ACM Research Clocks 39% Growth In Q2 Revenues, Sees Growth Amid Investments From China-Based Customers

ACM Research, Inc. ACMR reported Q2 revenues of $144.58 million, missing the analyst consensus of $113.32 million. Revenues jumped 38.5% Y/Y.

ACMR reported an adjusted EPS of $0.48, beating the street view of $0.10.

Higher revenues were from increasing single wafer cleaning, Tahoe, and semi-critical cleaning equipment sales and strength in advance packaging (excluding ECP), services, and spares.

Total shipments in the second quarter of 2023 were $153 million, up 37% Y/Y.

Adjusted gross margin expanded by 520 basis points to 47.6% in Q2, thanks to favorable product mix and forex fluctuations (RMB to U.S). 

"Our results demonstrate good spending on mature nodes and market share gains at our customer base, together with penetration from new products and new customers," said ACM's President and Chief Executive Officer, Dr. David Wang.

The company held cash and equivalents of $376.1 million as of June 30, 2023.

"We continue to expect growth in 2023, driven by continued investments in mature node capacity by our China-based customers, and growing traction for our multi-product portfolio," Wang added. 

FY23 Outlook: The company maintains its revenue guidance range for fiscal year 2023 of $515 million-$585 million. The analyst consensus stands at $546.33 million.

Price Action: ACMR shares are trading higher by 0.96% to $12.09 on the last check Friday.