ACM Research, Inc. (ACMR) financial statements: income statement, balance sheet and cash flow

ACM Research, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), ACM Research, Inc. reported revenue of $901.3M (+15.2% year on year) and net income of $121.9M (-7.1% year on year).

Income statement

ACM Research, Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue (note 3)	$901.3M	$782.1M	$557.7M	$388.8M
Cost of revenue, including cost of revenue from related parties of $62,498, $39,313, and $31,240 for the years ended December 31, 2025, 2024, and 2023, respectively (note 13)	$501.2M	$390.6M	$281.5M	$205.2M
Gross profit	$400.1M	$391.6M	$276.2M	$183.6M
Sales and marketing	$76.9M	$65.4M	$47.0M	$39.9M
Research and development	$145.0M	$105.5M	$92.7M	$62.2M
General and administrative	$68.8M	$69.6M	$40.6M	$22.5M
Total operating expenses	$290.6M	$240.6M	$180.4M	$124.6M
Loss from operations	$109.4M	$151.0M	$95.8M	$59.0M
Interest income	$14.6M	$9.9M	$8.4M	$8.7M
Interest expense	($7.0M)	($4.2M)	($2.7M)	($1.7M)
Realized gain from sale of short-term investments	$166.0K	$1.8M	$9.0M	$1.1M
Unrealized gain (loss) on short-term investments	$17.5M	$973.0K	($2.7M)	($7.9M)
Other (expense) income, net	($9.8M)	$6.3M	($1.6M)	$3.3M
Income from equity method investments	$10.3M	$423.0K	$10.0M	$4.7M
Income before income taxes	$135.2M	$166.3M	$116.2M	$67.4M
Income tax expense (note 16)	($13.3M)	($35.0M)	($19.4M)	($16.8M)
Less: Net income attributable to non-controlling interests	$27.8M	$27.6M	$19.5M	$11.3M
Net income attributable to ACM Research, Inc.	$94.1M	$103.6M	$77.3M	$39.3M
Net income	$121.9M	$131.3M	$96.9M	$50.6M
Foreign currency translation adjustment, net of tax	$33.3M	($15.7M)	($10.6M)	($59.1M)
Unrealized gain on available-for-sale investments, net of tax	$2.4M	—	—	—
Comprehensive income	$157.6M	—	—	—
Less: Comprehensive income attributable to non-controlling interests	$35.9M	$26.4M	$17.7M	$1.9M
Comprehensive income attributable to ACM Research, Inc.	$121.7M	$89.6M	$68.5M	($10.4M)
Basic (in dollars per share)	$1.47	$1.67	$1.29	$0.66
Diluted (in dollars per share)	$1.37	$1.53	$1.16	$0.59
Basic (in shares)	64.2M	62.2M	60.2M	59.2M
Diluted (in shares)	67.3M	66.2M	64.9M	65.3M

ACM Research, Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenue (note 3)	$292.9M	$231.3M	$269.2M	$215.4M
Cost of revenue, including cost of revenue from related parties of $19,569 and $32,052 for the three and six months ended June 30, 2026, respectively and $16,518 and $25,917 for the three and six months ended June 30, 2025 respectively.	$158.3M	$124.0M	$156.0M	$110.9M
Gross profit	$134.6M	$107.2M	$113.1M	$104.5M
Sales and marketing	$23.8M	$20.7M	$22.3M	$22.1M
Research and development	$42.3M	$36.5M	$39.7M	$33.8M
General and administrative	$18.8M	$13.8M	$22.3M	$16.8M
Total operating expenses	$84.9M	$71.1M	$84.2M	$72.8M
Income from operations	$49.7M	$36.2M	$28.9M	$31.7M
Interest income	$7.1M	$4.7M	$3.1M	$4.0M
Interest expense	($2.1M)	($1.9M)	($1.9M)	($1.8M)
Realized gain on short-term investments (note 11)	$0	—	$0	$54.0K
Unrealized gain on short-term investments (note 11)	$69.6M	($1.4M)	$18.7M	$2.7M
Other expense, net	($9.8M)	($9.3M)	($3.4M)	($346.0K)
Income from equity method investments	$21.1M	$1.7M	$3.7M	$1.8M
Income before income taxes	$135.7M	$30.0M	$49.1M	$38.2M
Income tax expense (note 15)	($13.5M)	($3.8M)	($2.7M)	($1.9M)
Less: Net income attributable to non-controlling interests	$33.3M	$8.9M	$10.5M	$6.5M
Net income attributable to ACM Research, Inc.	$89.0M	$17.3M	$35.9M	$29.8M
Net income	$122.3M	$26.2M	$46.4M	$36.3M
Foreign currency translation adjustment, net of tax of nil	$30.1M	$27.8M	$9.9M	$3.9M
Unrealized gain on available-for-sale investments, net of tax	$675.0K	—	$2.4M	—
Comprehensive income	$153.1M	$54.0M	$58.7M	$40.2M
Less: Comprehensive income attributable to non-controlling interests	$41.5M	$16.2M	$13.0M	$7.3M
Comprehensive income attributable to ACM Research, Inc.	$111.6M	$37.9M	$45.7M	$32.9M
Basic (in dollars per share)	$1.31	$0.26	$0.56	$0.47
Diluted (in dollars per share)	$1.23	$0.24	$0.52	$0.44
Basic (in shares)	67.9M	65.8M	64.4M	64.0M
Diluted (in shares)	71.8M	69.8M	68.4M	67.5M

Balance sheet

ACM Research, Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$757.4M	$407.4M	$182.1M	$248.0M
Restricted cash	$8.6M	$3.9M	$1.1M	$500.0K
Short-term time deposits (note 2)	$366.6M	$17.3M	$80.5M	$70.5M
Short-term investments (note 12)	$35.5M	$19.4M	$21.3M	—
Accounts receivable, net (note 4)	$504.3M	$387.0M	$283.2M	$182.9M
Other receivables	$51.2M	$42.9M	$42.5M	$29.6M
Inventories, net (note 5)	$702.6M	$598.0M	$545.4M	$393.2M
Prepaid expenses and other current assets	$10.6M	—	—	—
Total current assets	$2.4B	$1.5B	$1.2B	$963.8M
Property, plant and equipment, net (note 6)	$314.8M	$269.3M	$201.8M	$82.9M
Operating lease right-of-use assets, net (note 19)	$17.9M	$14.0M	$7.0M	$2.5M
Intangible assets, net	$2.8M	$3.5M	$2.5M	$1.3M
Long-term time deposits (note 2)	$0	$13.3M	$40.8M	$102.0M
Deferred tax assets (note 16)	$29.4M	$14.8M	$20.3M	$6.7M
Long-term investments (note 11)	$66.0M	$37.1M	$27.9M	$17.5M
Other long-term assets (note 7)	$4.5M	$20.5M	$6.0M	$50.3M
Total assets	$2.9B	$1.9B	$1.5B	$1.2B
Short-term borrowings (note 8)	$74.0M	$32.8M	$31.3M	$56.0M
Current portion of long-term borrowings (note 10)	$35.1M	$44.5M	$6.8M	$2.3M
Accounts payable	$247.5M	$155.4M	$153.2M	$101.7M
Advances from customers	$187.8M	$243.9M	$181.4M	$153.8M
Deferred revenue	$17.4M	$8.5M	$3.7M	$4.2M
Income taxes payable (note 16)	$991.0K	$12.8M	$6.4M	$3.5M
FIN-48 payable (note 16)	$27.7M	$19.5M	$12.1M	$6.7M
Other payables and accrued expenses (note 9)	$150.4M	$121.7M	$103.0M	$52.2M
Current portion of operating lease liabilities	$4.8M	$2.1M	$2.8M	$1.4M
Total current liabilities	$745.7M	$641.2M	$500.7M	$396.2M
Long-term borrowings (note 10)	$178.9M	$105.5M	$54.0M	$18.7M
Long-term operating lease liabilities	$5.1M	$3.8M	$4.3M	$1.1M
Other long-term liabilities	$12.0M	$9.2M	$5.9M	$7.3M
Total liabilities	$941.7M	$759.8M	$564.7M	$423.3M
Common stock	$7.0K	$7.0K	$7.0K	$6.0K
Additional paid-in capital	$1.1B	$677.5M	$629.8M	$604.1M
Retained earnings	$350.4M	$260.0M	$156.8M	$94.4M
Statutory surplus reserve (note 2)	$34.2M	$30.5M	$30.1M	$16.9M
Accumulated other comprehensive loss	($35.7M)	($63.4M)	($49.3M)	($40.5M)
Total ACM Research, Inc. stockholders’ equity	$1.5B	$904.6M	$767.4M	$674.9M
Non-controlling interests	$466.1M	$191.3M	$158.8M	$137.3M
Total equity	$1.9B	$1.1B	$926.2M	$812.2M
Total liabilities and equity	$2.9B	$1.9B	$1.5B	$1.2B

ACM Research, Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$969.2M	$872.3M	$1.1B	$442.1M
Restricted cash	$21.4M	$21.9M	$8.4M	$10.8M
Short-term time deposits (note 2)	$365.1M	$358.2M	$30.9M	$31.0M
Short-term investments (note 11)	$105.1M	$34.7M	$40.0M	$21.1M
Account receivables, net (note 4)	$538.4M	$526.5M	$477.0M	$433.7M
Other receivables	$67.0M	$54.5M	$51.4M	$44.4M
Inventories, net (note 5)	$783.1M	$738.0M	$676.4M	$648.3M
Prepaid expenses and other current assets	$25.6M	$13.4M	$15.1M	$14.3M
Total current assets	$2.9B	$2.6B	$2.4B	$1.6B
Property, plant and equipment, net (note 6)	$384.6M	$324.0M	$296.7M	$290.9M
Operating lease right-of-use assets, net	$16.6M	$17.1M	$18.0M	$17.3M
Intangible assets, net	$2.5M	$2.7M	$2.7M	$2.8M
Deferred tax assets (note 15)	$25.9M	$30.2M	$26.6M	$22.3M
Long-term investments (note 10)	$89.2M	$68.5M	$63.6M	$56.7M
Other long-term assets	$5.6M	$4.1M	$4.8M	$3.9M
Total assets	$3.4B	$3.1B	$2.8B	$2.0B
Short-term borrowings (note 7)	$107.2M	$94.0M	$45.0M	$53.0M
Current portion of long-term borrowings (note 9)	$40.8M	$13.3M	$48.6M	$62.1M
Accounts payable	$250.4M	$240.7M	$204.2M	$168.6M
Advances from customers (note 3)	$165.6M	$168.8M	$203.5M	$221.4M
Deferred revenue (note 3)	$15.9M	$11.0M	$15.6M	$13.7M
Income taxes payable (note 15)	$3.6M	$24.8M	$0	$253.0K
FIN-48 payable (note 15)	$28.9M	$28.3M	$21.8M	$21.4M
Other payables and accrued expenses (note 8)	$168.9M	$160.1M	$135.0M	$126.8M
Current portion of operating lease liabilities	$4.9M	$4.8M	$4.1M	$3.8M
Total current liabilities	$786.3M	$745.7M	$677.9M	$671.0M
Long-term borrowings (note 9)	$192.9M	$220.9M	$193.4M	$163.0M
Long-term operating lease liabilities	$3.5M	$4.1M	$5.9M	$5.5M
Other long-term liabilities	$11.4M	$11.8M	$8.3M	$8.5M
Total liabilities	$994.1M	$982.4M	$885.4M	$848.0M
Common stock	$7.0K	$7.0K	$7.0K	$7.0K
Additional paid-in capital	$1.4B	$1.2B	$1.1B	$704.6M
Retained earnings	$456.7M	$367.7M	$346.0M	$310.1M
Statutory surplus reserve (note 18)	$34.2M	$34.2M	$30.5M	$30.5M
Accumulated other comprehensive income (loss)	$7.4M	($15.2M)	($49.0M)	($58.8M)
Total ACM Research, Inc. stockholders’ equity	$1.9B	$1.6B	$1.4B	$986.5M
Non-controlling interests	$545.0M	$502.0M	$452.5M	$205.2M
Total equity	$2.4B	$2.1B	$1.9B	$1.2B
Total liabilities and equity	$3.4B	$3.1B	$2.8B	$2.0B

Cash flow statement

ACM Research, Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$121.9M	$131.3M	$96.9M	$50.6M
Non-cash operating lease cost	$4.5M	$3.8M	$3.6M	—
Depreciation and amortization	$16.3M	$10.0M	$8.1M	$5.4M
Realized gain on short-term investments	($112.0K)	($1.8M)	($9.0M)	—
Income from equity method investments	($10.3M)	($423.0K)	($10.0M)	($4.7M)
Unrealized (gain) loss on short-term investments	($17.5M)	($973.0K)	$2.7M	$7.9M
Inventory provision	$15.5M	$2.8M	$575.0K	—
Provision for credit losses	$14.5M	$13.5M	$2.7M	—
Deferred income taxes	($14.4M)	$5.3M	($13.6M)	$4.0M
Stock-based compensation	$33.6M	$49.6M	$27.3M	$7.7M
Dividends from unconsolidated affiliates	$2.1M	$1.5M	—	$0
Others	$1.3M	—	—	—
Accounts receivable	($116.1M)	($123.3M)	($108.7M)	($88.7M)
Other receivables	($1.7M)	($3.8M)	($4.2M)	($7.3M)
Inventories	($108.2M)	($64.1M)	($164.0M)	($193.3M)
Advances to related parties (note 13)	($1.5M)	$1.4M	—	—
Prepaid expenses and other current assets	($2.6M)	$11.9M	($5.1M)	($3.7M)
Other long-term assets	($947.0K)	$0	$0	$4.0M
Related parties accounts payable (note 13)	$15.9M	$4.7M	—	—
Accounts payable	$67.9M	$1.4M	$42.3M	$17.5M
Advances from customers	($60.8M)	$67.0M	$30.0M	$104.3M
Deferred revenue	$8.9M	$4.8M	$2.7M	$994.0K
Income taxes payable	($12.1M)	$6.4M	$3.0M	$3.2M
FIN-48 payable	$8.3M	$7.3M	$5.5M	$4.4M
Other payables and accrued expenses	$27.1M	$23.2M	$21.4M	$23.4M
Operating lease liabilities	($4.5M)	($3.5M)	($3.6M)	—
Increase (Decrease) in Other Noncurrent Liabilities	$2.7M	$3.3M	($1.6M)	($2.4M)
Net cash (used in) provided by operating activities	($10.3M)	$152.4M	($75.3M)	($62.2M)
Purchase of property and equipment	($56.3M)	($82.5M)	($61.9M)	($91.1M)
Purchase of intangible assets	($1.4M)	($3.5M)	($2.5M)	($1.4M)
Purchase of short-term investments	$0	($1.4M)	—	—
Purchase of time deposits	($389.3M)	($74.7M)	($26.1M)	—
Proceeds from redemption and maturity of time deposits	$54.3M	$166.5M	$79.6M	—
Refund of deposit for land use right	$686.0K	—	—	—
Proceeds from sale of short-term investments (note 12)	$2.1M	$8.4M	$21.7M	$4.6M
Proceeds from disposal of long-term investments	$0	$0	$8.2M	—
Purchase of long-term investments	($484.0K)	($24.9M)	($7.5M)	—
Net cash used in investing activities	($390.3M)	($12.0M)	($6.7M)	($265.7M)
Proceeds from short-term borrowings	$87.5M	$33.3M	$31.3M	$56.0M
Repayments of short-term borrowings	($47.3M)	($32.3M)	($55.1M)	($9.2M)
Proceeds from long-term borrowings	$119.1M	$96.9M	$42.4M	$0
Repayments of long-term borrowings	($60.3M)	($9.6M)	($2.3M)	($2.2M)
Capital contribution by non-controlling shareholder	$242.0K	—	—	—
Proceeds from exercise of stock options	$34.8M	$11.1M	$6.1M	$1.3M
Repurchase of ACM Shanghai's shares	-7.0M	—	—	—

ACM Research, Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$148.5M	$26.2M	$107.7M	$61.3M
Non-cash operating lease cost	$2.4M	$1.2M	$3.3M	$2.1M
Depreciation and amortization	$11.8M	$5.5M	$10.5M	$6.4M
Income from equity method investments	($22.8M)	($1.7M)	($6.4M)	($2.7M)
Unrealized gain on short-term investments	($68.2M)	$1.4M	($20.3M)	($1.6M)
Inventory provision	$12.0M	$5.1M	$9.9M	$5.6M
Provision for credit losses	$3.7M	$2.2M	$9.5M	$1.4M
Deferred income taxes	$4.2M	($503.0K)	($11.7M)	($7.5M)
Stock-based compensation	$12.2M	$5.6M	$27.1M	$19.6M
Dividends from unconsolidated affiliates	$2.8M	$518.0K	$64.0K	$0
Others	$0	$0	$1.1M	$1.1M
Accounts receivable	($4.4M)	($8.3M)	($91.3M)	($44.5M)
Other receivables	($8.9M)	($406.0K)	($6.0M)	($848.0K)
Inventories	($69.9M)	($29.5M)	($80.7M)	($52.9M)
Advances to related parties	$2.3M	$1.6M	$97.0K	$342.0K
Prepaid expenses and other current assets	($12.0M)	($2.5M)	($7.3M)	($6.4M)
Other long-term assets	($1.1M)	$23.0K	($889.0K)	—
Related parties accounts payable	($2.3M)	($268.0K)	$7.2M	$3.7M
Accounts payable	($10.7M)	($14.3M)	$37.4M	$7.7M
Advances from customers	($25.9M)	($20.6M)	($43.3M)	($24.4M)
Deferred revenue	($1.5M)	($6.4M)	$7.0M	$5.1M
Income taxes payable	($19.8M)	$1.4M	($12.9M)	($12.6M)
FIN-48 payable	$1.2M	$589.0K	$2.3M	$1.9M
Other payables and accrued expenses	$13.6M	$5.1M	$17.7M	$336.0K
Operating lease liabilities	($2.5M)	($1.3M)	($3.3M)	($2.0M)
Other long-term liabilities	($521.0K)	($200.0K)	($895.0K)	($690.0K)
Net cash used in operating activities	($35.9M)	($29.5M)	($44.2M)	($39.6M)
Purchases of property and equipment	($87.3M)	($22.2M)	($42.5M)	($31.5M)
Purchase of intangible assets	($476.0K)	($235.0K)	($780.0K)	($784.0K)
Purchase of time deposits	($25.0M)	$0	($37.0M)	($27.0M)
Proceeds from redemption and maturity of time deposits	$38.0M	$13.0M	$37.3M	$27.3M
Proceeds from sale of short-term investments	$0	—	—	—
Purchase of long-term investments	($4.7M)	($361.0K)	($478.0K)	$0
Net cash used in investing activities	($79.5M)	($9.8M)	($42.8M)	($31.3M)
Proceeds from short-term borrowings	$91.9M	$36.1M	$59.5M	$45.1M
Repayments of short-term borrowings	($61.4M)	($17.3M)	($47.6M)	($25.2M)
Proceeds from long-term borrowings	$75.5M	$41.5M	$119.7M	$89.5M
Repayments of long-term borrowings	($62.9M)	($24.7M)	($29.9M)	($15.2M)
Capital contribution by non-controlling shareholder	$0	$0	$242.0K	$242.0K
Proceeds from exercise of stock options	$30.8M	$17.5M	$27.9M	$23.6M
Gross proceeds from sales of ACM Shanghai shares	110.2M	110.2M	—	—
Repurchase of ACM Shanghai shares	0	—	—	—
Proceeds from issuance of ACM Research shares, net of issuance costs	148.4M	—	—	—
Net cash provided by financing activities	$332.6M	$163.4M	$738.1M	$111.0M
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$7.4M	$4.1M	$4.9M	$1.5M

ACM Research, Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.