On November 7, 2023, ACM Research Inc (ACMR, Financial), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, released its financial results for the third quarter ended September 30, 2023. The company reported a solid quarter with a 26% increase in revenue and record shipments of $213 million, up 31% from the previous year.
Financial Highlights
ACM Research Inc (ACMR, Financial) reported revenue of $168.6 million for Q3 2023, a 26% increase from $133.7 million in Q3 2022. The gross margin improved to 52.5% from 49.3% in the same period last year. Income from operations was $33.2 million, slightly up from $31.6 million in Q3 2022. Net income attributable to ACM Research, Inc. increased to $25.7 million from $21 million in the previous year.
For the nine months ended September 30, 2023, the company reported revenue of $387.4 million, a significant increase from $280.3 million in the same period in 2022. The gross margin improved to 50.9% from 46.3%. Income from operations was $72.5 million, up from $42.4 million in the same period last year. Net income attributable to ACM Research, Inc. more than doubled to $59.6 million from $27.5 million in the previous year.
CEO Commentary
ACM's President and Chief Executive Officer, Dr. David Wang, commented on the results,
We delivered another solid quarter. Revenue grew 26% and shipments were a record $213 million, up 31%. Our results demonstrate spending on mature nodes and market share gains at our customer base, together with more contribution from new products and new customers."
Outlook
ACM has updated and narrowed its revenue guidance range for fiscal year 2023 to $520 million to $540 million from the previous guidance range of $515 million to $585 million. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.
Conclusion
ACM Research Inc (ACMR, Financial) has demonstrated strong financial performance in Q3 2023, with significant growth in revenue and net income. The company's updated guidance reflects its positive outlook for the remainder of the fiscal year. Investors and stakeholders will be keenly watching ACM's performance in the coming quarters.
Explore the complete 8-K earnings release (here) from ACM Research Inc for further details.
