second quarter 2026
Filed Aug 7, 2026ACM Research Reports Second Quarter 2026 Results
Revenue and shipments each increased 36% year over year, operating income increased, and ACM raised its fiscal year 2026 revenue guidance range.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $292,919 | – | up 36.0% |
| Gross marginGAAP | 46.0% | – | – |
| Gross marginnon-GAAP | 46.0% | – | – |
| Operating expensesGAAP | $84.9 million | – | an increase of 16.6% |
| Operating expenses as a percentage of revenueGAAP | 29.0% | – | – |
| Operating expensesnon-GAAP | $78.5 million | – | up 23.9% |
| Non-GAAP operating expenses as a percentage of revenuenon-GAAP | 26.8% | – | – |
| Income from operationsGAAP | $49,743 | – | – |
| Operating marginGAAP | 17.0% | – | – |
| Income from operationsnon-GAAP | $56,326 | – | – |
| Non-GAAP operating marginnon-GAAP | 19.2% | – | – |
| Unrealized gain on short-term investmentsother | $69.6 million | – | – |
| Income tax expenseGAAP | $13.5 million | – | – |
| Net income attributable to ACM Research, Inc.GAAP | $88,984 | – | – |
| Net income attributable to ACM Research, Inc.non-GAAP | $44,516 | – | – |
| Basic EPSGAAP | $1.31 | – | – |
| Basic EPSnon-GAAP | $0.66 | – | – |
| Diluted EPSGAAP | $1.23 | – | – |
| Diluted EPSnon-GAAP | $0.61 | – | – |
| Total shipmentsother | $281.5 million | – | up 36.4% |
| Cash and cash equivalents, plus restricted cash and short-term time depositsother | $1.36 billion | – | – |
| Net cashother | $1.0 billion | – | – |
| Six Months Ended June 30 RevenueGAAP | $524,182 | – | – |
| Six Months Ended June 30 Gross marginGAAP | 46.1% | – | – |
| Six Months Ended June 30 Gross marginnon-GAAP | 46.2% | – | – |
| Six Months Ended June 30 Income from operationsGAAP | $85,920 | – | – |
| Six Months Ended June 30 Income from operationsnon-GAAP | $98,124 | – | – |
| Six Months Ended June 30 Net income attributable to ACM Research, Inc.GAAP | $106,291 | – | – |
| Six Months Ended June 30 Net income attributable to ACM Research, Inc.non-GAAP | $68,484 | – | – |
| Six Months Ended June 30 Basic EPSGAAP | $1.59 | – | – |
| Six Months Ended June 30 Basic EPSnon-GAAP | $1.02 | – | – |
| Six Months Ended June 30 Diluted EPSGAAP | $1.49 | – | – |
| Six Months Ended June 30 Diluted EPSnon-GAAP | $0.96 | – | – |
fiscal year 2026 outlook
- Revenue$1.125 billion to $1.175 billion
- NoteACM has raised its revenue guidance range to $1.125 billion to $1.175 billion for fiscal year 2026, from the prior range of $1.08 billion to $1.175 billion.
- Notelong-term revenue target of $4 billion
What drove it
- Revenue growth was primarily driven by higher sales of ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares.
- ECP and advanced packaging categories grew 168% and 153%, respectively.
- ACM shipped its 2,000th electroplating chamber.
- Customer demand as demonstrated by increased order activity provides ACM with good visibility for the remainder of 2026.
Concerns
- Gross margin was 46.0% versus 48.5%.
- Revenue growth was partially offset by lower sales of single-wafer cleaning, Tahoe and semi-critical cleaning tools.
- The fiscal year 2026 outlook is based on ACM management's assessment of international trade policy, key-customer spending scenarios, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field.
- Non-GAAP operating margin was 19.2% compared to 19.3%.
What to watch
- Customer evaluations and product ramps across SPM Cleaning, Track, PECVD and horizontal panel-level plating for advanced packaging.
- Delivery of one 510 × 515 mm Ultra ECP ap-p tool scheduled for the first half of 2027.
- Delivery of one 310 × 310 mm tool scheduled for the fourth quarter of 2026.
- Timing of acceptances for first tool systems awaiting customer acceptance for potential revenue in future quarters.
- Progress at ACM's Oregon facility and expanding engagement with global customers.
Balance sheet and cash flow
- 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.
Analysis
ACM reported a strong second quarter ended June 30, 2026. Revenue was $292,919, up 36.0%, while total shipments were $281.5 million, up 36.4%. Management attributed revenue growth to higher sales of ECP, furnace and other technologies, advanced packaging excluding ECP, and services & spares. ECP and advanced packaging categories grew 168% and 153%, respectively, and the company shipped its 2,000th electroplating chamber.
Profitability improved on a GAAP operating basis despite lower gross margin. GAAP income from operations was $49,743 versus $31,694, and GAAP operating margin was 17.0% compared to 14.7%. Gross margin was 46.0% versus 48.5%, while non-GAAP gross margin was 46.0% versus 48.7%. The company cited product mix, currency impacts and sales volume as factors that can cause gross margin to vary between periods.
GAAP net income attributable to ACM Research, Inc. was $88,984, compared with $29,760, but the result included a $69.6 million unrealized gain on short-term investments. Non-GAAP net income attributable to ACM Research, Inc. was $44,516 versus $37,316, and non-GAAP diluted EPS was $0.61 versus $0.55. Operating expenses grew more slowly than revenue on a GAAP basis, with operating expenses as a percentage of revenue declining to 29.0% from 33.8%.
Liquidity increased during the quarter. 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 was $1.0 billion, compared to $924.2 million at March 31, 2026. ACM raised fiscal year 2026 revenue guidance to $1.125 billion to $1.175 billion from $1.08 billion to $1.175 billion, citing increased order activity and visibility while identifying international trade policy, customer spending scenarios, supply chain constraints and first-tool acceptance timing as outlook factors.
Management, verbatim
We delivered a strong second quarter, with revenue and shipments both increasing 36% year over year.
Dr. David Wang, President and Chief Executive Officer
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 .
Dr. David Wang, President and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter revenue, gross margin, operating expenses, operating income, net income and EPS
- Prior-year GAAP operating expenses amount
- Operating cash flow
- Free cash flow
- Capital-return activity, including share repurchases and dividends
- Total debt and individual short-term and long-term borrowing balances
- Tax rate
- Revenue amounts for ECP, advanced packaging, furnace and other technologies, services & spares, single-wafer cleaning, Tahoe and semi-critical cleaning tools
- Reportable segment revenue and segment-level comparisons
- Fiscal year 2026 guidance for gross margin, operating expenses and tax rate
- Prior-release outlook section needed for a period-matched actual-versus-prior-guidance comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.