ACM Research (Shanghai) (688082) Q4 2025 earnings summary

Executive summary

• Revenue grew 9% in Q4 and 15% for the full year 2025, outperforming a flat China WFE market.

• Strong progress in new product platforms and global expansion, including first tool installations in Singapore and orders from global customers.

• Investments in AI and data center infrastructure are driving demand for advanced logic, memory, and packaging solutions.

• Product innovation and differentiated technology portfolio are positioning the company for sustained growth.

Financial highlights

• Q4 revenue: $244 million, up 9.4% year-over-year; full year revenue: $901.3 million, up 15.2%.

• Gross margin: 41% in Q4 (down 8.8 pts YoY), 44.5% for the year (down from 54% in 2024).

• Operating income: $29.5 million in Q4 (12.1% margin), $143.2 million for the year (15.9% margin).

• Net income attributable: $17.3 million in Q4, $110.2 million for the year; diluted EPS: $0.25 in Q4, $1.61 for the year.

• Cash, equivalents, and time deposits: $1.13 billion at year-end; net cash: $845.5 million.

Outlook and guidance

• 2026 revenue outlook: $1.08–$1.175 billion, implying 25% YoY growth at midpoint.

• Gross margin expected at lower end of 42%-48% target range in H1 2026, improving in H2.

• R&D spending planned at 16%-18% of sales for 2026.

• Effective tax rate expected at 8%-10% for 2026.

• Capital expenditures projected at $200 million for 2026.