Following the announcement of its financial results, ACM Research, Inc. (NASDAQ: ACMR) saw a notable increase in its stock value. The shares of ACMR surged by 10.80%, concluding at $19.49, as positive investor sentiment is bolstered by the company’s robust performance.
Quarterly Financial Performance
In the second quarter of 2024, ACM Research reported a revenue of $202.5 million, marking a 40% increase compared to the previous year. This growth was driven by higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment, and ECP, furnace, and other technologies.
However, this was partially offset by a decline in advanced packaging, services, and spares sales. The net income attributable to ACM Research was reported at $0.35 per diluted share.
Strategic Developments and Product Innovations
ACM Research continues to benefit from ongoing investments by its clientele and the expansion of its market share through both existing and novel products. The company recently introduced its new Panel Electrochemical Plating (Ultra ECP ap-p) tool, designed to cater to the increasing demand for AI technologies.
This proprietary horizontal plating technique facilitates advanced packaging with sub-micron features on square panels, particularly beneficial for GPUs and high-density high-bandwidth memory (HBM). Moreover, ACM Research has made significant strides in its global development efforts.
In an effort to strengthen its position in the United States and expedite new client initiatives, the business has signed a deal to purchase a research and development center complete with a clean room in Oregon. The fourth quarter of 2024 is when the 39,500 square foot facility—which includes a 5,200 square foot clean room—is expected to be purchased.
Expansion into New Markets
The second quarter of 2024 also saw ACM Research’s foray into the Fan-Out Panel-Level Packaging (FOPLP) market with the introduction of the Ultra C vac-p flux cleaning tool for chiplets.
This innovative tool, utilizing vacuum technology, effectively removes flux residues from chiplet structures. Furthermore, a new Chinese semiconductor manufacturer has given ACM Research a purchase order; shipments are scheduled to start in July.
