# EDGAR Filing Document

**Accession Number:** 0001680062
**File Stem:** 0001140361-23-008431
**Filing Date:** 2023-2
**Character Count:** 37564
**Document Hash:** 5c30d59654cb4fda074169153df5cd17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-008431.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001140361-23-008431

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230224

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ACM Research, Inc.
- **CENTRAL INDEX KEY:** 0001680062
- **STANDARD INDUSTRIAL CLASSIFICATION:** SPECIAL INDUSTRY MACHINERY, NEC [3559]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38273
- **FILM NUMBER:** 23662376

**BUSINESS ADDRESS:**
- **STREET 1:** 42307 OSGOOD ROAD, SUITE I
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94539
- **BUSINESS PHONE:** 510-445-3700

**MAIL ADDRESS:**
- **STREET 1:** 42307 OSGOOD ROAD, SUITE I
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94539

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): **February 24, 2023**

## ACM Research, Inc.
*(Exact Name of Registrant as Specified in its Charter)*

---

| | | |
|:---|:---|:---|
| **Delaware**<br>| **001-38273**<br>| **94-3290283**<br>|
| *(State or Other Jurisdiction of Incorporation)* | *(Commission File Number)* | *(IRS Employer Identification No.)* |

---

---

| | |
|:---|:---|
| **42307 Osgood Road, Suite I** |  |
| **Fremont, California** | **94539**<br>|
| *(Address of Principal Executive Offices)* | *(Zip Code)* |

---

Registrant's telephone number, including area code:(510) 445-3700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.0001 per share<br>| ACMR<br>| Nasdaq Global Market<br>|

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐

------

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On February 24, 2023, we issued a press release announcing financial results for the fourth quarter and fiscal year ended December 31, 2022. The full text of the press release is furnished as Exhibit 99.01 hereto and is incorporated herein by reference*.*

The information contained in this Item 2.02, including the exhibit furnished hereto, is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.01](brhc10048753_ex99-01.htm) | Press Release of ACM Research, Inc. dated February 24, 2023 |
| 104 | Cover Page Interactive Data File (embedded within the XBRL document) |

---

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | ACM RESEARCH, INC. | ACM RESEARCH, INC. |
|  | By: | /s/ Mark McKechnie |
|  |  | Mark McKechnie |
|  |  | Chief Financial Officer and Treasurer |
| Dated: February 24, 2023 |  |  |

---

------

## Exhibit 99.01

------

**Exhibit 99.01**<br>

![](image0.jpg)

#### ACM Research Reports Fourth Quarter and Fiscal Year 2022 Results
FREMONT, Calif., Feb. 24, 2023 (Globe Newswire) – ACM Research, Inc. ("ACM" or the "Company") (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its fourth quarter and fiscal year ended December 31, 2022.

"2022 marks another year of progress on our mission to become a major supplier to the global semiconductor industry," said ACM's President and Chief Executive Officer, Dr. David Wang. "We delivered solid growth amidst COVID-related restrictions, supply-chain disruptions, and increased trade regulations. We believe that the pandemic is largely behind us, and we have returned to more normal operations."

Dr. Wang continued, "Our results demonstrate the strength of ACM's multi-product portfolio and our expanding customer base. We took share with our core cleaning products, more than doubled our revenue from ECP tools, and are achieving good traction with our furnace products. We also entered two new product categories with the introduction of the Ultra Pmax<sup>TM</sup> PECVD and Ultra Lith<sup>TM</sup> Track Coater/Developer tools, which we believe doubles our served addressable market. The evaluation of two cleaning tools at the U.S. facility of a major U.S.-based semiconductor manufacturer is going well, and we are pleased to announce an order for an evaluation tool to a major potential customer in Europe for delivery later this year."

Dr. Wang concluded, "As we look ahead to 2023, we expect another year of growth driven by continued share gains, new products and new customers. We are on track to begin initial production at our new facility in Lingang, Shanghai in the second half of 2023, and we plan to increase our investments in Korea to support our international growth initiatives."

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **GAAP** | **GAAP** | **Non-GAAP(1)** | **Non-GAAP(1)** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | *(dollars in thousands, except EPS)* | *(dollars in thousands, except EPS)* | *(dollars in thousands, except EPS)* |  |
|  Revenue | $108542 | $95142 | $108542 | $95142 |
|  Gross margin | 49.6% | 47.8% | 49.7% | 47.9% |
|  Income from operations | $16670 | $19126 | $19164 | $20420 |
|  Net income attributable to ACM Research, Inc. | $11809 | $15565 | $12596 | $18069 |
|  Basic EPS | $0.20 | $0.27 | $0.21 | $0.31 |
|  Diluted EPS (2) | $0.18 | $0.23 | $0.19 | $0.27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **GAAP** | **GAAP** | **Non-GAAP(1)** | **Non-GAAP(1)** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | *(dollars in thousands, except EPS)* | *(dollars in thousands, except EPS)* | *(dollars in thousands, except EPS)* | *(dollars in thousands, except EPS)* |
|  Revenue | $388832 | $259751 | $388832 | $259751 |
|  Gross margin | 47.2% | 44.2% | 47.4% | 44.4% |
|  Income from operations | $59035 | $38702 | $66765 | $43819 |
|  Net income attributable to ACM Research, Inc. | $39263 | $37757 | $54848 | $42267 |
|  Basic EPS | $0.66 | $0.65 | $0.93 | $0.73 |
|  Diluted EPS (2) | $0.59 | $0.58 | $0.83 | $0.65 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reconciliations to U.S. generally accepted accounting principles ("GAAP") financial measures from non-GAAP financial measures are presented below under "Reconciliation of
 GAAP to Non-GAAP Financial Measures." Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized
 loss on trading securities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Prior period results have been adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in March 2022.

#### Outlook
The Company is maintaining its revenue guidance range of $515 million to $585 million for fiscal year 2023. This expectation is based on ACM management's current assessment of the potential impact from current US-China trade policy and together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

#### Operating Highlights and Recent Announcements
&nbsp;&nbsp;&nbsp;&nbsp;• **Shipments.** Total shipments in 2022 were $539 million, versus
 $372 million in 2021. Total shipments in the fourth quarter of 2022 were $197 million, versus $117 million in the fourth quarter of 2021. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems
 awaiting customer acceptance for potential revenue in future quarters.

&nbsp;&nbsp;&nbsp;&nbsp;• **Received Purchase Order for SAPS Tool from Major European Global Semiconductor Manufacturer.** ACM announced the receipt of a first tool order for its Ultra C SAPS-V cleaning tool from a major Europe-based global semiconductor manufacturer. The tool is expected to be shipped to the prospective customer's
 European facility in the fourth quarter of 2023.

&nbsp;&nbsp;&nbsp;&nbsp;• **First MLO-capable Ultra C pr Tool Qualified and in Mass Production at Power Semiconductor Manufacturer in China.** ACM expanded its Ultra C pr product offering to include metal lift-off (MLO) capabilities for power semiconductor manufacturing and wafer level packaging (WLP) applications.
 MLO can be used to save an etch process step, reducing cost, optimizing cycle times and sharply reducing chemical demand at high temperatures. The first MLO-capable Ultra C pr tool has been qualified and released to mass production at a
 power semiconductor manufacturer in China.

&nbsp;&nbsp;&nbsp;&nbsp;• **Introduced Track Tool to Support Lithography for Semiconductor IC Manufacturing.** ACM introduced its Ultra Lith<sup>TM</sup> Track tool, marking its entry into the track market. ACM's participation in this new product category is a natural evolution of its expertise in cleaning, coating and
 developing systems. The first Ultra Lith<sup>TM</sup> Track Coater/Developer ArF tool was delivered to a domestic Chinese customer in the fourth quarter of 2022, an i-line model is planned for delivery in 2023, and ACM also has begun
 development of a KrF model.

&nbsp;&nbsp;&nbsp;&nbsp;• **Introduced PECVD Tool to Support Logic & Memory Manufacturing.** ACM introduced its Ultra Pmax<sup>TM</sup>Plasma-Enhanced Chemical Vapor Deposition (PECVD) tool as another major new product category, marking its entry into chemical vapor deposition (CVD) market.

#### Full Year 2022 Financial Summary
*Unless otherwise noted, the following figures refer to the full year of 2022 and comparisons are with the full year of 2021.*

&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue** was $388.8 million, up 49.7%, reflecting continued
 share gains by our flagship cleaning products and strong growth from our new products, particularly ECP tools.

&nbsp;&nbsp;&nbsp;&nbsp;• **Gross margin** was 47.2%, up from 44.2%. Non-GAAP gross
 margin, which excludes stock-based compensation, was 47.4%, up from 44.4%. Gross margin exceeded the range of 40% to 45% reflected in the Company's long-term business model. The Company expects gross margin to vary from period to period
 due to a variety of factors, such as sales volume, product mix and favorable currency impacts from a stronger dollar versus the Chinese RMB.

&nbsp;&nbsp;&nbsp;&nbsp;• **Operating expenses** were $124.6 million, an increase of
 63.6%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $117.4 million, up 64.3%. Operating expenses as a percent of revenue increased to 32.0% from 29.3%. Non-GAAP operating expenses as a percent
 of revenue increased to 30.2% from 27.5%.

&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income** was $59.0 million, up from $38.7 million. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $66.8 million, up from $43.8 million.

------

&nbsp;&nbsp;&nbsp;&nbsp;• **Unrealized loss on trading securities** was $7.9 million. The
 loss reflects the change in market value of the indirect investment by ACM Shanghai in the STAR Market IPO shares of Semiconductor Manufacturing International Corporation ("SMIC"). The
 value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.

&nbsp;&nbsp;&nbsp;&nbsp;• **Realized gain from sale of trading securities** was $1.1
 million due to the sale of a portion of ACM Shanghai's shares of SMIC, which generated net proceeds of $4.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;• **Income tax expense** was $16.8 million, up from $0.1 million.
 As a result of a change in Section 174 of the U.S. Internal Revenue Code of 1986 that became effective on January 1, 2022, the effective tax rate for 2022 has increased **,** primarily due to a new requirement to capitalize and amortize previously deductible research and experimental expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Net income attributable to ACM Research, Inc.** was $39.3
 million, compared to net income of $37.8 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on trading securities, was $54.8 million, as compared to
 non-GAAP net income of $42.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;• **Net income per diluted share attributable to ACM Research, Inc.** was $0.59, compared to $0.58. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on trading securities, was $0.83, compared to $0.65.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash and cash equivalents** were $248.0 million at December
 31, 2022, versus $336.3 million at September 30, 2022. Cash and cash equivalents, plus restricted cash and time deposits were $420.9 million at December 31, 2022,
 versus $473.2 million at September 30, 2022.

#### Fourth Quarter 2022 Financial Summary
*Unless otherwise noted, the following figures refer to the fourth quarter of 2022 and comparisons are with the fourth quarter of 2021.*

&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue** was $108.5 million, up 14.1%, reflecting continued
 share gains by our flagship cleaning products and contribution from our new products, particularly ECP tools.

&nbsp;&nbsp;&nbsp;&nbsp;• **Gross margin** was 49.6%, up from 47.8%. Non-GAAP gross
 margin, which excludes stock-based compensation, was 49.7%, up from 47.9%. Gross margin exceeded the range of 40% to 45% reflected in the Company's long-term business model. The Company expects gross margin to vary from period to period
 due to a variety of factors, such as sales volume, product mix and favorable currency impacts from a stronger dollar versus the Chinese RMB.

&nbsp;&nbsp;&nbsp;&nbsp;• **Operating expenses** were $37.1 million, an increase of 41.1%.
 Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $34.8 million, up 38.4%. Operating expenses as a percent of revenue increased to 34.2% from 27.7%. Non-GAAP operating expenses as a percent of
 revenue increased to 32.0% from 26.4%.

&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income** was $16.7 million, down from $19.1 million. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $19.2 million, down from $20.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;• **Unrealized loss on trading securities** was $1.7 million. The
 loss reflects the change in market value of the indirect investment by ACM Shanghai in the STAR Market IPO shares of SMIC. The value is marked-to-market quarterly and is excluded in the
 non-GAAP financial metrics.

&nbsp;&nbsp;&nbsp;&nbsp;• **Income tax expense** was $2.7 million, compared to $3.2
 million. As a result of a change in Section 174 of the U.S. Internal Revenue Code of 1986 that became effective on January 1, 2022, the effective tax rate for 2022 has increased **,** primarily due to a new requirement to capitalize and amortize previously deductible research and experimental expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Net income attributable to ACM Research, Inc.** was $11.8
 million, compared to net income of $15.6 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on trading securities, was $12.6 million, as compared to
 non-GAAP net income of $18.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;• **Net income per diluted share attributable to ACM Research, Inc.** was $0.18, compared to $0.23. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on trading securities, was $0.19, compared to $0.27.

------

#### Conference Call Details
A conference call to discuss results will be held on Friday, February 24, 2023, at 8:00 a.m. Eastern Time (9:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

**Online Registration:** <u>https://register.vevent.com/register/BI8d1b21abbce04178b356565439642c73</u>

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmrcsh.com/events.

A live and archived webcast will be available on the Investors section of the ACM website at <u>www.acmrcsh.com.</u>

#### Use of Non-GAAP Financial Measures
ACM presents non-GAAP gross margin, operating expenses, operating income, net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM's operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude non-cash change in fair value of financial assets and liabilities and unrealized gain on trading securities, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under "Reconciliation of GAAP to non-GAAP Financial Measures."

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM's consolidated financial statements prepared in accordance with GAAP.

#### 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.
The Company develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The Company 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.

------© 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:

---

| | |
|:---|:---|
| <u>In the United States</u>: | The Blueshirt Group |
|  | Yujia Zhai |
|  | +1 (860) 214-0809 |
|  | *yujia@blueshirtgroup.com* |
| <u>In China</u>: | The Blueshirt Group Asia |
|  | Gary Dvorchak, CFA |
|  | +86 (138) 1079-1480 |
|  | *gary@blueshirtgroup.com* |

---

------

#### ACM RESEARCH, INC.

#### Condensed Consolidated Balance Sheets

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  | (Unaudited) | (Unaudited) |
|  | *(In thousands, except for par value)* | *(In thousands, except for par value)* |
|  **Assets** |  |  |
|  Current assets: |  |  |
|  Cash and cash equivalents | $247951 | $562548 |
|  Restricted cash | 500 | 519 |
|  Short-term time deposits | 70492 | - |
|  Trading securities | 20209 | 29498 |
|  Accounts receivable | 182936 | 105553 |
|  Income tax receivable | - | 1082 |
|  Other receivables | 29617 | 18979 |
|  Inventories | 393172 | 218116 |
|  Advances to related party | 3322 | 2383 |
|  Prepaid expenses | 15607 | 14256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 963806 | 952934 |
|  Property, plant and equipment, net | 82875 | 14042 |
|  Land use right, net | 8692 | 9667 |
|  Operating lease right-of-use assets, net | 2489 | 4182 |
|  Intangible assets, net | 1255 | 477 |
|  Long-term time deposits | 101956 | - |
|  Deferred tax assets | 6703 | 13166 |
|  Long-term investments | 17459 | 12694 |
|  Other long-term assets | 50265 | 45017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $1235500 | $1052179 |
|  **Liabilities and Equity** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Short-term borrowings | $56004 | $9591 |
| &nbsp;&nbsp;&nbsp; Current portion of long-term borrowings | 2322 | 2410 |
| &nbsp;&nbsp;&nbsp; Related party accounts payable | 14468 | 7899 |
| &nbsp;&nbsp;&nbsp; Accounts payable | 101735 | 93451 |
| &nbsp;&nbsp;&nbsp; Advances from customers | 153773 | 52824 |
| &nbsp;&nbsp;&nbsp; Deferred revenue | 4174 | 3180 |
| &nbsp;&nbsp;&nbsp; Income taxes payable | 3469 | 254 |
| &nbsp;&nbsp;&nbsp; FIN-48 payable | 6686 | 2282 |
| &nbsp;&nbsp;&nbsp; Other payables and accrued expenses | 52201 | 31735 |
| &nbsp;&nbsp;&nbsp; Current portion of operating lease liability | 1382 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 396214 | 205939 |
|  Long-term borrowings | 18687 | 22957 |
| &nbsp;&nbsp;&nbsp; Long-term operating lease liability | 1107 | 1869 |
|  Deferred tax liability | - | 1302 |
|  Other long-term liabilities | 7321 | 8447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 423329 | 240514 |
|  **Commitments and contingencies** |  |  |
|  Equity: |  |  |
|  Stockholders' equity: |  |  |
|  Class A Common stock | 5 | 5 |
|  Class B Common stock | 1 | 1 |
|  Additional paid-in capital | 604089 | 595045 |
|  Retained earnings | 94426 | 63732 |
|  Statutory surplus reserve | 16881 | 8312 |
|  **Accumulated other comprehensive income (loss)** | (40546) | 9109 |
|  Total ACM Research, Inc. stockholders' equity | 674856 | 676204 |
|  **Non-controlling interests** | 137315 | 135461 |
|  **Total equity** | 812171 | 811665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and equity** | $1235500 | $1052179 |

---

------

#### ACM RESEARCH, INC.

#### Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | (Unaudited)<br> *(In thousands, except share and per* <br> *share data)* | (Unaudited)<br> *(In thousands, except share and per* <br> *share data)* | (Unaudited)<br> *(In thousands, except share and per* <br> *share data)* | (Unaudited)<br> *(In thousands, except share and per* <br> *share data)* |
|  Revenue | $108542 | $95142 | $388832 | $259751 |
|  Cost of revenue | 54737 | 49696 | 205217 | 144895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross profit** | 53805 | 45446 | 183615 | 114856 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sales and marketing | 12395 | 9273 | 39889 | 26733 |
| &nbsp;&nbsp;&nbsp; Research and development | 17835 | 12914 | 62226 | 34207 |
| &nbsp;&nbsp;&nbsp; General and administrative | 6905 | 4133 | 22465 | 15214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | 37135 | 26320 | 124580 | 76154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income from operations** | 16670 | 19126 | 59035 | 38702 |
|  Interest income | 2775 | 392 | 8740 | 505 |
|  Interest expense | (669) | (191) | (1655) | (765) |
|  Realized gain from sale of trading securities | (20) | - | 1116 | - |
|  Unrealized gain (loss) on trading securities | 1707 | (1210) | (7855) | 607 |
|  Other income (expense), net | (6634) | 52 | 3315 | (631) |
|  Equity income in net income of affiliates | 3014 | 3601 | 4666 | 4637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income before income taxes** | 16843 | 21770 | 67362 | 43055 |
|  Income tax expense | (2660) | (3155) | (16798) | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income** | 14183 | 18615 | 50564 | 42921 |
|  Less: Net income attributable to non-controlling interests | 2374 | 3050 | 11301 | 5164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income attributable to ACM Research, Inc.** | $11809 | $15565 | $39263 | $37757 |
|  Comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net income | 14183 | 18615 | 50564 | 42921 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 21232 | 3436 | (59102) | 4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Comprehensive Income (loss)** | 35415 | 22051 | (8538) | 47616 |
|  Less: Comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests | 6232 | 3136 | 1854 | 5607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Comprehensive income (loss) attributable to ACM Research, Inc.** | $29183 | $18915 | $(10392) | $42009 |
|  Net income attributable to ACM Research, Inc. per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $0.20 | $0.27 | $0.66 | $0.65 |
| &nbsp;&nbsp;&nbsp; Diluted | $0.18 | $0.23 | $0.59 | $0.58 |
|  Weighted average common shares outstanding used in computing per share amounts: | Weighted average common shares outstanding used in computing per share amounts: |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | 59268562 | 58588386 | 59235975 | 57654708 |
| &nbsp;&nbsp;&nbsp; Diluted | 64198325 | 66325821 | 65341771 | 65356716 |

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#### ACM RESEARCH, INC.

#### Total Revenue by Product Category, by Equipment Type and by Region

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| | | | | |
|:---|:---|:---|:---|:---|
|  ` | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  ($ in thousand) | **2022** | **2021** | **2022** | **2021** |
|  Single wafer cleaning, Tahoe and semi-critical cleaning equipment | $74603 | $61886 | $272939 | $189208 |
|  ECP (front-end and packaging), furnace and other technologies | 20213 | 19460 | 77482 | 33210 |
|  Advanced packaging (excluding ECP), services & spares | 13726 | 13796 | 38411 | 37333 |
|  **Total Revenue By Product Category** | $**108542** | $**95142** | $**388832** | $**259751** |
|  Wet cleaning and other front-end processing tools | $79333 | $74946 | $308528 | $202268 |
|  Advanced packaging, other processing tools, services and spares | 29209 | 20196 | 80304 | 57483 |
|  **Total Revenue Front-end and Back-End** | $**108542** | $**95142** | $**388832** | $**259751** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Mainland China | $104167 | $94296 | $377752 | $258615 |
|  Other Regions | 4375 | 846 | 11080 | 1136 |
|  | $**108542** | $**95142** | $**388832** | $**259751** |

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#### ACM RESEARCH, INC.

#### Reconciliation of GAAP to Non-GAAP Financial Measures
As described under "Use of Non-GAAP Financial Measures" above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (SBC) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain on trading securities. The following table reconciles gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** |
| | **Actual** | **SBC** | **Other non-**<br> **operating adjustments** | **Adjusted** | **Actual** | **SBC** | **Other non-<br> operating adjustments** | **Adjusted** |
| | (GAAP) | **SBC** | **Other non-**<br> **operating adjustments** | **(Non-GAAP)** | (GAAP) | **SBC** | **Other non-<br> operating adjustments** | **(Non-GAAP)** |
|  | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| &nbsp;&nbsp;&nbsp; Revenue | $108542 | $- | $- | $108542 | $95142 | $- | $- | $95142 |
| &nbsp;&nbsp;&nbsp; Cost of revenue | (54737) | (137) | - | (54600) | (49696) | (108) | - | (49588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 53805 | (137) | - | 53942 | 45446 | (108) | - | 45554 |
| &nbsp;&nbsp;&nbsp; Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | (12395) | (600) | - | (11795) | (9273) | (402) | - | (8871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | (17835) | (832) | - | (17003) | (12914) | (314) | - | (12600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | (6905) | (925) | - | (5980) | (4133) | (470) | - | (3663) |
| &nbsp;&nbsp;&nbsp; Income (loss) from operations | $16670 | $(2494) | $- | $19164 | $19126 | $(1294) | $- | $20420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on trading securities | 1707 | - | 1707 | - | (1210) | - | (1210) | - |
|  **Net income (loss) attributable to ACM Research, Inc.** | $**11809** | $**(2494)** | $**1707** | $**12596** | $**15565** | $**(1294)** | $**(1210)** | $**18069** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic EPS | $0.20 |  |  | $0.21 | $0.27 |  |  | $0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS | $0.18 |  |  | $0.19 | $0.23 |  |  | $0.27 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** |
|  | **Actual** | **SBC** | **Other non-**<br> **operating adjustments** | **Adjusted** | **Actual** | **SBC** | **Other non-**<br> **operating adjustments** | **Adjusted** |
|  | (GAAP) | **SBC** | **Other non-**<br> **operating adjustments** | **(Non-GAAP)** | (GAAP) | **SBC** | **Other non-**<br> **operating adjustments** | **(Non-GAAP)** |
|  | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
| &nbsp;&nbsp;&nbsp; Revenue | $388832 | $- | $- | $388832 | $259751 | $- | $- | $259751 |
| &nbsp;&nbsp;&nbsp; Cost of revenue | (205217) | (520) | - | (204697) | (144895) | (397) | - | (144498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 183615 | (520) | - | 184135 | 114856 | (397) | - | 115253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | (39889) | (1877) | - | (38012) | (26733) | (1802) | - | (24931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | (62226) | (2565) | - | (59661) | (34207) | (1115) | - | (33092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | (22465) | (2768) | - | (19697) | (15214) | (1803) | - | (13411) |
| &nbsp;&nbsp;&nbsp; Income from operations | $59035 | $(7730) | $- | $66765 | $38702 | $(5117) | $- | $43819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on trading securities | (7855) | - | (7855) | - | 607 | - | 607 | - |
|  **Net income (loss) attributable to ACM Research, Inc.** | $**39263** | $**(7730)** | $**(7855)** | $**54848** | $**37757** | $**(5117)** | $**607** | $**42267** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic EPS | $0.66 |  |  | $0.93 | $0.65 |  |  | $0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS | $0.59 |  |  | $0.83 | $0.58 |  |  | $0.65 |

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