ACM Research, Inc. reported significant financial growth in its latest 10-Q filing for the third quarter and the nine months ended September 30, 2024. The company achieved total revenue of $203.98 million for Q3 2024, marking a 21.0% increase from $168.57 million in Q3 2023. For the nine-month period, revenue surged to $558.65 million, a 44.2% increase from $387.40 million in the same period last year. This growth was primarily driven by increased sales in single wafer cleaning and ECP technologies, reflecting heightened production capacity commitments from customers in the semiconductor market.
Gross profit for Q3 2024 was $104.83 million, up 18.4% from $88.51 million in Q3 2023, while gross profit for the nine months reached $280.74 million, a 42.4% increase from $197.14 million. However, the gross margin decreased slightly due to a shift in the revenue mix among product categories.
Net income for Q3 2024 was $38.67 million, compared to $30.99 million in Q3 2023, while net income for the nine months was $92.16 million, up from $73.55 million in the prior year. The increase in net income was accompanied by a rise in stock-based compensation, which totaled $40.79 million for the nine months, significantly higher than $14.67 million in the same period of 2023.
ACM Research's total assets increased to $1.79 billion as of September 30, 2024, from $1.49 billion at the end of 2023. Cash and cash equivalents also saw a substantial rise, reaching $333.47 million, up from $182.09 million at the end of 2023. The company reported a net cash provided by operating activities of $63.86 million for the nine months, a significant turnaround from a net cash used of $36.97 million in the same period last year.
Strategically, ACM Research acquired a commercial facility in Hillsboro, Oregon, for $7.75 million, aimed at enhancing its R&D and demonstration capabilities in the U.S. market. Additionally, the company invested in various equity interests, including a 5.0% stake in Company C and a 16.7% interest in a limited partnership with Company D.
The company continues to face regulatory risks, particularly with new U.S. investment review mechanisms set to take effect in early 2025, which may impact its operations in China. Despite these challenges, ACM Research remains focused on expanding its market presence and product offerings in the semiconductor industry.
About ACM Research, Inc.
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