Good day, and thank you for standing by. Welcome to the ACM Research first quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker for today, Gary Dvorchak. Thank you. Please go ahead. Good morning, everyone. Thank you for joining us on today's call to discuss first quarter 2021 results. We released results after the U.S. market closed yesterday. The release is available on our website as well as from Newswire Services. There is also a supplemental slide deck posted on the investor portion of our website that we'll reference during our prepared remarks. On the call with me today are our CEO, Dr. David Wang, our CFO, Mark McKechnie, and Lisa Feng, the CFO of our operating subsidiary, ACM Shanghai. Before we continue, please turn to slide two. 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 of the financial results that we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation, a loss relating to the change in fair value of a financial liability, and an unrealized gain in trading securities. For our GAAP results and reconciliations between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website. With that, let me now turn the call over to David Wang, who will begin with slide three. David? Thanks, Gary. Good day, and welcome to today's call. We are off to a great start with solid results for the first quarter. We delivered strong revenue growth, record shipments, and excellent profitability. First quarter results demonstrate the competitive strength of our technical expertise, breadth of our product portfolio, and our growing production scale. Revenue grew to $43.7 million, up 80% year-over-year. Shipments were $74 million, up from $67 million last quarter and up from $12 million in the first quarter of 2020. We deliver a good balance of growth and profitability with a 41.4% gross margin and 11% operating margin. We are committed to deliver profitable growth as we continue to invest in R&D for new products and global sales and marketing. On the bottom line, we report $0.35 of net income per diluted share, up from 11% in the same quarter last year. We ended the quarter with $79 million of cash. We also hold SMIC STAR Market share worth $27 million equivalent as of quarter end. I will now discuss recent operation highlights on slide four. First, our Q1 revenue growth was broad-based, driven by current and new products and customers. Our wet cleaning and other front-end process tools represent 73% of total sales in Q1 and grew by 42%. Our advanced packaging and other process tools and service and spare business accounted for remaining 27%, with revenue up more than six times year-over-year. As highlighted on slide five, we have five major front-end customers in foundry, 3D NAND, and DRAM. We also have several back-end wafer packaging and assembly customers. Our newer customers manufacture power and analog devices. As we discussed on our last call, we had penetrated two of the five key trailing-edge nodes of analog, Power IC, and CIS manufactured in China. I'm excited to share with you that during the first quarter, we received orders from additional one of the five key trailing-edge node customers. We are actively engaged with the remaining two players with the goal of receiving orders from one or both of them later this year. On top of that, during the first quarter, we also penetrate two additional advanced packaging houses and one compound semiconductor IC manufacturer. Looking forward, we believe our existing front-end and back-end customers alone represent a significant opportunity for ACM. Most of them are still in early or middle stages of multi-year capacity expansions, and we expect to continue adding more new customers as we believe every major Semiconductor manufacturer can benefit from all technology. Second, we delivered total shipments of 74 million in the first quarter, another record for the company. This is a major accomplishment, especially during the Lunar New Year holiday period. It is strong testament to our production team, which has been aggressively adding capacity to meet a strong customer demand. As shown on slide six, our original facility in Zhangjiang includes our R&D, SG&A, and prototyping, and production of newer products. During the first quarter, we expanded the production capacity by leasing a second building at our factory in Chuansha. This will provide us with enough floor space to gradually increase our production capacity to more than 500 million, upward from current level of 350 million. Our long-term plan is to build a production and R&D center in the Lingang region of Shanghai. The 1 million square feet of floor space will enable us to increase our annual production capacity to $1.5 billion. We expect additional architectural and design works to be completed this quarter, with initial production target by the end of 2022. Third, we invested in our global sales team. Since hiring James Huang to head our U.S. and Europe sales effort last year, we have added several other senior employee in the business development and the service team. Yesterday, we announced the addition of Elad Nadler, a 21-year veteran of major U.S. semi-cap equipment makers. Elad will lead our U.S. service and delivery team. We now have a seasoned team of world-class industry veterans to drive our effort to expand our business to additional major customer beyond our base in Asia. Our team remains deeply engaged in technology discussions and evaluation with U.S. and Taiwan-based semiconductor manufacturers. We are making good progress and are confident that we can secure win and one or more first year customer during 2021. Fourth, we continue to gain traction with our ECP tools. We are especially bullish on our opportunity for our ECP product line. In the front end, smaller geometry require advanced plating solution. Meanwhile, back-end and advanced packaging has become more important as industrial shifts to packaging innovation to drive higher performance as industry moving to post Moore's Law. Our ECP product line includes the MAP for Damascene copper interconnections, the TSV for through-silicon via for front-end, and the AP for advanced packaging. ACM's ECP MAP product presents a alternative differentiator solution that can provide a uniform plating on ultra-thin seed layer. During the first quarter, we introduced a proprietary high-speed copper plating technology that can deliver improved uniformity at a higher throughput, is essentially important for advanced packaging customers. The high-speed capability, combined with our proprietary technology to improve uniformity at a notch area, give our ECP ap system a strong competitive position to win the market. The tool supports copper pillar bumps for copper, nickel, and tin-silver thin plating and a high-density fan-out, wafer-level. This ECP ap with a high-speed plating rate, together with our SiP copper polishing tool, position us to grow and become an important provider in 3D advanced packaging. According to Yole Développement status of advanced packaging industry 2020 report, the market size of 3D stacking and fan-out will increase annually by 16%-21% over the next four year. We believe the total global market for ECP will expand faster by up to 3x from the present $500 million to up to $1.5 billion in the near future. Fifth, we recently broaden our Ultra Fn furnace dry process tool portfolio. We added a different semiconductor manufacture process, including undoped poly low-pressure chemical vapor deposition, or LPCVD, and doped poly LPCVD. This new capability build on the configurable systems previously announced, oxide, silicon nitride LPCVD, and high-vacuum alloy annealing process capability. The Ultra Fn furnace platform was the design from the ground up to meet customer best-in-class requirements as devices continue to shrink and increasing complexity. Because today's devices are designed with a complex fine geometry, providing consistent and stable heat control is paramount in maintaining wafer integrity. To meet this demand, the Ultra Fn Heater features proprietary control algorithm, which provide stable temperature control. We delivered several first tools supporting this new application in Q1, and expect to deliver additional units as we progress through the year. We also plan to add a high temperature oxidation and annealing capability to our furnace product line in the third quarter. The next major development in our furnace roadmap is a batch atomic layer deposition or ALD process, which we view as the most challenging and promising product for advanced manufacturing nodes. Put it all together, we are making great progress growing our business with new product line. Please turn to slide seven. As noted in the prior course, our current products address a market more than $5 billion. ACM is committed to become a multi-product company. We are positive on the growing opportunity from our core cleaning tools, including SAPS, TEBO, Tahoe, and our semi-critical cleaning tools. We are also beginning to see meaningful contribution from newer product offerings, starting with ECP, which you expect ramping in 2021 and beyond, followed by our furnace product, which you expect to ramp in 2022 and beyond. As we mentioned last quarter, we have begun significant R&D investment in two major new product categories to achieve our long-term goal to double the total addressable market of our product from $5 billion today to more than $10 billion. As is ACM policy, we'll provide more detail on this new product categories after we secure custom orders for first tool delivery. Before I provide our updated 2021 outlook, let's discuss the status of the STAR Market IPO of ACM Shanghai. We continue to make progress. Our team submitted a second verification report to the Shanghai Stock Exchange Commission, or SSEC, in late March. This report explains the class action lawsuit that was filed in the U.S. last year related to their short seller report published on October 8, 2020. We are responding to other important but manageable inquiry. We remain confident that we will receive approving from SSEC, then move into CSRC registration process to complete IPO. Consistent with this practice, the SSEC have not provided us with a timetable that would enable us to predict the precise timing of IPO. Let's move into our 2021 outlook on page eight. Our guidance reflects optimism about our growth opportunity for 2021. We are reaffirming our guidance of revenue in a range of $205 million-$230 million, representing 39% annual growth at the middle point. Our outlook for 2021 is based on several key assumptions. First, the global COVID-19 situation continue to improve. Second, stability in the U.S., China trade policies. Third, a range of spending scenario for the production ramps of key customers. Fourth, variance in the trajectory of DRAM recovery. Finally, a range of outcome for timing of customer acceptance of first tool. Our results and outlook demonstrate the successful execution of our strategies. Our stronger growth is supporting acceleration in R&D spending and new product. We are building our global sales marketing resource to penetrate a new customer in new region. We are scaling production capacity to support our long-term growth plan. Our mission to become a major equipment supplier to the global semiconductor industry remains on track. To conclude, I would like to thank our employees for their hard work and dedication. I also want to thank our customers, partners, and shareholders for their continued support and confidence in ACM Research. I will now turn the call over to Mark to discuss the financial results in more detail. Mark? Thank you, David. Good day to everyone. As David indicated, we are off to a good start in 2021. Unless I note otherwise, I will refer to non-GAAP financial measures, which excludes stock-based compensation and unrealized gain in trading securities. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. The first quarter shown on slide eight. Revenue was $43.7 million, up 79.6%. You may have noticed more detailed reporting of our revenue in yesterday's earnings release. Revenue for single wafer cleaning tools, which includes SAPS, TEBO, Tahoe, and our semi-critical cleaning, was $32.4 million, up 42% from $22.8 million. Revenue for ECP, furnace, and other technologies was $5.6 million versus zero in the first quarter of 2020. Revenue for advanced packaging, excluding ECP, services and spares, was $5.8 million versus $1.6 million in 2020. Total shipments were $74 million versus $12 million in the first quarter of 2020, and $67 million in the fourth quarter of 2020. This includes delivery for revenue in the quarter and deliveries of systems awaiting customer acceptance for potential revenue in the future quarters. As David mentioned, this was another quarter of record shipments. This was a great accomplishment by our production team during the holiday-shortened Lunar New Year period. Gross margin was 41.4% versus 42.2%. This is in our normal expectation of 40%-45%. We expect gross margin to continue to vary on a quarterly basis due to a variety of factors, including product mix and manufacturing utilization. Operating expenses were $13.5 million versus $8.4 million. The increase in operating expenses reflected higher R&D on new products, sales-related activity, and preparations for the STAR Market IPO. Operating income was $4.7 million, up from $1.9 million. Operating margin was 10.7% versus 7.8%. Unrealized loss on trading securities related to the change in market value of our SMIC investment was $1 million in the first quarter of 2021. Note that we exclude this non-GAAP item from our non-GAAP results. Tax benefit was $2.8 million, versus a tax expense of $304,000 in the year ago period. The benefit was because of stock options that were exercised during the quarter. Net income attributable to ACM Research was $7.7 million, versus $2.4 million in the year ago period. Net income per diluted share was $0.35, compared to $0.11 in Q1 of 2020. Tax items and the effect of foreign exchange fluctuations on operating results provided a net benefit of $3.8 million, or $0.17 per share in the first quarter of 2021, versus a net benefit of $0.6 million or $0.03 per share in the first quarter of 2020. Now I'll review selected balance sheet items. Our cash balance was $78.8 million at the end of the first quarter, up from $71.8 million at the end of 2020. In addition to the cash balance, we also had trading securities with $27 million related to our SMIC investment. Short-term borrowings at quarter end were $23.5 million, down from $26.1 million at the end of the fourth quarter of 2020. Long-term borrowings were $17.4 million. Total inventory was $103.2 million at quarter end, versus $88.6 million in the prior quarter. The quarter-on-quarter increase in inventory was driven primarily by growth in finished goods inventory. This represents first tools that have been delivered to customers for evaluation and are pending acceptance, and which grew to $47.1 million at the end of Q1, up from $32.4 million at the end of Q4. The combined balance of work in process and raw materials was essentially unchanged over the same period. For 2021, our base case for CapEx is $10 million-$15 million. Our 2021 investments will be focused on capacity increases at our Changshu factories, investments to support our R&D programs, as well as the planning and some initial spending on Lingang. In summary, we continue to execute on our strategy. We are participating in the growth of major new IC fabs. We are ramping production. We continue to develop and deliver innovative products to a broadening array of customers. We're positive on our opportunities in China and expansion outside of China. We remain committed to achieving our mission to becoming a major player in the semiconductor equipment market. Now let's open the call for any questions that you may have. Operator, please go ahead. Ladies and gentlemen, at this time, if you would like to ask a question, please press star followed by the number one on your telephone keypad. To withdraw your question, press the pound key. Please standby while we compile the Q&A roster. Your first question comes from the line of Patrick Ho. Thank you very much. Congrats on your nice quarter. Maybe first off, in terms of the increase in inventories and the increase in shipments, Mark, if you can just give a little bit of detail whether you experienced any component shortages or any supply constraints. Given that your revenue levels were very healthy, it doesn't seem like there were any issues, but if you could detail some of the issues you may have had to manage through during the quarter. Great. Maybe I'll let David go ahead and start. Yeah, go ahead, David. Okay. Patrick, good question. Actually, we see the demand is higher, right? We got a lot of demand from our customers, either existing customers or new customers. We do feel pressure in our supply chain. Our components lead time get longer. In that sense, we are actively project the PO and therefore we propose to do some long-leading item advance purchasing from our vendor, try to managing their delivery time. Again, this supply chain is real dynamic changing, right? We sometimes see some surprises come out because a vendor has been loaded up or because there are too many orders come in. I should say, this is definitely one challenge we're facing right now. I should say also maybe there, especially in the middle and the end of this year, we see that probably the delay or this trend will continue. Anyway, it's good headache, but we try to manage as we can. Also expanding our capacity, hire more people, and do the good quality work, and do the successful installation. It will be very busy year. Hey, Mark, anything you want to add on that? No, actually, David, I think you covered it well. Patrick, I don't know if you've got another question. Yeah. My follow-up question, maybe for you, Mark. Gross margins came in within the range that you guys have previously targeted, between 40%-45%, but at the same time, a lot of moving pieces, increasing utilization, but you also have start of product mix, all of these variables. Over the next several quarters, how do you look at those influences, and which ones are the biggest ones we should be looking out for? Yeah, you bet, Patrick. On the gross margin side, Q1 did 41.4%, in our normal 40%-45% range. Really, it's almost always due to product mix. Q1, we had a higher mix of semi-critical and back-end products. Those carry a lower relative margin. These are new early-stage products. They haven't necessarily hit volume, or we haven't done a significant amount of cost downs on them, they're newer products. We do expect the margins on those products to improve as they mature. You balance that. The other side of the mix is our flagship cleaning tools and ECP, where we get very good margins. No change to our target gross margins range of 40%-45%. David, did you have anything to add? Yeah. Yeah. I think, Mark, you covered very well. As you point out, clearly, there is a mixing between the low margin product or high margin product. I think as time going on, as volume increase, there's certain semi-critical cleaning tool and also some packaging tool. As volume increase, we can increase our manufacturing efficiency, get a higher quality, and therefore increase margin by pricing. Also, reduce the cost in our manufacturing. I think that this is still within our range, 40%-45%, and we are confident that will continue in our range. As time going on, and we'll obviously try to increase the efficiency and also improve the quality and then make a more stable process, and that's our goal. Raise the gross margin. Great. Thank you very much. Yep. Thanks, Patrick. You have a question? You have a You have a question from the line of Donnie Teng. Hi. Good evening, David and Mark. Congrats on a good result. The first question is regarding to your shipment and revenue. It looks like we have very strong shipment trends since second quarter 2020. Look at our sales trend, like our sales trend was a little bit slower since fourth quarter last year, and the gap between shipment and sales is getting bigger and bigger. I understand that we need to ship to customers first and then wait for customers' acceptance. Just wondering, how are we able to resolve this kind of huge gap going forward? If you are seeing any longer acceptance period by your customers or is there any other issue? Thank you. Okay. Hey, Donnie. Thank you. Actually, looking there, even last year or this year, this year quarter, we see we increase new customer, right. Normally new customer, even for the, I call the mature existing product, they are not recognizing revenue until they qualify their process in the production line, right. A lot of new customer, there is a new production line, they relatively need a longer time to qualify even our mature product. Meanwhile, also, we're shipping some new tool to the existing customer, especially like you mentioned, we have vertical furnace and also have advanced packaging tool for their copper plating. Also we have a front-end copper plating for both ECP map and TSV. Those kind of tool, it's new, even for new customer or for the existing customer. Also take a little longer time than normal expectation. Again, that's a process we have to go through as a matter of the semiconductor business, where, try to do our best supporting and meet the customer requirement, do our best of supporting and to fix any problem happen in the validation period. That's our goal, right? I think, looking at history so far, we are very confident in almost every first tool or first new customer, we got our tool final qualified. Like you said, it's a matter of timing, but we'll go through that process. Mark, anything you want to add on that? Yeah. No, I think you covered it well. I don't think we haven't seen any change in the timing of acceptance rates on a broad level. Part of our outlook, it is tough to predict when we'll get acceptance on those. We mentioned that as one of our guidance dependencies. Got it. Simply say is that we are expanding more and more new equipment, so more shipment, but probably longer qualification time. Is that correct? Really, actually, it depends on the product, right? Some products, even new, we got acceptance within six months, put it this way, right? I should say, regularly, say six months to one year timeline. We do see some difficulty. A tool maybe get longer than one year, right? I say major our tool get qualified within six months or one year timeline, because I think that time should be no change. Got it. My second question is regarding to your full year guidance. Based on the very strong shipment and actually, as you have seen, lots of foundry or memory companies have started to add CapEx. Just wondering, if there is any chance that our sales momentum in the second quarter or beyond to be stronger than our expected. Also, could you comment on DRAM market outlook? Because SK Hynix sales was quite slow last year. Just wondering when are we seeing sales from DRAM can start to pick up this year. Thank you. Okay. Donnie, yeah, good question. Actually, like you said, we see the demand become strong, right? Our Q1 is very busy. I can say probably Q2 is even busier than Q1, and even looking at Q3, Q4 is pretty tied up, right? I also want to mention one thing is that, because of a new customer, new product come out, and we are really balanced between the revenue versus shipment. If I say, for maximum revenue, obviously, I should take all the PO or existing customers' order. However, we also balance the new customer and a new tool. It's a little bit a dilemma here, right? We need to maintain good new customer future revenue, but same time, whether we sacrifice some deliver for the existing or repeat the order. I think we're going to make a very good balance between that and then meet the revenue, obviously. The same time, we also have new product, new customer and take our tool, right? That's for maybe for your first question. For the second one, probably you see, we also notice that our customer, Hynix, probably they can increase their spending this year. Maybe there's a pool of 2022 spending to the 2021. I think that's very good news. Maybe some other vendor feel, long-leading item vendor, maybe they have some indication. This moment, we're still real active working with our customer and maybe I can report you on the issues later very soon. This moment, we still are kind of waiting for their instruction, for the DRAMs. Okay. Thank you. You have a question from the line of Suji Desilva. Hi, David. Hi, Mark. Congratulations on the progress here. Hey, guys. Can you talk about the lead times you are quoting to your customers versus three months ago and your ability to meet demand, whether it's surging or whether it's been pretty steady because you control your own manufacturing? You're asking our leading time right now, is that correct? Yeah. The lead times you're quoting to your customers, if they're extending at all. Well, dependent product, right? I should say our average normal lead time used to be about four months. Obviously now we're extended, right? In some product, even go to five months. Some even go longer. A reason for that is a certain component or subsystem or sub-components will get longer all the time. Our lead time there. Which is our vendor supply maker kind of delay. Further is obviously we have a volume, we have manufacturer busy. The manufacturer flow. As I mentioned, we're expanding our manufacturer spacing right now. Hire more people. That's a secondary factor we consider right now. To answer your question, yes, we do see our lead time for our product get longer. Average, I should say between five to six months right now. Great. You mentioned in the press release, global customers and opportunities there. Can you update us on what the remaining steps might be for additional customers? It sounds like you have visibility through shipments potentially into qualifications there, any color there would be helpful. Yeah. Actually, you know that we are actively working with the first-tier customer, sorry, maybe I couldn't mention who it is. A month ago, we did a very good demo for one first-tier customer, so far they found the result, they are satisfied, and we're in the business agreement negotiation right now. Hopefully, we can win this customer and within the timeline. We're working with additional other first-tier customer too. That's why I mentioned my thinking is, we got one this year. Maybe I try to even make more. That's our goal. Okay. If I can take one last question on the IPO. Do you have a sense that, the report you filed, that you need to have further comments, responses, or a second report required? Do you have any sense of what the remaining steps might be? Thanks. Good question. I think we're actively working last three or four months. Working with SSEC in China, the process in China here is not like you submit it, they take it. Some reports early even, February, March timeline, they ask and continue to say, "Add more material, add more of a comment. Got it. We're doing very active dialogue and engagement with SSEC. By April 30, you look in their report, regular report, or other requirements. Again, I still waiting for them to make a final acceptance, that we have not getting yet. I should say, when they accept all our report with the acceptance finished, then I think we're moving into the registration process in the CSRC. We're now in the final phase of the acceptance for the report, and then we can say, we're pretty close to the registration for the CSRC. That's the status right now. Okay, great. Thanks, guys. Thanks, Suji. Thank you, Suji. You have a question from the line of Charlie Chan. Hi, David. Hi, Mark. Congratulations for good results. Just to follow that question, from Suji about IPO timing. When your report get accepted by SEC, does that mean they need another 60 days to review your documents? Or this time it could be quicker? Well, it's hard to predict, right? As I said, probably say we did 95% of our job already. Hopefully 99% or 100%. Or something, maybe add more. I think this moment, we don't know yet. Put it this way, can be one, two weeks, can be more weeks. This moment, I should say, that's where we're waiting right now, because finally acceptance is approved by SSEC. We believe we did the most that we can do, and we submitted whatever they request so far. Our team, our investment banker, our lawyer, and also including auditing firm, our team did a great job. This moment, the best way, we just patient waiting it. Okay. Got it. I think, Donnie also asked the question I try to ask, meaning, you see, foundries like Vanguard, UMC, TSMC, they all revised up their CapEx, maybe by 50%, 70%. Do you see a similar upward revision of your customers, especially in China, over the past two months? Yeah. Again, obviously, you can see that Intel and TSMC, they make a very fast. They announce their bigger CapEx expansion. Again, our customer based in China right now, they have a multi-year expansion plan. I don't see that in the last two months, the dramatic changing. However, they keep their speeding, speed up, and also their, again, this is a multi-year expansion right now. We see more of a demand for existing customer. More than that, is also second-tier customer, as I mentioned, five treating edge customer, they also speed up their plan, too. Also addition other maybe more than five, people coming out. There's a lot of demand have in China. SMIC, as you mentioned, I heard somebody say they got some license. They're still waiting for some license. Rest of other customers in China, they are keeping spending. Also, I can see that the demand is stronger. Not like I said, like Intel, TSMC, they suddenly announce big one, not like that way. They're more gradually, and keep stronger and stronger. That's how I see the custom in China. Got you. Also good control on OPEX in first quarter. It's 33% OPEX ratio. Maybe this question is to Mark. For the coming two to three years, do you still think the OPEX ratio still to be around 30%? Is that right assumption for the coming two to three years? Yeah. Charlie, on that front, obviously, we don't guide a lot on that area. This year we're investing pretty heavily at R&D, sales, and marketing, what have you. If you look out a few years, we'd obviously like to see some better leverage on the top line. Longer term, we'd expect to grow our top line faster than our operating expenses. Yeah. Maybe. Okay. Lastly, I want to add one thing. Obviously, Oh, Charlie. Okay. Maybe add one sentence there. I think next few year, definitely we will continue to invest in R&D. As I mentioned, we do have additional plans for further demand to grow a new product, and that will put more R&D in next few year, obviously. R&D will be our number one investment and continue going. Further, sales marketing will continue, too, as we are very good at our, I call it sales marketing in mainland China, some happening in Korea. We do think we still need to enhance our marketing sale in the Taiwan, in the U.S., maybe in the future, in Europe. That marketing sale continue investment, too. In the next few year, I think we are real balanced between the profitability versus growth opportunity. We'll probably put more effort on the growth opportunity, sales, marketing, new product development. That's still our major spending area. Yeah. That is actually my last question. David, can you give us some direction or timing about when are we going to add a new product line, and can you update your TAM? I think currently it's like $5 billion. Any possibility to expand that TAM in the coming year? Yeah, good question. Actually, as I mentioned, even last earnings call, we're already doing two new product development, actually. There's one maybe earlier and one maybe delivers later. I think probably, maybe by beginning next year, we'll introduce our first product and then, hopefully, we can get a second one come out later next year. That's our timeline. We already started this initial, I call it a feasibility study, and initial R&D almost a year ago. It take time, but with our excellent team, both in Korea and in China, I think they're very efficient. We have very good sales channel understand customer requirements, with our software control and the auto control system. All those kind of thing is real adding our speed from the R&D product on the market. We'll continue that effort. As I said, this will be two new product. We'll add additional $5 billion addressable market to add it to our existing $5 billion. I think the future of product addressable size will be beyond the $10 billion. That's our target and goal. Okay, great. Thanks for your answers. Thank you. Thank you, Charlie. You have a question from the line of Quinn Bolton. Quinn, your line is open. Sorry, guys. I was on mute. Congratulations on the nice results. Wanted to start with the shipments. You guys have seen very strong shipments over the past three quarters, increasing from $59 million in the third quarter to $74 million here in the first quarter. Is there any reason why you would think that that trend in shipments would take a big step down over the next couple of quarters, or do you expect shipments to remain at pretty healthy levels? Yeah, Quinn, very good question. I think our shipment continue will be probably increase. That's what happened here. Put it this way, we are packed with the PO. However, we're struggling, make our manufacturing capacity increase. We are also balanced between the PO versus new tool. That's what balance right now. Obviously, there's another factor, we all know that is the supply chain is very tight right now, and especially some long-leading item get longer and longer. That's what struggle right now. Yes, we try to do our best managing our supply chain and also manage our manufacturer capacity with good trained people, with good quality. We see that shipment will continue to increase in next few quarter. Great. Thanks for the additional disclosure on the revenue breakdown by front-end, back-end, and by tool type. What's pretty impressive is the growth in the advanced packaging or the back-end, where revenue was up by about 10X versus last year. Back-end now is sort of somewhere between 25% and 30% of revenue. I guess as you guys look forward, can you give us some sense of where you think the split will be for 2021 between the wet cleaning and front-end tools versus the advanced packaging and other back-end tools? Yeah. I can give you what is really a driving force for the advanced packaging ratio to go up is our copper advanced packaging plating. Right? Obviously, have your sell pricing much higher than other coated developer, etcher, wet cleaning. That's the real major driving force, and we see that trend continue increase. That's why I mentioned, copper plating become ramping up this year. Revenue will continue ramping next year. That will be the real driving our packaging revenue continue go up. Obviously, also have a front-end of a copper plating continue grow, too. Right? To answer your question, yes, the major driving force for the advanced packaging is really our superior advanced copper plating tool, and for the pillar and for the fan-out application. David, do you think that the mix stays roughly 75%, say 25% front-end versus back-end in 2021? Is that about the right mix for folks to be thinking about? Good question. I couldn't give you the other firm answer. Right? It really depends how our front-end fly too, right? You can see that is our TEBO, or continue gathering more traction and our furnace, right, that we'll see the ramping next year, ramping for furnace product. That will be additional revenue going on there. I also say front-end plating keep going, too. Maybe that ratio is right, but I don't know how much that would be precisely matching. Right? Maybe go slightly higher, maybe go slightly lower. I can see both sides will be continuing growth. Right? Thank you, David. Yeah. Question from the line of Christian Schwab. Hey, guys. Congratulations on a great start to the year. Most of my questions have been answered. I just have one quick thing. As we look at your guidance for calendar year 2021, to me, it appears kind of conservative given the spending trends of some of the leading customers that you're dealing with. I understand your commentary between having to manage new customers versus existing customers. If we're having a conversation in December, in my estimation, that the expectations look a little conservative, would that be like greater supply chain management, or what would be some of the puts and takes to that? I think you mentioned a very good point, right? It's really, I should say, looking at our guidance from year beginning until now, this time we didn't change it much or didn't change it. The reason for real that is we got more deal coming, right? We got more of a shipment going on. At the same time, we got supply chain real holding us right now. Also, manufacturing capacity internally, ACM expansion, too. I should say, yeah, the major is how we're really managing our manufacturing, how we manage our supply chain is really also how we balance, right, our revenue versus the shipment, right? New customer versus the existing customer. That's something we have to real balance out that way. That won't determine what the revenue, right? If a year beginning, it will give us our projections of shipment, then obviously we're going to change our shipment by now, give you new update. Because revenue-wise, and especially we have so many new customer, new tool come out. We'll see, right? Hopefully, we'll give you more new update on the second quarter earning call. Sounds great. Thanks, guys. Thanks, Christian. Thank you. You have a question from the line of Chi Tsai. Yeah. Hi. Hi, David, Hi Mark. Thanks for taking my question. My first question is regarding your A-share IPO. When I look at the Shanghai Stock Exchange website, it says your status is passed by the SSEC, and it's updated on April 30th. Could you give us some update on the stages of your IPO and whether we are in the status of waiting for the CSRC to be ready, and can we expect the A-share IPO to happen in third quarter? Okay. I think you are checking very carefully. Yeah, you got it. Okay. There's a new update on SSEC, right? Basically, SSEC always updating with receiving or accepting new material. And which is in this case, we submit our 2020 revenue, financial report. Also, we submit our additional verification report for this class action. Also, we submitted of a certain shareholder clarification requirement. This is recently required by SEC for any company who go into a file application anyway. At this moment, I think the major three thing, I should say, we're free on 95%-98%, right? We're waiting for the final acceptance all together. That's why the updating that is so far our status, on April 30. If that final acceptance, if they give us, I don't know, maybe a few week, maybe within two week. It depends on how they process, how fast they go. After that, we're moving to the CSRC state registration. Again, it's really hard for us to give a precise timing, but we think maybe that's a few week is good timing, we're thinking. Again, nobody guaranteed that, right? That's so far our best estimation. That's very clear. Very happy that you are making big progress. I think my second question is regarding the gross margin. In first quarter, our gross margin was flat now versus first quarter last year, that our product mix has the wafer cleaning equipment was 95% last year, but it's down to 75% in the first quarter of this year. I'm wondering, does it mean wafer cleaning equipment is higher gross margin products than other products? How should we view this gross margin in this product? In the separate product, I mean. Yeah. If you look at our new product introduced last year, also, obviously, this year too, we have a semi-critical product, ACM cleaning. Those is, we call it a scrubber, and also auto bench. Compared to a single wafer cleaning, those semi-critical product, their gross margin is lower than that, right? That's obviously. Also certain, I call it advanced packaging tool, and also there are certain margin not so high either. As all together, which is really probably putting in the low side of 40%-45%. However, as I said, as we're volume increase and also with our product quality improve and then our pricing and also our manufacturer efficiency, also our supply chain management will give us space to increase our gross margin. Again, I think we still see this within trend that we're talking. Also as we more of advanced high margin tool get qualified in the customer, this will bring the higher, I call average margin higher. This moment, one or two, we're not much about worried about that, how that match up the product mixing. Our best way is we're going to certify customer and meet the customer requirement, at the same time, expanding our competitive position and also give the good mixing of our product portfolio. That's what we're trying to managing. That's the way we're taking right now. Yeah. That sounds very exciting. Thank you. Thank you for taking my question. Thanks. Thank you. Our final question comes from the line of Mark Miller. Just wondering with respect to your guidance, do you see any potential upsides? I know SK Hynix has pulled in some of their spending plans. Could you give us a status? Do you have licenses to ship to SMIC? Okay. Let's put it this way, Mark. For SMIC, and I heard some company got license already, and some company possibly waiting. This moment I can tell is we're continue shipping their product. However, I can see that is our product shipping to SMIC is not as volume as other customer this moment. We'll see. Maybe they have to get a lot of other customers give their license, and they can really fully expand their capacity, and that moment expecting we get more of the PO, and we can ship more tool to SMIC. This moment, I think we're probably waiting, and we're doing very good preparation, too. They need our technology, need our product, and obviously they have the balancing and also make sure the timing and what they're going to largely expanding their capacity. We're waiting right now. Okay, you're waiting to ship for SMIC, and you need to get a license. Is that what you said? Oh, let me clear that. Our cleaning tool most were developed in China. This is non-U.S. technology. We talked to our export control lawyer in Washington, D.C. As long as we control our U.S. components less than a certain percentage, and we do not need license to ship to SMIC. Okay. That's our legal advisor give us advice. What about any upside factors you can see in the year ahead? Do you think there could be significant upside coming from certain things? For SMIC, you talk about? No, just in general, in terms of your general market. Oh, okay. Yeah. Actually, I look at demand here, our product, as I said, our [cleaning], which is our initial fab, TEBO, Tahoe, get more acceptance in the market today. We have a semi-critical product start shipping to customer. We have a copper plating and for the round packaging, also for their Damascene, also have vertical furnace come going. It's great. We have a new product, and also we have a new customer come out to buy the tool. It's great. This year, that's why we made it a historical record high shipment in the Q1. Our Q1 revenue was a record high, by the way. It's also a record high in last several year. This year, we see the tremendous opportunity. As I mentioned, we need to manage it very well on our supply chain and managing good quality product in this high capacity expansion. Have a little managing expectation from customer and also our installation or our service supporting, too. It's a lot of challenge we're facing. It's very good headache. It's very good to expanding our capacity or to train our employee, train our service engineer, too. It's a great year. It's a tremendous opportunity, and we got to catch. Meanwhile, also put effort into the new product development, and we're also consider not just this year, we consider even three, five years down the road, ACM continue grow. Ultimately goal, become the world-class semiconductor provider. I think our $10 billion future addressable market and will bring us to the big player in the global market. Thank you. Thank you, Mark. Thanks, Mark. There are no additional questions at this time. I would like to turn the call over to David Wang for closing remarks. Okay. Thank you, operator, and thank you all for participating on today's call and for your support. Before we close, Gary is going to mention some upcoming investor relations events. Gary, please. Thanks, David. The company has a number of upcoming conference appearances, we're going to let you know very quickly. May 12th, we're going to present at the Credit Suisse China A-Shares Conference. On the 18th, we'll be at the Needham Virtual Technology and Media Conference. On May 26th, we'll be at the Goldman Sachs TechNet Virtual Conference in Asia Pacific. We also have coming up, the Craig-Hallum Conference in Minneapolis on June 2nd, the Cowen Virtual Tech, Media and Telecom Conference on June 3rd, and the Stifel Virtual Cross Sector Insight Conference on June 10th. All of those conferences are attendances by invitation only for clients of the firm, so please contact those firms, your sales representative, if you want to register and sign up for one-on-ones. That concludes the call, so everyone may now disconnect and have a good day. Ladies and gentlemen, this does conclude today's conference call. Thank you for participating. You may now disconnect.