receive dial-in information and a PIN. Those who have not pre-registered may join via ir.acmr.com/news-events/events. A live and archived webcast will be available on the Investors section of www.acmr.com.

Non-GAAP Financial Measures

ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures. These measures exclude stock-based compensation. Additionally, non-GAAP net income and EPS exclude unrealized gain (loss) on short-term investments. ACM considers these non-GAAP measures useful for assessing operational performance but notes they may not be comparable across companies and should supplement, not replace, GAAP information. Reconciliations are provided in the company's detailed financial tables.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and involve risks and uncertainties. Detailed risk descriptions are available in ACM's filings with the U.S. Securities and Exchange Commission at www.sec.gov. ACM undertakes no obligation to publicly update forward-looking statements.

About ACM Research, Inc.

ACM develops, manufactures, and sells semiconductor process equipment across cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools. The company delivers customized, high-performance, cost-effective process solutions for advanced and semi-critical semiconductor device manufacturing. More information is available at www.acmr.com.

Ultra C and the ACM Research logo are trademarks of ACM Research, Inc.