ACM Research, Inc. (NASDAQ: ACMR) stock significantly surged during the previous session, up 40.80% to conclude the trading at $30.68. The significant surge in ACM Research stock followed release of its financial results.
ACM Research (ACMR) reported financial results for its fourth quarter and fiscal year ended December 31, 2023. The year was another pivotal year in ACMR’s mission to become a major supplier to the global semiconductor industry. ACM Research grew revenue by 43%, well above the market growth of wafer fab equipment (WFE) spending in mainland China.
The company delivered improved operating margins, and made great progress with new products, new customers and plans to expand its global production capacity. The encouraging results underscore the strength of ACM’s multi-product portfolio and growing customer base. ACM Research has captured market share, with its leading cleaning products witnessing 48% growth.
Moreover, ECP and furnace products grew by 33%, surpassing the $100 million revenue milestone. Additionally, ACMR made notable strides in penetrating international markets. A highlight of its fourth quarter was receiving technical qualification for SAPS production tool from a leading U.S.-based semiconductor manufacturer, which may set the stage for additional orders and further expansion in the future.
ACM Research expect another year of growth driven by mature node investment in China, new product cycles, development progress with multiple customers for its Track and PECVD tools, and initial revenue contribution from international markets in the U.S., Europe and Korea. ACM Research’s total shipments in 2023 were $597 million, versus $539 million in 2022.
Total shipments in the fourth quarter of 2023 were $140 million, versus $197 million in the fourth quarter of 2022. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
ACMR announced that its SAPS cleaning tool has been qualified for revenue from a large US manufacturer in the fourth quarter of 2023. An Ultra C b backside cleaning and bevel etch tool is expected to be delivered to this customer in the second quarter of 2024.
