ACM Research, Inc. (ACM Research) reported total revenue of $782.1 million for the fiscal year ended December 31, 2024, a 40.2% increase compared to $557.7 million in 2023. Revenue from single wafer cleaning equipment comprised 74% of total revenue in 2024, while ECP (front-end packaging) and other technologies accounted for 19.3%, and advanced packaging, services, and spares made up the remaining 6.7%. The company's net income attributable to ACM Research, Inc. was $132 million, representing 13.2% of revenue, compared to $77.3 million (13.8% of revenue) in 2023.
The increase in 2024 revenue is attributed to higher sales across all product categories, driven by increased investments in mature process nodes by existing and new customers in mainland China, contributions from new products, and broader product adoption. In contrast, 2023 revenue growth compared to 2022 was primarily due to increased sales of single wafer cleaning equipment and ECP technologies, partially offset by the impact of COVID-19 restrictions in the first half of 2022 and U.S. export regulations in the fourth quarter. The company's gross margin improved to 50.1% in 2024 from 49.5% in 2023, primarily due to improved margins for certain products and overall product mix.
Significant operational developments included the commencement of operations at the new Lingang development and production center in the fourth quarter of 2024, intended to expand production capacity and support R&D. The company also added two major product categories in 2022: the Ultra Pmax PECVD tool and the Ultra Track tool. Furthermore, ACM Research highlighted its continued focus on building a strategic intellectual property portfolio, with over 537 patents issued as of December 31, 2024. The company employed 2,023 full-time equivalent employees as of December 31, 2024, with a significant presence in mainland China.
ACM Research's 10-K filing also detailed several regulatory risks, including the addition of its subsidiaries ACM Shanghai and ACM Korea to the U.S. BIS Entity List in December 2024, which restricts the supply of U.S.-origin technologies. The filing also noted the impact of U.S., Japanese, and Dutch export controls on the semiconductor industry, potentially affecting ACM Shanghai's ability to meet production plans and its customers' capital spending. The company also disclosed the ongoing assessment of the impact of the Outbound Investment Security Program (OISP) on its investment activities.
The company's outlook is not explicitly stated as a forward-looking statement, but the filing indicates that ACM Research anticipates continued growth in the Asian market and plans to expand its presence in North America and Western Europe. The company also highlighted its intention to continue investing in R&D to maintain its technology leadership position and develop future product offerings. However, the filing extensively outlines various risks, including those related to international operations, industry cyclicality, customer concentration, and intellectual property protection, which could materially affect future performance.
About ACM Research, Inc.
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