ACM Research (ACMR) FY2023 results: revenue $558 million, up 43.4% on the year

ACM Research, Inc. (ACMR) reported revenue of $558 million for fiscal 2023, the year ended 31 December 2023, up 43.4% on the year before. Net income was $77 million, up 97.0%, and diluted earnings per share $1.16. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$558 million

+43.4% on the year

FY2016FY2023

Operating margin

17.2%

15.2% a year earlier

FY2016FY2023

Net income

$77 million

+97.0% on the year

FY2016FY2023

Diluted EPS

$1.16

+96.6% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	558	389	260	+43.4%
Cost of revenue	282	205	145	+37.2%
Gross profit	276	184	115	+50.4%
Gross margin	49.5%	47.2%	44.2%
Research and development	92.7	62.2	34.2	+49.0%
Operating income	95.8	59.0	38.7	+62.3%
Operating margin	17.2%	15.2%	14.9%
Interest expense	2.7	1.7	0.8	+62.0%
Pre-tax income	116	67.4	43.1	+72.5%
Income tax	19.4	16.8	0.1	+15.3%
Effective tax rate	16.7%	24.9%	0.3%
Net income	77.3	39.3	37.8	+97.0%
Net margin	13.9%	10.1%	14.5%
Diluted EPS	$1.16	$0.59	$0.58	+96.6%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-75.3	-62.2	-40.1
Capital expenditure	61.9	91.1	9.2	-32.1%
Free cash flow	-137	-153	-49.2
Free cash flow margin	-24.6%	-39.4%	-19.0%
Cash from investing	-6.7	-266	-11.3
Cash from financing	18.5	45.9	539	-59.6%
Depreciation and amortisation	6.9	4.8	2.4	+42.8%
Share-based compensation	27.3	7.7	5.1	+253.7%
Buybacks	n/a	n/a	0.0
Diluted shares, weighted	65m	65m	65m	-0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	767	675	676	+13.7%
Non-controlling interest	159	137	135	+15.6%
Debt	92.1	77.0	35.0	+19.6%
Operating lease liabilities	4.3	1.1	1.9	+285.0%
Other liabilities	468	345	204	+35.7%
Total liabilities and equity	1,491	1,236	1,052	+20.7%
Fixed assets	202	82.9	14.0	+143.6%
Intangible assets	2.5	1.3	0.5	+102.2%
Investments	49.2	37.7	42.2	+30.6%
Trading assets	n/a	20.2	n/a
Cash and equivalents	182	248	563	-26.6%
Receivables	283	183	106	+54.8%
Inventory	545	393	218	+38.7%
Other assets	227	269	109	-15.9%
Total assets	1,491	1,236	1,052	+20.7%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.