ACMRACM Research, Inc.
ACM Research, Inc. (ACMR) designs and sells advanced manufacturing equipment for semiconductor and nanotechnology applications, including electron beam lithography systems and other precision tools. The company’s next catalyst is Oct 14, 2026 — U.S. Commerce Department Export Control Review, which will test its ability to navigate regulatory scrutiny over its export activities.
- Revenue grew 15.2% YoY to $1.01B in 2026, with net income of $171.94M and a net margin of 17.0%.
- Free cash flow was negative $332.74M in the trailing twelve months, while debt-to-equity stood at 0.20x.
- The company’s diluted EPS was $1.23, with shareholders’ equity of $1.46B.
The Read
7% after Q4 2025 earnings showed margin deterioration and rising costs overshadowed revenue growth, but rose 6%.
The schedule
- Wed14Oct
The review tests whether ACMR can maintain export licenses for its advanced semiconductor equipment, which is critical for its core business. This differs from the last export review, which saw a sharp drop due to uncertainty over regulatory changes.
- Thu5Nov
The earnings release will test whether ACMR can meet or exceed expectations on revenue and guidance, particularly in its core semiconductor equipment segment. This is a key event for assessing the company's growth trajectory.
- Tue9Feb
This earnings release will test the company's ability to deliver strong results in the fourth quarter, particularly in its high-margin semiconductor equipment business. The outcome will also reflect the impact of the export control review.
- Tue11May
The earnings release will test the company's ability to sustain growth in the first quarter of 2027, particularly in its core semiconductor equipment business. This is a key event for assessing the company's long-term growth potential.
- Thu5Aug
This earnings release will test the company's ability to deliver strong results in the second quarter of 2027, particularly in its high-margin semiconductor equipment business. The outcome will also reflect the impact of the export control review.
- Wed13Oct
The investor summit will test the company's ability to attract investor interest and showcase its growth potential. This is a key event for assessing the company's long-term prospects.
Past
- Thu6Aug
Actual outcome: Bull · $81.19 at outcome
ACMR reported Q2 earnings of $0.26 per share, matching the estimate, but raised the midpoint of its full-year revenue outlook and showed strong revenue growth of 36% year-over-year. Orders rose 105% in the quarter, signaling improved demand and guidance signaled stabilization in gross margins, which drove the 6.1% price increase despite the EPS beat.
Upcoming Q2 earnings report to assess whether the steep gross margin deterioration seen in previous quarters has stabilized.
- Wed25Feb
Actual outcome: Bear · $51.54 at outcome
ACM Research's Q4 earnings report triggered a sharp sell-off as the company suffered significant margin deterioration, with gross margins dropping to 40.9%—well below its 42-48% target. Although the company maintained its ambitious 2026 revenue guidance and announced new equipment deliveries, the steep decline in profitability and rising costs overshadowed top-line growth, leading to analyst downgrades and a 24.7% drop in the stock price.