- ACMR Q1 Earnings Beat Estimates on ECP Strength and Packaging Demand
May 8, 2026
ACM Research ACMR delivered a strong first-quarter 2026 performance as rapid growth in its electrochemical plating (ECP) business and continued advanced packaging demand supported revenue growth and profitability.
ACM Research reported first-quarter 2026 earnings of 34 cents per share, surpassing the Zacks Consensus Estimate of 16 cents by 112.5%. Revenues increased 34.2% year over year to $231.3 million and beat the consensus estimate of $219 million.
The quarter reflected strong execution across the company’s semiconductor equipment portfolio, particularly in plating and advanced packaging applications. Total shipments increased 53.6% year over year to $240.7 million from $156.7 million in the first quarter of 2025, highlighting solid customer demand and expanding adoption across multiple product categories.
ACMR’s Q1 Top Line in Detail
A major driver of the quarter was the sharp acceleration in ACMR’s plating-related business. Revenues from ECP, furnace and other technologies surged 204.9% year over year to $84.2 million. The segment accounted for 36% of total revenues compared with 16% in the prior-year quarter.
ACM Research, Inc. Price, Consensus and EPS SurpriseACM Research, Inc. Price, Consensus and EPS Surprise
ACM Research, Inc. price-consensus-eps-surprise-chart | ACM Research, Inc. Quote
Advanced packaging revenues, excluding ECP, along with services and spares, rose 62% year over year to $24.5 million and represented 11% of total sales. Management highlighted growing traction for panel-level horizontal plating solutions and broader customer engagement across both front-end semiconductor manufacturing and advanced packaging applications.
Cleaning revenues, which include single-wafer cleaning, Tahoe and semi-critical cleaning systems, totaled $122.5 million, down 5.5% year over year. The segment’s contribution to total revenues declined to 53% from 75% in the year-ago quarter. Management characterized the decline as primarily related to timing and product-cycle transitions rather than weakening demand conditions.
The company emphasized strong momentum for its single-wafer SPM tool line and expects to deliver more than 15-20 units by the end of 2026. Management pointed to increasing customer interest tied to favorable particle performance and uptime advantages. ACMR expects newer product cycles, including SPM and Tahoe-related opportunities, to contribute more significantly over the rest of 2026.
ACMR’ Q1 Operating Results
Non-GAAP gross margin was 46.5% compared with 48.2% in the prior-year quarter, remaining above the midpoint of management’s long-term target range of 42-48%.
Non-GAAP operating expenses increased 38.5% year over year to $65.8 million as ACMR continued investing across the business.
Despite higher operating expenses, non-GAAP operating income rose to $41.8 million from $35.6 million in the first quarter of 2025, resulting in an 18.1% operating margin.
Management noted that favorable product mix and lower inventory provision impacts supported margin recovery from the low-40% range experienced during the second half of 2025.
Story Continues
ACMR’s Balance Sheet & Cash Flow
As of March 31, 2026, cash, cash equivalents, restricted cash and short-term time deposits were $1.25 billion compared with $1.13 billion as of Dec. 31, 2025.
ACMR’s 2026 Outlook
Management reaffirmed its full-year 2026 revenue guidance of $1.08 billion to $1.175 billion.
The company stated that the outlook reflects current assumptions regarding international trade policy impacts, customer spending trends, supply-chain constraints and the timing of customer acceptance for first-tool evaluations.
Management emphasized that multiple growth opportunities are developing simultaneously across its cleaning, plating, furnace, track and PECVD platforms, which could support broader adoption over time.
ACMR's Zacks Rank & Stocks to Consider
ACMR currently carries a Zacks Rank #3 (Hold).
Box BOX, Cisco Systems CSCO and Dell Technologies DELL are some better-ranked stocks that investors can consider in the broader Zacks Computer & Technology sector. All the stocks presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Box have lost 14.2% in the year-to-date period. BOX is set to report its first-quarter fiscal 2027 results on May 26.
Cisco Systems shares have gained 19.6% in the year-to-date period. CSCO is scheduled to release third-quarter fiscal 2026 results on May 13.
Dell Technologies shares have surged 82.9% in the year-to-date period. DELL is set to report its first-quarter fiscal 2027 results on May 28.
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- ACM Research (ACMR) Q1 2026 Earnings Transcript
May 8, 2026
Image source: The Motley Fool.
DATE
May 7, 2026, 8 a.m. ET
CALL PARTICIPANTS
Chief Executive Officer — Dr. David Wang Chief Financial Officer — Mark McKechnie Chief Financial Officer, ACM Shanghai — Lisa Feng Managing Director of Investor Relations — Steven C. Pelayo
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Full Conference Call Transcript
Steven C. Pelayo: Thank you. Good day, ladies and gentlemen. Thank you for standing by, and welcome to ACM Research First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. Sorry, I'm repeating that. We released first quarter 2026 results before the U.S. market opened today. The release is available on our website as well as from newswire services. There's also a supplemental slide deck posted to the Investors section of our website that we will reference during our prepared remarks. On the call with me today are our CEO, Dr.
David Wang; our CFO, Mark McKechnie; and Lisa Feng, our CFO of our operating subsidiary, ACM Shanghai. Before we continue, please turn to Slide 2. Let me remind you that remarks made during this call may include predictions, estimates or other information that might be considered forward-looking. These forward-looking statements represent ACM's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under Risk Factors and elsewhere in ACM's filings with the Securities and Exchange Commission. Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinions only as of the date of this call.
ACM is not obliged to update you on any revisions to these forward-looking statements. Certain financial results that we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation and an unrealized gain and loss on short-term investments. For our GAAP results and reconciliation between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website and on Slide 13. Also, unless otherwise noted, the following figures refer to the first quarter of 2026, and the comparisons are to the first quarter of 2025. So with that, I'm going to now turn the call over to David Wang. David?
David Wang: Thanks, Steven. Hello, everyone, and welcome to ACM's First Quarter 2026 Earnings Conference Call. We started the year with a solid Q1 report with revenue up 34% and gross margin above the midpoint of our long-term target range. Revenue growth for the quarter was driven by the continued strength in our ECP and Advanced Packaging business. With a global boom in AI, the market is demanding solution for enabling high-speed, high-density and low-power consumption semiconductor devices manufacturing. Many of which have not yet been invented. It is clear that ACM's focus on world-class differentiated tool based on our own IP is right strategy to win in the global market.
Story Continues
We are happy to see 2026 as a big year for new product. Our investment in our proprietary R&D over the past 5 years, together with our fully functioning [indiscernible] at Lingang, is beginning to deliver significant benefit. For instance, we now have industry-leading offering across multiple product categories that enable our global customers to effectively solving their evolving production challenges. As we progress through 2026, we expect to see an increased impact to our financials from new product. With regard to revenue, we anticipate incremental contribution from new product cycle from Tahoe, single-wafer SPM and our vertical furnace product.
With regard to the shipment, we expect to increased shipment of our evaluation tool across a range of customers for our panel level horizontal plating, panel low-pressure flux cleaning, high-throughput track and PECVD tools. This quarter, at SEMICON China, we announced the ACM Planetary Family. This organized ACM tool portfolio into a product family, aligned with the key step in the semiconductor manufacturing process. This represents ACM's comprehensive world-class multiproduct offering and the global reach of our company. We encourage you to view the video on our IR website. Now on to our business results. Please turn to Slide 3. First quarter revenue was $231 million (sic) [ $231.3 million ], up 34% (sic) [ 34.2% ].
The ECP category was a primary growth driver with revenue up more than 3x year-over-year. Next, advanced packaging services spare parts category was growing 62%. This was partly offset by cleaning, which declined by 6%. We had a little contribution from new cleaning product in our Q1 2026 revenue. But as I will discuss later in the call, we have a significant ramp ahead for our single-wafer SPM tools, which we delivering in Q1. Shipments for the first quarter were $241 million (sic) [ $240.7 million ], up 54% (sic) [ 53.6% ].
The solid growth reflects strong customer demand and execution across our product portfolio, and it also includes contribution from the initial ramp of single-wafer SPM tools for wafers shipment of the cleaning category grew by 32% for the quarter. I also note that about 15% of Q1 shipments were from catch-up of product that had been rescheduled from Q4 of last year. For 2026, we continue to expect the shipment growing to outpace revenue growth. Gross margin was 46.5% for the first quarter, above the middle point of our long-term range, 42% to 48%. We ended the first quarter with gross cash of $1.3 billion (sic) [ $1.25 billion ] and net cash, $924 million (sic) [ $924.2 million ].
This balance including $110 million of gross proceeds from February sale of ACM Shanghai shares, the capital providing a solid foundation for continued investment in our global operations. Now I will provide detail on product. Please turn to Slide 4. Revenue from single-wafer cleaning, Tahoe semi-critical cleaning tool was down 6%. We continue to believe ACM's full product offering in cleaning is amongst the best in the world. As noted in the prior calls, we believe cleaning technology becomes even more important as the industry moving to more advanced production technology. This trend play directly to ACM's strength, particularly in differentiated technology such as N2 bubbling wet etcher, single-wafer SPM cleaning, Tahoe and others.
I'm pleased to announce today that we expect a significant production ramping of single-wafer SPM production product line with more than 15 to 20 units to be delivered by year-end across our customer base. This is a result of many years of R&D by our team to develop a better solution than the current market leader. As I noted for the past several investor calls, ACM proprietary approach delivered excellent particle performance with a fewer than 15 particle at 15-nanometer, much better than market leader, while other players need a periodical DI water cleaning of the process chamber and the surrounding environment to remove residue generated by the hot SPM films. Our system does not.
Instead, our unique module design providing a maintenance-free solution as the chamber does not need to be taken offline for periodical DI water cleaning. This not only improved tool uptime but also enhanced particle cleaning performance at 13 nanoparicle and beyond. Such fine particle removal is very critical for manufacturer advanced node GAA logic devices and memory devices such as SPM. It is no surprise that we are also seeing strong interest in our SPM tool from multiple global customers. SPM cleaning process tool has occupied 30% of the cleaning market. We believe our innovative hot SPM tool will take a significant market share in the next few years. Revenue for ECP, furnace and other technology grew 205%.
Growing was driven by strong momentum in electroplating, supported by our leading position and expanding engagement across both front-end and advanced packaging applications. In advanced packaging, our panel level horizontal plating solution is gaining additional traction in Asia and with the global customers. We began development of our panel-level horizontal electroplating platform in 2022, well ahead of the industry and delivered world first horizontal plating tool, 515x510 millimeter, to a customer in the fourth quarter last year. Since then, we have continued to expand customer engagements and build a backlog, supporting both 515x510 millimeter and 310x310 millimeter format panels.
In April, we presented a keynote at the Taiwan Electronic Equipment Forum on 3D IC packaging technology, highlighting our role in enabling next-generation AI driven packaging solutions. We are confident that a successful customer evaluation will lead to volume production order for 515x510 and additional evaluation of 310x310 later this year. For our vertical furnace business, tools are under evaluation at multiple customer sites, and we continue to expect a more meaningful revenue contribution later this year. We continue to see solid demand across key applications, including PECVD, oxidation, thermal ALD, PLD and ultra-high temperature anneal supported by our ongoing technology development. Revenue from advanced packaging, which excludes ECP, but including services and spares was up 62%.
This category including coders, developer etcher, strippers, scrubber and vacuum clean flux tools, supporting a range -- a broader range of advanced packaging applications. We're also providing back-end plating tool, including in ECP category. Last quarter, we announced multiple advanced packaging equipment orders from leader -- leading global customers. In Q1, we shipped our panel-level vacuum cleaning system to a leading global semiconductor packaging manufacturer outside Mainland China. We also completed shipment of multiple wafer level advanced packaging system to a leading OSAT customer in Singapore. ACM is unique -- is uniquely positioned with a comprehensive set of wet process solutions and plating technology to address key process steps in advanced packaging.
Our integrated process capability provide valuable insight into next-generation packaging challenges as industry evolves towards 2.5D and 3D integration, including TSV-based architecture and heterogeneous integration, we believe our capability position us to supporting this increasingly complex requirements. We are making good progress with our new track and PECVD platforms. In April, we shipped our first PECVD silicon carbon nitride system to a leading semiconductor manufacturer, now in customer evaluation process. This is a big deal. We achieved a great results in our mini line and the tool is now being evaluated at the customer site. The system incorporate ACM proprietary 3-station rotating architecture and 1 station 1 RF technology, enabling strong film uniformity, interface control, process stability and small footprint.
We believe this positions us for growth in back end of the line and advanced packaging. For high-throughput 300 WPH KrF track tool, we delivered our first tool evaluation last September and are progressing towards mass production qualification this year, and we continue to see growing interest from multiple customers for both stand-alone and the configuration integrated with the scanner. ACM culture is deeply rooted in differentiated R&D. We bring innovative solutions to the ever-evolving challenges faced by major global semiconductor manufacturers. Our current success is driven by good decision-making fact and the future success depends on today's innovation. We are committed to our strategy to providing a long-term road map of world-class tool across our growing product portfolio.
We remain confident in our $4 billion revenue target and our longer-term goal of becoming a top-tier supplier of capital equipment to the global semiconductor industry. Next, let me provide an update on our production facility. First, on Lingang, please turn to Slide 8. The first building is in volume production, and we plan to open the second building later this year. Together with two facilities, we can support up to $3 billion in annual output. On a strategic note, I will now discuss our Lingang line, which went into full operation in the second half of last year.
We now have a fully experiment R&D line in the Class 100 Environment, running our own tool and those of other vendors. This is a big deal. It is accelerating our own R&D effort, and it will also speed up our joint R&D collaboration with our customer in Asia. We expect this to have a meaningful impact on our operating model. For new product rather than delivering multiple tool for extended customer evaluation, we now process custom wafer on our new product in the Lingang mini line to validate the tool to meet the customer specific requirements before shipment.
We expect this approach to shorten qualification cycle of a new product at the customer site, shorten the time of conversion to revenue and enhance overall capital efficiency. We are now already seeing early benefit across multiple products. I will give a few examples. Our first shipment of the PECVD silicon carbide nitride system completed customer-specific validation and prior to shipment. We expect this to reduce on-site qualification time and enable faster ramp to production. We tested and improved our single-wafer SPM tool for several months, hand-in-hand with our leading customer and confirm 15-nanoparticle performance. This due to volume orders from numerous different customers.
We are confident that we can reproduce each customer-specific production environment in our lab, resulting in shorter qualification and order a few quarters rather than more than a year. Next, our Oregon facility, please turn to Slide 9. We continue to advance investment in Oregon. We remain on track for in-house demo lab with multiple tools and the capability to produce U.S.-made tool in Oregon by year-end 2026. This is important for our global customer, and we believe it will strengthen our position as a key local partner as they scale production. Our global initiatives are beginning to pay off. By the end of 2026, we expect to have more than 20 tools installed outside of the Mainland China market.
This including about 10 customers in 5 countries. Although still early days for our global deployment, our engagement team are growing, and we remain confident that our investment in global sales and service team will deliver good results. ACM Shanghai continue to play a critical role in our overall strategy, serving as a leading supplier to the semiconductor industry in Asia and as a key source of capital to support our global expansion. We completed a minority share sale last February, generating approximately $110 million in gross proceeds, and enable the strong on our U.S. accounts. We intend to deploy this capital to support our U.S. expansion and broader global growth initiatives.
In April, ACM Shanghai announced a proposed H-share secondary listing in Hong Kong. Now turning to our outlook for the full year 2026. Please turn to Slide 10. In mid-January, we introduced our 2026 revenue outlook in the range of $1.08 billion to $1.175 billion. This implies 25% year-over-year growth at the midpoint. We reiterate this outlook today. We are expecting our annual shipment growth will outpace our revenue growth in 2026. Now let me turn the call over to our CFO, Mark, who will review details of our first quarter results. Mark, please?
Mark McKechnie: Thank you, David, and good day, everyone. Please turn to Slide 11. Unless I note otherwise, I will refer to non-GAAP financial measures, which exclude stock-based compensation, and unrealized gain and loss on short-term investments. Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. Also, unless otherwise noted, the following figures refer to the first quarter of 2026 and comparisons are with the first quarter of 2025. I will now provide the financial highlights. Revenue was $231.3 million, up 34.2%. Revenue for single-wafer cleaning, Tahoe and semi-critical cleaning was $122.5 million, down 5.5% and it represented about 53% of sales for the quarter. As David noted, this included very little contribution from new products.
We expect significant shipments of SPM to ramp through the year, followed by revenue contribution in later quarters. For the full year 2026, we do anticipate the mix in cleaning will normalize towards the 65% level, similar to the mix in 2025. Revenue for ECP front-end packaging, furnace and other technologies was $84.2 million, up 204.9% and represented 36.4% of sales for the quarter. The majority was ECP front end, and we had very little contribution from furnace. Revenue from advanced packaging, excluding ECP, services and spares was $24.5 million, up 62% and represented 10.6% of sales for the quarter. Total shipments were $240.7 million, up 53.6%.
As David noted, this was driven by solid demand and good execution and also cleaning shipments grew by 32%. Approximately 15% of the shipments were catch-up from tools that were originally scheduled for Q4 delivery. For 2026, we continue to expect shipment growth to outpace revenue growth. Gross margin was 46.5% versus 48.2%. Q1 gross margin was above the midpoint of our long-term target model of 42% to 48% and a good recovery from the low 40% range in Q3 and Q4 of 2025. Favorable product mix and a slightly lower impact from the inventory provision led to the recovery. We maintained our 42% to 48% target range and note that product mix can cause fluctuations on a quarterly basis.
Operating expenses were $65.8 million, up 38.5%. R&D was 15% of sales, sales and marketing was 8.3% of sales and G&A was 5.1% of sales. For 2026, we plan for R&D in the 16% to 18%, sales and marketing in the 8% to 9% range and G&A in the 5% to 6% range. Operating income was $41.8 million versus $35.6 million. Operating margin was 18.1% as compared to 20.7%. Long-term, we look to grow our R&D spending in line with revenue, but to show operating leverage in SG&A. Income tax expense was $3.8 million versus $2.2 million. For 2026, we expect our effective tax rate in the 8% to 10% range.
Net income attributable to ACM Research was $24.3 million versus $31.3 million. Net income was $24.3 million versus $31.3 million. I just said that. I am -- okay. Our non-GAAP net income excluded $5.6 million in stock-based compensation expense for the first quarter. We anticipate SBC will increase in Q2 due to option grants related to ACM Shanghai stock that were granted in Q1. Net income per diluted share was $0.34 versus $0.46. Now on to the balance sheet and cash flow items. Cash and cash equivalents, restricted cash and time deposits were $1.25 billion at the end of the first quarter of 2026 versus $1.13 billion at the end of 2025.
Net cash, which excludes short-term and long-term debt was $924.2 million at quarter end versus $844.5 million at year-end 2025. Total inventory was $738 million versus $702.6 million at year-end 2025. Raw materials were $377.9 million, up $28.3 million quarter-over-quarter. We made additional strategic purchases to support production plans and to mitigate potential supply chain risk. Work in process was $81.6 million, up $20.2 million quarter-over-quarter. Finished goods inventory was $278.4 million, down $13.1 million quarter-over-quarter. Finished goods inventory primarily consists of first tools under evaluation at our customer sites, along with finished goods located at ACM's facilities. Cash used by operations was $29.5 million. Capital expenditures were $22 million.
For the full year 2026, we now expect to spend about $175 million in capital expenditures. That concludes our prepared remarks. Let's open the call for any questions that you may have. Operator, please go ahead.
Operator: Your first question comes from the line of Suji Desilva with ROTH Capital.
Sujeeva De Silva: Can you talk about the cleaning segment and what drove the decline year-over-year in 1Q? And then how it's going to ramp up? What caused that pause? It would be helpful to understand that.
David Wang: Okay. Thanks, Suji. Actually, let's put it this way. In 2025 we start to see our cleaning product has been going through the many applications, right, including those mature nodes and all the advanced nodes. So the 2025, we're still facing some difficulty and also problem, right, for those new applications. And with the 12 months, our problem solving with the customer, especially most important in the our Lingang production has started using. So those kind of problems actually we're mostly solving already. And that really show that is, I want to say, last whole year progress also are difficult. That's why we can see impact our Q1 revenue.
However, as I said, since we're solving most of the issue, even today, our performance -- some tool performance even outpaced our leading supplier from global. So we see that really growing for our revenue. And you can see that the first quarter, our revenue grow, revenue, I must say our shipment from the cleaning product is a 32% increase year-over-year, right? I give another picture, our project backlog increased from this first 6 months versus last 1 year, first 6 months were almost like 50% increase too for [ the PO receiving ]. So that really shows the momentum continuing. And also in my script, I specifically mentioned about this SPM process.
It's really our proprietary technology we are gaining customer interest, especially reach excellent results at the 15-nanoparticle size. That's really show our technology is better than the leading supplier. So we have confidence you can take significant market share in the SPM business, right? We're expecting 15 to 20 tool will deliver to the customer in Asia or in China, too. So anyway, that's, I think, the answer for you.
Sujeeva De Silva: Very helpful color. And then, David, just kind of following through on that, with shipments expected to outpace revenue in '26, would we think that '27 should be an above trend year? I mean, obviously, you're not guiding, but just trying to understand the implications of that.
David Wang: Well, I mean, '27 is a little bit far away, right? But I want to see that our -- let me put it this way, 2026, we gained a lot of share, I mean, a PO or the customer interest for our cleaning tool, obviously, copper plating tool, right? Copper plating, you can see grows a lot. And also, we see the interest -- people were interested in our furnace and the PECVD and track system. So I want to see that 2027, we see our new product, including, for example, copper plating for panel tools, we're getting into the revenue and shipment picture in 2027.
So as I mentioned in a couple of earnings call, with our new product sort of playing into our product line, we see a lot of bigger growth in the next few years and we are supporting ACM's multi-product strategy and continue to grow our long-term revenue.
Operator: Your next question comes from the line of Denis Pyatchanin with Needham & Company.
Denis Pyatchanin: Just one question from us today. So it looks like the ECP, the front-end packaging, and other technologies segment has been seeing pretty sustained strength, up very significantly both year-over-year and quarter-over-quarter. Can you tell us more about what's doing well in that segment? What kind of customers are adopting, which tools? Just some more color would be great.
David Wang: Yes. I want to say that this plating business has been growing a lot, right? Obviously, front end growing and also you can see HBM is also driving. And obviously, advanced packaging for all the 2.5D and application also growing and driving too. So that's really driving factor for the copper plating and also our advanced packaging wet process tool, including coater, developer, wet etcher, PR stripper and cleaning.
Operator: Seeing no more questions in the queue, let me turn the call back to Steven Pelayo for closing remarks.
Steven C. Pelayo: Great. Thank you. Before we conclude, I just want to give everyone a quick reminder on our upcoming investor conferences. On June 17, we will present at the 16th Annual ROTH London Conference at the Four Seasons Park Lane in London. Attendance at the conference is by invitation only. For interested investors, please contact your respective sales representative to register and schedule one-on-one meetings with the management team. This concludes the call, and you may now disconnect. Take care.
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- ACMR Q1 Earnings Beat Estimates on ECP Strength and Packaging Demand
May 8, 2026 · zacks.com
ACM Research tops Q1 estimates as ECP revenues surge 205% and advanced packaging demand fuels strong shipment and profit growth.
- ACM Research reiterates $1.08B-$1.175B 2026 revenue outlook while targeting 15-20 single-wafer SPM tool deliveries by year-end
May 7, 2026
Earnings Call Insights: ACM Research (ACMR) Q1 2026
MANAGEMENT VIEW
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"We started the year with a solid Q1 report with revenue up 34% and gross margin above the midpoint of our long-term target range." (Founder, Chairman, CEO & President David Wang)
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"We anticipate incremental contribution from new product cycle from Tahoe, single-wafer SPM and our vertical furnace product." (CEO Wang)
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"I'm pleased to announce today that we expect a significant production ramping of single-wafer SPM production product line with more than 15 to 20 units to be delivered by year-end across our customer base." (CEO Wang)
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"In April, we shipped our first PECVD silicon carbon nitride system to a leading semiconductor manufacturer, now in customer evaluation process. This is a big deal." (CEO Wang)
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"We reiterate this outlook today." (CEO Wang)
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"Revenue was $231.3 million, up 34.2%." (CFO, Executive VP, Secretary & Treasurer Mark McKechnie)
OUTLOOK
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"In mid-January, we introduced our 2026 revenue outlook in the range of $1.08 billion to $1.175 billion... We reiterate this outlook today." (CEO Wang)
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"For 2026, we continue to expect the shipment growing to outpace revenue growth." (CEO Wang)
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"For the full year 2026, we do anticipate the mix in cleaning will normalize towards the 65% level, similar to the mix in 2025." (CFO McKechnie)
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Compared with the prior quarter’s messaging on new products, management kept the same full-year revenue range, while adding a more specific delivery target for SPM units: "more than 15 to 20 units to be delivered by year-end." (CEO Wang)
FINANCIAL RESULTS
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"First quarter revenue was $231 million (sic) [ $231.3 million ], up 34% (sic) [ 34.2% ]." (CEO Wang)
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"Shipments for the first quarter were $241 million (sic) [ $240.7 million ], up 54% (sic) [ 53.6% ]." (CEO Wang)
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"Gross margin was 46.5% for the first quarter, above the middle point of our long-term range, 42% to 48%." (CEO Wang)
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"Operating expenses were $65.8 million, up 38.5%." (CFO McKechnie)
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"Net income per diluted share was $0.34 versus $0.46." (CFO McKechnie)
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"Cash used by operations was $29.5 million. Capital expenditures were $22 million. For the full year 2026, we now expect to spend about $175 million in capital expenditures." (CFO McKechnie)
Q&A
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Sujeeva De Silva, ROTH Capital Partners, LLC, Research Division: "Can you talk about the cleaning segment and what drove the decline year-over-year in 1Q?" CEO Wang: "In 2025... we're still facing some difficulty and also problem... for those new applications... That's why we can see impact our Q1 revenue." CEO Wang: "our shipment from the cleaning product is a 32% increase year-over-year" and "our project backlog increased from this first 6 months versus last 1 year, first 6 months were almost like 50% increase too."
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Sujeeva De Silva, ROTH Capital Partners, LLC, Research Division: "with shipments expected to outpace revenue in '26... would we think that '27 should be an above trend year?" CEO Wang: "'27 is a little bit far away" and "we see a lot of bigger growth in the next few years."
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Denis Pyatchanin, Needham & Company, LLC, Research Division: "Can you tell us more about what's doing well" in ECP/front-end packaging? CEO Wang: "Obviously, front end growing and also you can see HBM is also driving" and "advanced packaging for all the 2.5D and application also growing and driving too."
SENTIMENT ANALYSIS
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Analyst sentiment was slightly negative to neutral, centering on a cleaning slowdown and durability of growth, with questions such as "what caused that pause?" (Sujeeva De Silva, ROTH Capital Partners, LLC, Research Division) and requests for drivers behind outsized ECP strength. (Denis Pyatchanin, Needham & Company, LLC, Research Division)
*
Management sentiment was positive and assertive in both prepared remarks and Q&A, emphasizing competitive claims and product ramps, including "we have confidence you can take significant market share in the SPM business" and "we are confident that we can reproduce each customer-specific production environment in our lab." (CEO Wang)
*
Versus the prior quarter, management sounded more execution-focused on near-term product delivery and qualification timing, highlighted by "more than 15 to 20 units to be delivered by year-end" (CEO Wang) versus the earlier emphasis on technical progress such as "We achieved a 50 nanoparticle size count of under 20" in SPM. (CEO Wang, prior quarter)
QUARTER-OVER-QUARTER COMPARISON
*
Guidance language was unchanged quarter-over-quarter, with both calls stating: "we introduced our 2026 revenue outlook in the range of $1.08 billion to $1.175 billion... We reiterate this outlook today." (CEO Wang, current quarter; CEO Wang, prior quarter)
*
The current call emphasized a specific SPM production ramp and unit delivery target, while the prior call emphasized SPM performance progress and orders, including "we have received a strong repeat order for our SPM cleaning tools" and "We achieved a 50 nanoparticle size count of under 20." (CEO Wang, prior quarter)
*
Analyst focus shifted from profitability and gross margin drivers in Q4 to cleaning deceleration and the durability of the 2026 shipment-versus-revenue dynamic in Q1. (Sujeeva De Silva, ROTH Capital Partners, LLC, Research Division; prior quarter analysts)
RISKS AND CONCERNS
*
"Approximately 15% of the shipments were catch-up from tools that were originally scheduled for Q4 delivery." (CFO McKechnie)
*
"We made additional strategic purchases to support production plans and to mitigate potential supply chain risk." (CFO McKechnie)
*
"We maintained our 42% to 48% target range and note that product mix can cause fluctuations on a quarterly basis." (CFO McKechnie)
FINAL TAKEAWAY
Management described Q1 as a strong start with 34.2% revenue growth, 46.5% gross margin, and shipments rising faster than revenue, while reiterating the $1.08 billion to $1.175 billion full-year 2026 revenue outlook. The call leaned heavily on new-product and geography expansion catalysts, led by a stated SPM production ramp of more than 15 to 20 units delivered by year-end, continuing momentum in ECP tied to front-end and advanced packaging demand, and customer evaluations for newer platforms such as PECVD and vertical furnace, alongside continued investment in Lingang and Oregon to accelerate qualification cycles and support global deployment.
Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/acmr/earnings/transcripts]
MORE ON ACM RESEARCH
* ACM Research, Inc. (ACMR) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4900607-acm-research-inc-acmr-q1-2026-earnings-call-transcript]
* ACM Research: Let's Go To Hong Kong [https://seekingalpha.com/article/4892201-acm-research-lets-go-to-hong-kong]
* ACM Research's Rally Meets Reality After Weak Margins [https://seekingalpha.com/article/4876133-acm-research-stock-rally-meets-reality-after-weak-margins-downgrade-hold]
* Applied Materials, Lam Research, ACM Research get Buy ratings as Seaport initiates coverage [https://seekingalpha.com/news/4585591-applied-materials-lam-research-acm-research-get-buy-ratings-as-seaport-initiates-coverage]
* ACM Research expects to report Q1 revenue growth of 31% to 33% [https://seekingalpha.com/news/4579929-acm-research-expects-to-report-q1-revenue-growth-of-31-to-33]
- ACM Research, Inc. (ACMR) Q1 2026 Earnings Call Transcript
May 7, 2026 · seekingalpha.com
ACM Research, Inc. (ACMR) Q1 2026 Earnings Call Transcript
- ACM Research Q1 Earnings Call Highlights
May 7, 2026
ACM Research logo
Key Points
ACM Research reported Q1 revenue up 34% year‑over‑year to $231.3 million, driven by ECP and advanced packaging, with shipments rising 53.6% to $240.7 million and gross margin at 46.5%. Management expects meaningful product ramps — including delivery of more than 15–20 single‑wafer SPM units by year‑end, expanding panel‑level plating engagements and a shipped PECVD system — supported by expanded Lingang facilities and a mini‑line to shorten customer qualification cycles. The balance sheet is strong with about $1.3 billion gross cash and $924 million net, but operating expenses rose 38.5% and diluted EPS fell to $0.34; management reiterated 2026 revenue guidance of $1.08–1.175 billion and plans roughly $175 million in capex. Interested in ACM Research, Inc.? Here are five stocks we like better.
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ACM Research (NASDAQ:ACMR) reported first-quarter 2026 results that company executives described as a solid start to the year, with revenue rising 34% year over year to $231.3 million and gross margin of 46.5%, above the midpoint of its long-term 42% to 48% target range.
On the call, CEO Dr. David Wang said first-quarter growth was “driven by the continual strength in our ECP and advanced packaging business,” while also positioning 2026 as “a big year for new product” as prior R&D investments and expanded manufacturing capabilities begin to translate into a broader portfolio and more customer evaluations.
Quarterly performance and segment trends
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Wang said ACM’s first-quarter revenue increased 34% to $231 million, with electrochemical plating (ECP) serving as the main growth driver. He noted ECP revenue was up more than three times year over year, while the advanced packaging services and spare parts category grew 62%. Cleaning revenue declined 6% and had “a little contribution from new cleaning product” in the quarter, according to Wang.
CFO Mark McKechnie provided additional detail, stating single-wafer cleaning revenue (Ultra C Tahoe and semi-critical cleaning) was $122.5 million, down 5.5%, and represented about 53% of quarterly sales. Revenue for “ECP, front-end packaging, furnace, and other technologies” was $84.2 million, up 204.9%, representing 36.4% of sales, while advanced packaging revenue excluding ECP (including services and spares) was $24.5 million, up 62%, representing 10.6% of sales.
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McKechnie said the ECP category’s growth was “the majority” from ECP front-end, with “very little contribution from furnace” in the quarter.
Shipments outpaced revenue; margin recovery cited
ACM reported first-quarter shipments of $240.7 million, up 53.6% year over year. Wang said shipments benefited from strong customer demand and execution and included contribution from an initial ramp of single-wafer SPM tools. He also noted that about 15% of first-quarter shipments were catch-up deliveries from tools rescheduled out of the fourth quarter of last year.
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Wang added that for 2026, the company continues to expect shipments to grow faster than revenue.
Gross margin was 46.5% compared with 48.2% a year earlier. McKechnie said the margin improvement versus the second half of 2025 reflected “favorable product mix and a slightly lower impact from the inventory provision,” while noting quarterly mix can drive fluctuations within the company’s 42% to 48% long-term range.
Product updates: SPM ramp, panel-level plating, PECVD and track progress
Wang emphasized that ACM expects a significant ramp in its single-wafer SPM product line, projecting “more than 15-20 units” delivered by year-end across its customer base. He framed the tool as a proprietary approach intended to improve particle performance and reduce maintenance downtime, and he said ACM is seeing “strong interest” from “multiple global customers.” Wang also noted that SPM tools represent about 30% of the cleaning market and said the company believes its system can take “significant market share” in coming years.
In plating and advanced packaging, Wang said panel-level horizontal plating is gaining traction in Asia and with global customers. He said ACM began developing a panel-level horizontal electroplating platform in 2022 and delivered what he called the first horizontal plating tool in a 515 by 510 millimeter format to a customer in the fourth quarter of last year. The company has since expanded engagements and backlog for both 515 by 510 millimeter and 310 by 310 millimeter formats, and Wang said ACM expects successful evaluations could lead to volume production orders for the larger format and additional evaluations for the smaller format later this year.
On furnace products, Wang said tools are under evaluation at multiple customer sites and that the company expects a more meaningful revenue contribution later this year. He listed applications including LPCVD, oxidation, thermal ALD, PLD, and ultra-high temperature anneal.
ACM also highlighted progress in newer platforms. Wang said the company shipped its first PECVD silicon carbonitride system to a “leading semiconductor manufacturer” in April and that the tool is now under customer evaluation. He described it as incorporating a proprietary “3-station rotating architecture” and “1 station, 1 RF technology,” which he said supports film uniformity, interface control, process stability, and small footprint. Wang also said ACM is working toward mass production qualification this year for a high-throughput 300 WPH KrF track tool after delivering a first evaluation tool last September.
Manufacturing footprint and global expansion initiatives
Wang said ACM’s Lingang facility is a key element of its operating model. He stated that the first building is in volume production and the company plans to open a second building later this year; together, he said, the two facilities can support up to $3 billion in annual output.
He also discussed the company’s Lingang “mini-line,” described as a Class 100 experimental R&D line running ACM’s own tools and those of other vendors. Wang said the mini-line is accelerating R&D and joint development with customers in Asia and could change how ACM qualifies new products—by processing customer wafers at Lingang before shipment to reduce on-site qualification time and shorten the cycle to revenue.
Wang cited examples including customer-specific validation at Lingang prior to shipment of the PECVD silicon carbonitride system and months of testing and improvement on the single-wafer SPM tool with a leading customer. He said the company believes it can replicate customer-specific production environments in its lab, potentially shortening qualification from more than a year to “a few quarter.”
In the U.S., Wang said ACM remains on track to have an in-house demo lab with multiple tools and the capability to produce U.S.-made tools in Oregon by the end of 2026.
Wang also addressed global deployment, stating that by the end of 2026 ACM expects to have more than 20 tools installed outside mainland China, including about 10 customers across five countries, while acknowledging the effort is still in early stages.
Financial position, operating expenses, and 2026 outlook
ACM ended the quarter with gross cash of $1.3 billion and net cash of $924 million, Wang said, including $110 million in gross proceeds from a February sale of ACM Shanghai shares. McKechnie reported cash and cash equivalents, restricted cash, and time deposits of $1.25 billion at quarter-end, up from $1.13 billion at the end of 2025.
Operating expenses were $65.8 million, up 38.5%, according to McKechnie. He said R&D was 15% of sales, sales and marketing 8.3%, and G&A 5.1%. For 2026, ACM plans R&D at 16% to 18% of sales, sales and marketing at 8% to 9%, and G&A at 5% to 6%.
Non-GAAP operating income was $41.8 million versus $35.6 million a year earlier, while operating margin was 18.1% compared with 20.7%. Net income attributable to ACM Research was $24.3 million, down from $31.3 million, and diluted EPS was $0.34 versus $0.46. McKechnie said non-GAAP results excluded $5.6 million of stock-based compensation in the quarter and that stock-based compensation is expected to increase in the second quarter due to option grants related to ACM Shanghai stock granted in the first quarter.
Inventory rose to $738.0 million from $702.6 million at year-end 2025. McKechnie said raw materials increased due to “additional strategic purchases to support production plans and to mitigate potential supply chain risk.” Cash used by operations was $29.5 million and capital expenditures were $22.0 million. For the full year 2026, McKechnie said ACM now expects about $175 million in capital expenditures.
For full-year 2026, Wang reiterated ACM’s revenue outlook range of $1.08 billion to $1.175 billion, which he said implies 25% year-over-year growth at the midpoint. Management also reiterated expectations that 2026 shipment growth will outpace revenue growth.
During Q&A, Wang attributed the year-over-year decline in cleaning revenue to challenges tied to new applications that the company worked through with customers, adding that the Lingang production capability helped resolve many issues. He pointed to cleaning shipment growth of 32% year over year and said purchase orders received in the first six months were “almost like a 50% increase” versus the prior-year period, which he said supports continued momentum.
Wang also said strength in ECP and related categories is being driven by front-end demand as well as HBM and advanced packaging trends including 2.5D and 3D applications.
About ACM Research (NASDAQ:ACMR)
ACM Research, Inc (NASDAQ:ACMR) designs, develops and markets wet processing equipment for the semiconductor industry. The company focuses on advanced wafer cleaning technologies that address critical contamination-control requirements for logic, memory and advanced packaging applications. Since its founding in 2003, ACM Research has engineered modular platform tools that can be configured for a range of spin, scrub and batch cleaning processes.
Its product portfolio encompasses single-wafer spin cleaning systems featuring high-purity megasonic capabilities, dynamic chemical scrubbing modules for post-CMP residue removal and batch-process cleaning equipment designed for high-throughput production environments.
The article "ACM Research Q1 Earnings Call Highlights" was originally published by MarketBeat.
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- ACM Research, Inc. (ACMR) Q1 Earnings and Revenues Top Estimates
May 7, 2026
ACM Research, Inc. (ACMR) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +112.50%. A quarter ago, it was expected that this company would post earnings of $0.39 per share when it actually produced earnings of $0.25, delivering a surprise of -35.9%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
ACM Research, which belongs to the Zacks Semiconductor Equipment - Material Services industry, posted revenues of $231.26 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 9.60%. This compares to year-ago revenues of $172.35 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
ACM Research shares have added about 40.4% since the beginning of the year versus the S&P 500's gain of 7.6%.
What's Next for ACM Research?
While ACM Research has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for ACM Research was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.40 on $270.49 million in revenues for the coming quarter and $1.70 on $1.14 billion in revenues for the current fiscal year.
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Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Semiconductor Equipment - Material Services is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Computer and Technology sector, Rigetti Computing, Inc. (RGTI), is yet to report results for the quarter ended March 2026. The results are expected to be released on May 11.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +37.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Rigetti Computing, Inc.'s revenues are expected to be $3.25 million, up 120.8% from the year-ago quarter.
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This article originally published on Zacks Investment Research (zacks.com).
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- May 2026's Top Insider Picks For Growth Companies
May 7, 2026
The United States market has recently experienced a notable upswing, climbing 3.2% in the last week and an impressive 31% over the past year, with earnings forecasted to grow by 16% annually. In this thriving environment, growth companies with high insider ownership are particularly attractive as they often indicate strong confidence from those closest to the business, aligning well with current market momentum.
Top 10 Growth Companies With High Insider Ownership In The United States
Name Insider Ownership Earnings Growth Uxin (UXIN) 35.7% 74.1% Upstart Holdings (UPST) 12.8% 58.2% Precigen (PGEN) 11.9% 68.4% Karman Holdings (KRMN) 17% 53.2% Figure Technology Solutions (FIGR) 24.8% 61.8% Clene (CLNN) 10.9% 62.2% Caledonia Mining (CMCL) 14.1% 29.6% Better Home & Finance Holding (BETR) 19.3% 100.6% Astera Labs (ALAB) 10.8% 31.5% AppLovin (APP) 27.4% 22%
Click here to see the full list of 194 stocks from our Fast Growing US Companies With High Insider Ownership screener.
Here's a peek at a few of the choices from the screener.
ACM Research
Simply Wall St Growth Rating: ★★★★☆☆
Overview: ACM Research, Inc. develops, manufactures, and sells capital equipment in Mainland China and internationally, with a market cap of $3.50 billion.
Operations: The company's revenue primarily comes from its Semiconductor Equipment and Services segment, which generated $901.31 million.
Insider Ownership: 12.1%
ACM Research is positioned as a growth company with high insider ownership, trading at a favorable price-to-earnings ratio of 39x compared to the semiconductor industry average. Its revenue and earnings are forecasted to grow faster than the US market, at 18.3% and 22.6% annually, respectively. Recent product restructuring into the ACM Planetary Family supports its expanding portfolio in semiconductor manufacturing. Despite lower recent net income, analysts expect a significant stock price increase of 28.5%.
Take a closer look at ACM Research's potential here in our earnings growth report. In light of our recent valuation report, it seems possible that ACM Research is trading behind its estimated value.ACMR Earnings and Revenue Growth as at May 2026
Zscaler
Simply Wall St Growth Rating: ★★★★★☆
Overview: Zscaler, Inc. is a global cloud security company with a market cap of approximately $22.73 billion.
Operations: The company generates revenue primarily through sales of subscription services to its cloud platform and related support services, amounting to $3.00 billion.
Insider Ownership: 35.2%
Zscaler demonstrates strong growth potential, with revenue expected to grow faster than the US market. Despite recent net losses, Zscaler is forecasted to become profitable in three years. The company has high insider ownership but has seen significant insider selling recently. Recent partnerships enhance its Zero Trust security offerings, notably integrating with IXT's platform for IoT devices and collaborating with P0 Security on dynamic authorization models, reflecting robust strategic positioning in cybersecurity innovation.
Story Continues
Delve into the full analysis future growth report here for a deeper understanding of Zscaler. Our comprehensive valuation report raises the possibility that Zscaler is priced lower than what may be justified by its financials.ZS Earnings and Revenue Growth as at May 2026
Amer Sports
Simply Wall St Growth Rating: ★★★★☆☆
Overview: Amer Sports, Inc. designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories across various regions globally with a market cap of $20.24 billion.
Operations: The company's revenue segments include Technical Apparel at $2.86 billion, Outdoor Performance at $2.40 billion, and Ball & Racquet Sports at $1.31 billion.
Insider Ownership: 18.1%
Amer Sports exhibits substantial growth potential, with earnings forecasted to grow significantly faster than the US market. Recent financial results show a sharp increase in net income, rising from US$15.4 million to US$131.5 million year-over-year for Q4 2025. Despite trading slightly below fair value estimates, analysts expect a 31.4% stock price rise. The company's recent $750 million follow-on equity offering suggests strategic expansion plans, supported by major underwriters like Goldman Sachs and Morgan Stanley.
Click here to discover the nuances of Amer Sports with our detailed analytical future growth report. Our expertly prepared valuation report Amer Sports implies its share price may be too high.AS Ownership Breakdown as at May 2026
Summing It All Up
Explore the 194 names from our Fast Growing US Companies With High Insider Ownership screener here. Interested In Other Possibilities? Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.The analysis only considers stock directly held by insiders. It does not include indirectly owned stock through other vehicles such as corporate and/or trust entities. All forecast revenue and earnings growth rates quoted are in terms of annualised (per annum) growth rates over 1-3 years.
Companies discussed in this article include ACMRZS and AS.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- ACM Research, Inc. (ACMR) Q1 Earnings and Revenues Top Estimates
May 7, 2026 · zacks.com
ACM Research, Inc. (ACMR) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.46 per share a year ago.
- ACM Research Reports First Quarter 2026 Results
May 7, 2026 · globenewswire.com
FREMONT, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its first quarter ended March 31, 2026.
