ACM Research Reports Fourth Quarter and Fiscal Year 2019 Results

About ACM Research, Inc.

ACM develops, manufactures and sells single-wafer wet cleaning equipment, which semiconductor manufacturers can use in numerous manufacturing steps to remove particles, contaminants and other random defects, and thereby improve product yield, in fabricating advanced integrated circuits.

© ACM Research, Inc. The ACM logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this release without a ™ symbol, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademark.

For investor and media inquiries, please contact:

 In the United States: The Blueshirt Group   
   Ralph Fong   
   +1 (415) 489-2195   
    Email Contact   
       
 In China: The Blueshirt Group Asia   
   Gary Dvorchak, CFA   
   +86 (138) 1079-1480   
    Email Contact   
       


  
ACM RESEARCH, INC. 
Condensed Consolidated Balance Sheets 
  
   
  December 31, 2019  December 31, 2018 
 (Unaudited) 
 (In thousands, except share and per share data) 
Assets    
Current assets:    
Cash and cash equivalents$58,261  $27,124  
Restricted cash 59,598    
Accounts receivable, less allowance for doubtful accounts of $0 as of December 31, 2019 and $0 as of December 31, 2018 31,091   24,608  
Other receivables 2,603   3,547  
Inventories 44,796   38,764  
Prepaid expenses 2,047    1,985    
  Total current assets   198,396       96,028    
Property, plant and equipment, net   3,619       3,708    
Operating lease right-of-use assets, net   3,887       -    
Intangible assets, net   344       274    
Deferred tax assets   5,331       1,637    
Long-term investments   5,934       1,360    
Other long-term assets   192       40    
  Total assets   217,703       103,047    
Liabilities, Redeemable Non-controlling Interest and Stockholders’ Equity        
Current liabilities:        
  Short-term borrowings   13,753       9,447    
Accounts payable   13,262       16,673    
  Advances from customers   9,129       8,417    
Income taxes payable   3,129       1,193    
  Other payables and accrued expenses   12,874       10,410    
  Current portion of operating lease liability   1,355       -    
  Total current liabilities   53,502       46,140    
Long-term operating lease liability   2,532       -    
  Other long-term liabilities   4,186       4,583    
  Total liabilities   60,220       50,723    
Commitments and contingencies        
Redeemable Non-controlling interests   60,162       -    
Stockholders’ equity:        
Common stock – Class A, par value $0.0001: 50,000,000 shares authorized as of September 30, 2019 and December 31, 2018; 16,179,058 shares issued and outstanding as of December 31, 2019 and 14,110,315 shares issued and outstanding as of December 31, 2018   2       1    
Common stock–Class B, par value $0.0001: 2,409,738 shares authorized as of September 30, 2019 and December 31, 2018; 1,862,608 shares issued and outstanding as of September 30, 2019 and 1,898,423 shares issued and outstanding as of December 31, 2018     -         -    
Additional paid in capital   83,487       56,567    
Accumulated surplus (deficit)   15,507       (3,387 )  
Accumulated other comprehensive loss   (1,675 )     (857 )  
Total stockholders’ equity   97,321       52,324    
Total liabilities, redeemable non-controlling interests, and stockholders' equity $ 217,703     $ 103,047    
         

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