ACM Research (ACMR) FY2024 results: revenue $782 million, up 40.2% on the year

ACM Research, Inc. (ACMR) reported revenue of $782 million for fiscal 2024, the year ended 31 December 2024, up 40.2% on the year before. Net income was $104 million, up 34.0%, and diluted earnings per share $1.53. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2025.

Revenue

$782 million

+40.2% on the year

FY2017FY2024

Operating margin

19.3%

17.2% a year earlier

FY2017FY2024

Net income

$104 million

+34.0% on the year

FY2017FY2024

Diluted EPS

$1.53

+31.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	782	558	389	+40.2%
Cost of revenue	391	282	205	+38.7%
Gross profit	392	276	184	+41.8%
Gross margin	50.1%	49.5%	47.2%
Research and development	105	92.7	62.2	+13.8%
Operating income	151	95.8	59.0	+57.6%
Operating margin	19.3%	17.2%	15.2%
Interest expense	4.2	2.7	1.7	+54.8%
Pre-tax income	166	116	67.4	+43.1%
Income tax	35.0	19.4	16.8	+80.9%
Effective tax rate	21.1%	16.7%	24.9%
Net income	104	77.3	39.3	+34.0%
Net margin	13.2%	13.9%	10.1%
Diluted EPS	$1.53	$1.16	$0.59	+31.9%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	152	-75.3	-62.2
Capital expenditure	82.5	61.9	91.1	+33.3%
Free cash flow	70.0	-137	-153
Free cash flow margin	8.9%	-24.6%	-39.4%
Cash from investing	-12.0	-6.7	-266
Cash from financing	92.5	18.5	45.9	+399.1%
Depreciation and amortisation	6.6	6.9	4.8	-4.9%
Share-based compensation	49.6	27.3	7.7	+81.3%
Diluted shares, weighted	66m	65m	65m	+2.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	905	767	675	+17.9%
Non-controlling interest	191	159	137	+20.5%
Debt	183	92.1	77.0	+98.6%
Operating lease liabilities	3.8	4.3	1.1	-9.9%
Other liabilities	573	468	345	+22.4%
Total liabilities and equity	1,856	1,491	1,236	+24.5%
Fixed assets	269	202	82.9	+33.4%
Intangible assets	3.5	2.5	1.3	+36.4%
Investments	56.4	49.2	37.7	+14.7%
Trading assets	19.4	n/a	20.2
Cash and equivalents	407	182	248	+123.8%
Receivables	387	283	183	+36.7%
Inventory	598	545	393	+9.6%
Other assets	115	227	269	-49.4%
Total assets	1,856	1,491	1,236	+24.5%

10-K for the year ended 31 December 2024, filed 3 March 2025: the filing.