ACM Research第二季收入增36%至2.93億美元 淨利潤1.22億美元

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _____________
Commission file number: 001-38273

ACM Research, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Delaware94-3290283
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

42307 Osgood Road, Suite I
Fremont, California
94539

(Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: (510) 445-3700
Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on which Registered
Class A Common Stock, $0.0001 par valueACMRThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þAccelerated filero
Non-accelerated filer oSmaller reporting companyo
Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

ClassNumber of Shares Outstanding
Class A Common Stock, $0.0001 par value64,657,388 shares outstanding as of August 4, 2026

Class B Common Stock, $0.0001 par value4,991,808 shares outstanding as of August 4, 2026

Table of Contents

TABLE OF CONTENTS

PART I.
FINANCIAL INFORMATION
4

Item 1.
Financial Statements (unaudited)
4

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
4

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025
5

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2026 and 2025 
6

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
9

Notes to the Condensed Consolidated Financial Statements
10

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3.
Quantitative and Qualitative Disclosures about Market Risks
46

Item 4.
Controls and Procedures
46

PART II.
OTHER INFORMATION
47

Item 1.
Legal Proceedings
47

Item 1A.
Risk Factors
47

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
47

Item 3.
Defaults Upon Senior Securities
52
Item 4.
Mine Safety Disclosures
52
Item 5.Other Information
47

Item 6.
Exhibits
48

Signatures
49

ACM Research, Inc., or ACM Research, is a Delaware corporation founded in California in 1998 to supply capital equipment developed for the global semiconductor industry. Since 2005, ACM Research has conducted its business operations principally through its subsidiary ACM Research (Shanghai), Inc., or ACM Shanghai, a corporation formed by ACM Research in the People’s Republic of China, or mainland China, in 2005. The shares of ACM Shanghai currently trade under the symbol SSEC: 688082.SS on the Shanghai SciTech innovAtion boaRd, known as the STAR Market. Unless the context requires otherwise, references in this report to “our company,” “our,” “us,” “we” and similar terms refer to ACM Research, Inc. and its subsidiaries, including ACM Shanghai, collectively.

We conduct a substantial majority of our product development, manufacturing, support and services in mainland China through ACM Shanghai. We are not a mainland China operating company, and we do not conduct our operations in mainland China through the use of a variable interest entity or any other structure designed for the purpose of avoiding mainland China legal restrictions on direct foreign investments in mainland China-based companies. For a description of certain matters relating to our operations in mainland China, including our corporate structure, the movement of cash throughout our organization, certain audit and regulatory matters, and risks associated therewith, please see “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report, the disclosure at the forefront of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and the Risk Factors included therein, as referenced or updated by the disclosure included in “Part II. Item 1A—Risk Factors” in this report. 
For purposes of this report, certain amounts in Renminbi, or RMB, have been translated into U.S. dollars solely for the convenience of the reader. The translations have been made based on the conversion rates published by the State Administration of Foreign Exchange of the People’s Republic of China.
SAPS, TEBO, ULTRA C, ULTRA Fn, Ultra ECP, Ultra ECP map, and Ultra ECP ap are trademarks of ACM Research. For convenience, these trademarks appear in this report without ™ symbols, but that practice does not mean that ACM Research will not assert, to the fullest extent under applicable law, ACM Research’s rights to the trademarks. This report also contains other companies’ trademarks, registered marks and trade names, which are the property of those companies.
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FORWARD-LOOKING STATEMENTS AND STATISTICAL DATA
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this report regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties and other factors, including those described or incorporated by reference in “Item 1A. Risk Factors” of Part I of this report, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.

The information included under the heading “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations” of Part I of this report contains statistical data and estimates, including forecasts, that are based on information provided by Frost & Sullivan (as defined below) in "Global and China Semiconductor Equipment Market Research, June 2026." 
Frost & Sullivan is a trademark of Frost & Sullivan, Inc. and its affiliates (“Frost & Sullivan”).
The Frost & Sullivan content described herein (the "Frost & Sullivan Content"), represents research opinions or viewpoints published, as part of a syndicated subscription service, by Frost & Sullivan, and are not representations of fact. Frost & Sullivan speaks as of its original publication date (not as of the date of this report) and the opinions expressed in the Frost & Sullivan Content are subject to change without notice. 
While we are not aware of any misstatements in the Frost & Sullivan Content, estimates, and in particular forecasts, involve numerous assumptions and are subject to risks and uncertainties, as well as change based on various factors, that could cause results to differ materially from those expressed in the data presented below.
Any forward-looking statement made by us in this report speaks only as of the date on which it is made. Except as required by law, we assume no obligation to update these statements publicly or to update the reasons actual results could differ materially from those anticipated in these statements, even if new information becomes available in the future.

You should read this report, and the documents that we reference in this report and have filed as exhibits to this report, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. 
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PART I.    FINANCIAL INFORMATION

Item 1.    Financial Statements

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)

June 30,December 31,
20262025
Assets(Unaudited)
 Current assets: 
 Cash and cash equivalents (note 2) $969,229 $757,373 
 Restricted cash 21,358 8,589 
 Short-term time deposits (note 2) 365,055 366,591 
 Short-term investments (note 11) 105,091 35,524 
 Account receivables, net (note 4) 538,389 504,250 
 Other receivables 66,820 48,655 
 Inventories, net (note 5) 783,119 702,631 
 Advances to related parties (note 12) 163 2,500 
 Prepaid expenses and other current assets 25,554 10,567 
Total current assets 2,874,778 2,436,680 
 Property, plant and equipment, net (note 6) 384,593 314,830 
 Operating lease right-of-use assets, net 16,634 17,925 
 Intangible assets, net 2,516 2,847 
 Deferred tax assets (note 15) 25,904 29,389 
 Long-term investments (note 10) 89,249 66,035 
 Other long-term assets 5,564 4,479 
               Total assets
$3,399,238 $2,872,185 
 Liabilities and Equity 
 Current liabilities: 
 Short-term borrowings (note 7) $107,218 $74,041 
 Current portion of long-term borrowings (note 9) 40,787 35,082 
 Related parties accounts payable (note 12) 29,799 32,060 
 Accounts payable 220,601 215,440 
 Advances from customers (note 3)165,566 187,809 
 Deferred revenue (note 3)15,908 17,388 
 Income taxes payable (note 15) 3,626 991 
 FIN-48 payable (note 15) 28,908 27,719 
 Other payables and accrued expenses (note 8) 168,944 150,396 
 Current portion of operating lease liabilities 4,907 4,786 
Total current liabilities 786,264 745,712 
 Long-term borrowings (note 9) 192,904 178,930 
 Long-term operating lease liabilities 3,503 5,069 
 Other long-term liabilities 11,444 11,965 
              Total liabilities
994,115 941,676 
 Commitments and contingencies (note 16) 
 Equity: 
 Stockholders’ equity: 
 Class A Common stock (note 13) 6 6 
 Class B Common stock (note 13) 1 1 
 Additional paid-in capital 1,361,841 1,115,504 
 Retained earnings 456,719 350,428 
 Statutory surplus reserve (note 18) 34,164 34,164 
 Accumulated other comprehensive income (loss)7,423 (35,740)
   Total ACM Research, Inc. stockholders’ equity
1,860,154 1,464,363 
 Non-controlling interests 544,969 466,146 
 Total equity 2,405,123 1,930,509 
                Total liabilities and equity $3,399,238 $2,872,185 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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ACM RESEARCH, INC.
Condensed Consolidated Statements of Comprehensive Income 
(In thousands, except share and per share data)
(Unaudited)
 
Three Months Ended June 30,Six Months Ended 
June 30,
2026202520262025
Revenue (note 3)$292,919 $215,372 $524,182 $387,719 
Cost of revenue, including cost of revenue from related parties of $19,569 and $32,052 for the three and six months ended June 30, 2026, respectively and $16,518 and $25,917 for the three and six months ended June 30, 2025 respectively.
158,301 110,911 282,326 200,708 
Gross profit
134,618 104,461 241,856 187,011 
Operating expenses:
    Sales and marketing23,778 22,102 44,466 38,445 
    Research and development42,254 33,817 78,803 61,320 
    General and administrative18,843 16,848 32,667 29,775 
Total operating expenses
84,875 72,767 155,936 129,540 
Income from operations49,743 31,694 85,920 57,471 
Interest income7,142 4,013 11,861 7,352 
Interest expense(2,059)(1,757)(3,992)(3,315)
Realized gain on short-term investments (note 11)— 54 — 54 
Unrealized gain on short-term investments (note 11)69,592 2,730 68,186 1,648 
Other expense, net(9,793)(346)(19,093)(608)
Income from equity method investments21,097 1,773 22,846 2,725 
Income before income taxes135,722 38,161 165,728 65,327 
Income tax expense (note 15)(13,472)(1,891)(17,243)(4,044)
Net income122,250 36,270 148,485 61,283 
Less: Net income attributable to non-controlling interests33,266 6,510 42,194 11,143 
Net income attributable to ACM Research, Inc.$88,984 $29,760 $106,291 $50,140 

Comprehensive income:

Net income$122,250 $36,270 $148,485 $61,283 
Foreign currency translation adjustment, net of tax of nil
30,141 3,905 57,938 5,655 
    Unrealized gain on available-for-sale investments, net of tax675 — 675 — 
Comprehensive income
153,066 40,175 207,098 66,938 
Less: Comprehensive income attributable to non-controlling interests
41,477 7,250 57,644 12,207 
Comprehensive income attributable to ACM Research, Inc.
$111,589 $32,925 $149,454 $54,731 
Net income attributable to ACM Research, Inc. per share of common stock (note 2):
Basic$1.31 $0.47 $1.59 $0.79 
Diluted$1.23 $0.44 $1.49 $0.74 
Weighted average shares of common stock outstanding used in computing per share amounts (note 2):
   Basic67,890,91763,968,76366,853,35063,620,235
Diluted71,838,908 67,464,856 70,678,872 67,138,338 
    
The accompanying notes are an integral part of these condensed consolidated financial statements.
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ACM RESEARCH, INC.
Condensed Consolidated Statements of Changes in Equity
For the Three Months Ended June 30, 2026 and 2025
 (In thousands, except share and per share data)
(Unaudited)

Common
 Stock Class ACommon
 Stock Class BAdditional Paid-
in CapitalRetained
EarningsStatutory 
Surplus
ReserveAccumulated
Other
Comprehensive
(Loss) IncomeNon-controlling
InterestsTotal
Equity
SharesAmountSharesAmount
 Balance at March 31, 2026 61,223,064$6 4,991,808$1 $1,194,786 $367,735 $34,164 $(15,182)$501,962 $2,083,472 
 Net income — — — — — 88,984 — — 33,266 122,250 
Unrealized gain on available-for-sale investments— — — — — — — 493 182 675 
Proceeds from issuance of ACM Research shares, net of issuance costs2,884,615 — — — 148,389 — — — — 148,389 
 Foreign currency translation adjustment — — — — — — — 22,112 8,029 30,141 
 Exercise of stock options 543,686— — — 13,328— — — 12,053 25,381 
 Stock-based compensation — — — — 5,338 — — — 1,245 6,583 
ACM Shanghai dividend— — — — — — — — (11,768)(11,768)
 Balance at June 30, 2026 64,651,365$6 4,991,808$1 $1,361,841 $456,719 $34,164 $7,423 $544,969 $2,405,123 

Common
 Stock Class ACommon
 Stock Class BAdditional Paid-
in CapitalRetained
Earnings
Statutory 
Surplus
ReserveAccumulated
Other
Comprehensive
(Loss) IncomeNon-controlling
Interests
Total
Equity
Shares AmountShares Amount
Balance at March 31, 202558,832,925$6 5,021,811$1 $700,191 $280,380 $30,514 $(61,946)$206,207 $1,155,353 
 Net income — — — — — 29,760 — — 6,510 36,270 
 Repurchase of shares held by ACM Shanghai — — — — (4,759)— — — — (2,229)(6,988)
 Foreign currency translation adjustment — — — — — — — 3,165 740 3,905 
 Exercise of stock options 264,046 — — — 853 — — — — 853 
 Stock-based compensation — — — — 8,285 — — — 1,485 9,770 
 Capital contribution by non-controlling shareholder — — — — — — — — 104 104 
 ACM Shanghai dividend— — — — — — — — (7,578)(7,578)
Balance at June 30, 202559,096,971$6 5,021,811$1 $704,570 $310,140 $30,514 $(58,781)$205,239 $1,191,689 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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ACM RESEARCH, INC.
Condensed Consolidated Statements of Changes in Equity
For the Six Months Ended June 30, 2026 and 2025
 (In thousands, except share and per share data)
(Unaudited)

Common
 Stock Class ACommon
 Stock Class BAdditional Paid-
in CapitalRetained
EarningsStatutory 
Surplus
ReserveAccumulated
Other
Comprehensive
(Loss) IncomeNon-controlling
InterestsTotal
Equity
SharesAmountShares Amount
Balance at December 31, 202560,590,017 $6 5,021,811 $1 1,115,504 350,428 34,164 (35,740)466,146 1,930,509 
 Net income — — — — — 106,291 — — 42,194 148,485 
 Unrealized gain on available-for-sale investments— — — — — — — 493 182 675 
Proceeds from issuance of ACM Research shares, net of issuance costs2,884,615 — — — 148,389 — — — — 148,389 
 Foreign currency translation adjustment — — — — — — — 42,670 15,268 57,938 
 Exercise of stock options 1,146,730 — — — 18,725 — — — 12,053 30,778 
 Stock-based compensation — — — — 10,016 — — — 2,188 12,204 
 Sale of ACM Shanghai shares, net of tax (note 1) — — — — 69,207 — — — 18,706 87,913 
 Conversion of Class B common stock to Class A common stock 30,003 — (30,003)— — — — — — — 
 ACM Shanghai dividend— — — — — — — — (11,768)(11,768)
Balance at June 30, 202664,651,365$6 4,991,808$1 $1,361,841 $456,719 $34,164 $7,423 $544,969 $2,405,123 

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Common
 Stock Class ACommon
 Stock Class BAdditional Paid-
in CapitalRetained
Earnings
Statutory 
Surplus
ReserveAccumulated
Other
Comprehensive
LossNon-controlling
Interests
Total
Equity
SharesAmountSharesAmount
 Balance at December 31, 2024 57,938,885 $6 5,021,811 $1 $677,476 $260,000 $30,514 $(63,372)$191,281 $1,095,906 
 Net income — — — — — 50,140 — — 11,143 61,283 
 Repurchase of shares held by ACM Shanghai — — — — (4,759)— — — (2,229)(6,988)
 Foreign currency translation adjustment — — — — — — — 4,591 1,064 5,655 
 Exercise of stock options 1,158,086 — — — 15,266 — — — 8,316 23,582 
 Stock-based compensation — — — — 16,587 — — — 3,000 19,587 
 Capital contribution by non-controlling shareholder — — — — — — — — 242 242 
 ACM Shanghai dividend— — — — — — — — (7,578)(7,578)
 Balance at June 30, 2025 59,096,971 $6 5,021,811 $1 $704,570 $310,140 $30,514 $(58,781)$205,239 $1,191,689 
    

The accompanying notes are an integral part of these condensed consolidated financial statements.
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ACM RESEARCH, INC.
Condensed Consolidated Statements of Cash Flows
 (In thousands)
(Unaudited)

Six Months Ended June 30,
20262025
 Cash flows from operating activities: 
 Net income $148,485 $61,283 
 Adjustments to reconcile net income to net cash used in operating activities: 
   Non-cash operating lease cost2,384 2,081 
   Depreciation and amortization11,766 6,356 
   Income from equity method investments(22,846)(2,725)
   Unrealized gain on short-term investments(68,186)(1,648)
   Inventory provision12,019 5,625 
   Provision for credit losses3,710 1,435 
   Deferred income taxes4,186 (7,451)
   Stock-based compensation12,204 19,587 
   Dividends from unconsolidated affiliates 2,821 — 
   Others— 1,086 
   Net changes in operating assets and liabilities:
       Accounts receivable(4,369)(44,508)
       Other receivables(8,862)(848)
       Inventories(69,882)(52,946)
       Advances to related parties2,337 342 
       Prepaid expenses and other current assets(12,035)(6,433)
       Other long-term assets(1,143)— 
       Related parties accounts payable (2,261)3,694 
       Accounts payable(10,730)7,743 
       Advances from customers(25,915)(24,357)
       Deferred revenue(1,480)5,123 
       Income taxes payable(19,849)(12,585)
       FIN-48 payable1,189 1,908 
       Other payables and accrued expenses13,619 336 
       Operating lease liabilities(2,537)(2,027)
       Other long-term liabilities(521)(690)
     Net cash used in operating activities(35,896)(39,619)

 Cash flows from investing activities: 
 Purchases of property and equipment(87,311)(31,458)
 Purchase of intangible assets (476)(784)
 Purchase of time deposits (25,000)(27,000)
 Proceeds from redemption and maturity of time deposits 38,005 27,261 
 Proceeds from sale of short-term investments— 686 
 Purchase of long-term investments (4,698)— 
     Net cash used in investing activities (79,480)(31,295)
 Cash flows from financing activities: 
 Proceeds from short-term borrowings 91,906 45,073 
 Repayments of short-term borrowings (61,380)(25,175)
 Proceeds from long-term borrowings 75,525 89,485 
 Repayments of long-term borrowings (62,863)(15,246)
 Capital contribution by non-controlling shareholder — 242 
 Proceeds from exercise of stock options 30,778 23,582 
 Gross proceeds from sales of ACM Shanghai shares 110,243 — 
 Repurchase of ACM Shanghai shares — (6,988)
 Proceeds from issuance of ACM Research shares, net of issuance costs 148,389 — 
Net cash provided by financing activities332,598 110,973 

 Effect of exchange rate changes on cash, cash equivalents and restricted cash 7,403 1,517 
 Net increase in cash, cash equivalents and restricted cash 224,625 41,576 
Cash, cash equivalents and restricted cash at beginning of period765,962 411,310 
Cash, cash equivalents and restricted cash at end of period$990,587 $452,886 

Supplemental disclosure of cash flow information:
        Interest paid $3,992 $3,315 
        Cash paid for income taxes 30,541 23,399 
 Reconciliation of cash, cash equivalents and restricted cash in consolidated statements of cash flows: 
        Cash and cash equivalents $969,229 $442,088 
        Restricted cash 21,358 10,798 
        Cash, cash equivalents and restricted cash $990,587 $452,886 

 Non-cash investing activities: 
 Transfer of prepayment for property to property, plant, and equipment 125 21 
 Transfer from other non-current assets to long term investment — 16,737 
 Transfer from inventories to property, plant and equipment — 589 
 Purchases of property, plant and equipment through other payables and accrued expenses 10,529 24,055 
 Non-cash financing activities: 
 Cashless exercise of stock options $— $179 
 Deferred offering costs included in prepaid expenses and other current assets2,403 $— 

        
The accompanying notes are an integral part of these condensed consolidated financial statements.
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ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)

 

NOTE 1 – DESCRIPTION OF BUSINESS

ACM Research, Inc. (“ACM” or “ACM Research”) and its subsidiaries (collectively with ACM, the “Company”) develop, manufacture and sell capital equipment to the global semiconductor industry.
The Company has direct or indirect interests in the following subsidiaries:

Effective interest held as at
SubsidiariesPlace and date of incorporation Principal Activities June 30,
2026December 31,
2025
 ACM Research (Shanghai), Inc. ("ACM Shanghai")  Mainland China, May 2005  Principal operating subsidiary 73.2 %74.6 %
 ACM Research (Wuxi), Inc. ("ACM Wuxi")  Mainland China, July 2011  Sales and services 73.2 %74.6 %
 CleanChip Technologies Limited ("CleanChip")  Hong Kong, June 2017  Trading partner between ACM Shanghai and its customers 73.2 %74.6 %
 ACM Research Korea CO., LTD. ("ACM Korea")  Republic of Korea ("South Korea), December 2017  Sales, marketing, R&D, production 73.2 %74.6 %
 ACM Research ( Lingang), Inc. ("ACM Lingang")  Mainland China, March 2019  Management of production activities 73.2 %74.6 %
 ACM Research (CA), Inc. ("ACM California")  USA, April 2019  Procurement for ACM Shanghai 73.2 %74.6 %
 ACM Research (Cayman), Inc.  Cayman Islands, April 2019  Administrative function (inactive) 100.0 %100.0 %
 ACM Research (Singapore) PTE. Ltd. ("ACM Singapore")  Singapore, August 2021  Sales, marketing, business development 100.0 %100.0 %
 ACM Research (Beijing), Inc. ("ACM Beijing")  Mainland China, February 2022  Sales and services 73.2 %74.6 %
 Hanguk ACM CO., LTD  South Korea, March 2022  Sales, services, business development 100.0 %100.0 %
 Yusheng Micro Semiconductor (Shanghai) Co., Ltd.  Mainland China, June 2023  Component development and production 73.2 %74.6 %
 ACM-Wooil Microelectronics (Shanghai) Co., Ltd.  Mainland China, June 2023  Component development and production 53.6 %54.5 %
 ACM Research (Chengdu), Inc. ("ACM Chengdu")  Mainland China, December 2024  Sales and services 73.2 %74.6 %
Shengyi Micro Semiconductor (Shanghai) Co., Ltd.Mainland China, December 2024Business development62.2 %63.4 %

On February 6, 2026, ACM completed the sale of approximately 4.8 million shares of ACM Shanghai at a price of RMB160.00 per share (approximately $23.05 per share based on the exchange rate in effect on the date of the sale), generating approximately $110.2 million in gross proceeds and approximately $86.0 million net of taxes. On May 12, 2026, ACM Shanghai's employees exercised 2,431,900 options for shares of ACM Shanghai. Following the transactions, ACM’s ownership percentage in ACM Shanghai decreased from 73.6% as of March 31, 2026 to 73.2% as of June 30, 
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ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
 (In thousands, except share, percentage and per share data)

2026. On May 15, 2026, ACM completed the sale of approximately 2.9 million of its shares to certain investors at a price of $52.00 per share, generating approximately $148.4 million of proceeds, net of issuance costs. 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The Company’s condensed consolidated financial statements include the accounts of ACM and its subsidiaries. ACM’s subsidiaries are those entities in which ACM, directly or indirectly, controls a majority of the voting power. All significant intercompany transactions and balances have been eliminated upon consolidation.
The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the historical consolidated financial statements of the Company for the year ended December 31, 2025 included in ACM’s 2025 Annual Report on Form 10-K.
The accompanying condensed consolidated financial statements are unaudited. In the opinion of management, these unaudited condensed consolidated financial statements of the Company reflect all adjustments that are necessary for a fair presentation of the Company’s financial position and results of operations. Such adjustments are of a normal recurring nature, unless otherwise noted. The condensed consolidated balance sheet as of June 30, 2026 and the condensed consolidated results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for any future period.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date and the reported revenues and expenses during the reported period in the condensed consolidated financial statements and accompanying notes. The Company’s significant accounting estimates and assumptions include, but are not limited to, those used for revenue recognition and deferred revenue, stock-based compensation arrangements, uncertain tax positions, warranty liabilities, allowance for credit losses, and inventory provision.
Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates and assumptions.
Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, bank deposits that are unrestricted as to withdrawal and use, and highly liquid investments with an original maturity date of three months or less at the date of purchase. At times, cash deposits may exceed government-insured limits.

The following table presents cash and cash equivalents, according to jurisdiction as of June 30, 2026 and December 31, 2025:
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ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
 (In thousands, except share, percentage and per share data)

June 30,
2026December 31,
2025
United States$314,256 $107,184 
Mainland China223,718 228,777 
China Hong Kong 427,310 421,104 
South Korea2,674 241 
Singapore1,271 67 
Total$969,229 $757,373 

Cash held in the U.S. exceeds the Federal Deposit Insurance Corporation insurance limits and is subject to risk of loss. No losses have been experienced to date.
Cash amounts held in mainland China are subject to a series of risk control regulatory standards from mainland China bank regulatory authorities. ACM’s subsidiaries in mainland China are required to obtain approval from the State Administration of Foreign Exchange (“SAFE”) to transfer funds into or out of mainland China. SAFE requires a valid agreement to approve the transfers, which are processed through a bank. Other than these mainland China foreign exchange restrictions, ACM’s subsidiaries in mainland China are not subject to any restrictions and limitations on its ability to transfer funds to ACM or among our other subsidiaries. However, cash held in mainland China does exceed applicable insurance limits and is subject to risk of loss, although no such losses have been experienced to date.

ACM California periodically procures goods and services on behalf of ACM Shanghai. For these transactions, ACM Shanghai makes cash payments to ACM California in accordance with applicable transfer pricing arrangements. For the three months ended June 30, 2026 and 2025, cash payments from ACM Shanghai to ACM California for the procurement of goods and services was $191 and $3,509, respectively. For the six months ended June 30, 2026 and 2025, cash payments from ACM Shanghai to ACM California for the procurement of goods and services was $3,449 and $6,183, respectively. ACM California periodically borrows funds for working capital advances from its direct parent, CleanChip. ACM California repays or renews these intercompany loans in accordance with their terms. 

For sales through CleanChip and ACM Research, a certain amount of sales or advance payments from customer proceeds is repatriated back to ACM Shanghai in accordance with applicable transfer pricing arrangements in the ordinary course of business. ACM Research provides support for tools under warranty to certain customers located in the U.S., Europe and other regions outside of mainland China on behalf of ACM Shanghai. For these transactions, ACM Shanghai makes cash payments to ACM Research in accordance with applicable transfer pricing arrangements.

Cash held in Hong Kong exceeds the Hong Kong Deposit Insurance Corporation insurance limits and is subject to risk of loss. No losses have been experienced to date. There are no additional restrictions for the transfer of cash from bank accounts in the U.S., South Korea, Singapore and Hong Kong. 

For the six months ended June 30, 2026 and 2025, with the exception of sales and services-related transfer-pricing payments in the ordinary course of business, no transfers, or distributions have been made between