ACM Research, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 7 August 2026: press release. Guidance figures: 2 raised. The quarter’s numbers.

Key takeaways

Q2 revenue grew 36% year-over-year: Revenue $292.9 million versus $215.4 million in Q2 2025. Six-month revenue $524.2 million versus $387.7 million, up 35.2%. Growth driven by higher sales across multiple product categories. Source
Shipments increased 36.4% year-over-year: Total shipments $281.5 million in Q2 2026 versus $206.4 million in Q2 2025. Shipments include deliveries for revenue and first tool systems awaiting customer acceptance. Source
ECP revenue surged 168% year-over-year: ECP (front-end and packaging), furnace and other technologies revenue $128.5 million versus $48.0 million in Q2 2025. Major driver of overall revenue expansion reflecting increased customer adoption. Source
Advanced packaging grew 153% year-over-year: Advanced packaging (excluding ECP), services & spares revenue $31.4 million versus $12.4 million in Q2 2025. Strong growth demonstrates successful expansion beyond traditional cleaning equipment. Source
Shipped 2,000th ECP chamber: Milestone demonstrates increasing adoption of ECP technology in high-volume manufacturing of logic, memory and 3D packaging. Prior milestones were 500 chambers in 2022 and 1,500 in 2025. Source
Gross margin declined 250 basis points: Gross margin 46.0% in Q2 2026 versus 48.5% in Q2 2025. Decline driven by product mix shift toward higher-volume ECP and advanced packaging. Non-GAAP gross margin 46.0% versus 48.7%. Source
Operating income increased 57% year-over-year: Operating income $49.7 million versus $31.7 million in Q2 2025. Operating margin 17.0% versus 14.7%. Non-GAAP operating income $56.3 million versus $41.5 million. Source
Raised revenue guidance to $1.125-1.175B: Raised full-year 2026 revenue guidance by $45 million at low end. Increase reflects confidence in customer demand and order activity visibility for remainder of 2026. Source
Raised growth rate to 25-30%: Raised revenue growth rate guidance from 21-30% to 25-30%, reflecting stronger first-half performance and improved visibility into customer spending and product ramp cycles. Source
2026 positioned as "Big Year" for products: Multiple new platforms under customer evaluation and ramping: SPM Cleaning, Track, PECVD and horizontal panel-level plating for advanced packaging applications. Source
Net cash reached $1.0 billion: Net cash (excluding short-term and long-term borrowings) $1.0 billion at Q2 end versus $924.2 million at Q1 end, up $75.8 million. Total cash and equivalents $1.36 billion. Source

“We delivered a strong second quarter, with revenue and shipments both increasing 36% year over year”
Dr. David Wang, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Full-year 2026 revenue Source	fiscal year 2026	$1.125 billion to $1.175 billion	Raised from $1.08 billion to $1.175 billion
Full-year 2026 revenue growth rate Source	fiscal year 2026	25% to 30%	Raised from 21%-30%

What changed from last quarter

Guidance raised: Full-year 2026 revenue range raised from $1.08-1.175B to $1.125-1.175B based on customer demand visibility Source
Guidance raised: Full-year 2026 revenue growth rate raised from 21-30% to 25-30% reflecting stronger first-half performance Source

Second Quarter Revenue and Shipments

Q2 revenue grew 36% year-over-year: Revenue $292.9 million versus $215.4 million in Q2 2025. Six-month revenue $524.2 million versus $387.7 million, up 35.2%. Growth driven by higher sales across multiple product categories. Source
Shipments increased 36.4% year-over-year: Total shipments $281.5 million in Q2 2026 versus $206.4 million in Q2 2025. Shipments include deliveries for revenue and first tool systems awaiting customer acceptance. Source

Electroplating and Advanced Packaging Growth

ECP revenue surged 168% year-over-year: ECP (front-end and packaging), furnace and other technologies revenue $128.5 million versus $48.0 million in Q2 2025. Major driver of overall revenue expansion reflecting increased customer adoption. Source
Advanced packaging grew 153% year-over-year: Advanced packaging (excluding ECP), services & spares revenue $31.4 million versus $12.4 million in Q2 2025. Strong growth demonstrates successful expansion beyond traditional cleaning equipment. Source
Shipped 2,000th ECP chamber: Milestone demonstrates increasing adoption of ECP technology in high-volume manufacturing of logic, memory and 3D packaging. Prior milestones were 500 chambers in 2022 and 1,500 in 2025. Source

“We are raising our full-year 2026 revenue outloo k for 25% to 30% growth.”
Dr. David Wang, President and Chief Executive Officer

Gross Margin and Profitability

Gross margin declined 250 basis points: Gross margin 46.0% in Q2 2026 versus 48.5% in Q2 2025. Decline driven by product mix shift toward higher-volume ECP and advanced packaging. Non-GAAP gross margin 46.0% versus 48.7%. Source
Margin remains above long-term target: Gross margin above mid-point of long-term business model target range of 42% to 48%. Company expects quarterly variation due to product mix, currency impacts and sales volume. Source
Operating income increased 57% year-over-year: Operating income $49.7 million versus $31.7 million in Q2 2025. Operating margin 17.0% versus 14.7%. Non-GAAP operating income $56.3 million versus $41.5 million. Source
Diluted EPS tripled on GAAP basis: GAAP diluted EPS $1.23 versus $0.44 in Q2 2025, benefiting from $69.6 million unrealized gain on short-term investments. Non-GAAP diluted EPS $0.61 versus $0.55, modest 11% increase. Source

Operating Expense Leverage

Operating expenses declining as percentage of revenue: OpEx $84.9 million (29.0% of revenue) versus $72.8 million (33.8% of revenue) in Q2 2025. Non-GAAP OpEx 26.8% of revenue versus 29.4%, showing operating leverage. Source
Revenue growth outpacing cost growth: Revenue up 36% while operating expenses up only 16.6%, demonstrating operational scalability and improving leverage as company scales business. Source

“We remain confident in our ability to outgrow the market through new product cycles, market share gains and increasing contributions from global markets as we execute toward our long-term revenue target of $4 billion.”
Dr. David Wang, President and Chief Executive Officer

Raised 2026 Full-Year Guidance

Raised revenue guidance to $1.125-1.175B: Raised full-year 2026 revenue guidance by $45 million at low end. Increase reflects confidence in customer demand and order activity visibility for remainder of 2026. Source
Raised growth rate to 25-30%: Raised revenue growth rate guidance from 21-30% to 25-30%, reflecting stronger first-half performance and improved visibility into customer spending and product ramp cycles. Source
Guidance based on customer demand and trade policy: Guidance reflects current assessment of international trade policy impacts, customer spending scenarios, supply chain constraints, and timing of first tool customer acceptances. Source

New Product Portfolio Expanding

2026 positioned as "Big Year" for products: Multiple new platforms under customer evaluation and ramping: SPM Cleaning, Track, PECVD and horizontal panel-level plating for advanced packaging applications. Source
High-temperature SPM cleaning technology presented: Presented proprietary high-temperature SPM cleaning technology at SPCC 2026 with particle performance of fewer than 15 particles at 15nm without periodic chamber cleaning for advanced GAA, DRAM and HBM. Source
Tahoe platform expanded to multi-process: Ultra C Tahoe system expanded with advanced wet etch and monitor wafer reclaim applications. Tahoe Recycle application running in volume production demonstrating platform scalability. Source
Ultra ECP ap-p tool orders received: Received first production order for 510×515mm Ultra ECP ap-p tool from China customer for H1 2027 delivery and evaluation order for 310×310mm tool from Asia panel manufacturer for Q4 2026 delivery. Source

Global Expansion and Strategic Initiatives

Oregon facility making solid progress: Expanding engagement with global customers and making solid progress on Oregon facility ramp-up as part of strategy to increase contributions from international markets. Source
Hong Kong listing of subsidiary ongoing: ACM Shanghai pursuing Hong Kong Stock Exchange secondary listing to strengthen capital base and expand international presence. Announced in Q1 2026, application process underway.
Long-term $4 billion revenue target: Confident in ability to outgrow market through new product cycles, market share gains and increasing contributions from global markets while executing toward $4 billion long-term revenue target. Source

Cash Position and Financial Strength

Net cash reached $1.0 billion: Net cash (excluding short-term and long-term borrowings) $1.0 billion at Q2 end versus $924.2 million at Q1 end, up $75.8 million. Total cash and equivalents $1.36 billion. Source
Strong cash generation supports strategy: Robust cash generation and balance sheet position provides financial flexibility to fund strategic initiatives, new product development and market expansion activities. Source

Demand Visibility and Market Position

Customer demand provides good H2 visibility: Customer demand as demonstrated by increased order activity providing good visibility for remainder of 2026. Orders support confidence in maintaining growth momentum through year-end. Source
Market share gains from technology leadership: Confident in outgrowing market through combination of new product cycles, market share gains in existing products, and expanding global customer base and engagement. Source

Coming up, per management

New product ramps progressing: Proceeding with customer evaluations and product ramps across SPM Cleaning, Track, PECVD and horizontal panel-level plating platforms for advanced packaging applications. Source
Ultra ECP ap-p tool deliveries scheduled: First production order for 510×515mm Ultra ECP ap-p tool scheduled for H1 2027 delivery to China customer. Evaluation order for 310×310mm tool scheduled for Q4 2026 delivery to Asia panel manufacturer. Source
Oregon facility expansion continuing: Making solid progress on Oregon facility ramp-up as part of strategy to expand global manufacturing capabilities and international market presence. Source

Risks management discussed

External: International trade policy impacts on business operations and revenue generation in multiple markets globally. Source
Demand: Uncertainty in customer spending scenarios and timing of capital equipment purchases could affect revenue and growth rates. Source
Operational: Supply chain constraints could impact ability to meet customer demands and delivery schedules. Source
Operational: Timing of customer acceptances for first tools under evaluation remains uncertain and could affect revenue recognition and guidance achievement. Source

Earlier plans management reported on

On track: Continuing expansion of Oregon facility operations Source
On track: Proceeding with customer evaluations and ramping across multiple new product platforms Source

Summarised with AI from the documents the company filed with the SEC. Every point carries a quote that is checked word for word against the filing; a point whose quote is not found is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Exhibit 99.1

ACM Research Reports Second Quarter 2026 Results

FREMONT, Calif., August 07, 2026 (Globe Newswire) - ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its second quarter ended June 30, 2026.

“We delivered a strong second quarter, with revenue and shipments both increasing 36% year over year,” said Dr. David Wang, President and Chief Executive Officer of ACM. “Revenue growth was led by the ECP and advanced packaging categories, which grew 168% and 153%, respectively, reflecting the growing contribution of our broader product portfolio. During the quarter, we shipped our 2,000th ECP chamber, an important milestone that demonstrates the increasing adoption of our ECP technology in high-volume manufacturing of logic, memory and 3D packaging. We also delivered good profitability, and ended the quarter with $1.0 billion in net cash, providing significant financial strength to support our long-term growth strategy.”

Dr. Wang continued, “Customer demand as demonstrated by increased order activity provides us with good visibility for the remainder of 2026. We see 2026 as a ‘Big Year’ for new products as we proceed with customer evaluations and product ramps across multiple platforms, including SPM Cleaning, Track, PECVD and horizontal panel-level plating for advanced packaging . At the same time, we are expanding engagement with global custome rs and making solid progress at our Oregon facility. W e are raising our full-year 2026 revenue outloo k for 25% to 30% growth. We remain confident in our ability to outgrow the market through new product cycles, market share gains and increasing contributions from global markets as we execute toward our long-term revenue target of $4 billion.”

Three Months Ended June 30
GAAP	Non-GAAP(1)

2026

2025

2026

2025

(dollars in thousands, except EPS)
Revenue	$292,919	$215,372	$292,919	$215,372
Gross margin	46.0%	48.5%	46.0%	48.7%
Income from operations	$49,743	$31,694	$56,326	$41,464
Net income attributable to ACM Research, Inc.	$88,984	$29,760	$44,516	$37,316
Basic EPS	$1.31	$0.47	$0.66	$0.58
Diluted EPS	$1.23	$0.44	$0.61	$0.55

Six Months Ended June 30
GAAP	Non-GAAP(1)

2026

2025

2026

2025

(dollars in thousands, except EPS)
Revenue	$524,182	$387,719	$524,182	$387,719
Gross margin	46.1%	48.2%	46.2%	48.5%
Income from operations	$85,920	$57,471	$98,124	$77,058
Net income attributable to ACM Research, Inc.	$106,291	$50,140	$68,484	$68,395
Basic EPS	$1.59	$0.79	$1.02	$1.08
Diluted EPS	$1.49	$0.74	$0.96	$1.01

(1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain on short-term investments and its impact to net income attributable to non-controlling interests.

Exhibit 99.1

Outlook

AC M has raised its revenue guidance range to $1.125 billion to $1.175 billion fo r fiscal year 2026, from the prior range of $1.08 billion to $1.175 billion. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

Operating Highlights and Recent Announcements

• Shipments. Total shipments in the second quarter of 2026 were $ 281.5 million, up 36.4% when compared to the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.

• Shipment of the 2,000th Electroplating Chamber. ACM shipped its 2,000th electroplating chamber, following shipment milestones of 500 chambers in 2022 and 1,500 chambers in 2025. The achievement underscores the continued commercial expansion and growing market recognition of ACM's electroplating solutions.

• Presented Proprietary High-Temperature SPM Cleaning Technology at SPCC 2026. ACM presented its proprietary high-temperature SPM cleaning technology at the Surface Preparation and Cleaning Conference (SPCC) 2026, showcasing particle performance of fewer than 15 particles at 15nm without requiring periodic DI water chamber cleaning. The technology is designed to improve yield and lower maintenance requirements for advanced GAA logic, DRAM and HBM applications.

• Expansion of the Ultra C Tahoe Wet Processing Platform. ACM has expanded its Ultra C Tahoe system into a multi-process wet processing platform, by adding advanced wet etch and monitor wafer reclaim applications for logic and memory manufacturing. The expanded platform has been adopted by leading semiconductor manufacturers, and the Tahoe Recycle application is running in volume production at customer facilities. This expanded Tahoe platform demonstrates the versatility of our hybrid architecture and its scalability for advanced semiconductor manufacturing. ACM will continue to drive world-class process performance and integrating environmental benefits into product development to help make advanced semiconductor manufacturing more efficient and sustainable.

• Received Orders for the Ultra ECP ap-p Tool. ACM received the first production order for one 510 × 515 mm Ultra ECP ap-p tool from an existing advanced packaging customer in mainland China, with delivery scheduled for the first half of 2027. ACM also received an evaluation order for one 310 × 310 mm tool from a new leading panel-manufacturer customer based in Asia, with delivery scheduled for the fourth quarter of 2026.

• Second Quarter 2026 Financial Summary

Unless otherwise noted, the following figures refer to the second quarter of 2026 and comparisons are with the second quarter of 2025.

• Revenue was $292.9 million, up 36.0%, primarily driven by higher sales of ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares, partially offset by lower sales of single-wafer cleaning, Tahoe and semi-critical cleaning tools.

• Gross margin was 46.0% versus 48.5%. Non-GAAP gross margin, which excludes stock-based compensation, was 46.0% versus 48.7%. Gross margin was above the mid-point of ACM’s long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.

• Operating expenses were $84.9 million, an increase of 16.6%. Operating expenses as a percentage of revenue decreased to 29.0% from 33.8%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $78.5 million, up 23.9%. Non-GAAP operating expenses as a percentage of revenue decreased to 26.8% from 29.4% .

• Operating income was $49.7 million, compared to $31.7 million. Operating margin was 17.0% compared to 14.7%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $56.3 million, compared to

Exhibit 99.1

$41.5 million. Non-GAAP operating margin, which excludes stock-based compensation, was 19.2% compared to 19.3%.

• Unrealized gain on short-term investments was $69.6 million, compared to an unrealized gain of $2.7 million. Unrealized gain reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.

• Income tax expense was $13.5 million, compared to $1.9 million. The change in tax expense primarily resulted from the tax effect of an increase in operating profit for the period.

• Net income attributable to ACM Research, Inc. was $89.0 million, compared to $29.8 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $44.5 million, compared to $37.3 million.

• Net income per diluted share attributable to ACM Research, Inc. was $1.23, compared to $0.44. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.61, compared to $0.55.

• Cash and cash equivalents, plus restricted cash and short-term time deposits were $1.36 billion at June 30, 2026, compared to $1.25 billion at March 31, 2026. Net cash, which excludes short-term and long-term borrowings, was $1.0 billion at June 30, 2026, compared to $924.2 million at March 31, 2026.

Conference Call Details

A conference call to discuss results will be held on Friday, August 7, 2026, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register-conf.media-server.com/register/BIc282607074af4b0895b2ed37fb7d0eb9 Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com .

Use of Non-GAAP Financial Measures

ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information

Exhibit 99.1

and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

© ACM Research, Inc. Ultra C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States :	The Blueshirt Group
Steven C. Pelayo, CFA
(360) 808-5154
steven@blueshirtgroup.co
In China :	The Blueshirt Group Asia
Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.co

Exhibit 99.1

ACM RESEARCH, INC.

Condensed Consolidated Balance Sheets

June 30, 2026

December 31, 2025

(Unaudited)
(In thousands)
Assets
Current assets:
Cash and cash equivalents	$969,229	$757,373
Restricted cash	21,358	8,589
Short-term time deposits	365,055	366,591
Short-term investments	105,091	35,524
Accounts receivables, net	538,389	504,250
Other receivables	66,820	48,655
Inventories, net	783,119	702,631
Advances to related parties	163	2,500
Prepaid expenses and other current assets	25,554	10,567
Total current assets	2,874,778	2,436,680
Property, plant and equipment, net	384,593	314,830
Operating lease right-of-use assets, net	16,634	17,925
Intangible assets, net	2,516	2,847
Deferred tax assets	25,904	29,389
Long-term investments	89,249	66,035
Other long-term assets	5,564	4,479
Total assets	$3,399,238	$2,872,185
Liabilities and Equity
Current liabilities:
Short-term borrowings	$107,218	$74,041
Current portion of long-term borrowings	40,787	35,082
Related parties accounts payable	29,799	32,060
Accounts payable	220,601	215,440
Advances from customers	165,566	187,809
Deferred revenue	15,908	17,388
Income taxes payable	3,626	991
FIN-48 payable	28,908	27,719
Other payables and accrued expenses	168,944	150,396
Current portion of operating lease liability	4,907	4,786
Total current liabilities	786,264	745,712
Long-term borrowings	192,904	178,930
Long-term operating lease liability	3,503	5,069
Other long-term liabilities	11,444	11,965
Total liabilities	994,115	941,676
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock	6	6
Class B Common stock	1	1
Additional paid-in capital	1,361,841	1,115,504
Retained earnings	456,719	350,428
Statutory surplus reserve	34,164	34,164
Accumulated other comprehensive loss	7,423	(35,740)
Total ACM Research, Inc. stockholders’ equity	1,860,154	1,464,363
Non-controlling interests	544,969	466,146
Total equity	2,405,123	1,930,509
Total liabilities and equity	$3,399,238	$2,872,185

Exhibit 99.1

ACM RESEARCH, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(Unaudited)
( In thousands, except share and per share data)
Revenue	$292,919	$215,372	$524,182	$387,719
Cost of revenue	158,301	110,911	282,326	200,708
Gross profit	134,618	104,461	241,856	187,011
Operating expenses:
Sales and marketing	23,778	22,102	44,466	38,445
Research and development	42,254	33,817	78,803	61,320
General and administrative	18,843	16,848	32,667	29,775
Total operating expenses	84,875	72,767	155,936	129,540
Income from operations	49,743	31,694	85,920	57,471
Interest income	7,142	4,013	11,861	7,352
Interest expense	(2,059)	(1,757)	(3,992)	(3,315)
Realized gain on short-term investments	-	54	-	54
Unrealized gain on short-term investments	69,592	2,730	68,186	1,648
Other expense, net	(9,793)	(346)	(19,093)	(608)
Income from equity method investments	21,097	1,773	22,846	2,725
Income before income taxes	135,722	38,161	165,728	65,327
Income tax expense	(13,472)	(1,891)	(17,243)	(4,044)
Net income	122,250	36,270	148,485	61,283
Less: Net income attributable to non-controlling interests	33,266	6,510	42,194	11,143
Net income attributable to ACM Research, Inc.	$88,984	$29,760	$106,291	$50,140
Comprehensive income:
Net income	122,250	36,270	148,485	61,283
Foreign currency translation adjustment, net of tax of nil	30,141	3,905	57,938	5,655
Comprehensive Income	153,066	40,175	207,098	66,938
Less: Comprehensive income attributable to non-controlling interests	41,477	7,250	57,644	12,207
Comprehensive income attributable to ACM Research, Inc.	$111,589	$32,925	$149,454	$54,731
Net income attributable to ACM Research, Inc. per common share:
Basic	$1.31	$0.47	$1.59	$0.79
Diluted	$1.23	$0.44	$1.49	$0.74
Weighted average common shares outstanding used in computing per share amounts:
Basic	67,890,917	63,968,763	66,853,350	63,620,235
Diluted	71,838,908	67,464,856	70,678,872	67,138,338

Exhibit 99.1

ACM RESEARCH, INC.

Total Revenue by Product Category

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(Unaudited)
($ in thousand)
Single wafer cleaning, Tahoe and semi-critical cleaning equipment	$132,978	$154,961	$255,460	$284,530
ECP (front-end and packaging), furnace and other technologies	128,546	48,016	212,785	75,646
Advanced packaging (excluding ECP), services & spares	31,395	12,395	55,937	27,543
Total Revenue By Product Category	$292,919	$215,372	$524,182	$387,719

Exhibit 99.1

ACM RESEARCH, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

Exhibit 99.1

Three Months Ended June 30,
2026	2025

Actual (GAAP)

SBC

Other non- operating adjustments

Adjusted (Non-GAAP)

Actual (GAAP)

SBC

Other non- operating adjustments

Adjusted (Non-GAAP)

(In thousands)
Revenue	$292,919	$-	$-	$292,919	$215,372	$-	$-	$215,372
Cost of revenue	(158,301)	(177)	-	(158,124)	(110,911)	(356)	-	(110,555)
Gross profit	134,618	(177)	-	134,795	104,461	(356)	-	104,817
Gross margin	46.0%	0.1%	-	46.0%	48.5%	0.2%	-	48.7%
Operating expenses:
Sales and marketing	(23,778)	(1,330)	-	(22,448)	(22,102)	(2,096)	-	(20,006)
Research and development	(42,254)	(1,532)	-	(40,722)	(33,817)	(2,580)	-	(31,237)
General and administrative	(18,843)	(3,544)	-	(15,299)	(16,848)	(4,738)	-	(12,110)
Total operating expenses	(84,875)	(6,406)	-	(78,469)	(72,767)	(9,414)	-	(63,353)
Income (loss) from operations	49,743	(6,583)	-	56,326	31,694	(9,770)	-	41,464
Unrealized gain on short-term investments	69,592	-	69,592	-	2,730	-	2,730	-
Less: Net income attributable to non-controlling interests	33,266	-	(18,541)	14,725	6,510	-	(516)	5,994
Net income (loss) attributable to ACM Research, Inc.	$88,984	($6,583)	$51,051	$44,516	$29,760	($9,770)	$2,214	$37,316

Basic EPS	$1.31	$0.66	$0.47	$0.58
Diluted EPS	$1.23	$0.61	$0.44	$0.55

Six Months Ended June 30,
2026	2025

Actual (GAAP)

SBC

Other non- operating adjustments

Adjusted (Non-GAAP)

Actual (GAAP)

SBC

Other non- operating adjustments

Adjusted (Non-GAAP)

(In thousands)
Revenue	$524,182	$-	$-	$524,182	$387,719	$-	$-	$387,719
Cost of revenue	(282,326)	(525)	-	(281,801)	(200,708)	(885)	-	(199,823)
Gross profit	241,856	(525)	-	242,381	187,011	(885)	-	187,896
Gross margin	46.1%	0.1%	-	46.2%	48.2%	0.2%	-	48.5%
Operating expenses:
Sales and marketing	(44,466)	(2,822)	-	(41,644)	(38,445)	(4,253)	-	(34,192)
Research and development	(78,803)	(3,374)	-	(75,429)	(61,320)	(5,355)	-	(55,965)
General and administrative	(32,667)	(5,483)	-	(27,184)	(29,775)	(9,094)	-	(20,681)
Total operating expenses	(155,936)	(11,679)	-	(144,257)	(129,540)	(18,702)	-	(110,838)
Income (loss) from operations	85,920	(12,204)	-	98,124	57,471	(19,587)	-	77,058
Unrealized gain on short-term investments	68,186	-	68,186	-	1,648	-	1,648	-
Less: Net income attributable to non-controlling interests	42,194	-	(18,175)	24,019	11,143	-	(316)	10,827
Net income (loss) attributable to ACM Research, Inc.	$106,291	($12,204)	$50,011	$68,484	$50,140	($19,587)	$1,332	$68,395

Basic EPS	$1.59	$1.02	$0.79	$1.08
Diluted EPS	$1.49	$0.96	$0.74	$1.01