ACM Research, Inc. (ACMR) FY2025 10-K Annual Report
ACM Research, Inc. (ACMR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ACM Research, Inc. FY2025 10-K Analysis
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
- • Revenue and profitability details not provided in the excerpt
- • No segment performance information available
- • 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
ACM Research, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$901M
▲ +15.2% YoY
Net Income
$94M
▼ -9.2% YoY
Gross Margin
44.4%
▼ -568bp YoY
Operating Margin
12.1%
▼ -717bp YoY
Net Margin
10.4%
▼ -281bp YoY
ROE
6.4%
▼ -503bp YoY
Total Assets
$2.9B
▲ +54.8% YoY
EPS (Diluted)
$1.37
▼ -10.5% YoY
Operating Cash Flow
-$10M
▼ -106.8% YoY
Source: XBRL data from ACM Research, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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