Slides
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Supplemental Investor Presentation Earnings Release – Fourth Quarter and Fiscal Year 2025 February 26, 2026
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2 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 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 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 Gartner, Inc. in its report “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 4Q25 Update” (December 2025). 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 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 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 described above. Note Regarding Presentation of Non-GAAP Financial Measures. Information presented below under “Q4 and 2025 Summary” and “Q4 and 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 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 under “2025 GAAP to Non-GAAP Reconciliation” and “Q4 2025 GAAP to Non-GAAP Reconciliation” below as well as in ACM’s fourth quarter 2025 earnings release dated February 26, 2026, which (a) has been furnished to the SEC and can be viewed at https://www.sec.gov/Archives/edgar/data/1680062/000162828026011998/acmr-20260225.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-fourth-quarter-and-fiscal-year-2025-results. Company References. As used in this presentation, “ACM Shanghai” refers to ACM Research (Shanghai), Inc. and “ACM” refers to ACM Research, Inc. and its subsidiaries, including ACM Shanghai.
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3 Q4 and 2025 Summary Q4 2025 Financial Results • $244.4 million revenue (up 9.4% y/y); total shipments of $228 million (down 13.5% y/y) • 41.0% non-GAAP gross margin (versus 49.8% in Q4 2024) • $29.5 million non-GAAP operating income (down 44.2% y/y; 12.1% of revenue) 2025 Financial Results • $901.3 million revenue (up 15.2% y/y); total shipments of $854 million (down 12.2% y/y) • 44.4% GAAP gross margin (versus 50.1% in 2024) • 44.5% non-GAAP gross margin (versus 50.4% in 2024) • $109.4 million GAAP operating income (down 27.5% y/y; 12.1% of revenue) • $143.0 million non-GAAP operating income (down 28.7% y/y; 15.9% of revenue) • $1.37 diluted GAAP earnings per share (versus $1.53 in 2024) • $1.61 diluted non-GAAP earnings per share (versus $2.26 in 2024) Key Operational Updates • ACM completed the sale of ~4.8 million shares of ACM Shanghai and generated ~$111 million in gross proceeds • Delivered first horizontal panel electroplating tool to an industry-leading panel fabrication customer • Delivered first Ultra Lith BK system to a leading global display panel manufacturer • Delivered first single-wafer cleaning system to a foundry customer in Singapore • Secured panel-level vacuum cleaning order from a leading global semiconductor packaging manufacturer • Received multiple wafer-level advanced packaging equipment orders from customers in North America and Singapore • Accelerating investments in Oregon, operations expected to begin in 2H 2026
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4 Q4 and 2025 Revenue Detail 22% 69% 2025 Advanced Packaging & Other 7% Cleaning ECP, Furnace & Other 8% 2024 74% 19% $782.1M $901.3M15.2% Revenue by Product: 2025 vs 2024 26% 65% Q4’25 Advanced Packaging & Other 7% Cleaning ECP, Furnace & Other 8% Q4’24 69% 23% $223.5M $244.4M9.4% 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: Q4’25 vs Q4’24
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5 Advanced Packaging | $1.2B Furnace | $2.6B Cleaning | $7.3B Plating | $1.5B 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, 4Q25 Update” (December 2025) and Company Estimates Estimated 2025 SAM of $21 billion addressed by ACM Research’s current product portfolio 2022: Furnace ALD 2022: CO2 & Advanced IPA Dry 2021: High-temp SPM PECVD | $5.3B Track | $3.0B Introduced late 2022 Introduced late 2022 Innovative Product Introductions Expanding Serviceable Available Market (“SAM”) 1
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6 1Source: Gartner - “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 4Q25 Update” (December 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 re venue $37M $75M 2022 2023 2024 2025 2026 Guidance Long- Term Target $108M 20212017 $157M $260M $389M $558M $782M $900M $1,128M Midpoint > $4B* 202020192018 +46.4% Advanced Packaging & Other ECP , Furnace & Other Cleaning Long-Term Target Composition ACM Research Mainland China ACM Research SAM1 China SAM2 Share3 Revenue Cleaning $7.3B $2.4B 60% $1.43B ECP $1.5 $0.5 60% $293M Furnace $2.6 $0.8 15% $127 PECVD $5.3 $1.7 15% $258 Track $3.0 $1.0 10% $99 Adv Pkg (ex ECP) $1.2 $0.3 n/m $100 Service & Spares n/a n/a n/m $125 $21B $7B - $2.4B RoW ACM Research SAM Non-China SAM1 Share3 Revenue Cleaning $7.3B $4.9B 15% $738M ECP $1.5 $1.0 15% $153 Furnace $2.6 $1.8 10% $175 PECVD $5.3 $3.6 8% $282 Track $3.0 $2.0 8% $164 Adv Pkg (Ex ECP) $1.2 $0.9 n/m $50 Service & Spares n/a n/a n/m $50 $21B $14B - $1.6B ACM Research China + RoW Revenue >$4B Long-Term Target for $4B+ in Revenue
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7 Customer Concentration (≥10%) and Revenue Mix by Customer Type Note: Customers contributing ≥10% are ranked annually by revenue contribution. The composition of such customers may vary across periods. 10% Customer Mix – Annual Ranking 16.9% 14.7% 18.0% 13.5% 13.6% 15.0% 11.6% 12.0% 13.0% 10.2% 11.9%2024 2023 4th3rd 2025 Largest 52.2% 52.2% 46.0% 2nd Revenue Mix by Customer Type Customer Type 2025 2024 2023 Memory Foundry/Logic/Other Packaging & Wafer Processing 27.3% 58.9% 13.9% 21.8% 71.1% 7.1% 24.1% 63.2% 12.7%
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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
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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 • To further expand ACM’s R&D and demonstration capability in the U.S. market
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10 2026 Outlook • Maintain 2026 Revenue Guidance Range: $1,080M - $1,175M • 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
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11 Q4 2025 Financial Results Revenue Non-GAAP Gross Profit EPS $223.5M $244.4M Q4‘24 Q4’25 +9.4% $0.56 $0.25 Q4’24 Q4’25 $111.2M $100.1M Q4’24 Q4’25 -10.0% 49.8% 41.0% $0.46 $0.11 Q4’24 Q4’25 GAAP Non-GAAP See slide 14 for reconciliation between GAAP and Non-GAAP Gross Profit and EPS Balance Sheet $293M $299M $302M $291M $292M $442M $498M $484M $1,098M $1,133M Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Finished goods inventory Ending cash & cash equivalents 1 Including interest bearing time deposits. 1
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12 2025 Financial Results Revenue Non-GAAP Gross Profit EPS $782.1M $901.3M 2024 2025 +15.2% $2.26 $1.61 2024 2025 $393.9M $401.4M 2024 2025 +1.9% 50.4% 44.5% $1.53 $1.37 2024 2025 GAAP Non-GAAP See slide 15 for reconciliation between GAAP and Non-GAAP Gross Profit and EPS Balance Sheet $293M $299M $302M $291M $292M $442M $498M $484M $1,098M $1,133M Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Finished goods inventory Ending cash & cash equivalents 1 Including interest bearing time deposits. 1
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Appendix
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14 Q4 2025 GAAP to Non-GAAP Reconciliation
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15 2025 GAAP to Non-GAAP Reconciliation