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1 ACM Research, Inc. May 2025 Investor Presentation
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2 DISCLOSURES Forward-looking Statements. Certain statements contained in this presentation are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM Research management’s current expectations and beliefs and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM Research makes with the U.S. Securities and Exchange Commission (the “SEC”) , all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM Research. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM Research undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Market Data. Information presented below concerning ACM Research’s total addressable market presents a forecast based on information provided by Gartner, Inc. in its report “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 4Q24 Update” (December 2024). You are cautioned not to rely on or give undue weight to this information. The Gartner report represents research opinions or viewpoints that are published, as part of a syndicated subscription service, by Gartner and are not representations of fact. The Gartner report speaks as of its original publication date (and not as of the date of this presentation) , and the opinions expressed in the Gartner report are subject to change without notice. While ACM Research is not aware of any misstatements regarding the information provided in the Gartner report, it has not independently verified the accuracy or completeness of that information, which involves numerous assumptions and is subject to risks and uncertainties, as well as change based on various factors, that could cause results to differ materially from the forecast presented. The industry in which ACM Research operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in ACM Research’s public filings with the SEC, as described above. Note Regarding Presentation of Non-GAAP Financial Measures. Information presented below under “Q1 2025 Summary” and “Q1 2025 Financial Results” includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, including non-GAAP gross margin, non-GAAP operating income, non-GAAP basic and diluted EPS, and non-GAAP gross profit. These supplemental measures exclude the effect of stock-based compensation and unrealized gain or loss on short term investments, which ACM Research does not believe are indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included below “Q1 2025 GAAP to Non-GAAP Reconciliation”. ACM Research believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM Research uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non- GAAP financial measures. ACM Research also believes it is in the best interests of investors for ACM Research to provide this non-GAAP information. While ACM Research believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM Research’s consolidated financial statements prepared in accordance with GAAP. SAPS, TEBO, ULTRA C, ULTRA Fn, Ultra ECP, Ultra ECP map, Ultra ECP ap and the ACM Research logo are ACM Research’s trademarks. For convenience, these trademarks appear in this presentation without symbols, but that practice does not mean that ACM Research will not assert, to the fullest extent under applicable law, its rights to the trademarks. Company References. As used in this presentation, “ACM Shanghai” refers to ACM Research (Shanghai), Inc., and “ACM Research” refers to ACM Research, Inc. and its subsidiaries, including ACM Shanghai and ACM Research Korea CO., LTD. “ACM Korea” refers to all operating subsidiaries within Korea, specifically ACM Research Korea CO., LTD and Hanguk ACM CO., IT'D.
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3 Scrubbers, coaters, developer tools, plating tools, tape frame cleaning, wet stripping, wet etching, panel level flux clean, and stress-free polishing systems, and other parts and services ACM Research at a Glance • Multi-product supplier of semiconductor equipment to leading global semiconductor manufacturers • Differentiated technology improves customer production processes with better yields and reduced chemical consumption • More than 537 patents issued in the U.S., China, Japan, Singapore, South Korea and Taiwan as of 12/31/24 • State-of-the-art production facilities in Shanghai and Korea; R&D and Clean room facility in Oregon • Headquartered in Fremont, CA with more than 2,023 employees globally as of 12/31/24 Cleaning ECP , Furnace & Other Advanced Packaging & Other Ultra Fn FurnaceUltra ECP ap Ultra ECP map Flagship (SAPS, TEBO, Tahoe, Bevel Etch, SPM) Semi-critical NEW Products: Track and PECVD Track PECVD Ultra ECP ap-p
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4 ACM Research achieved 49% revenue CAGR over past 5 years and has diversified its product mix into new product categories Financial Highlights Total Revenue 73% Product Mix ECP, Furnace & Other Cleaning Advanced Packaging & Other FY22 $389M FY24 $782M 1. Cleaning: Single wafer cleaning, Tahoe and semi-critical cleaning equipment 2. ECP, Furnace & Other: ECP (front-end and packaging), furnace and other technologies 3. Advanced Packaging & Other: Advanced Packaging (excluding ECP), services & spares 4 $108 $157 $260 $389 $558 $782 FY21 FY22FY19 FY20 FY24FY23 +49% 70% 20% 10% FY23 $558M 72% 19% 9% 74% 19% 7%
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5 History of Innovation and Customer Design Wins Dr. Wang establishes ACM Research in Silicon Valley 1998 2006 2017 Establishes ACM Shanghai 2013 2015 SK Hynix places first major production order for SAPs YMTC, SMIC, and HLMC place SAPS orders Ships TEBO demo unit to HLMC Completes U.S. IPO on NASDAQ - Nov. 2017 Opens 2nd production facility in Chuansha, China, in Sep. 2018 20212018 2019 2020 Announces 1st P.O. for Tahoe tool Ships Tahoe & ECP eval tools to new DRAM customer U.S. follow on capital raise Aug. 2019 Launches SFP, furnace and semi-critical cleaning products 2022 Lingang R&D and production facility Opening Ceremony Oct. 2024 ACM Shanghai STAR Market IPO Nov. 2021 4 evaluation agreements with major industry players, including a major U.S. semiconductor manufacturer Launches Ultra PmaxTM PECVD and Ultra Track Coater/Developer ArF products Evaluation agreement with a major European semiconductor manufacturer 2023 Oregon/US R&D and clean room facility lab purchased Oct. 2024 ECP & Furnace segment revenue $100+ million 2023 2024 Major performance breakthrough for Tahoe Tool
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6 ACM Shanghai ACM Research HQ Nasdaq: ACMR R&D and Manufacturing Center Research Institute & Manufacturing Center Hanguk ACM, ACM Korea Shanghai R&D Center (Zhangjiang) Shanghai Asia-Pacific Manufacturing Center >200,000 ft2 (Chuansha) Lingang R&D and Production Center >1.4 million ft2 (Lingang) Global Semiconductor Capital Equipment Supplier Oregon R&D and Clean -Room Facility Europe Sales & Services
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7 Tier One Customer Base • ACM 2024 Revenue %: 14% • Mainland China’s largest foundry • Tier-one customers include Qualcomm, Broadcom and Texas Instruments (1) (1) Source: SMIC website. (2) Source: YMTC Press Release Front-End Customers Back-End and Wafer Mfg Customers • PXW contributed ACM 2024 Revenue %: 12% • Ordered a range of semi-critical tools including the scrubber, wet etch, and backside wafer etching tool, auto wet bench, SAPS-II cleaning tool and Cu interconnect ECP map tool. • Tier 3 includes a handful of companies investing in new capacity in IoT, EV, AI Emerging China-based IC Manufacturers • Leading China-based DRAM supplier • ACM 2024 Revenue %: 15% • Leading advanced foundry in China • ACM 2024 Revenue %: 12% • Major new entrant into NAND flash and DRAM industry • Innovative Xtacking 2.0 unleashes potential of 3D NAND (2) • Global market leader in memory (DRAM & NAND) semiconductor products • ACM’s first major customer
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8 Innovative Product Introductions Expanding Serviceable Available Market (“SAM”)1 Advanced Packaging | $1.2B Furnace | $2.3B Cleaning | $5.9B Plating | $1.0B 2009: SAPs, Tahoe, TEBO, SPM, Semi -critical 2014: Advanced Packaging, 2024: FOPLP Clean and Bevel Etch 2020: Furnace, LPCVD, Vacuum Anneal, High- Temperature Oxidation 2017: ECP ap, 2019: ECP MAP, 2020: ECP TSV, 2024: ECP ap-p 1Source: Gartner - “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 4Q24 Update” (December 2024) and Company Estimates Estimated 2024 SAM of $18 billion addressed by ACM Research’s current product portfolio 2022: Furnace ALD 2022: CO2 & Advanced IPA Dry 2021: High-temp SPM PECVD | $4.7B Track | $2.8B Introduced late 2022 Introduced late 2022
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9 1Source: Gartner - “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 4Q24 Update” (December 2024) and Company Estimates: 2024 Gartner WFE market of $107.1B ACM Research SAM determined by management’s estimated product coverage 2China SAM assumes China WFE is $30B 3Share refers to ACM Research market share target 1. Cleaning: Single wafer cleaning, Tahoe and semi-critical cleaning equipment 2. ECP & Furnace & Other: ECP (front-end and packaging), furnace and other technologies 3. Advanced Packaging & Other: Advanced Packaging (excluding ECP), services & spares * ACM Research internal target, for internal planning purposes only, not a projection or estimate of actual or future revenue $37M $75M 2022 2023 2024 2025 Guidance Long- T erm Target $108M 20212017 $157M $260M $389M $558M $782M $900M Midpoint > $3B* 202020192018 +49.3% Advanced Packaging & Other ECP , Furnace & Other Cleaning Long-Term Target Composition ACM Research Mainland China ACM Research SAM1 China SAM2 Share3 Revenue Cleaning $5.9B $1.7B 55% $910M ECP $1.0 $0.3 55% $155 Furnace $2.3 $0.7 15% $100 PECVD $4.7 $1.3 15% $200 Track $2.8 $0.8 10% $80 Adv Pkg (ex ECP) $1.2 $0.3 n/m $50 Service & Spares n/a n/a n/m $50 $18B $5B - $1.5B RoW ACM Research SAM Non-China SAM1 Share3 Revenue Cleaning $5.9B $4.3B 17% $725M ECP $1.0 $0.7 15% $110 Furnace $2.3 $1.7 10% $170 PECVD $4.7 $3.4 8% $270 Track $2.8 $2.0 8% $160 Adv Pkg (Ex ECP) $1.2 $0.9 n/m $50 Service & Spares n/a n/a n/m $50 $18B $13B - $1.5B ACM Research China + RoW Revenue >$3.0B Long-Term Target for $3B+ in Revenue
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10 Growth Strategy Growth at Existing Customers • Continue winning share at existing customers • Continued China fab expansion, particularly in mature nodes • Accelerating ECP and furnace product cycles • Solid evaluation pipeline for Track & PECVD 111New Capacity • Shanghai Lingang production and R&D center is nearly completed. • Moved into new headquarters in Zhangjiang Shanghai, Silicon Valley of China • Korea R&D and production facility to support international expansion • Oregon facility is laying the groundwork for initial production capacity 111International Expansion New Products • Broad product portfolio covering 90%+ of cleaning process steps including SAPS, TEBO, Tahoe, semi-critical, SPM, and other tools. • Plating for front and back end, furnace and semi-critical tools • Added Track & PECVD product categories at end of 2022 that doubled ACM Research SAM to $18 billion • Launched new panel tools –plating, cleaning, bevel etching –to address fan- out panel level packaging market • Major performance breakthrough for flagship Ultra C Tahoe Cleaning Tool • Expanding sales & services teams in U.S., Europe, Korea and SE Asia • Reshoring efforts to U.S. underway with purchase of 39,500 sq. feet facility including 5,200 sq. feet clean room in Oregon to support global production and advanced R&D • Multiple evaluations underway at major customers in U.S., Europe, and Asia • Four wafer-level packaging tools scheduled to delivery to U.S. Customers in 1H 2025
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11 Q1 2025 Summary Q1 2025 Financial Results • $172.3 million revenue (up 13% y/y); total shipments of $157 million (down 36% y/y) • 47.9% GAAP gross margin (versus 52.0% in Q1 2024) • 48.2% non-GAAP gross margin (versus 52.5% in Q1 2024) • $25.8 million GAAP operating income (up 2.2% y/y; 15.0% of revenue) • $35.6 million non-GAAP operating income (down 10.6% y/y; 20.7% of revenue) • $0.30 diluted GAAP earnings per share (versus $0.26 in Q1 2024) • $0.46 diluted non-GAAP earnings per share (versus $0.52 in Q1 2024) Key Operational Updates • Single-wafer high-temperature SPM tool qualified by a key logic device manufacturer in mainland China. • Ultra ECP ap-p tool won the 2025 3D InCites Technology Enablement Award for innovation in horizontal plating for panel-level packaging. • Appointment of Charles Pappis to Board of Directors. • Lingang production and R&D center is nearly completed. • Oregon facility is laying the groundwork for initial production capacity.
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12 Q1 2025 Financial Results Revenue Non-GAAP Gross Profit EPS $152.2M $172.3M Q1‘24 Q1’25 +13.2% $0.52 $0.46 Q1’24 Q1’25 $79.9M $83.1M Q1’24 Q1’25 +4.0% 52.5% 48.2% $0.26 $0.30 Q1’24 Q1’25 GAAP Non-GAAP See slide 19 for reconciliation between GAAP and Non-GAAP Gross Profit and EPS Balance Sheet $263M $279M $299M $293M $299M $288M $367M $369M $442M $498M Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Finished goods invent ory Ending cash & cash equivalents 1 Including interest bearing time deposits. 1
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13 Q1 2025 Revenue Detail 16% 75% Q1’25 Advanced Packaging & Other 11% Cleaning ECP, Furnace & Other 9% Q1’24 72% 17% $152.2M $172.3M13.2% 1. Cleaning: Single wafer cleaning, Tahoe and semi-critical cleaning equipment 2. ECP, Furnace & Other: ECP (front-end and packaging), furnace and other technologies 3. Advanced Packaging & Other: Advanced Packaging (excluding ECP), services & spares Revenue by Product: Q1’25 vs Q1’24 Cleaning • $129.6M revenue (up 18.4%) • Revenue mix 75% vs. 72% ECP, Furnace & Other • $27.6M revenue (up 7.1%) • Revenue mix 16% vs. 17% Advanced Packaging & Other • $15.1M revenue (down 10.5%) • Revenue mix 9% vs. 11%
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14ACM Research’s integrated circuit wet cleaning equipment product line covers over 90% of the cleaning process steps Wafer Cleaning Flagship Cleaning Tools Batch Wafer Cleaning for a full range of wet technologies across multiple nodes Auto Bench ULD advance drying t echnology addresses challenges in high -aspect-ratio structures MCR module del ivers high cleaning performance and eliminat es cross -contamination Semi Critical Cleaning T ools Hybrid Wafer Cleaning With Significant Cost & Environmental Benefits Ultra – C Tahoe Environmentally friendly - reduces 75% sulfuric acid use vs. conventional tools High cleaning performance at low cost Megasonic Cleaning for Flat and Patterned Wafer Surfaces SAPS High efficiency with enhanced process flexibility Uniform and consistent results Customizable specifications Bubble Oscillation Cleaning for Patterned Wafers at Advanced Process Nodes TEBO Highly effective, damage -free solution for small and fragile features Multi-paramet er bubble cavitation control Backside Clean Tool for wafer device side none contact process Backside Good part icle performance and et ch uniformity control High t hroughput above 300 wph Bevel Etch Bevel Etching process for 3D NAND , DRAM and advanced logic processes Accurate and efficient wafer center alignment for precise bevel etch Variable wafer bevel etch/cut accuracy of 1 - 7mm and good uniformity Single Wafer High Temp SPM Single High Temp SPM Cleaning for metal removal and PR Strip at advance node Photoresist st ripping after high-dose energy implant, wet stripping without using a dry ash process, and special met al film removal processes at advance node Scrubber Scrubber Cleaning for efficient front- and backside wet-cleaning applications High throughput, s mall footprint and low cost Small particle removal Advanced Processes Other ToolsHigh Temp IPA Dry ( UTD) High Temp IPA Drying for advanced logic processes Damage -free drying process for small structures and high -aspect-ratio structures Associat ed with customizable cleaning method for optimal performance 14 Additional tools available for advanced processing…
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15 Model Ultra ECP map Ultra ECP 3D Ultra ECP ap Ultra ECP ap (Cu-Ni-SnAg-Au) Ultra ECP GIII Ultra ECP ap-p Application Dual-damascene plating (90nm-28nm) 3D/2.5D high aspect ratio TSV Pillar bump, Solder bump, RDL, Conformal TSV High-density Fan Out Fine Pitch RDL RF product 150mm wafer-level packaging Pillar bump,RDL 510mmx515mm or 600mmx600mm panels Module 16 chambers 10/12 chambers 24/28 chambers 28 chambers 8/9 chambers 8/20 chambers Cu Post-cleaning Annealing Cu Post-cleaning Pre-wetting Cu+Ni+SnAg Pre-wetting Post-cleaning Cu/Ni/SnAg/Au Pre-wetting Post-cleaning Cleaning after Au plating Cu+Sn/Ag+Ni Au Pre-wetting Post-cleaning Cu/Ni/SnAg/Au Pre-wetting Post-cleaning Buffer flip, aligner & CCD Special Features Impulse local plating Impulse local plating Second anode technology Second anode technology Impulse Au plating Second anode technology Horizontal and multi zone process to control corner & edge uniformity Electroplating
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16 Mask Ox /Anneal Photo Exposure Develop Etch Ion Implantation CVD ALD Metal Wire W*L*H= 1.10m*3.70m*4.05m Furnace Tube Classification Film Type Process T emperature Range Existing ACM Research Product In Development Normal Pressure Chemical Vapor Deposition Furnace Oxidation Wet oxygen/dry oxygen/nitrogen annealing 700~1200℃ ★Annealing Back-end thermal treatment Copper process thermal treatment 100~450℃ Coating and curing Low Pressure Chemical Vapor Deposition Furnace Alloy Hydrogen/nitrogen thermal treatment 100~450℃ ★ Silicon deposition Poly-crystal silicon doping 500~620℃ ★ ✰Advanced poly-crystal deposition No poly-crystal silicon doping ★ Silicon oxide High-temperature silicon oxide 650~800℃ ★ Silicon nitride Silicon nitride deposition ★ Atomic Layer Deposition Furnace Silicon oxide Silicon oxide deposition 500~650℃ ★ Silicon nitride Silicon nitride deposition Vertical Furnace
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17 Scrubber Coater Developer SFP ECP PR stripper Wet Etcher • Make use of ACM Research’s technology advantages to expand application in Asia, especially advanced packaging manufacturers in China • Dedicated to providing diversified and customer equipment meeting customer’s designing requirements • The products include scrubbers, coaters, developers, photoresist strippers, wet etchers, ECPs, and stress-free polishers Comprehensive solution for wafer and panel -level advanced packaging wet process Advanced Packaging Frame Wafer Cleaning Tape Frame Clean Panel Level Flux Clean Cleaning
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18 Track and PECVD Model Model Technical Features Offline/Inline Chamber Temperature Bake Range Development Phase ArF Model ✓ Support 300mm wafers ✓ Four 12-inch load ports ✓ 8 coating chambers ✓ 8 developing chambers Inline 23°C ±0.1°C 50~250°C Industry Evaluation —— KrF Model —— —— In Development —— I-line Model —— —— In Development Model Film Category Film Type RF Frequency RF Control Heater/CH Development Phase SiH4 Base SiO2; Si3N4; SiON HF: 13.56MHz HF: 27.12MHz LF: 400KHz Separate control 3 Industry EvaluationTEOS Base TEOS Layer HF: 13.56MHz HF: 27.12MHz LF: 400KHz Separate control 3 Chemical Base SiCN/APF Layer HF: 13.56MHz HF: 27.12MHz LF: 400KHz Separate control 3 Ultra PmaxTM PECVD Ultra LithTM Track Coater/Developer
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19 Q1 2025 GAAP TO NON-GAAP RECONCILIATION Actual Adjusted Actual Adjusted (GAAP) (Non-GAAP) (GAAP) (Non-GAAP) Revenue 172,347$ -$ -$ 172,347$ 152,191$ -$ -$ 152,191$ Cost of revenue (89,797) (529) - (89,268) (73,070) (781) - (72,289) Gross profit 82,550 (529) - 83,079 79,121 (781) - 79,902 Gross margin 47.9% 0.3% - 48.2% 52.0% 0.5% - 52.5% Operating expenses: Sales and marketing (16,343) (2,157) - (14,186) (14,173) (3,027) - (11,146) Research and development (27,503) (2,775) - (24,728) (23,918) (4,503) - (19,415) General and administrative (12,927) (4,356) - (8,571) (15,798) (6,258) - (9,540) Total operating expenses (56,773) (9,288) - (47,485) (53,889) (13,788) - (40,101) Income (loss) from operations 25,777$ (9,817)$ -$ 35,594$ 25,232$ (14,569)$ -$ 39,801$ Unrealized loss on short-term investments (1,082) - (1,082) - (2,595) - (2,595) - Net income (loss) attributable to ACM Research, Inc. 20,380$ (9,817)$ (1,082)$ 31,279$ 17,433$ (14,569)$ (2,595)$ 34,597$ Basic EPS 0.32$ 0.49$ 0.28$ 0.56$ Diluted EPS 0.30$ 0.46$ 0.26$ 0.52$ Three Months Ended March 31, 2025 2024 SBC SBC Other non- operating adjustments (In thousands) Other non- operating adjustments