ACM Research Reaffirms 2022 Revenue Outlook and Provides Initial Outlook for 2023 Revenue
04 January 2023 - 12:00AM
ACM Research, Inc. (ACM) (NASDAQ: ACMR), a leading supplier of
wafer processing solutions for semiconductor and advanced
wafer-level packaging applications, today has reaffirmed its full
year 2022 revenue outlook of $365 million to $385 million as was
provided in ACM’s third quarter 2022 earnings release issued on
November 4, 2022.
ACM also announced that it expects revenue for the full year
2023 to be in the range of $515 million to $585 million. This
expectation is based on ACM management’s current assessment of the
potential impact from current US-China trade policy, and assumes
the COVID-19 reopening in the PRC, 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.
“We expect continued growth in 2023 as we execute on our mission
to become a major equipment supplier to the global semiconductor
industry,” said Dr. David Wang, ACM’s President and Chief Executive
Officer. “Following a temporary pause by some customers as the
industry adjusts to the recent U.S. trade restrictions, we continue
to anticipate a recovery in mature node spending as some of our
China customers add capacity to better align China’s domestic
semiconductor production with its market consumption. We also
anticipate incremental contributions from new customers and newer
products, including our Ultra C wb (Autobench cleaning), ECP map,
ECP ap, and Ultra Furnace products.”
ACM plans to release its fourth quarter and full year 2022
financial results in late February 2023. The 2022 revenue outlook
included in this press release is preliminary. Actual fourth
quarter and full year 2022 revenue results are subject to review
and audit procedures by ACM’s independent registered public
accounting firm.
Upcoming Conferences
As previously announced, ACM will be holding virtual meetings
with investors on January 4, 2023 (China time) at the Morgan
Stanley Virtual China Opportunity Conference, on January 5, 2023
(China time) at the Credit Suisse 2023 Greater China Technology and
Internet Virtual Conference and on January 12, 2023 (U.S. time) at
the 25th Annual Needham Growth Conference.
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, which are critical to
advanced semiconductor device manufacturing and wafer-level
packaging. 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.acmrcsh.com.
Forward-Looking Statements
Information presented in this press release includes
forward-looking statements for purposes of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including statements in the first paragraph with
respect to our full year 2022 revenue outlook and statements in the
second paragraph with respect to projected 2023 revenue and the
underlying expectations and assumptions of ACM management.
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. Those risks and uncertainties
include, but are 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, adding additional production capacity
and engaging additional major customers; ACM may incur significant
expenses long before it can recognize revenue from new products, if
at all, due to the costs and length of research, development,
manufacturing and customer evaluation process cycles; volatile
global economic, market, industry and other conditions could result
in sharply lower demand for products containing semiconductors and
for ACM’s products and in disruption of capital and credit markets;
ACM’s failure to successfully manage its operations, including its
inability to hire, train, integrate and manage additional qualified
engineers for research and development activities; and trade
regulations, including those recently published by the U.S.
Department of Commerce imposing certain restrictions on equipment
shipments and business practices with China-based semiconductor
manufacturers, currency fluctuations, political instability and
war, all of which may materially and adversely affect ACM due to
its substantial non-U.S. customer and supplier base and its
substantial non-U.S. manufacturing operations. A further
description of these risks, uncertainties and other matters can be
found in filings ACM makes with the U.S. Securities and Exchange
Commission. Because forward-looking statements involve risks and
uncertainties, actual results and events may differ materially from
results and events currently expected by ACM. 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.
© 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 such trademarks.
For investor and media inquiries, please
contact:
In the United States: |
The Blueshirt
Group |
|
Yujia Zhai |
|
+1 (860) 214-0809 |
|
yujia@blueshirtgroup.com |
|
|
In China: |
The Blueshirt Group Asia |
|
Gary Dvorchak, CFA |
|
gary@blueshirtgroup.com |
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