Image source: © 2025 Krish Capital Pty.Ltd

Highlights

  • ACM Research’s Q2FY25 net revenue rose 6.4% to USD 215.4 million, supported by equipment sales.
  • Net earnings increased 15.5% to USD 36.3 million with improved gross margins.
  • Cash and cash equivalents reached USD 442.1 million, reflecting inventory and deposit management.

 ACM Research, Inc. (NASDAQ: ACMR) designs, manufactures, and markets semiconductor process equipment, including tools for cleaning, electroplating, stress-free polishing, vertical furnace operations, track systems, plasma-enhanced chemical vapor deposition (PECVD), as well as wafer- and panel-level packaging. These solutions support both advanced and semi-critical semiconductor device manufacturing. 

In the second quarter of fiscal year 2025 (Q2FY25), the company recorded net revenue of USD 215.4 million, marking a 6.4% increase compared to the second quarter of fiscal year 2024. This growth was supported by higher sales across single wafer cleaning, Tahoe, semi-critical cleaning equipment, electroplating, furnace technologies, and advanced packaging. Net earnings were USD 36.3 million, up 15.5% year-on-year, reflecting improved gross margins of 48.5% versus 47.8% in the prior year, though higher operating expenses partially offset the improvement.

Cash flow from operating activities in Q2FY25 reflected an outflow of USD 44.9 million, compared with an inflow of USD 61.6 million in Q2FY24. The change was largely due to increased working capital requirements and investments in inventory to support global expansion. Cash and cash equivalents stood at USD 442.1 million, an 8.5% increase over Q2FY24, aided by deposits across both short and long-term instruments, providing flexibility for future growth initiatives.

Business Update

On September 7, 2025, ACM Research announced the delivery of its first high-throughput Ultra Lith KrF Track System to a leading Chinese logic wafer fabrication customer. This achievement underscores the company’s growing presence in advanced lithography processes and its role in enabling high-volume production for next-generation semiconductor devices. The system is designed to improve track processing efficiency and is expected to accelerate the adoption of ACM’s track technologies within China’s logic fab ecosystem.

Earlier, on July 24, 2025, ACM Research introduced major upgrades to its Ultra C wb Wet Bench Cleaning Tool. The enhancements include patent-pending nitrogen (N₂) bubbling technology, which improves wet etching uniformity by more than 50% while strengthening particle removal for advanced-node applications. The technology is also adaptable to the Ultra C Tahoe platform for 3D NAND, DRAM, and logic devices. The company has already secured repeat orders for the upgraded systems, scheduled for shipment in 2025 and 2026.

Top 10 Shareholders

The top 10 shareholders of ACMR collectively hold about 39.86% of the company’s shares, indicating a relatively concentrated ownership structure. Among them, The Vanguard Group, Inc. and BlackRock Institutional Trust Company, N.A. are the largest investors, with stakes of approximately 7.25% and 5.96%, respectively.

Company Outlook

ACM aims for revenue of USD 850 million to USD 950 million in 2025, supported by a cash position of USD 483.9 million. The company is advancing its global expansion with planned U.S. tool deliveries in Q3, aiming to increase market share in China and globally, despite challenges in trade and supply chain.

Stock Information

As of the closing price of September 19, 2025, (USD 35.89), the stock gained about 45.42% over the past three months and 29.38% over the last six months. It is currently trading within the upper range of its 52-week price range, which extends from a low of USD 13.87 to a high of USD 36.29.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 19 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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