--- title: "ACM Research Earnings Call Signals Broad-Based Growth" type: "News" locale: "en" url: "https://longbridge.com/en/news/295597414.md" description: "ACM Research reported strong Q2 growth, with revenue rising 36% to $292.9 million and order intake surging 105%. The company raised its full-year 2026 revenue guidance to $1.125–$1.175 billion, citing robust demand for electrochemical plating and advanced packaging technologies. Despite margin pressure from product mix shifts and high inventory levels, ACM maintained a solid balance sheet with $1.36 billion in gross cash and improved customer diversification." datetime: "2026-08-12T00:28:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295597414.md) - [en](https://longbridge.com/en/news/295597414.md) - [zh-HK](https://longbridge.com/zh-HK/news/295597414.md) generator: "portal-rs" --- # ACM Research Earnings Call Signals Broad-Based Growth Acm Research ((ACMR)) has held its Q2 earnings call. Read on for the main highlights of the call. ### Claim 55% Off TipRanks - Unlock powerful investing tools with TipRanks Premium to make smarter, more confident investment decisions - Subscribe to TipRanks Smart Investor Newsletter, and discover new investing opportunities with data-backed stock picks ACM Research’s latest earnings call struck an optimistic tone, underscoring powerful demand trends and solid execution despite some near‑term headwinds. Management pointed to broad‑based revenue growth, accelerating orders for newer platforms, and a fortified cash position, arguing that these positives more than offset margin pressure, inventory build‑up, and product‑qualification delays. ## Strong Top-Line Growth Revenue climbed to $292.9 million in Q2, up 36% year over year, signaling strong demand across ACM’s portfolio. Total shipments reached $281.5 million, also rising 36.4% versus the prior year, which supports management’s view that underlying customer activity is robust and still ramping. ## Exceptional Growth in ECP and Advanced Packaging Electrochemical plating, furnace and other technologies surged 167.7% year over year and now account for 43.9% of sales, highlighting rapid adoption of these newer platforms. Advanced packaging revenue excluding plating jumped 153.3% and represents 10.7% of sales, showing ACM’s growing role in cutting‑edge packaging flows. ## Order Momentum and Backlog Expansion Order intake in the first half of 2026 increased 105% year over year, giving the company a visibly thicker backlog. Management emphasized that orders are skewed toward new products, suggesting future revenue mix will lean more heavily on advanced technologies as qualifications convert to volume. ## Improved Balance Sheet and Liquidity ACM closed the quarter with about $1.36 billion of gross cash and approximately $1.0 billion of net cash, including roughly $300 million in the U.S., providing ample financial flexibility. The balance sheet was further strengthened by a $150 million registered direct offering in May, supporting ongoing investment in capacity and R&D. ## Operational and Profitability Metrics Gross margin came in at 46.0% and operating margin at roughly 19.2% in Q2, solidly within ACM’s stated long‑term ranges. Operating income rose to $56.3 million from $41.5 million a year ago, while non‑GAAP diluted EPS improved to $0.61 from $0.55, reflecting scale benefits even amid elevated investment. ## Milestone Shipments and Adoption The company shipped its 2,000th electroplating chamber, up from 1,500 in 2025 and just 500 in 2022, a steep trajectory that underscores rapid installed‑base growth. This momentum indicates strong customer adoption in volume production and reinforces ACM’s positioning in advanced plating steps. ## Commercial and Technical Progress on New Platforms ACM secured panel‑level horizontal plating orders from two advanced packaging customers, covering 510x515mm and 310x310mm formats for production and evaluation use. Meanwhile, PECVD and Track platforms are moving through customer evaluations, with management expecting production qualifications around year‑end, which could broaden future revenue drivers. ## Raised Full-Year Revenue Guidance Full‑year 2026 revenue guidance was lifted to a range of $1.125 billion to $1.175 billion, raising the midpoint and implying roughly 25–30% year‑over‑year growth. Management also said shipments should outpace recognized revenue in 2026, hinting at a building backlog that could support growth beyond this year. ## Manufacturing and Global Expansion The first building at ACM’s Lingang facility is already in volume production, while a second building is planned later this year, together designed to support up to $3 billion in annual output. The Oregon demo center remains on track to open later this year, and ACM aims to have over 20 tools installed outside Mainland China by end‑2026 with about 10 customers in five countries. ## Reduced Customer Concentration Customer concentration improved as only one customer exceeded 10% of revenue at 12.7% in the first half of 2026. This compares with three customers accounting for nearly half of revenue in the first half of 2025, indicating a broader and healthier customer base that reduces dependence on any single buyer. ## Decline in Single-Wafer Cleaning Revenue Single‑wafer cleaning, Tahoe and semi‑critical cleaning revenue fell 14.2% year over year to $133.0 million and now represent about 45.4% of sales. New SPM products have contributed very little revenue so far, reflecting a lag between shipments, qualification and revenue recognition that weighs on legacy cleaning performance. ## Gross Margin Pressure and Product-Mix Impact Gross margin narrowed to 46.0% from 48.7% a year earlier, though it remains within the company’s long‑term 42–48% target band. Management attributed the pullback to quarterly product‑mix swings tied to newer systems and evaluation tools, suggesting near‑term margin noise as the portfolio shifts. ## High Inventory Levels and Tools in Evaluation Net inventory stood at $783.1 million, including $406.1 million of raw materials, $89.0 million of work‑in‑process and $287.9 million of finished goods. The finished goods largely represent first tools under evaluation at customer sites, which introduces timing risk around when those systems will be accepted and recognized as revenue. ## Supply-Chain Constraints and Component Timing Risk Management called out component shortages and longer lead times, with some items extending beyond typical four‑month windows. While orders remain strong, these supply‑chain issues could push certain shipments from Q3 and Q4 into later periods, creating execution volatility even with solid demand. ## Higher Operating Expenses and Capital Spend Operating expenses rose 23.9% year over year as ACM continues investing behind its growth agenda. R&D accounted for 13.9% of sales in Q2, with a plan to reach 16–18% in 2026, and capex hit $65.4 million in the quarter toward a full‑year target of about $175 million, funding capacity and demo infrastructure. ## Larger Tax Expense This Quarter Income tax expense increased to $13.5 million in Q2 from $1.9 million a year earlier, weighing on net income growth relative to operating gains. Management framed this as part of a more normalized tax environment, with a guided tax rate of 10–12% going forward. ## Timing and Qualification Risks for New Products Several new platforms, including SPM, PECVD, Track and horizontal panel plating, remain in evaluation or qualification phases at key customers. The speed and outcome of these qualifications will determine when ACM can convert its technical progress into material revenue, leaving some short‑term uncertainty despite strong engagement. ## Forward-Looking Guidance and Growth Ambitions Beyond the raised 2026 revenue outlook, ACM reiterated a long‑term revenue target of $4 billion split between China and global markets and expanded its serviceable available market to about $22 billion. With strong H1 orders, solid margins and significant cash, management sees room to fund capacity, R&D and global expansion while navigating supply‑chain and qualification risks. ACM Research’s earnings call painted a picture of a company transitioning from a niche cleaning specialist to a broader advanced‑process player, backed by strong demand and a robust balance sheet. For investors, the story hinges on whether ACM can convert its swelling backlog and new platforms into sustained, profitable growth while managing margin noise, inventory timing and execution risks. ### Related Stocks - [ACMR.US](https://longbridge.com/en/quote/ACMR.US.md) - [688082.CN](https://longbridge.com/en/quote/688082.CN.md) ## Related News & Research - [This Atlassian Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Wednesday](https://longbridge.com/en/news/297053341.md) - [ACM Research director Haiping Dun disposes of 5,000 common shares worth $406,862.80](https://longbridge.com/en/news/296533288.md) - [Okabena Investment Services Inc. Reduces Holdings in Fastenal Company $FAST](https://longbridge.com/en/news/297423153.md) - [Short Interest in A.P. 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