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ACM Research, Inc. (ACMR)

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Previous Close101.92
Open103.15
Bid100.34 x 800
Ask100.46 x 800
Day's Range96.09 - 105.77
52 Week Range12.51 - 113.87
Volume369,640
Avg. Volume565,068
Market Cap1.809B
Beta (5Y Monthly)0.94
PE Ratio (TTM)141.11
EPS (TTM)0.71
Earnings DateAug 06, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est103.29
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  • GlobeNewswire

    ACM Research to Participate in the Needham Virtual SemiCap and EDA Investor Conference

    FREMONT, Calif., Aug. 10, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today announced that management will participate in the Needham Virtual SemiCap and EDA Conference. The conference will be held virtually on Thursday, August 13, 2020, with a fireside chat available to the public scheduled for 3:00 p.m. ET as well as a one-on-one meeting format for institutional investors. The fireside chat will be webcast live from the Investors section of ACM’s website at http://ir.acmrcsh.com.  A replay of the webcast will be archived and available from the Investors section of ACM’s website through August 28, 2020.Management will be available for one-on-one meetings with institutional investors at the event. Portfolio managers and analysts who wish to request a meeting should contact their institutional sales representative at Needham.Presentation materials for the fireside chat will be made available on the Investors section of ACM’s website at http://ir.acmrcsh.com.About ACM Research, Inc.ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield.For investor and media inquiries, please contact:In the United States:The Blueshirt Group  Ralph Fong  +1 (415) 489-2195  ralph@blueshirtgroup.com    In China:The Blueshirt Group Asia  Gary Dvorchak, CFA  +86 (138) 1079-1480  gary@blueshirtgroup.com

  • GlobeNewswire

    ACM Research Reports Second Quarter 2020 Results

    FREMONT, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ:ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today reported financial results for its second fiscal quarter ended June 30, 2020. ACM’s President and Chief Executive Officer Dr. David Wang commented, “We are pleased with our second quarter results. Our revenue and shipments rebounded significantly following the COVID-19 related pause in the first quarter. We have strong visibility for remainder of 2020, with solid demand for current and new products, and we have raised our outlook accordingly.”Dr. Wang continued, “Our Tahoe momentum continued, with a repeat shipment to our lead customer in the second quarter, and additional Tahoe deliveries to this customer and other customers planned for the second half of the year. We are also building progress with our ECP map front-end tool, with acceptance from our first customer in the second quarter, and an order from another foundry customer that was delivered in July.  Also in July, we began construction of our new Lingang facility, which will add a total space of one million square feet for R&D and manufacturing.” Three Months Ended June 30,  GAAP Non-GAAP(1)   2020   2019   2020  2019      (dollars in thousands, except per share data) Revenue$39,049  $29,010  $39,049  $29,010  Gross margin 49.6%  45.3%  49.7%  45.4% Income from operations$  7,336  $  4,661  $  8,191  $  5,279  Net income (loss) attributable to ACM Research, Inc.$  (81) $  4,311  $  6,205  $  4,929  Basic EPS$   (0.00) $   0.27  $  0.34  $  0.31  Diluted EPS$   (0.00) $   0.23  $  0.29  $  0.26   Six Months Ended June 30,  GAAP Non-GAAP(1)                   2020   2019   2020  2019      (dollars in thousands, except per share data) Revenue$63,397  $49,489  $63,397  $49,489  Gross margin 46.7%  44.4%  46.8%  44.5% Income from operations$  8,554  $  6,912  $10,098  $  8,274  Net income attributable to ACM Research, Inc.$  1,624  $  6,168  $  8,599  $  7,530  Basic EPS$   0.09  $   0.38  $  0.48  $  0.47  Diluted EPS$   0.08  $   0.33  $  0.41  $  0.41  (1)Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.”  Non-GAAP financial measures exclude stock-based compensation, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted EPS, also exclude non-cash changes in fair value of financial assets and liabilities.    OutlookFor fiscal year 2020, the Company now expects revenue to be in the range of $140 million to $155 million, up from the previous guidance range of $130 million to $150 million. This view assumes, among other factors,  the COVID-19 situation continues to improve in China and stabilizes in the coming months on a global basis.Q2 Operating Highlights and Recent Announcements * Shipments. Total shipments in the second quarter of 2020 were $45 million, versus $33 million in the second quarter of 2019 and $12 million in the first quarter of 2020. Total shipments included deliveries for revenue in the quarter, and deliveries of systems awaiting customer acceptance for potential revenue in future quarters. * Ultra C VI Cleaning Tool Introduced. On June 26, 2020, ACM introduced its Ultra C VI single wafer tool, the newest addition to its line of Ultra C cleaning systems. Building on ACM’s proven multi-chamber technology, the new tool features 18 chambers, representing a 50-percent expansion on the 12 chambers included in the Ultra C V system, with only a slightly larger footprint to allow for integration into existing production lines. * Two new China-Based Customers. On August 5, 2020, ACM announced receipt of purchase orders and participation in final-stage bidding for a total of $36 million from two new China-based customers that manufacture analog and power IC devices. * SAPS II Development Tool Delivered to Global OEM. On August 5, 2020, ACM also announced that it had recently delivered its Ultra C SAPS II 2-chamber development tool to the U.S. demo lab of a leading global supplier of semiconductor processing equipment for wafer manufacturing. This marked ACM's first delivery and installation of Smart Megasonix technology in the United States. * ACM Shanghai Pre-IPO activities. In  May 2020, ACM Shanghai submitted its application for an initial public offering of its shares on the Shanghai Stock Exchange’s STAR Market. The Company’s plan remains on track to price the transaction by year-end, pending timely approvals. * Update on R&D and Production Center in Shanghai’s Lingang Region. ACM Shanghai held a groundbreaking ceremony on July 7, 2020 to mark the commencement of construction of its new one million square foot R&D and production facility. The facility site is located in the Lingang region of Shanghai, which is approximately 30 miles from ACM Shanghai’s headquarters in Zhangjiang. The Company expects initial production activities to commence in late 2022. * Investment in SMIC’s STAR Market Listing. In May 2020 ACM Shanghai became a limited partner of Qingdao Fortune-Tech Xinxing Capital Partnership (L.P.), a partnership formed to establish a special fund to purchase, in a strategic placement, shares of Semiconductor Manufacturing International Corp. (“SMIC”) to be listed on the Shanghai Stock Exchange’s STAR Market. The partnership contributed a total of RMB 2.224 billion ($315 million), at the offer price of RMB 27.46, of which ACM contributed RMB 100 million ($14.2 million). SMIC is the largest China-based semiconductor foundry, and its shares began trading on the STAR Market on July 16, 2020.Financial SummaryUnless otherwise noted, the following figures refer to the second quarter of 2020 and comparisons are with the second quarter of 2019. * Revenue was $39.0 million, up 34.6%, reflecting an increase in revenue from single wafer wet cleaning and other front-end processing equipment, and an increase in revenue from back-end wafer assembly and packaging equipment. * Gross margin was 49.6%, up from 45.3%. Gross margin was above the high-end of the range of 40.0% to 45.0% set forth in the Company’s long-term business model. The Company expects gross margin to vary from period to period due to a variety of factors, such as sales volume and product mix. * Operating expenses were $12.0 million, an increase of 42%. Non-GAAP operating expenses, which exclude stock-based compensation, were $11.2 million, up 42%. Non-GAAP operating expenses as a percent of revenue increased to 29%, from 27%. Higher R&D spending on new products, and sales-related activities, contributed to the increase from the prior-year period. * Operating income of $7.3 million increased 57%. Non-GAAP operating income was $8.2 million, up 55%. Non-GAAP operating income as a percent of revenue increased to 21.0%, from 18.2%.  * Change in fair value of financial liability was a loss of $5.4 million, compared to $0 in the second quarter of 2019. The non-cash, non-operating expense reflects a change in book value of a liability indexed to the market price of ACM’s  Class A common stock, and is excluded from non-GAAP results. The obligation, which resulted from agreements required for ACM Shanghai’s STAR Market IPO preparation, was terminated in July upon ACM’s issuance of a Class A common stock warrant. * Net income (loss) attributable to ACM Research, Inc. was a net loss of $0.1 million, compared to net income of $4.3 million in the second quarter of 2019. Non-GAAP net income attributable to ACM Research, Inc. was $6.2 million, increased from $4.9 million. Tax expense (compared to a normalized 12% tax rate), and the effects of foreign-exchange fluctuations on operating results, resulted in a headwind of $0.9 million, as compared to a net gain of $0.6 million in the second quarter of 2019. * Net income (loss) per diluted share attributable to ACM Research, Inc. was $0.00, compared to net income of $0.23 in the second quarter of 2019. Non-GAAP net income per diluted share attributable to ACM Research, Inc. was $0.29, an increase from $0.26. Tax expense (compared to a normalized 12% tax rate) and the effects of foreign-exchange fluctuations on operating results resulted in a net headwind of $0.04 per share, as compared to a net benefit of $0.03 in the second quarter of 2019. * Cash and equivalents at quarter-end were $86.4 million, versus $52.3 million at the end of the first quarter of 2020 and $27.6 million at the end of the second quarter of 2019. The increase was due primarily to the release of restricted cash from private equity investments previously held in reserve pending submission of ACM Shanghai’s STAR Market IPO application, partly offset by investments in the Lingang facility, participation in SMIC’s IPO, and net cash used in operating activities.Conference Call DetailsA conference call to discuss results will be held on Thursday, August 6, 2020, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.Participant Online Registration: http://apac.directeventreg.com/registration/event/5588686A recording of the webcast will be available on the investor page of the ACM website at www.acmrcsh.com for one week following the call.Use of Non-GAAP Financial MeasuresACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income (loss) attributable to ACM Research, Inc. and basic and diluted EPS exclude non-cash changes in fair value of financial assets and liabilities, which ACM also believes is not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of Non-GAAP to GAAP Financial Measures.”ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM 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 also believes it is in the best interests of investors for ACM to provide this non-GAAP information.While ACM 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’s consolidated financial statements prepared in accordance with GAAP.Forward-Looking StatementsStatements contained in the second and third paragraphs of this press release, under the heading “Outlook” above, and in the third through seventh bullets under “Q2 Operating Highlights and Recent Announcements” above are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the intent, belief and current expectations with respect to: the demand for ACM’s tools, including the timing of completion of, and the extent of future need for, ACM Shanghai’s proposed R&D and manufacturing facility in Lingang; ACM’s anticipated tool shipments to customers in accordance with its newly announced purchase arrangements; and ACM’s plans for completion of the STAR Market listing of shares of ACM Shanghai. Such statements, which are expectations only, reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the following, any of which could be exacerbated even further by the continuing COVID-19 outbreak in China and globally: anticipated customer orders or identified market opportunities may not grow or develop as anticipated; customer orders already received may be postponed or canceled; ACM may be unable to obtain the qualification and acceptance of its delivered tools when anticipated or at all, which would delay or preclude ACM’s recognition of revenue from the sale of those tools; suppliers may not be able to meet ACM’s demands on a timely basis; ACM’s technologies and tools may not gain market acceptance; ACM may be unable to compete effectively by, among other things, enhancing its existing tools; ACM’s has limited experience in selling in North America; volatile global economic, market, industry and other conditions could result in sharply lower demand for products containing semiconductors and for the company's products and in disruption of capital and credit markets; and trade regulations, currency fluctuations, political instability and war may materially adversely affect ACM due to its substantial non-U.S. customer and supplier base and its substantial non-U.S. manufacturing operations. ACM cannot guarantee any future results, levels of activity, performance or achievements. 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.About ACM Research, Inc.ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield.© ACM Research, Inc. SAPS, SMART MEGASONIX, ULTRA C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.For investor and media inquiries, please contact:In the United States:The Blueshirt Group  Ralph Fong  +1 (415) 489-2195  ralph@blueshirtgroup.com     In China:The Blueshirt Group Asia  Gary Dvorchak, CFA  +86 (138) 1079-1480  gary@blueshirtgroup.com  ACM RESEARCH, INC. Condensed Consolidated Balance Sheets    June 30, 2020December 31, 2019  (Unaudited)  (In thousands, except share and per share data) Assets    Current assets:    Cash and cash equivalents$86,397  $58,261  Restricted cash -   59,598  Accounts receivable, less allowance for doubtful accounts of $0 as of June 30, 2020 and $0 as of December 31, 2019 58,903   31,091  Other receivables 7,651   2,603  Inventories 49,772   44,796  Prepaid expenses 3,157   2,047  Total current assets 205,880   198,396  Property, plant and equipment, net 3,956   3,619  Operating lease right-of-use assets, net 4,648   3,887  Intangible assets, net 329   344  Deferred tax assets 5,763   5,331  Long-term investments 20,360   5,934  Other long-term assets 16,466   192  Total assets 257,402   217,703  Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity    Current liabilities:    Short-term borrowings 25,772   13,753  Accounts payable 27,986   13,262  Advances from customers 8,780   9,129  Income taxes payable 1,669   3,129  Other payables and accrued expenses 15,357   12,874  Current portion of operating lease liability 1,331   1,355  Deferred revenue 474   -  Financial liability carried at fair value 15,147   -  Total current liabilities 96,516   53,502  Long-term operating lease liability 3,317   2,532  Other long-term liabilities 6,584   4,186  Total liabilities 106,417   60,220  Commitments and contingencies    Redeemable non-controlling interests -   60,162  Stockholders’ equity:    Common stock – Class A, par value $0.0001: 50,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 16,250,092 shares issued and outstanding as of June 30, 2020 and 16,182,151 shares issued and outstanding as of December 31, 2019 2   2  Common stock–Class B, par value $0.0001: 2,409,738 shares authorized as of June 30, 2020 and December 31, 2019; 1,802,606 shares issued and outstanding as of June 30, 2020 and 1,862,608 shares issued and outstanding as of December 31, 2019 -   -  Additional paid in capital 76,189   83,487  Accumulated surplus 17,131   15,507  Accumulated other comprehensive loss (3,415)  (1,675) Total ACM Research, Inc. stockholders’ equity 89,907   97,321  Non-controlling interests 61,078   -  Total stockholders’ equity 150,985   97,321  Total liabilities, redeemable non-controlling interests, and stockholders’ equity$257,402  $217,703         ACM RESEARCH, INC. Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended June 30,  Six Months Ended June 30,   2020   2019   2020   2019             (Unaudited) (Unaudited)  ( In thousands, except share and per share data) ( In thousands, except share and per share data) Revenue$39,049  $29,010  $63,397  $49,489  Cost of revenue 19,693   15,879   33,813   27,532    Gross profit 19,356   13,131   29,584   21,957  Operating expenses:          Sales and marketing 4,595   2,924   7,600   4,793    Research and development 5,221   3,341   8,898   6,106    General and administrative 2,204   2,205   4,532   4,146    Total operating expenses, net 12,020   8,470   21,030   15,045    Income from operations 7,336   4,661   8,554   6,912  Interest income 320   24   655   33  Interest expense (228)  (194)  (339)  (333) Change in fair value of financial liability (5,431)  -   (5,431)  -  Other income, net 149   543   826   282  Equity income in net income of affiliates 209   153   357   269    Income before income taxes 2,355   5,187   4,622   7,163  Income tax expense (1,859)  (876)  (2,163)  (995)   Net income 496   4,311   2,459   6,168  Less: Net income attributable to non-controlling interests and redeemable non-controlling interests 577   -   835   -    Net income (loss) attributable to ACM Research, Inc.$(81) $4,311  $1,624  $6,168  Comprehensive income:          Net  income 496   4,311   2,459   6,168    Foreign currency translation adjustment 242   (968)  (1,658)  (311)   Total comprehensive income 738   3,343   801   5,857  Less: Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests 1,610   -   916   -    Total comprehensive income (loss) attributable to ACM Research, Inc. $(872) $3,343  $(115) $5,857           Net income (loss) attributable to ACM Research, Inc. per common share :          Basic$(0.00) $0.27  $0.09  $0.38    Diluted$(0.00) $0.23  $0.08  $0.33           Weighted average common shares outstanding used in computing per share amounts:   Basic 18,050,841   16,090,937   18,085,602   16,067,924    Diluted 21,516,175   18,604,347   21,197,203   18,455,534           ACM RESEARCH, INC. Reconciliation of GAAP to Non-GAAP Financial MeasuresAs described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income and net income attributable to ACM Research, Inc. as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. The following table reconciles gross margin, operating expenses, operating income and net income attributable to ACM Research, Inc. to the related non-GAAP financial measures: Three Months Ended June 30,   2020  2019   ActualSBC AdjustedActualSBCAdjusted (GAAP)Change in fair value of financial liability(Non-GAAP)(GAAP)(Non-GAAP)  (In thousands)          Revenue$39,049 $- $- $39,049 $29,010 $- $29,010  Cost of revenue (19,693) (43) -  (19,650) (15,879) (29) (15,850) Gross profit 19,356  (43) -  19,399  13,131  (29) 13,160  Operating expenses:        Sales and marketing (4,595) (164) -  (4,431) (2,924) (46) (2,878) Research and development (5,221) (188) -  (5,033) (3,341) (94) (3,247) General and administrative (2,204) (460) -  (1,744) (2,205) (449) (1,756) Income from operations$7,336 $(855)$- $8,191 $4,661 $(618)$5,279  Change in fair value of financial liability (5,431) -  (5,431) -  -  -  -  Net income (loss) attributable to ACM Research, Inc.$(81)$(855)$(5,431)$6,205 $4,311 $(618)$4,929                              Six Months Ended June 30,   2020  2019   ActualSBC AdjustedActualSBCAdjusted (GAAP)Change in fair value of financial liability(Non-GAAP)(GAAP)(Non-GAAP)  (In thousands)          Revenue$63,397 $- $- $63,397 $49,489  $49,489  Cost of revenue (33,813) (88) -  (33,725) (27,532) (59) (27,473) Gross profit 29,584  (88) -  29,672  21,957  (59) 22,016  Operating expenses:        Sales and marketing (7,600) (258) -  (7,342) (4,793) (80) (4,713) Research and development (8,898) (375) -  (8,523) (6,106) (180) (5,926) General and administrative (4,532) (823) -  (3,709) (4,146) (1,043) (3,103) Income from operations$8,554 $(1,544)$- $10,098 $6,912 $(1,362)$8,274  Change in fair value of financial liability (5,431) -  (5,431) -  -   -  Net income attributable to ACM Research, Inc.$1,624 $(1,544)$(5,431)$8,599 $6,168 $(1,362)$7,530

  • GlobeNewswire

    ACM Research Expands Customer Base with Orders from Two New Analog/Power IC Manufacturing Customers

    FREMONT, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today announced the receipt of purchase orders and final stage bidding activities for a total of $36 million from two new China-based customers that manufacture analog and power IC devices.ACM will supply a range of semi-critical tools including the Ultra C s (Scrubber), the Ultra C s (Wet Etch), and the Ultra C b (Backside Cleaning) tools for ultra-thin wafers, Ultra wb (Auto Wet Bench), Ultra C SAPS-II and Ultra ECP map (Cu plating) tool. ACM expects to deliver the majority of these tools in the second half of 2020, with revenue recognition subject to qualification and acceptance, which are expected in 2021.ACM’s President and Chief Executive Officer Dr. David Wang commented, “We are excited about our continued momentum and customer base expansion, with significant demand from two important new customers. We are committed to providing a range of proven cleaning solutions in a few dozen cleaning steps to enable increased production yields and manufacturing efficiency. These new orders are a testament to ACM’s technology leadership, and demonstrate growing confidence in our ability to deliver the mass production solutions demanded by the semiconductor industry.”About ACM Research, Inc. ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield.© ACM Research, Inc. ULTRA C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without a ™ symbol, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to such trademarks.Forward-Looking Statements Statements contained in the second sentence of the second paragraph of this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the intent, belief and current expectations with respect to the timing of ACM’s shipment of tools, ACM’s ability to obtain the qualification and acceptance of those tools required for ACM to recognize revenue from the sale of those tools, and the timing of any such revenue recognition. Such statements, which are expectations only, reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, ACM’s ability to manufacture and ship tools consistent with contractual conditions, the timing of recognizing revenue due to the timing of shipment and acceptance of the tools, and economic concerns, including the unpredictability of current markets resulting from the ongoing COVID-19 pandemic. 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.For investor and media inquiries, please contact:In the United States:              The Blueshirt Group Ralph Fong +1 (415) 489-2195 ralph@blueshirtgroup.comIn China:                               The Blueshirt Group Asia Gary Dvorchak, CFA +86 (138) 1079-1480 gary@blueshirtgroup.com