ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ:ACMR), a
leading supplier of wafer cleaning technologies for advanced
semiconductor devices, today reported financial results for its
second fiscal quarter ended June 30, 2020.
ACM’s President and Chief Executive Officer Dr. David Wang
commented, “We are pleased with our second quarter results. Our
revenue and shipments rebounded significantly following the
COVID-19 related pause in the first quarter. We have strong
visibility for remainder of 2020, with solid demand for current and
new products, and we have raised our outlook accordingly.”
Dr. Wang continued, “Our Tahoe momentum continued, with a repeat
shipment to our lead customer in the second quarter, and additional
Tahoe deliveries to this customer and other customers planned for
the second half of the year. We are also building progress with our
ECP map front-end tool, with acceptance from our first customer in
the second quarter, and an order from another foundry customer that
was delivered in July. Also in July, we began construction of
our new Lingang facility, which will add a total space of one
million square feet for R&D and manufacturing.”
|
Three Months Ended June 30, |
|
GAAP |
|
Non-GAAP(1) |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
(dollars in thousands, except per share data) |
Revenue |
$ |
39,049 |
|
|
$ |
29,010 |
|
|
$ |
39,049 |
|
|
$ |
29,010 |
|
Gross margin |
|
49.6 |
% |
|
|
45.3 |
% |
|
|
49.7 |
% |
|
|
45.4 |
% |
Income from operations |
$ |
7,336 |
|
|
$ |
4,661 |
|
|
$ |
8,191 |
|
|
$ |
5,279 |
|
Net income (loss) attributable
to ACM Research, Inc. |
$ |
(81 |
) |
|
$ |
4,311 |
|
|
$ |
6,205 |
|
|
$ |
4,929 |
|
Basic EPS |
$ |
(0.00 |
) |
|
$ |
0.27 |
|
|
$ |
0.34 |
|
|
$ |
0.31 |
|
Diluted EPS |
$ |
(0.00 |
) |
|
$ |
0.23 |
|
|
$ |
0.29 |
|
|
$ |
0.26 |
|
|
Six Months Ended June 30, |
|
GAAP |
|
Non-GAAP(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
(dollars in thousands, except per share data) |
Revenue |
$ |
63,397 |
|
|
$ |
49,489 |
|
|
$ |
63,397 |
|
|
$ |
49,489 |
|
Gross margin |
|
46.7 |
% |
|
|
44.4 |
% |
|
|
46.8 |
% |
|
|
44.5 |
% |
Income from operations |
$ |
8,554 |
|
|
$ |
6,912 |
|
|
$ |
10,098 |
|
|
$ |
8,274 |
|
Net income attributable to ACM
Research, Inc. |
$ |
1,624 |
|
|
$ |
6,168 |
|
|
$ |
8,599 |
|
|
$ |
7,530 |
|
Basic EPS |
$ |
0.09 |
|
|
$ |
0.38 |
|
|
$ |
0.48 |
|
|
$ |
0.47 |
|
Diluted EPS |
$ |
0.08 |
|
|
$ |
0.33 |
|
|
$ |
0.41 |
|
|
$ |
0.41 |
|
(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, with respect to net income (loss) attributable to ACM
Research, Inc. and basic and diluted EPS, also exclude non-cash
changes in fair value of financial assets and liabilities. |
Outlook
For fiscal year 2020, the Company now expects revenue to be in
the range of $140 million to $155 million, up from the previous
guidance range of $130 million to $150 million. This view assumes,
among other factors, the COVID-19 situation continues to
improve in China and stabilizes in the coming months on a global
basis.
Q2 Operating Highlights and Recent
Announcements
- Shipments. Total shipments in the second
quarter of 2020 were $45 million, versus $33 million in the second
quarter of 2019 and $12 million in the first quarter of 2020. Total
shipments included deliveries for revenue in the quarter, and
deliveries of systems awaiting customer acceptance for potential
revenue in future quarters.
- Ultra C VI Cleaning Tool Introduced. On June
26, 2020, ACM introduced its Ultra C VI single wafer tool, the
newest addition to its line of Ultra C cleaning systems. Building
on ACM’s proven multi-chamber technology, the new tool features 18
chambers, representing a 50-percent expansion on the 12 chambers
included in the Ultra C V system, with only a slightly larger
footprint to allow for integration into existing production
lines.
- Two new China-Based Customers. On August 5,
2020, ACM announced receipt of purchase orders and participation in
final-stage bidding for a total of $36 million from two new
China-based customers that manufacture analog and power IC
devices.
- SAPS II Development Tool Delivered to Global
OEM. On August 5, 2020, ACM also announced that it had
recently delivered its Ultra C SAPS II 2-chamber development
tool to the U.S. demo lab of a leading global supplier of
semiconductor processing equipment for wafer manufacturing. This
marked ACM's first delivery and installation of Smart Megasonix
technology in the United States.
- ACM Shanghai Pre-IPO activities. In May
2020, ACM Shanghai submitted its application for an initial public
offering of its shares on the Shanghai Stock Exchange’s STAR
Market. The Company’s plan remains on track to price the
transaction by year-end, pending timely approvals.
- Update on R&D and Production Center in Shanghai’s
Lingang Region. ACM Shanghai held a groundbreaking
ceremony on July 7, 2020 to mark the commencement of construction
of its new one million square foot R&D and production facility.
The facility site is located in the Lingang region of Shanghai,
which is approximately 30 miles from ACM Shanghai’s headquarters in
Zhangjiang. The Company expects initial production activities to
commence in late 2022.
- Investment in SMIC’s STAR Market
Listing. In May 2020 ACM Shanghai became
a limited partner of Qingdao Fortune-Tech Xinxing Capital
Partnership (L.P.), a partnership formed to establish a special
fund to purchase, in a strategic placement, shares of Semiconductor
Manufacturing International Corp. (“SMIC”) to be listed on the
Shanghai Stock Exchange’s STAR Market. The partnership contributed
a total of RMB 2.224 billion ($315 million), at the offer price of
RMB 27.46, of which ACM contributed RMB 100 million ($14.2
million). SMIC is the largest China-based semiconductor foundry,
and its shares began trading on the STAR Market on July 16,
2020.
Financial Summary
Unless otherwise noted, the following figures refer to the
second quarter of 2020 and comparisons are with the second quarter
of 2019.
- Revenue was $39.0 million, up 34.6%,
reflecting an increase in revenue from single wafer wet cleaning
and other front-end processing equipment, and an increase in
revenue from back-end wafer assembly and packaging equipment.
- Gross margin was 49.6%, up from 45.3%. Gross
margin was above the high-end of the range of 40.0% to 45.0% set
forth in the Company’s long-term business model. The Company
expects gross margin to vary from period to period due to a variety
of factors, such as sales volume and product mix.
- Operating expenses were $12.0 million, an
increase of 42%. Non-GAAP operating expenses, which exclude
stock-based compensation, were $11.2 million, up 42%. Non-GAAP
operating expenses as a percent of revenue increased to 29%, from
27%. Higher R&D spending on new products, and sales-related
activities, contributed to the increase from the prior-year
period.
- Operating income of $7.3 million increased
57%. Non-GAAP operating income was $8.2 million, up 55%. Non-GAAP
operating income as a percent of revenue increased to 21.0%, from
18.2%.
- Change in fair value of financial liability
was a loss of $5.4 million, compared to $0 in the second quarter of
2019. The non-cash, non-operating expense reflects a change in book
value of a liability indexed to the market price of ACM’s
Class A common stock, and is excluded from non-GAAP results.
The obligation, which resulted from agreements required for ACM
Shanghai’s STAR Market IPO preparation, was terminated in July upon
ACM’s issuance of a Class A common stock warrant.
- Net income (loss)
attributable to ACM Research, Inc. was a net loss
of $0.1 million, compared to net income of $4.3 million in the
second quarter of 2019. Non-GAAP net income attributable to ACM
Research, Inc. was $6.2 million, increased from $4.9 million. Tax
expense (compared to a normalized 12% tax rate), and the effects of
foreign-exchange fluctuations on operating results, resulted in a
headwind of $0.9 million, as compared to a net gain of $0.6 million
in the second quarter of 2019.
- Net income (loss) per diluted share
attributable to ACM Research, Inc. was $0.00,
compared to net income of $0.23 in the second quarter of 2019.
Non-GAAP net income per diluted share attributable to ACM Research,
Inc. was $0.29, an increase from $0.26. Tax expense (compared to a
normalized 12% tax rate) and the effects of foreign-exchange
fluctuations on operating results resulted in a net headwind of
$0.04 per share, as compared to a net benefit of $0.03 in the
second quarter of 2019.
- Cash and equivalents at quarter-end were $86.4
million, versus $52.3 million at the end of the first quarter of
2020 and $27.6 million at the end of the second quarter of 2019.
The increase was due primarily to the release of restricted cash
from private equity investments previously held in reserve pending
submission of ACM Shanghai’s STAR Market IPO application, partly
offset by investments in the Lingang facility, participation in
SMIC’s IPO, and net cash used in operating activities.
Conference Call Details
A conference call to discuss results will be held on Thursday,
August 6, 2020, at 8:00 a.m. Eastern Time (8:00 p.m. China
Time).
Please register in advance to join the conference call using the
link provided below and dial in 10 minutes before the call is
scheduled to begin. Conference call access information will be
provided upon registration.
Participant Online Registration:
http://apac.directeventreg.com/registration/event/5588686
A recording of the webcast will be available on the investor
page of the ACM website at www.acmrcsh.com for one week following
the call.
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 (loss)
attributable to ACM Research, Inc. and basic and diluted EPS
exclude non-cash changes in fair value of financial assets and
liabilities, which ACM also believes is 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 Non-GAAP to 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 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
Statements contained in the second and third paragraphs of this
press release, under the heading “Outlook” above, and in the third
through seventh bullets under “Q2 Operating Highlights and Recent
Announcements” above are not historical facts and may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements regarding the intent, belief and
current expectations with respect to: the demand for ACM’s tools,
including the timing of completion of, and the extent of future
need for, ACM Shanghai’s proposed R&D and manufacturing
facility in Lingang; ACM’s anticipated tool shipments to customers
in accordance with its newly announced purchase arrangements; and
ACM’s plans for completion of the STAR Market listing of shares of
ACM Shanghai. Such statements, which are expectations only, reflect
management's current views, are based on certain assumptions, and
involve risks and uncertainties. Actual results, events, or
performance may differ materially from the above forward-looking
statements due to a number of important factors, and will be
dependent upon a variety of factors, including, but not limited to,
the following, any of which could be exacerbated even further by
the continuing COVID-19 outbreak in China and globally: anticipated
customer orders or identified market opportunities may not grow or
develop as anticipated; customer orders already received may be
postponed or canceled; ACM may be unable to obtain the
qualification and acceptance of its delivered tools when
anticipated or at all, which would delay or preclude ACM’s
recognition of revenue from the sale of those tools; suppliers may
not be able to meet ACM’s demands on a timely basis; ACM’s
technologies and tools may not gain market acceptance; ACM may be
unable to compete effectively by, among other things, enhancing its
existing tools; ACM’s has limited experience in selling in North
America; volatile global economic, market, industry and other
conditions could result in sharply lower demand for products
containing semiconductors and for the company's products and in
disruption of capital and credit markets; and trade regulations,
currency fluctuations, political instability and war may materially
adversely affect ACM due to its substantial non-U.S. customer and
supplier base and its substantial non-U.S. manufacturing
operations. ACM cannot guarantee any future results, levels of
activity, performance or achievements. 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 for single-wafer or batch wet cleaning, electroplating,
stress-free polishing and thermal processes that are critical to
advanced semiconductor device manufacturing, as well as wafer-level
packaging. The company 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.
© ACM Research, Inc. SAPS, SMART MEGASONIX, 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 |
|
Ralph Fong |
|
+1 (415) 489-2195 |
|
ralph@blueshirtgroup.com |
|
|
In China: |
The Blueshirt Group Asia |
|
Gary Dvorchak, CFA |
|
+86 (138) 1079-1480 |
|
gary@blueshirtgroup.com |
ACM RESEARCH,
INC.Condensed Consolidated Balance
Sheets
|
|
|
June 30,
2020 |
December 31,
2019 |
|
(Unaudited) |
|
(In thousands,
except share and per share data) |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
86,397 |
|
|
$ |
58,261 |
|
Restricted
cash |
|
- |
|
|
|
59,598 |
|
Accounts
receivable, less allowance for doubtful accounts of $0 as of June
30, 2020 and $0 as of December 31, 2019 |
|
58,903 |
|
|
|
31,091 |
|
Other
receivables |
|
7,651 |
|
|
|
2,603 |
|
Inventories |
|
49,772 |
|
|
|
44,796 |
|
Prepaid
expenses |
|
3,157 |
|
|
|
2,047 |
|
Total current assets |
|
205,880 |
|
|
|
198,396 |
|
Property,
plant and equipment, net |
|
3,956 |
|
|
|
3,619 |
|
Operating
lease right-of-use assets, net |
|
4,648 |
|
|
|
3,887 |
|
Intangible
assets, net |
|
329 |
|
|
|
344 |
|
Deferred tax
assets |
|
5,763 |
|
|
|
5,331 |
|
Long-term
investments |
|
20,360 |
|
|
|
5,934 |
|
Other
long-term assets |
|
16,466 |
|
|
|
192 |
|
Total assets |
|
257,402 |
|
|
|
217,703 |
|
Liabilities, Redeemable Non-controlling Interests and
Stockholders’ Equity |
|
|
|
Current
liabilities: |
|
|
|
Short-term borrowings |
|
25,772 |
|
|
|
13,753 |
|
Accounts payable |
|
27,986 |
|
|
|
13,262 |
|
Advances from customers |
|
8,780 |
|
|
|
9,129 |
|
Income taxes payable |
|
1,669 |
|
|
|
3,129 |
|
Other payables and accrued expenses |
|
15,357 |
|
|
|
12,874 |
|
Current portion of operating lease liability |
|
1,331 |
|
|
|
1,355 |
|
Deferred revenue |
|
474 |
|
|
|
- |
|
Financial liability carried at fair value |
|
15,147 |
|
|
|
- |
|
Total current liabilities |
|
96,516 |
|
|
|
53,502 |
|
Long-term operating lease liability |
|
3,317 |
|
|
|
2,532 |
|
Other
long-term liabilities |
|
6,584 |
|
|
|
4,186 |
|
Total liabilities |
|
106,417 |
|
|
|
60,220 |
|
Commitments and contingencies |
|
|
|
Redeemable
non-controlling interests |
|
- |
|
|
|
60,162 |
|
Stockholders’ equity: |
|
|
|
Common stock
– Class A, par value $0.0001: 50,000,000 shares authorized as of
June 30, 2020 and December 31, 2019; 16,250,092 shares issued and
outstanding as of June 30, 2020 and 16,182,151 shares issued and
outstanding as of December 31, 2019 |
|
2 |
|
|
|
2 |
|
Common
stock–Class B, par value $0.0001: 2,409,738 shares authorized as of
June 30, 2020 and December 31, 2019; 1,802,606 shares issued and
outstanding as of June 30, 2020 and 1,862,608 shares issued and
outstanding as of December 31, 2019 |
|
- |
|
|
|
- |
|
Additional
paid in capital |
|
76,189 |
|
|
|
83,487 |
|
Accumulated
surplus |
|
17,131 |
|
|
|
15,507 |
|
Accumulated
other comprehensive loss |
|
(3,415 |
) |
|
|
(1,675 |
) |
Total ACM Research, Inc. stockholders’ equity |
|
89,907 |
|
|
|
97,321 |
|
Non-controlling interests |
|
61,078 |
|
|
|
- |
|
Total stockholders’ equity |
|
150,985 |
|
|
|
97,321 |
|
Total liabilities, redeemable non-controlling interests,
and stockholders’ equity |
$ |
257,402 |
|
|
$ |
217,703 |
|
|
|
|
|
ACM RESEARCH,
INC.Condensed Consolidated Statements of
Operations and Comprehensive Income
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
( In thousands,
except share and per share data) |
|
( In thousands,
except share and per share data) |
Revenue |
$ |
39,049 |
|
|
$ |
29,010 |
|
|
$ |
63,397 |
|
|
$ |
49,489 |
|
Cost of revenue |
|
19,693 |
|
|
|
15,879 |
|
|
|
33,813 |
|
|
|
27,532 |
|
Gross profit |
|
19,356 |
|
|
|
13,131 |
|
|
|
29,584 |
|
|
|
21,957 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
4,595 |
|
|
|
2,924 |
|
|
|
7,600 |
|
|
|
4,793 |
|
Research and development |
|
5,221 |
|
|
|
3,341 |
|
|
|
8,898 |
|
|
|
6,106 |
|
General and administrative |
|
2,204 |
|
|
|
2,205 |
|
|
|
4,532 |
|
|
|
4,146 |
|
Total operating expenses, net |
|
12,020 |
|
|
|
8,470 |
|
|
|
21,030 |
|
|
|
15,045 |
|
Income from operations |
|
7,336 |
|
|
|
4,661 |
|
|
|
8,554 |
|
|
|
6,912 |
|
Interest income |
|
320 |
|
|
|
24 |
|
|
|
655 |
|
|
|
33 |
|
Interest expense |
|
(228 |
) |
|
|
(194 |
) |
|
|
(339 |
) |
|
|
(333 |
) |
Change in
fair value of financial liability |
|
(5,431 |
) |
|
|
- |
|
|
|
(5,431 |
) |
|
|
- |
|
Other income, net |
|
149 |
|
|
|
543 |
|
|
|
826 |
|
|
|
282 |
|
Equity income
in net income of affiliates |
|
209 |
|
|
|
153 |
|
|
|
357 |
|
|
|
269 |
|
Income before income taxes |
|
2,355 |
|
|
|
5,187 |
|
|
|
4,622 |
|
|
|
7,163 |
|
Income tax expense |
|
(1,859 |
) |
|
|
(876 |
) |
|
|
(2,163 |
) |
|
|
(995 |
) |
Net income |
|
496 |
|
|
|
4,311 |
|
|
|
2,459 |
|
|
|
6,168 |
|
Less: Net
income attributable to non-controlling interests and redeemable
non-controlling interests |
|
577 |
|
|
|
- |
|
|
|
835 |
|
|
|
- |
|
Net income
(loss) attributable to ACM Research, Inc. |
$ |
(81 |
) |
|
$ |
4,311 |
|
|
$ |
1,624 |
|
|
$ |
6,168 |
|
Comprehensive income: |
|
|
|
|
|
|
|
Net income |
|
496 |
|
|
|
4,311 |
|
|
|
2,459 |
|
|
|
6,168 |
|
Foreign currency translation adjustment |
|
242 |
|
|
|
(968 |
) |
|
|
(1,658 |
) |
|
|
(311 |
) |
Total comprehensive income |
|
738 |
|
|
|
3,343 |
|
|
|
801 |
|
|
|
5,857 |
|
Less:
Comprehensive income attributable to non-controlling interests and
redeemable non-controlling interests |
|
1,610 |
|
|
|
- |
|
|
|
916 |
|
|
|
- |
|
Total comprehensive income (loss)
attributable to ACM Research, Inc. |
$ |
(872 |
) |
|
$ |
3,343 |
|
|
$ |
(115 |
) |
|
$ |
5,857 |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to ACM Research, Inc.
per common share : |
|
|
|
|
|
|
|
Basic |
$ |
(0.00 |
) |
|
$ |
0.27 |
|
|
$ |
0.09 |
|
|
$ |
0.38 |
|
Diluted |
$ |
(0.00 |
) |
|
$ |
0.23 |
|
|
$ |
0.08 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding used in computing per share amounts: |
Basic |
|
18,050,841 |
|
|
|
16,090,937 |
|
|
|
18,085,602 |
|
|
|
16,067,924 |
|
Diluted |
|
21,516,175 |
|
|
|
18,604,347 |
|
|
|
21,197,203 |
|
|
|
18,455,534 |
|
|
|
|
|
|
|
|
|
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 and net income attributable to ACM Research, Inc. as
supplemental measures to GAAP financial measures, each of which
excludes stock-based compensation (“SBC”) from the equivalent GAAP
financial line items. The following table reconciles gross margin,
operating expenses, operating income and net income attributable to
ACM Research, Inc. to the related non-GAAP financial measures:
|
Three Months Ended June 30, |
|
|
2020 |
|
|
2019 |
|
|
Actual |
SBC |
|
Adjusted |
Actual |
SBC |
Adjusted |
(GAAP) |
Change in fair value of financial liability |
(Non-GAAP) |
(GAAP) |
(Non-GAAP) |
|
(In thousands) |
|
|
|
|
|
|
|
|
Revenue |
$ |
39,049 |
|
$ |
- |
|
$ |
- |
|
$ |
39,049 |
|
$ |
29,010 |
|
$ |
- |
|
$ |
29,010 |
|
Cost of revenue |
|
(19,693 |
) |
|
(43 |
) |
|
- |
|
|
(19,650 |
) |
|
(15,879 |
) |
|
(29 |
) |
|
(15,850 |
) |
Gross profit |
|
19,356 |
|
|
(43 |
) |
|
- |
|
|
19,399 |
|
|
13,131 |
|
|
(29 |
) |
|
13,160 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
(4,595 |
) |
|
(164 |
) |
|
- |
|
|
(4,431 |
) |
|
(2,924 |
) |
|
(46 |
) |
|
(2,878 |
) |
Research and development |
|
(5,221 |
) |
|
(188 |
) |
|
- |
|
|
(5,033 |
) |
|
(3,341 |
) |
|
(94 |
) |
|
(3,247 |
) |
General and administrative |
|
(2,204 |
) |
|
(460 |
) |
|
- |
|
|
(1,744 |
) |
|
(2,205 |
) |
|
(449 |
) |
|
(1,756 |
) |
Income from operations |
$ |
7,336 |
|
$ |
(855 |
) |
$ |
- |
|
$ |
8,191 |
|
$ |
4,661 |
|
$ |
(618 |
) |
$ |
5,279 |
|
Change in fair value of financial liability |
|
(5,431 |
) |
|
- |
|
|
(5,431 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net income
(loss) attributable to ACM Research, Inc. |
$ |
(81 |
) |
$ |
(855 |
) |
$ |
(5,431 |
) |
$ |
6,205 |
|
$ |
4,311 |
|
$ |
(618 |
) |
$ |
4,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2020 |
|
|
2019 |
|
|
Actual |
SBC |
|
Adjusted |
Actual |
SBC |
Adjusted |
(GAAP) |
Change in fair value of financial liability |
(Non-GAAP) |
(GAAP) |
(Non-GAAP) |
|
(In thousands) |
|
|
|
|
|
|
|
|
Revenue |
$ |
63,397 |
|
$ |
- |
|
$ |
- |
|
$ |
63,397 |
|
$ |
49,489 |
|
|
$ |
49,489 |
|
Cost of revenue |
|
(33,813 |
) |
|
(88 |
) |
|
- |
|
|
(33,725 |
) |
|
(27,532 |
) |
|
(59 |
) |
|
(27,473 |
) |
Gross profit |
|
29,584 |
|
|
(88 |
) |
|
- |
|
|
29,672 |
|
|
21,957 |
|
|
(59 |
) |
|
22,016 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
(7,600 |
) |
|
(258 |
) |
|
- |
|
|
(7,342 |
) |
|
(4,793 |
) |
|
(80 |
) |
|
(4,713 |
) |
Research and development |
|
(8,898 |
) |
|
(375 |
) |
|
- |
|
|
(8,523 |
) |
|
(6,106 |
) |
|
(180 |
) |
|
(5,926 |
) |
General and administrative |
|
(4,532 |
) |
|
(823 |
) |
|
- |
|
|
(3,709 |
) |
|
(4,146 |
) |
|
(1,043 |
) |
|
(3,103 |
) |
Income from operations |
$ |
8,554 |
|
$ |
(1,544 |
) |
$ |
- |
|
$ |
10,098 |
|
$ |
6,912 |
|
$ |
(1,362 |
) |
$ |
8,274 |
|
Change in fair value of financial liability |
|
(5,431 |
) |
|
- |
|
|
(5,431 |
) |
|
- |
|
|
- |
|
|
|
- |
|
Net income
attributable to ACM Research, Inc. |
$ |
1,624 |
|
$ |
(1,544 |
) |
$ |
(5,431 |
) |
$ |
8,599 |
|
$ |
6,168 |
|
$ |
(1,362 |
) |
$ |
7,530 |
|
|
|
|
|
|
|
|
|
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