ACM Research, Inc (NASDAQ:ACMR) reported fourth-quarter fiscal 2025 revenues of $244.43 million, beating the analyst consensus of $238.96 million.
Revenues jumped 9.4% Y/Y.
ACMR reported an adjusted EPS of 25 cents, missing the street view of 34 cents.
The stock tanked after the results.
Higher revenues were driven by increased single-wafer cleaning, Tahoe, and semi-critical cleaning equipment sales, and by strength in advanced packaging (excluding ECP), services, and spares.
Total shipments in the quarter were $228 million, down from $264 million Y/Y.
Margin Shrink
Adjusted gross margin declined by 880 basis points to 41.0%, missing the 42% – 48% reflected in the ACM’s long-term business model.
The company held cash and equivalents of $1.13 billion as of Dec. 31, 2025.
CEO Narrative
ACM CEO Dr. David Wang …