ACM Research, Inc. (NASDAQ: ACMR)

ACM Research, Inc. supplies advanced, innovative capital equipment developed for the global semiconductor industry. The company focuses on developing differentiated process solutions that enable effective particle removal, uniform material deposition, and reliable process control, while helping customers manage cost of ownership, throughput, and environmental considerations. ACM Research's products are designed to address yield-critical and performance-sensitive process steps that become increasingly difficult as semiconductor devices scale to smaller geometries and more complex structures.

ACM Research generates revenue through the sale of its advanced semiconductor manufacturing equipment. The company's primary products include wet-cleaning, plating, furnace, PECVD, track, and other front-end processing equipment. These tools are used in numerous steps to improve product yield, even at increasingly advanced process nodes. The company also develops, manufactures, and sells a range of advanced packaging equipment to wafer assembly and packaging customers. Selling prices for these tools generally range from $0.5 million to more than $5 million. The company's revenue is segmented into three main categories: single wafer cleaning, Tahoe and semi-critical cleaning equipment, ECP (front-end packaging), furnace and other technologies, and advanced packaging (excluding ECP), services and spares.

• Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment: This segment includes the company's wet-cleaning platforms incorporating proprietary SAPS, TEBO, and Tahoe technologies. These technologies enable effective removal of random particles while preserving delicate wafer features, even at increasingly advanced process nodes. The systems are built on a modular architecture that allows customers to tailor tool configurations to specific process requirements. This segment also comprises a suite of semi-critical cleaning products including single wafer back-side cleaning, scrubber, and auto bench. Revenue from this segment totaled $626.0 million, or 69.5% of total revenue in 2025, $578.9 million, or 74.0% of total revenue in 2024, and $403.9 million, or 72.4% of total revenue in 2023

• ECP (Front-End Packaging), Furnace and Other Technologies: This segment includes the company's Ultra ECP ap and Ultra ECP map technologies for advanced metal plating, Ultra fn Furnace for dry processing, Ultra Pmax PECVD tools for better film uniformity, reduced film stress, and improved particle performance, and Ultra Track products for uniform air downflow, fast robot handling and configurable software. Revenue from this segment totaled $199.6 million, or 22.1% of total revenue in 2025, $151.1 million, or 19.3% of total revenue in 2024, and $103.4 million, or 18.5% of total revenue in 2023

• Advanced Packaging (Excluding ECP), Services and Spares: This segment includes a range of single-wafer products for back-end wafer assembly and packaging customers. Products in this segment include Ultra C Coater, Ultra ECP ap, Ultra C Developer, Ultra C PR Megasonic-Assisted Stripper, Ultra C Scrubber, Ultra C Thin Wafer Scrubber, and Ultra C Wet Etcher. Revenue from this segment totaled $75.8 million, or 8.4% of total revenue in 2025, $52.2 million, or 6.7% of total revenue in 2024, and $50.5 million, or 9.1% of total revenue in 2023

ACM Research operates in a highly competitive semiconductor equipment industry. The company's principal competitors include Lam Research Corporation, NAURA Technology Group Co., Ltd., SCREEN Holdings Co., Ltd., SEMES Co. Ltd., Tokyo Electron Ltd., and Kokusai Semiconductor Equipment Corporation. ACM Research's competitive advantages include its proprietary process technologies and system architectures designed to address increasingly complex device structures, tighter process windows, and rising yield sensitivity at advanced nodes. The company's differentiated approach to tool design, process control, and modular architecture allows it to apply proprietary technologies across multiple steps in the manufacturing flow. ACM Research's success also depends on its ability to develop and deliver breakthrough technologies and capabilities to meet its customers' ever-more challenging technical requirements.

ACM Research's customer base primarily consists of fabricators of advanced integrated circuits, or chips, including foundry, logic and memory chip makers. The company's equipment can generally be configured for use by manufacturers who build a range of different semiconductor types. The company's revenue by customer type was distributed as follows: Foundry/Logic/Other represented 59%, 71%, and 64% of total revenue in 2025, 2024, and 2023, respectively; Memory represented 27%, 22%, and 24%; and Advanced Packaging/Wafer Processing represented 14%, 7%, and 13% for the same periods. To date, substantially all of the company's sales of equipment for semiconductor-manufacturing have been to customers located in mainland China, and the company anticipates that a substantial majority of its revenue from these products will continue to come from customers located in this region for the foreseeable future. The company has begun to add to its efforts to further address customers in North America, Western Europe and Southeast Asia, by expanding its direct sales teams and increasing its global marketing activities