ACM Research (ACMR) FY2022 results: revenue $389 million, up 49.7% on the year

ACM Research, Inc. (ACMR) reported revenue of $389 million for fiscal 2022, the year ended 31 December 2022, up 49.7% on the year before. Net income was $39 million, up 4.0%, and diluted earnings per share $0.59. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2023.

Revenue

$389 million

+49.7% on the year

FY2016FY2022

Operating margin

15.2%

14.9% a year earlier

FY2016FY2022

Net income

$39 million

+4.0% on the year

FY2016FY2022

Diluted EPS

$0.59

+2.3% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	389	260	157	+49.7%
Cost of revenue	205	145	87.0	+41.6%
Gross profit	184	115	69.6	+59.9%
Gross margin	47.2%	44.2%	44.4%
Research and development	62.2	34.2	19.1	+81.9%
Operating income	59.0	38.7	21.5	+52.5%
Operating margin	15.2%	14.9%	13.7%
Interest expense	1.7	0.8	1.0	+116.3%
Pre-tax income	67.4	43.1	19.3	+56.5%
Income tax	16.8	0.1	-2.4	+12,435.8%
Effective tax rate	24.9%	0.3%	-12.3%
Net income	39.3	37.8	18.8	+4.0%
Net margin	10.1%	14.5%	12.0%
Diluted EPS	$0.59	$0.58	$0.30	+2.3%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	-62.2	-40.1	-13.5
Capital expenditure	91.1	9.2	5.2	+895.2%
Free cash flow	-153	-49.2	-18.8
Free cash flow margin	-39.4%	-19.0%	-12.0%
Cash from investing	-266	-11.3	-70.0
Cash from financing	45.9	539	32.8	-91.5%
Depreciation and amortisation	4.8	2.4	1.1	+105.7%
Share-based compensation	7.7	5.1	5.6	+51.1%
Buybacks	n/a	0.0	0.0
Diluted shares, weighted	65m	65m	64m	-0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	675	676	141	-0.2%
Non-controlling interest	137	135	67.0	+1.4%
Redeemable equity	n/a	n/a	0.0
Debt	77.0	35.0	45.7	+120.3%
Operating lease liabilities	1.1	1.9	2.9	-40.8%
Other liabilities	345	204	84.5	+69.5%
Total liabilities and equity	1,236	1,052	341	+17.4%
Fixed assets	82.9	14.0	8.2	+490.2%
Intangible assets	1.3	0.5	0.6	+163.1%
Investments	37.7	42.2	28.2	-10.7%
Trading assets	20.2	n/a	n/a
Cash and equivalents	248	563	71.8	-56.0%
Receivables	183	106	56.4	+73.3%
Inventory	393	218	88.6	+80.3%
Other assets	269	109	87.4	+147.8%
Total assets	1,236	1,052	341	+17.4%

10-K for the year ended 31 December 2022, filed 2 March 2023: the filing.