Short answer
ACM Research, Inc. (ACMR) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $901M (+15.2% year over year) and net income of $94M.
- Top risk flagged: Mainland China Grant Agreement risk: ACM Lingang must pay RMB157.6M ($22.2M) annual taxes or face land use rights termination by July 9, 2027
FY2025 key financial metrics · XBRL
- Revenue
- $901M
- +15.2% YoY
- Net income
- $94M
- −9.2% YoY
- Operating margin
- 12.1%
- −7.2 pp YoY
- Gross margin
- 44.4%
- −5.7 pp YoY
- EPS (diluted)
- $1.37
- −10.5% YoY
- ROE
- 6.4%
- −5.0 pp YoY
- Operating cash flow
- −$10M
- −106.8% YoY
Source: XBRL data from the ACM Research, Inc. (ACMR) FY2025 10-K on SEC EDGAR. USD.
ACM Research, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Advanced semiconductor capital equipment for yield-critical, performance-sensitive front-end and packaging process steps
- Emphasis on expanding product portfolio into furnace, PECVD, and track platforms alongside core wet cleaning and plating
- 2025 revenue $626M from wafer cleaning (69.5% total), $199.6M from ECP, furnace, PECVD (22.1%), showing diversification growth
- Customer base predominantly in mainland China with growing sales expansion efforts in North America, Europe, Southeast Asia
- Introduced Ultra fn vertical furnace tool capable of 1250°C with uniformity exceeding competitor platforms
Management Discussion & Analysis
- Cash flow, capital allocation, buybacks, dividends, capex data absent
- Forward-looking statements indicated but no specific guidance or risks disclosed
Risk Factors
- Mainland China Grant Agreement risk: ACM Lingang must pay RMB157.6M ($22.2M) annual taxes or face land use rights termination by July 9, 2027
- Geopolitical risk: ACM Shanghai's operations exposed to RMB/USD exchange risk, causing $12.8M value change in cash and equivalents in 2025
- Supply chain risk: Inventory increased by $108.2M in 2025, disproportionally exceeding prior years, pressuring working capital and cash flow
- Market disruption: Decline in adjusted EBITDA by 27% ($59.1M) YoY in 2025 signals competitive pressures on profitability
- Financial leverage risk: Total borrowings of $288.1M with interest rates up to 3.6% from multiple Chinese banks, creating repayment and refinancing obligations
Generated from the filing text; verify against the original. How to read a 10-K
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