ACMR on Nasdaq
ACM Research, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
44.4%Gross margin2
12.1%Operating margin2
10.4%Net margin2
15.2%Revenue growth, 20252
6.4%Return on equity2
0.12×Debt to equity2
-$66.6MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Total Single Wafer and Semi-Critical Cleaning Equipment brought in 69% of the revenue ACM Research, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Single Wafer and Semi-Critical Cleaning Equipment | $403.9M | $578.9M | $626.0M |
| ECP Front End And Packaging Furnace And Other Technologies | $103.4M | $151.1M | $199.6M |
| Advanced Packaging (exclude ECP), Services & Spares | $50.5M | $52.2M | $75.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue56¢$501.2M
- Research and development16¢$145.0M
- Other costs16¢$147.7M
- Income tax1¢$13.3M
- Profit10¢$94.1M
Out of $901.3M in revenue.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue (note 3) | $901.3M | $782.1M | $557.7M |
| Gross profit | $400.1M | $391.6M | $276.2M |
| Sales and marketing | $76.9M | $65.4M | $47.0M |
| Research and development | $145.0M | $105.5M | $92.7M |
| General and administrative | $68.8M | $69.6M | $40.6M |
| Total operating expenses | $290.6M | $240.6M | $180.4M |
| Loss from operations | $109.4M | $151.0M | $95.8M |
| Interest income | $14.6M | $9.9M | $8.4M |
| Interest expense | -$7.0M | -$4.2M | -$2.7M |
| Realized gain from sale of short-term investments | $166.0K | $1.8M | $9.0M |
| Unrealized gain (loss) on short-term investments | $17.5M | $973.0K | -$2.7M |
| Other (expense) income, net | -$9.8M | $6.3M | -$1.6M |
| Income from equity method investments | $10.3M | $423.0K | $10.0M |
| Income before income taxes | $135.2M | $166.3M | $116.2M |
| Income tax expense (note 16) | -$13.3M | -$35.0M | -$19.4M |
| Less: Net income attributable to non-controlling interests | $27.8M | $27.6M | $19.5M |
| Net income attributable to ACM Research, Inc. | $94.1M | $103.6M | $77.3M |
| Net income | $121.9M | $131.3M | $96.9M |
| Foreign currency translation adjustment, net of tax | $33.3M | -$15.7M | -$10.6M |
| Unrealized gain on available-for-sale investments, net of tax | $2.4M | $428.0K | $0 |
| Comprehensive income | $157.6M | $116.0M | $86.2M |
| Less: Comprehensive income attributable to non-controlling interests | $35.9M | $26.4M | $17.7M |
| Comprehensive income attributable to ACM Research, Inc. | $121.7M | $89.6M | $68.5M |
| Basic (in dollars per share) | $1.47 | $1.67 | $1.29 |
| Diluted (in dollars per share) | $1.37 | $1.53 | $1.16 |
| Basic (in shares) | 64.2M shares | 62.2M shares | 60.2M shares |
| Diluted (in shares) | 67.3M shares | 66.2M shares | 64.9M shares |
| Cost of revenue, related party | $501.2M | $390.6M | $281.5M |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $757.4M | $407.4M | $182.1M |
| Restricted cash | $8.6M | $3.9M | $1.1M |
| Short-term time deposits (note 2) | $366.6M | $17.3M | |
| Short-term investments (note 12) | $35.5M | $19.4M | |
| Accounts receivable, net (note 4) | $504.2M | $387.0M | |
| Inventories, net (note 5) | $702.6M | $598.0M | |
| Prepaid expenses and other current assets | $10.6M | $7.5M | |
| Total current assets | $2.4B | $1.5B | |
| Property, plant and equipment, net (note 6) | $314.8M | $269.3M | |
| Operating lease right-of-use assets, net (note 19) | $17.9M | $14.0M | |
| Intangible assets, net | $2.8M | $3.5M | |
| Long-term time deposits (note 2) | $0 | $13.3M | |
| Deferred tax assets (note 16) | $29.4M | $14.8M | |
| Long-term investments (note 11) | $66.0M | $37.1M | |
| Other long-term assets (note 7) | $4.5M | $20.5M | |
| Total assets | $2.9B | $1.9B | |
| Short-term borrowings (note 8) | $74.0M | $32.8M | |
| Current portion of long-term borrowings (note 10) | $35.1M | $44.5M | |
| Advances from customers | $187.8M | $243.9M | |
| Deferred revenue | $17.4M | $8.5M | |
| Income taxes payable (note 16) | $991.0K | $12.8M | |
| FIN-48 payable (note 16) | $27.7M | $19.5M | |
| Other payables and accrued expenses (note 9) | $150.4M | $121.7M | |
| Current portion of operating lease liabilities | $4.8M | $2.1M | |
| Total current liabilities | $745.7M | $641.2M | |
| Long-term borrowings (note 10) | $178.9M | $105.5M | |
| Long-term operating lease liabilities | $5.1M | $3.8M | |
| Other long-term liabilities | $12.0M | $9.2M | |
| Total liabilities | $941.7M | $759.8M | |
| Additional paid-in capital | $1.1B | $677.5M | |
| Retained earnings | $350.4M | $260.0M | |
| Statutory surplus reserve (note 2) | $34.2M | $30.5M | |
| Accumulated other comprehensive loss | -$35.7M | -$63.4M | |
| Total ACM Research, Inc. stockholders equity | $1.5B | $904.6M | |
| Non-controlling interests | $466.1M | $191.3M | |
| Total equity | $1.9B | $1.1B | $926.2M |
| Total liabilities and equity | $2.9B | $1.9B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $121.9M | $131.3M | $96.9M |
| Non-cash operating lease cost | $4.5M | $3.8M | $3.6M |
| Depreciation and amortization | $16.3M | $10.0M | $8.1M |
| Realized gain on short-term investments | -$112.0K | -$1.8M | -$9.0M |
| Income from equity method investments | -$10.3M | -$423.0K | -$10.0M |
| Unrealized (gain) loss on short-term investments | -$17.5M | -$973.0K | $2.7M |
| Inventory provision | $15.5M | $2.8M | $575.0K |
| Provision for credit losses | $14.5M | $13.5M | $2.7M |
| Deferred income taxes | -$14.4M | $5.3M | -$13.6M |
| Stock-based compensation | $33.6M | $49.6M | $27.3M |
| Dividends from unconsolidated affiliates | $2.1M | $1.5M | $0 |
| Others | $1.3M | $945.0K | -$2.0K |
| Accounts receivable | -$116.1M | -$123.3M | -$108.7M |
| Other receivables | -$1.7M | -$3.8M | -$4.2M |
| Inventories | -$108.2M | -$64.1M | -$164.0M |
| Advances to related parties (note 13) | -$1.5M | $1.4M | $890.0K |
| Prepaid expenses and other current assets | -$2.6M | $11.9M | -$5.1M |
| Other long-term assets | -$947.0K | $0 | $0 |
| Related parties accounts payable (note 13) | $15.9M | $4.7M | -$3.1M |
| Accounts payable | $67.9M | $1.4M | $42.3M |
| Advances from customers | -$60.8M | $67.0M | $30.0M |
| Deferred revenue | $8.9M | $4.8M | $2.7M |
| Income taxes payable | -$12.1M | $6.4M | $3.0M |
| FIN-48 payable | $8.3M | $7.3M | $5.5M |
| Other payables and accrued expenses | $27.1M | $23.2M | $21.4M |
| Operating lease liabilities | -$4.5M | -$3.5M | -$3.6M |
| Increase (Decrease) in Other Noncurrent Liabilities | $2.7M | $3.3M | -$1.6M |
| Net cash (used in) provided by operating activities | -$10.3M | $152.4M | -$75.3M |
| Purchase of property and equipment | -$56.3M | -$82.5M | -$61.9M |
| Purchase of intangible assets | -$1.4M | -$3.5M | -$2.5M |
| Purchase of short-term investments | $0 | -$1.4M | -$18.4M |
| Purchase of time deposits | -$389.3M | -$74.7M | -$26.1M |
| Proceeds from redemption and maturity of time deposits | $54.3M | $166.5M | $79.6M |
| Refund of deposit for land use right | $686.0K | $0 | $0 |
| Proceeds from sale of short-term investments (note 12) | $2.1M | $8.4M | $21.7M |
| Proceeds from disposal of long-term investments | $0 | $0 | $8.2M |
| Purchase of long-term investments | -$484.0K | -$24.9M | -$7.5M |
| Net cash used in investing activities | -$390.3M | -$12.0M | -$6.7M |
| Proceeds from short-term borrowings | $87.5M | $33.3M | $31.3M |
| Repayments of short-term borrowings | -$47.3M | -$32.3M | -$55.1M |
| Proceeds from long-term borrowings | $119.1M | $96.9M | $42.4M |
| Repayments of long-term borrowings | -$60.3M | -$9.6M | -$2.3M |
| Capital contribution by non-controlling shareholder | $242.0K | $0 | $0 |
| Proceeds from exercise of stock options | $34.8M | $11.1M | $6.1M |
| Repurchase of ACM Shanghai's shares | -$7.0M | $0 | $0 |
| ACM Shanghai dividends | -$7.6M | -$6.9M | -$4.0M |
| Proceeds from issuance of ACM Shanghais shares, net of issuance costs | $623.0M | $0 | $0 |
| Net cash provided by financing activities | $742.5M | $92.5M | $18.5M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $12.8M | -$4.8M | -$1.7M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $354.7M | $228.1M | -$65.3M |
| Interest paid | $7.0M | $4.2M | $2.7M |
| Cash paid for income taxes | $32.4M | $11.2M | $26.1M |
| Prepayment for purchase of long-term investment | $0 | $16.7M | $0 |
| Purchase of intangible assets included in other long-term assets | $0 | $641.0K | $0 |
| Cashless exercise of stock options | $195.0K | $483.0K | $333.0K |
| Transfer of prepayment for property to property, plant, and equipment | $33.0K | $3.3M | $0 |
| Transfer from inventories to property, plant and equipment | $3.9M | $0 | $4.4M |
| Transfer from other non-current assets to long term investment | $16.7M | $0 | $0 |
| Purchases of property, plant and equipment through other payable and accrued expenses | $25.0M | $29.1M | $33.8M |
| Transfer from property, plant and equipment to inventory | $0 | $918.0K | $0 |
| Purchase of long-term investments through other payable and accrued expenses | $0 | $4.7M | $0 |
Recent filings
- Sep 30, 20268-K
- Sep 10, 20264
- Sep 9, 2026144
- Sep 8, 2026144
- Aug 27, 20268-K
- Aug 26, 20264
- Aug 26, 20264
- Aug 26, 20264
- Aug 21, 20264
- Aug 20, 2026144
- Aug 20, 20264
- Aug 18, 2026144
- Aug 7, 20268-K
- Aug 7, 202610-Q
- Jul 31, 2026SCHEDULE 13G
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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