ACM Research (ACMR) FY2021 results: revenue $260 million, up 65.8% on the year

ACM Research, Inc. (ACMR) reported revenue of $260 million for fiscal 2021, the year ended 31 December 2021, up 65.8% on the year before. Net income was $38 million, up 101.0%, and diluted earnings per share $0.58. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$260 million

+65.8% on the year

FY2016FY2021

Operating margin

14.9%

13.7% a year earlier

FY2016FY2021

Net income

$38 million

+101.0% on the year

FY2016FY2021

Diluted EPS

$0.58

+94.4% on the year

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	260	157	108	+65.8%
Cost of revenue	145	87.0	56.9	+66.5%
Gross profit	115	69.6	50.7	+65.0%
Gross margin	44.2%	44.4%	47.1%
Research and development	34.2	19.1	12.9	+78.9%
Operating income	38.7	21.5	17.8	+80.1%
Operating margin	14.9%	13.7%	16.5%
Interest expense	0.8	1.0	0.7	-22.1%
Pre-tax income	43.1	19.3	18.9	+123.1%
Income tax	0.1	-2.4	-0.5
Effective tax rate	0.3%	-12.3%	-2.7%
Net income	37.8	18.8	18.9	+101.0%
Net margin	14.5%	12.0%	17.6%
Diluted EPS	$0.58	$0.30	$0.33	+94.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	-40.1	-13.5	9.4
Capital expenditure	9.2	5.2	1.0	+75.6%
Free cash flow	-49.2	-18.8	8.4
Free cash flow margin	-19.0%	-12.0%	7.8%
Cash from investing	-11.3	-70.0	-5.5
Cash from financing	539	32.8	87.4	+1,540.9%
Depreciation and amortisation	2.4	1.1	0.8	+123.0%
Share-based compensation	5.1	5.6	3.6	-9.1%
Buybacks	0.0	0.0	2.8
Diluted shares, weighted	65m	64m	57m	+2.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	676	141	97.3	+379.1%
Non-controlling interest	135	67.0	0.0	+102.1%
Redeemable equity	n/a	0.0	60.2
Debt	35.0	45.7	13.8	-23.5%
Operating lease liabilities	1.9	2.9	2.5	-35.1%
Other liabilities	204	84.5	43.9	+141.1%
Total liabilities and equity	1,052	341	218	+208.3%
Fixed assets	14.0	8.2	3.6	+71.4%
Intangible assets	0.5	0.6	0.3	-13.9%
Investments	42.2	28.2	0.0	+49.4%
Cash and equivalents	563	71.8	58.3	+684.6%
Receivables	106	56.4	31.1	+87.0%
Inventory	218	88.6	44.8	+146.1%
Other assets	109	87.4	79.6	+24.4%
Total assets	1,052	341	218	+208.3%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.