Highlights

  • ACM Research increased second-quarter revenue 36% to USD 292.9 million.
  • Management lifted the lower end of its 2026 revenue outlook to USD 1.125 billion.
  • GAAP gross margin narrowed to 46%, despite higher revenue and shipments.
  • Shares declined approximately 10% over the 13–15 October trading sessions.

Rising sales and improved guidance have not prevented a recent share-price decline. ACM Research Inc. (NASDAQ:ACMR), a supplier of semiconductor wafer-processing equipment, reported 36% second-quarter revenue growth and raised the bottom end of its full-year outlook. Its shares subsequently fell over two trading sessions, although the supplied material does not identify a cause.

Revenue and Shipments Advance Together

Second-quarter revenue reached USD 292.9 million, compared with USD 215.4 million a year earlier. Shipments rose 36.4% to USD 281.5 million. These are separate metrics: shipments measure equipment delivered, while revenue follows accounting recognition. Chief executive David Wang highlighted the parallel growth rates and management’s higher expectations for the year.

Margin Pressure Complicates the Picture

GAAP gross margin was 46.0%, down from 48.5% a year earlier. Non-GAAP gross margin also stood at 46.0%, compared with 48.7% previously. Revenue growth therefore outpaced gross-profit growth. GAAP diluted earnings per share climbed to USD 1.23 from USD 0.44, whereas non-GAAP diluted earnings per share edged up to USD 0.61 from USD 0.55. The unusually large gap between these earnings measures requires reference to the company’s reconciliation; the supplied summary does not identify all contributing items.

Guidance Raises the Floor, Not the Ceiling

Management revised its 2026 revenue outlook to USD 1.125 billion–USD 1.175 billion, compared with USD 1.08 billion–USD 1.175 billion previously. The upper limit was unchanged, making this a higher floor and a narrower range rather than a blanket increase. At 30 June, net cash was approximately USD 1.0 billion, while cash, restricted cash and short-term time deposits totalled USD 1.36 billion. Those measures are not interchangeable.

A Two-Session Decline to Monitor

The stock closed at USD 64.83 on 13 October, USD 61.12 on 14 October and USD 58.09 on 15 October, a decline of roughly 10% over two sessions. No specific announcement explaining the move was identified. The Nasdaq Composite is used solely as a benchmark, without an index-membership claim. Future results will test whether shipments remain aligned with revenue, margins recover and sales meet the revised range. The next quarterly reporting date was not confirmed in the supplied document.