ACM Research Raises 2026 Revenue Outlook as Q3 Sales Rise 36.6%

ACM Research Inc. (NASDAQ: ACMR) raised its 2026 revenue guidance after third-quarter sales increased 36.6% year over year, supported by growth across its semiconductor-equipment portfolio. The company now expects full-year revenue of $1.24 billion to $1.28 billion, up from its previous range of $1.125 billion to $1.175 billion.

Revenue reached $367.7 million in the quarter ended in 2026, compared with $269.2 million a year earlier. Total shipments rose 30.6% to $343.5 million. For the first nine months of the year, revenue increased 35.8% to $891.9 million from $656.9 million.

GAAP gross margin was 41.5%, down from 42.0% in the third quarter of 2025. Non-GAAP gross margin was 41.6%, compared with 42.1% a year earlier, while non-GAAP gross profit increased 34.8% to $152.9 million.

Operating profit grew faster than revenue despite the modest decline in gross margin. GAAP operating income rose 92.0% to $55.5 million, representing 15.1% of revenue. Non-GAAP operating income increased 81.5% to $66.2 million, or 18.0% of revenue.

GAAP diluted earnings per share fell to $0.02 from $0.52 in the year-earlier period. On a non-GAAP basis, diluted EPS increased to $0.55 from $0.41. ACM’s non-GAAP measures exclude stock-based compensation and unrealized gains or losses on short-term investments, as well as the related effect on net income attributable to non-controlling interests beginning in the second quarter of 2026.

Revenue mix shifts beyond cleaning equipment

Cleaning systems remained ACM’s largest product category but accounted for a smaller share of quarterly revenue as other businesses expanded. Cleaning represented 57% of third-quarter revenue, down from 67% a year earlier. ECP, furnace and other technologies increased to 30% of revenue from 22%, while advanced packaging, services, spare parts and other products rose to 13% from 10%.

The same shift was evident in the nine-month results. Cleaning contributed 52% of revenue, compared with 71% in the first nine months of 2025. ECP, furnace and other products accounted for 36%, up from 21%, while advanced packaging and other revenue increased to 12% from 8%.

ACM also reported several product and operating milestones. It recently shipped its first 310-by-310 millimeter panel-level horizontal electrochemical plating production tool and enhanced its single-wafer hot sulfuric peroxide mixture system with sulfuric-acid recycling capability. ACM Shanghai’s single-wafer high-temperature SPM system received a China International Industry Fair Innovation Achievement Award.

The company said a second building at its Lingang manufacturing facility is scheduled to come online in the fourth quarter. ACM is also preparing to open its Oregon operation, a 39,500-square-foot facility in Hillsboro that includes a 5,200-square-foot clean room and is intended to expand U.S. research, development and demonstration capabilities.

Fourth-quarter demand supports higher outlook

ACM said its revised 2026 guidance reflects continued strong customer demand and robust shipment growth expected in the fourth quarter. The outlook also incorporates management’s current assessment of international trade policy, possible spending scenarios among major customers, supply-chain constraints and the timing of customer acceptances for initial tools undergoing field evaluation.

At the end of the third quarter, ACM reported $1.277 billion of cash, cash equivalents and interest-bearing time deposits, compared with $1.356 billion at the end of the second quarter. Finished-goods inventory declined to $263 million from $288 million over the same period.

For longer-term planning, ACM has set an internal revenue target of more than $4 billion across mainland China and other markets. The company emphasized that this target is for internal planning and is not a projection or estimate of future revenue. Its market assumptions rely partly on third-party forecasts that ACM has not independently verified.

The updated annual outlook remains subject to trade-policy developments, customer spending decisions, supply-chain limitations and the timing of equipment acceptances. ACM also cautioned that its forward-looking statements reflect management’s expectations as of Nov. 5, 2026, and that actual results could differ materially.