Every material Form 8-K ACM Research has filed with the SEC since January 14, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
ACM Research reported third-quarter 2026 revenue of $367.7 million, up 36.6% from a year earlier, and raised its 2026 revenue guidance to $1.24 billion to $1.28 billion from $1.125 billion to $1.175 billion. GAAP net income attributable to ACM Research fell to $1.5 million, or $0.02 per diluted share, from $35.9 million, or $0.52, mainly because of a $39.1 million unrealized loss on short-term investments.
Q3 revenue was $367.7 million, up from $269.2 million; gross margin was 41.5% versus 42.0%
2026 revenue guidance raised to $1.24 billion to $1.28 billion from $1.125 billion to $1.175 billion
GAAP diluted EPS was $0.02 versus $0.52; non-GAAP diluted EPS was $0.55 versus $0.41
Unrealized loss on short-term investments was $39.1 million, compared with an unrealized gain of $18.7 million a year earlier
ACM Research, Inc. announced that Yue Ma began work as Chief Operations Officer effective October 1, 2026, under an offer letter with a $375,000 base salary and a $100,000 target annual bonus. The filing also discloses equity grants and a sign-on bonus, which give the company a clear view of the cost of the appointment.
Base salary of $375,000 and target annual bonus of $100,000
Stock option for 100,000 Class A shares at $83.58 per share, vesting from October 1, 2027
Restricted stock units for 13,470 shares, vesting in four annual installments; one-time $50,000 sign-on bonus and relocation benefits up to $150,000
ACM Research said it expects preliminary unaudited third quarter 2026 revenue of $360 million to $365 million, growth of 34% to 36% from a year earlier, and total shipments of $335 million to $340 million, growth of 27% to 29%. The figures are subject to quarter-end closing procedures and review by the company's independent auditor, and full third quarter results and a revenue outlook will be discussed on a November 5, 2026 earnings call.
Preliminary Q3 2026 revenue expected at $360 million to $365 million, up 34% to 36% year over year
Preliminary Q3 2026 total shipments expected at $335 million to $340 million, up 27% to 29% year over year
Figures are unaudited and subject to closing procedures and auditor review
Full Q3 2026 results and revenue outlook to be discussed on November 5, 2026 at 8 a.m. Eastern Time
ACM Research reported second-quarter 2026 revenue of $292.9 million, up 36.0% from a year earlier, and GAAP net income attributable to the company of $89.0 million, up from $29.8 million. The company raised its full-year 2026 revenue guidance to $1.125 billion to $1.175 billion, from a prior range of $1.08 billion to $1.175 billion, though gross margin fell and GAAP profit includes a $69.6 million unrealized investment gain.
Q2 2026 revenue was $292.9 million, up from $215.4 million; GAAP diluted EPS was $1.23 versus $0.44, and non-GAAP diluted EPS was $0.61 versus $0.55.
Full-year 2026 revenue guidance low end raised to $1.125 billion from $1.08 billion; high end unchanged at $1.175 billion.
GAAP gross margin was 46.0% versus 48.5% a year earlier; GAAP net income included a $69.6 million unrealized gain on short-term investments.
Net cash was $1.0 billion at June 30, 2026, compared with $924.2 million at March 31, 2026.
ACM Research agreed on May 12, 2026 to sell 2,884,615 Class A common shares at $52.00 each in a registered direct offering to institutional investors managed by Tekne Capital Management, with closing expected around May 15, 2026. The company expects net proceeds of approximately $149.85 million, which it plans to use for U.S. and global expansion and general corporate purposes, and it agreed to a 6-month lock-up on its Class A common stock and certain other securities.
Offering of 2,884,615 Class A common shares at $52.00 per share under an effective Form S-3 shelf registration
Expected net proceeds of approximately $149.85 million after offering expenses, per the filing's figure of $149,849,980
Closing expected on or about May 15, 2026, subject to customary closing conditions
Company agreed to a 6-month lock-up, waivable by the investors' investment advisor
ACM Research reported first quarter 2026 revenue of $231.3 million, up 34.2% from a year earlier, and shipments of $240.7 million. GAAP net income attributable to the company fell to $17.3 million, or $0.24 per diluted share, from $20.4 million, or $0.30, as other expense, net rose to $9.3 million and gross margin declined. The company maintained its 2026 revenue outlook of $1.08 billion to $1.175 billion.
Q1 2026 revenue was $231.3 million, up 34.2% from $172.3 million; shipments were $240.7 million, up 53.6%.
GAAP net income attributable to ACM Research was $17.3 million, versus $20.4 million; diluted EPS was $0.24, versus $0.30.
GAAP gross margin was 46.4%, versus 47.9%; other expense, net was $9.3 million, versus $0.3 million.
The company maintained its fiscal 2026 revenue guidance of $1.08 billion to $1.175 billion.
ACM Research said preliminary unaudited first-quarter 2026 revenue is expected to be $225 million to $230 million, up 31% to 33% from a year earlier, with total shipments of $233 million to $238 million. The company reaffirmed its full-year 2026 revenue outlook of $1.08 billion to $1.175 billion, which implies 20% to 30% growth, so shareholders get a read on quarterly sales ahead of the full results.
Q1 2026 preliminary unaudited revenue: $225 million to $230 million, up 31% to 33% year over year
Q1 2026 preliminary total shipments: $233 million to $238 million, up 49% to 52% year over year
Full-year 2026 revenue outlook reaffirmed at $1.08 billion to $1.175 billion, up 20% to 30%
Full first-quarter results and outlook to be discussed on an earnings call on May 7, 2026, at 8 a.m. Eastern Time
ACM Research reported fourth quarter 2025 revenue of $244.4 million, up 9.4%, but GAAP net income attributable to the company fell to $8.0 million from $31.1 million, and diluted EPS dropped to $0.11 from $0.46. For the full year, revenue rose 15.2% to $901.3 million while net income fell to $94.1 million from $103.6 million, and the company kept its 2026 revenue guidance of $1.08 billion to $1.175 billion.
Q4 2025 revenue was $244.4 million, up 9.4%, while Q4 GAAP gross margin fell to 40.9% from 49.6%.
Full-year 2025 GAAP diluted EPS was $1.37, down from $1.53 in 2024.
The company maintained its fiscal 2026 revenue guidance range of $1,080 million to $1,175 million.
Net cash was $845.5 million at December 31, 2025, versus $259.1 million a year earlier.
ACM Research updated its 2025 revenue outlook to $885 million to $900 million, down from the $875 million to $925 million range it gave on November 5, 2025, and issued an initial 2026 revenue outlook of $1,080 million to $1,175 million. The 2025 figures are preliminary and subject to audit, with full results due in late February 2026, so shareholders will get the audited numbers later.
2025 revenue outlook narrowed to $885 million to $900 million, from $875 million to $925 million in the November 5, 2025 release
Initial 2026 revenue outlook of $1,080 million to $1,175 million, based on trade policy, customer spending, and supply chain assumptions
Full-year and fourth-quarter 2025 results expected in late February 2026; 2025 figures remain subject to audit
ACM Research reported third-quarter 2025 revenue of $269.2 million, up 32.0% from a year earlier, and narrowed its 2025 revenue guidance to $875 million to $925 million from $850 million to $950 million. Profit measures were mixed: GAAP operating income fell to $28.9 million from $44.2 million, while GAAP diluted EPS rose to $0.52 from $0.45, helped by an $18.7 million unrealized investment gain, and non-GAAP diluted EPS fell to $0.36 from $0.63.
Q3 2025 revenue was $269.2 million, up 32.0% from $204.0 million; GAAP gross margin fell to 42.0% from 51.4%.
GAAP operating income was $28.9 million versus $44.2 million; GAAP diluted EPS was $0.52 versus $0.45.
2025 revenue guidance narrowed to $875 million to $925 million from $850 million to $950 million.
ACM Shanghai raised approximately $623 million in net proceeds in September 2025; ACM's ownership of ACM Shanghai fell to 74.6% from 81.1%.
ACM Research said it expects preliminary unaudited third-quarter 2025 revenue of $264 million to $267 million, up 29% to 31% from a year earlier. Preliminary total shipments are expected at $257 million to $262 million, flat to down 2% year over year, so the two measures point in different directions. Full results and revenue outlook will be discussed on a November 5, 2025 earnings call.
Preliminary Q3 2025 revenue: $264 million to $267 million, up 29% to 31% year over year
Preliminary Q3 2025 total shipments: $257 million to $262 million, flat to down 2% year over year
Figures are unaudited and remain subject to quarter-end closing and auditor review
Full third-quarter results and revenue outlook to be discussed on November 5, 2025
ACM Research reported second quarter 2025 revenue of $215.4 million, up 6.4% from a year earlier, and GAAP net income attributable to the company of $29.8 million, up from $24.2 million. GAAP operating income fell to $31.7 million from $37.6 million as operating expenses rose 22.9%. The company maintained its fiscal 2025 revenue guidance of $850 million to $950 million.
Q2 2025 revenue was $215.4 million, up 6.4% from $202.5 million in Q2 2024
GAAP diluted EPS was $0.44, compared with $0.35 a year earlier
GAAP operating income was $31.7 million versus $37.6 million, with operating expenses up 22.9% to $72.8 million
Fiscal 2025 revenue guidance of $850 million to $950 million was maintained
ACM Research reported first quarter 2025 revenue of $172.3 million, up 13.2% from a year earlier, and GAAP net income attributable to the company of $20.4 million, up from $17.4 million. It kept its fiscal 2025 revenue guidance of $850 million to $950 million, but first quarter shipments fell to $157 million from $245 million, and non-GAAP diluted EPS declined to $0.46 from $0.52.
Revenue was $172.3 million, up 13.2% from $152.2 million in the first quarter of 2024.
GAAP diluted EPS was $0.30 versus $0.26; non-GAAP diluted EPS was $0.46 versus $0.52.
Fiscal 2025 revenue guidance of $850 million to $950 million was maintained.
Total shipments were $157 million versus $245 million; the company expects year-on-year shipment growth to return in the second quarter of 2025.
ACM Research said preliminary first-quarter 2025 revenue is expected to be $165 million to $170 million, up 8.4% to 11.7% year over year, while preliminary total shipments are expected to be $154 million to $157 million, down 36% to 37%. The company said the shipments decline is partly due to customer pull-ins into the fourth quarter of 2024 and reaffirmed its full-year 2025 revenue outlook of $850 million to $950 million, which the company said would represent growth of 9% to 21%.
Preliminary Q1 2025 revenue of $165 million to $170 million, up 8.4% to 11.7% year over year.
Preliminary Q1 2025 total shipments of $154 million to $157 million, down 36% to 37%, partly due to Q4 2024 customer pull-ins.
Full-year 2025 revenue outlook of $850 million to $950 million reaffirmed; the company expects a return to year-over-year shipment growth in Q2 2025.
Full first-quarter results and revenue outlook to be discussed on an earnings call on May 8, 2025.
ACM Research said director Chenming C. Hu notified the Board on April 18, 2025 that he will not seek reelection at the 2025 Annual Meeting of Stockholders. The filing states his decision was not due to any disagreement with the Company, and he will remain a director until his term expires at that meeting.
Notice given to the Board on April 18, 2025
Hu will not stand for reelection at the 2025 Annual Meeting of Stockholders
Filing states no disagreement with the Company led to the decision
ACM Research added Charles Pappis, a semiconductor industry executive, to its Board of Directors and Audit Committee, effective March 15, 2025, expanding the board to five members. The filing describes a routine governance change with no financial results reported, and the company says the addition supports its plans to expand in the U.S. and into markets beyond mainland China.
Pappis was granted an option to purchase 10,000 Class A common shares on March 15, 2025, with an exercise price of $29.18, the Nasdaq closing price on March 14, 2025.
The option vests in full immediately before the 2025 Annual Meeting of Stockholders, subject to certain conditions.
Pappis, age 64, is President of Pappis Consulting and previously spent more than 30 years at a major U.S.-based semiconductor equipment company.
The board now has five members, according to a press release dated March 18, 2025.
ACM Research reported fourth-quarter revenue of $223.5 million, up 31.2%, and diluted EPS of $0.46 versus $0.26 a year earlier. For full-year 2024, revenue reached $782.1 million, up 40.2%, and diluted EPS was $1.53 versus $1.16. The company kept its fiscal 2025 revenue guidance of $850 million to $950 million and raised its long-term gross margin target range to 42% to 48%, from 40% to 45%.
Q4 2024 revenue was $223.5 million, up 31.2%; GAAP net income attributable to ACM was $31.1 million versus $17.7 million.
Full-year 2024 revenue was $782.1 million, up 40.2%; GAAP diluted EPS was $1.53 versus $1.16.
Fiscal 2025 revenue guidance of $850 million to $950 million was maintained, citing international trade policy and customer spending scenarios among other factors.
Long-term gross margin target was updated to 42% to 48%, versus the prior 40% to 45% range.
ACM Research said its 2024 revenue is now expected to be $755 million to $770 million, up from the $725 million to $745 million range it gave on November 7, 2024. It also projected 2025 revenue of $850 million to $950 million, citing trade policies, customer spending, supply chain limits and tool acceptance timing. The 2024 figures are preliminary and subject to audit.
2024 revenue outlook updated to $755 million to $770 million, versus $725 million to $745 million previously
Initial 2025 revenue outlook of $850 million to $950 million
Fourth quarter and full year 2024 results expected in late February 2025
CEO Dr. David Wang cited continued mainland China investment and new products, and said the impact of new U.S. component export restrictions on ACM Shanghai is manageable
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