ACM Shanghai explains Q4 2025 revenue decline; maintains 2026 gross margin 42%-48%

ACM Research, Inc.

2025-FY EPS reported $1.37 vs consensus $0.41 ▲ beat (+235.8%)

Q4 2025 revenue fell QoQ due to equipment delivery delays and revenue recognition timing to Q1 2026.
2026 revenue guidance difference between ACM Shanghai (Chinese GAAP) and ACMR (US GAAP) due to recognition policies.
Advanced packaging equipment (ex-electroplating) ~10% of 2025 revenue; electroplating >20%.
Gross margin expected stable in 42%-48% range, R&D expense ratio 14%-19% for 2026.
Overseas expansion: products delivered to customers in Singapore and four systems to US in 2025.

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