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 said the company delivered strong execution in 2025 and outperformed the estimated China WFE.

He said ACM strengthened its long-term growth foundation by advancing new products, expanding global production capacity, and enhancing funding initiatives.

Wang added that ACM continues to address increasingly complex semiconductor processes through its cleaning portfolio, high-temperature furnace platform, and horizontal panel-level plating solutions, while deepening relationships with leading global customers.

In early 2026, the company shipped multiple cleaning tools to Singapore and secured several wafer-level and panel-level packaging tool orders from three global customers.

He expects additional contributions from Tahoe, SPM cleaning and furnace products, continued momentum in advanced packaging, and further evaluations of emerging platforms, including CO₂ dry, Track, PECVD, and panel-level packaging tools.

Wang said ACM is accelerating investments in Oregon, with operations expected to begin in the second half of 2026, to support global expansion, and reiterated the company's long-term revenue target of $4 billion.

FY26 Outlook

ACM reiterated revenue of $1.080 billion-$1.175 billion.

The analyst consensus stands at $1.150 billion.

ACMR Price Action: ACM Research shares were down 18.43% at $55.85 at the time of publication on Thursday, according to Benzinga Pro data.

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