ACM Research Reports Third Quarter 2024 Results

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 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 with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.
ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing, vertical furnace processes, Track and PECVD, which are critical to advanced semiconductor device manufacturing and wafer-level packaging. ACM is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmrcsh.com.

© ACM Research, Inc. ULTRA C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Steven C. Pelayo, CFA
	(360)808-5154
	steven@blueshirtgroup.co

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	gary@blueshirtgroup.co

ACM RESEARCH, INC. Condensed Consolidated Balance Sheets

	September 30, 2024			December 31, 2023
	(Unaudited)
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	333,472		$	182,090
Restricted cash		1,782			1,083
Short-term time deposits		20,304			80,524
Short-term investment		20,351			21,312
Accounts receivable, net		370,589			283,186
Other receivables		57,849			40,065
Inventories, net		628,720			545,395
Advances to related party		1,453			2,432
Prepaid expenses		10,794			20,023
Total current assets		1,445,314			1,176,110
Property, plant and equipment, net		250,099			201,848
Land use right, net		8,320			8,367
Operating lease right-of-use assets, net		5,680			7,026
Intangible assets, net		2,838			2,538
Long-term time deposits		13,517			40,818
Deferred tax assets		13,400			20,271
Long-term investments		33,655			27,880
Other long-term assets		21,352			6,050
Total assets	$	1,794,175		$	1,490,908
Liabilities and Equity
Current liabilities:
Short-term borrowings	$	33,795		$	31,335
Current portion of long-term borrowings		30,670			6,783
Related party accounts payable		15,392			11,407
Accounts payable		170,810			141,814
Advances from customers		215,678			181,368
Deferred revenue		10,138			3,687
Income taxes payable		6,796			6,401
FIN-48 payable		8,991			12,149
Other payables and accrued expenses		115,388			102,951
Current portion of operating lease liability		2,377			2,764
Total current liabilities		610,035			500,659
Long-term borrowings		106,069			53,952
Long-term operating lease liability		3,303			4,262
Other long-term liabilities		5,685			5,873
Total liabilities		725,092			564,746
Commitments and contingencies
Equity:
Stockholders’ equity:
Class A Common stock		6			6
Class B Common stock		1			1
Additional paid-in capital		669,540			629,845
Retained earnings		229,374			156,827
Statutory surplus reserve		30,060			30,060
Accumulated other comprehensive loss		(40,815	)		(49,349	)
Total ACM Research, Inc. stockholders’ equity		888,166			767,390
Non-controlling interests		180,917			158,772
Total equity		1,069,083			926,162
Total liabilities and equity	$	1,794,175		$	1,490,908

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