Slides
Page 1
Supplemental Investor Presentation Earnings Release – Third Quarter 2025 November 5, 2025
Page 2
2 Forward-Looking Statements. Certain statements contained in this presentation are not historical facts and may be forward -looking statements within the mea ning 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 management’s current expectations and beliefs and involve a number of risks and uncertainties tha t 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, unce rtainties and other matters can be found in filings ACM 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM 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’s total addressable market presents a forecast based on information provided by Ga rtner, Inc. in its report “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 2Q25 Update” (July 2025). You are cautioned not to rely on or give undue weight to this infor mation. 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. Whi le ACM 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 inv olves 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 in dustry in which ACM operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in ACM Research, Inc.’s public filings with the SEC, as describ ed above. Note Regarding Presentation of Non -GAAP Financial Measures. Information presented below under “Q3 2025 Summary” and “Q3 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 los s on short term investments, which ACM does not believe are indicative of its core operating results. A reconciliation of each non -GAAP financial measure to the most directly comparabl e GAAP financial measure is included under “Q3 2025 GAAP to Non-GAAP Reconciliation” below as well as in ACM’s third quarter 2025 earnings release dated November 5, 2025, which (a) has been furnished to the SEC and can be viewed at https://www.sec.gov/ix?doc=/Archives/edgar/data/1680062/000114036123051730/ef20014122_8k.htm and (b) has been posted at, and can be downloaded from, the “Investors” content area at ACM’s website, https://ir.acmr.com/news -releases/news -release-details/acm-research-reports-third-quarter-2025-results. Company References. As used in this presentation, “ACM Shanghai” refers to ACM Research (Shanghai), Inc. and “ACM” refers to ACM Research, Inc. a nd its subsidiaries, including ACM Shanghai.
Page 3
3 Q3 2025 Summary Q3 2025 Financial Results • $269.2 million revenue (up 32.0% y/y); total shipments of $263.1 million (up 1% y/y) • 42.0% GAAP gross margin (versus 51.4% in Q3 2024) • 42.1% non-GAAP gross margin (versus 51.6% in Q3 2024) • $28.9 million GAAP operating income (down 34.5% y/y; 10.7% of revenue) • $36.5 million non-GAAP operating income (down 34.9% y/y; 13.6% of revenue) • $0.52 diluted GAAP earnings per share (versus $0.45 in Q3 2024) • $0.36 diluted non-GAAP earnings per share (versus $0.63 in Q3 2024) Key Operational Updates • ACM Shanghai completed second capital raise of $623 million net and paid a $37 million net dividend in Q3 • Strong customer engagement for horizontal plating for panel-level packaging, first tool plan to ship in Q4 • High temperature SPM achieved industry-best performance with no need to clean outer chamber • Delivered first Ultra Lith KrF Track system to leading Chinese logic wafer fab customer • Good progress on Oregon facility upgrades – target demo lab & production-ready by mid next year
Page 4
4 Q3 2025 Revenue Detail 22% 67% Q3’25 Advanced Packaging & Other 4% Cleaning ECP , Furnace & Other 10% Q3’24 79% 17% $204.0M $269.2M32.0% 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: Q3’25 vs Q3’24 Cleaning • $181.6M revenue (up 12.8%) • Revenue mix 67% vs. 79% ECP , Furnace & Other • $59.9M revenue (up 73.0%) • Revenue mix 22% vs. 17% Advanced Packaging & Other • $27.7M revenue (up 230.6%) • Revenue mix 10% vs. 4%
Page 5
5 Innovative Product Introductions Expanding Serviceable Available Market (“SAM”)1 Advanced Packaging | $1.2B Furnace | $2. 6B Cleaning | $7.0B Plating | $1.4B 2009: SAPs, Tahoe, TEBO, SPM, Semi -critical 2014: Advanced Packaging, 2024: FOPLP Clean and Bevel Etch 2020: Furnace, LPCVD, Vacuum Anneal, High- Temperature Oxidation, Thermal ALD 2024: PEALD 2017: ECP ap, 2019: ECP MAP, 2020: ECP TSV, 2024: ECP ap-p 1Source: Gartner - “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 2Q25 Update” (July 2025) and Company Estimates Estimated 2025 SAM of $20 billion addressed by ACM Research’s current product portfolio 2022: Furnace ALD 2022: CO2 & Advanced IPA Dry 2021: High-temp SPM PECVD | $5.1B Track | $2.9B Introduced late 2022 Introduced late 2022
Page 6
6 1Source: Gartner - “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 2Q25 Update” (July 2025) and Company Estimates: 2025 Gartner WFE market of $116.8B ACM Research SAM determined by management’s estimated product coverage 2China SAM assumes China WFE is $40B 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 > $4B* 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 $7.0B $2.4B 60% $1.45B ECP $1.4 $0.5 60% $298M Furnace $2.6 $0.9 15% $134 PECVD $5.1 $1.8 15% $263 Track $2.9 $1.0 10% $99 Adv Pkg (ex ECP) $1.2 $0.3 n/m $100 Service & Spares n/a n/a n/m $125 $20B $7B - $2.5B RoW ACM Research SAM Non-China SAM1 Share3 Revenue Cleaning $7.0B $4.6B 15% $687M ECP $1.4 $0.9 15% $143 Furnace $2.6 $1.7 10% $171 PECVD $5.1 $3.3 8% $264 Track $2.9 $1.9 8% $150 Adv Pkg (Ex ECP) $1.2 $0.65 n/m $50 Service & Spares n/a n/a n/m $50 $20B $13B - $1.5B ACM Research China + RoW Revenue >$4B Long-Term Target for $4B+ in Revenue
Page 7
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
Page 8
8 • ACM Shanghai Headquarters and China R&D Center • Located in the Zhangjiang Hi -Tech park in Shanghai • Relocated from original ACM Shanghai Headquarters Q2 2024 • Located in Chuansha area of Pudong district, approximately 11 miles from ACM Shanghai’s Zhangjiang area HQ • Three leased facilities with approx. 236,00 sq ft. ACM Shanghai HQ and R&D Center Chuansha Production Facilities Lingang R&D and Production Center • Lingang R&D and Production Center • Approximately 30 miles from ACM Shanghai’s HQ in Zhangjiang • 1 million square feet • Lingang production and R&D center is completed ACM Shanghai Facilities
Page 9
9 ACM Oregon R&D and Clean Room Facility 6357 NE Evergreen Parkway, Hillsboro, Oregon • Purchased October 1, 2024 • 39,500 sq. feet facility including 5,200 sq. feet clean room • T o further expand ACM’s R&D and demonstration capability in the U.S. market
Page 10
10 2025 Outlook • Update 2025 Revenue Guidance Range: $875M - $925M (vs. Prior $850M - $950M) • Outlook reflects, among other things: • Current assessment of the continuing impact from international trade policy • Various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field
Page 11
11 Q3 2025 Financial Results Revenue Non-GAAP Gross Profit EPS $204.0M $269.2M Q3‘24 Q3’25 +32.0% $0.63 $0.36 Q3’24 Q3’25 $105.3M $113.4M Q3’24 Q3’25 +7.7% 51.6% 42.1% $0.45 $0.52 Q3’24 Q3’25 GAAP Non-GAAP See slide 13 for reconciliation between GAAP and Non-GAAP Gross Profit and EPS Balance Sheet $299M $293M $299M $302M $291M $369M $442M $498M $484M $1,098M Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Finished goods inventory Ending cash & cash equivalents 1 Including interest bearing time deposits. 1
Page 12
Appendix
Page 13
13 Q3 2025 GAAP to Non-GAAP Reconciliation