Acm Research, Inc. (ACMR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

Exhibit 99.01

 

ACM Research Reports Second Quarter 2022 Results

 

FREMONT, Calif., Aug. 05, 2022 (Globe Newswire) – ACM Research, Inc. (“ACM,”  and with its subsidiaries, the “Company”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its second fiscal quarter ended June 30, 2022.

 

“Our second quarter results represent a solid recovery following the COVID‑19 related restrictions in Shanghai that affected the first quarter. We are pleased with our revenue and profitability as our facilities gradually returned to a more normal operational status,” said Dr. David Wang, ACM’s President and Chief Executive Officer. “We were approved to reopen our Chuansha manufacturing facility under a closed loop production process in late April, and as of July 1, our operations in Shanghai have largely returned to normal. My sincere thanks go out to our employees, business partners, and customers for their dedication as we manage our way through the COVID pandemic.”

 

Dr. Wang continued, “For the first half of the year, revenue grew by 50%, with good growth from our cleaning tools and incremental contribution from our ECP products. We continue to see strong demand from our China-based customers, increasing market share with our cleaning tools and with new products. I am happy to report that we recently delivered two Ultra C SAPS V 12-chamber cleaning tools to our U.S.-based customer, including an evaluation tool late in the second quarter and a production tool in mid-July. We believe a successful evaluation could lead to larger business opportunities with this and other major customers.”

 

“Demand for our tools remains strong, and we have good visibility for the remainder of the year. We continue to expect solid growth in the second half of 2022 and beyond from our core cleaning products, the ramp of our ECP tools, and increased shipments of our furnace products. We are committed to gaining additional share of the $8 billion market addressed by our current product offerings, and we continue to believe we remain on track to double our addressable market opportunity with the upcoming introduction of two new product categories.”

 

 

 

 

The Company is maintaining its revenue guidance range of $365 million to $405 million for fiscal year 2022. This expectation assumes, among other factors, stability with respect to the global COVID-19 pandemic and US-China trade policy, and the continued expansion of the Company’s production and shipping operations in Shanghai. The range of the Company’s 2022 outlook reflects, among other things, various spending scenarios for the production ramps of key customers, the absence of unexpected disruptions in the Company’s supply chain, and the timing of acceptances for first tools under evaluation in the field.

 

 

 

 

 

 

 

 

Unless otherwise noted, the following figures refer to the second quarter of 2022 and comparisons are with the second quarter of 2021.

 

 

 

 

 

 

 

 

 

 

 

A conference call to discuss results will be held on Friday, August 5, 2022, 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.

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmrcsh.com/events.

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

 

 

ACM presents non-GAAP gross margin, operating expenses, operating income, net income (loss) 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 EPS exclude non-cash change in fair value of financial assets and liabilities and unrealized gain on trading securities, 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 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.

 

 

Certain statements contained in the third and fourth paragraphs of this press release, under the heading “Outlook” and in the bullet “Appointment of Armanino LLP as Auditor for 2022” under the heading “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 extent and effect of the Shanghai COVID-19 lockdown; the demand for the Company’s tools, including specifically in fiscal year 2022; the expansion in 2022 of the Company’s product offering, production capacity and base of major customers; the timing and ability of the Company to secure orders from new customers, including in the United States; and views of U.S. and other regulators with respect to the Company’s compliance with HFCAA.  Those statements 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; Armanino LLP’s ability to provide an audit report with respect to ACM’s consolidated 2022 financial statements and internal controls over financial reporting; the Company may be unable to obtain the qualification and acceptance of its delivered tools when anticipated or at all, which would delay or preclude the Company’s recognition of revenue from the sale of those tools; suppliers may not be able to meet the Company’s demands on a timely basis; the Company’s technologies and tools may not gain market acceptance; the Company may be unable to compete effectively by, among other things, enhancing its existing tools, adding additional production capacity and engaging additional major customers; 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; trade regulations, currency fluctuations, political instability and war may materially adversely affect the Company 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.  The Company 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 regarding these forward-looking statements or the occurrence of unanticipated events.

 

 

The Company 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. 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:

 

Yujia Zhai

+1 (860) 214-0809

yujia@blueshirtgroup.com

Gary Dvorchak, CFA

+86 (138) 1079-1480

gary@blueshirtgroup.com

ACM RESEARCH, INC.

Condensed Consolidated Balance Sheets

(unaudited)

ACM RESEARCH, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

 

ACM RESEARCH, INC.

Total Revenue by Product Category, by Equipment Type and by Region

 

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 on trading securities. The following table reconciles 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:

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