Q4 2025 ACM Research Inc Earnings Call Transcript
Key Points
- ACM Research Inc (ACMR) reported a 9% revenue growth in Q4 2025 and a 15% increase for the full year, outperforming the generally flat growth of the China WFE market.
- The company achieved significant technical progress with its SPM cleaning tools, receiving strong repeat orders from major customers.
- ACMR expanded its global footprint by delivering its first single wafer cleaning tools to a Singapore-based foundry, marking a key milestone.
- The company has a strong cash position with a net cash of $845 million, providing a solid foundation for future investments and growth.
- ACMR's differentiated technology portfolio is well-aligned with high-value process steps, positioning it as a key supplier in the semiconductor industry.
- ACMR's gross margin for Q4 2025 was 41%, below the long-term target range of 42%-48%, due to product mix and competitive pricing pressures.
- Operating margin decreased from 25.6% in 2024 to 15.9% in 2025, with expectations of similar levels in 2026 due to continued R&D investments.
- Shipments for 2025 were down 12.2% compared to 2024, partly due to some shipments being pushed into 2026.
- The company faces competitive pressure in China, with several local entrants targeting similar product segments.
- ACMR's operating expenses increased by 34% in 2025, impacting profitability despite revenue growth.
Good day, ladies and gentlemen. Thank you for standing by. Welcome to the ACM Research fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions)
As a reminder, we are recording todayâs call. If you have any objections, you may disconnect at this time. I will turn the call over to Mr. Steven Pelayo, Managing Director of The Blueshirt Group. Steven, please go ahead.
Good day, everyone. Thank you for joining us to discuss fourth quarter and fiscal year 2025 results, which we released before the US market opened today. The release is available on our website as well as from Newswire Services. Thereâs also a supplemental slide deck posted to the investor relations 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 two. Let me remind you that remarks
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