FREMONT, Calif., April 27, 2022 (GLOBE NEWSWIRE) — ACM Research, Inc. (ACM) (NASDAQ: ACMR), a leading provider of wafer processing solutions for semiconductor and advanced Wafer-Level Packaging (WLP), Announces Today announced that its preliminary revenue for the first quarter of 2022 is expected to be between $40 million and $42 million. Actual unaudited first quarter 2022 results are subject to completion of ACM’s quarter-end closing procedures and review by ACM’s independent registered public accounting firm.
As announced in ACM’s Business Update press release dated April 7, 2022, ACM’s revenue for the first quarter of 2022 is significantly lower than its previous internal plan due to operational limitations resulting from COVID-19 lockdowns in Shanghai. ACM continues to believe that the impact of the restrictions will be temporary, with some revenue being deferred from Q1 2022 to Q2 2022. ACM will discuss its full financial results for Q1 2022 and its revenue outlook for the remainder. of the Year during its earnings call on Friday, May 6, 2022 at 8:00 a.m. Eastern Time (8:00 p.m. China time).
Today’s release of ACM’s preliminary expected revenue range for the first quarter of 2022 coincides with the release of preliminary financial results by ACM Research (Shanghai), Inc., the principal operating subsidiary of ACM (ACM Shanghai), at the Shanghai Securities and Exchange Commission. ACM currently owns an 82.5% stake in ACM Shanghai, and a large majority of ACM’s consolidated revenue and net income comes from ACM Shanghai. ACM Shanghai’s standalone financial results are presented in RMB, as prepared in accordance with Chinese GAAP, and these results will differ, potentially materially, from ACM’s consolidated revenue and net profit for the period, which will reflect additional financial and operational items and will be prepared in US dollars in accordance with US generally accepted accounting principles.
About ACM Research, Inc.
ACM develops, manufactures and sells semiconductor processing equipment for wet or batch cleaning, electroplating, stressless polishing and thermal processes, which are essential for advanced manufacturing of semiconductor devices and packaging at the wafer level. ACM is committed to providing customized, high-performance, and cost-effective process solutions that semiconductor manufacturers can use across many manufacturing stages to improve productivity and product yield. For more information, visit www.acmrcsh.com.
The information in this press release includes forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release that do not relate to historical facts should be considered prospective. statements, including statements in the first and second paragraphs regarding the estimated amount and timing of revenue in 2022, and the timing and anticipated effects of the COVID-19 lockdowns in Shanghai. Forward-looking statements are based on the current expectations and beliefs of ACM’s management, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those indicated or disclosed. – understood by forward-looking statements. These risks and uncertainties include, but are not limited to, the following, each of which could be further exacerbated by the continued COVID-19 outbreak in China and globally: anticipated customer orders or identified market may not grow or develop as expected; customer orders already received may be postponed or cancelled; ACM may not be able to obtain qualification and acceptance of its delivered tools when expected or at all, which would delay or prevent ACM’s recognition of revenue from the sale of such tools; vendors may not be able to respond to ACM requests in a timely manner; ACM’s technologies and tools may not gain market acceptance; ACM may not be able to compete effectively, including by improving its existing tools, adding additional production capacity and engaging other significant customers; ACM may incur significant expenditures long before it can recognize new product revenues, if at all, due to the costs and length of research, development, manufacturing and customer evaluation cycles; volatility in global economic, market, industry and other conditions could cause a sharp decline in demand for products containing semiconductors and ACM’s products and disrupt capital and credit markets ; ACM’s inability to successfully manage its operations, including its inability to hire, train, onboard and manage additional qualified engineers for research and development activities; and trade regulations, currency fluctuations, political instability and war may have a material adverse effect on ACM due to its large non-US customer and supplier base and significant non-US manufacturing operations. A more detailed description of these risks, uncertainties and other matters can be found in ACM’s filings with the United States Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations regarding these forward-looking statements or the occurrence of unforeseen events.
© ACM Research, Inc. The ACM Research logo is a registered trademark of ACM Research, Inc. For convenience, this mark appears in this press release without the ™ symbol, but this practice does not mean that ACM does not assert, to the fullest extent under applicable law, its rights in this mark.
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