ACM Research Reports 138 percent Increase in Revenue

ACM Research (NASDAQ:ACMR), a provider of single-wafer wet cleaning equipment used by manufacturers of advanced semiconductors reported financial results for its second fiscal quarter ended June 30, 2018.

The company reported an 138.2 percent increase in revenue to US$20.9 million due to increased volume of tools shipped.

Further, ACM Research said that the higher revenue was also due to higher prices associated with the higher value of the equipment sold.

As quoted in the press release:

• Gross margin was 41.8%, compared to 39.4% in the second quarter of 2017.  The improvement in gross margin was due to better absorption of fixed costs on higher product sales.  Gross margin was within the range of 40.0% to 45.0% set forth in the Company’s long-term business model.  The Company expects gross margin to vary from period to period due to a variety of factors, such as sales volume and product mix.

• Operating expenses were $6.4 million.  Non-GAAP operating expense, which removes stock-based compensation, was $6.2 million, up 98%.  Non-GAAP operating expenses as a percent of revenue decreased to 30%, versus 36% in the second quarter of 2017.

• Net income attributable to ACM Research, Inc. was $3.2 million.  Non-GAAP net income was $3.4 million, versus a non-GAAP net loss of $0.1 million in the second quarter of 2017.

• Cash and equivalents at quarter-end were $17.4 million, up from $15.2 million at the end of last quarter.

ACM Research’s President and Chief Executive Officer Dr. David Wang commented, “Our business momentum accelerated in the second quarter, with record revenue, strong profitability, and new product development.  We also made excellent progress on the capacity expansion at our new Shanghai facility, which is intended to support demand for many quarters to come.”

Dr. Wang continued, “We are thrilled with the market interest in our product offerings, as demonstrated by a purchase order from a new strategic DRAM customer during the quarter, and evaluation of our platforms by major global semiconductor manufacturers.  ACM Research remains focused on its mission to become a significant player by producing the most advanced cleaning tools for the next generation of semiconductor manufacturing.”

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