ACMR Earnings Recap
Beat 5 of last 7 quarters
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ACM's strong order growth and panel-level plating orders signal accelerating demand for advanced packaging equipment, a critical piece of the AI infrastructure buildout as chip complexity and HBM stacking drive new process steps. The company's expansion into new product categories (Track, PECVD, furnace) and global capacity (Oregon, Korea) positions it to capture more of the AI-driven WFE spend, particularly in China and other key regions.
ACM Research reported Q2 2026 revenue of $292.9M, up 36% YoY, with ECP and advanced packaging each growing over 150% YoY. The company shipped its 2,000th electroplating chamber and announced initial orders for panel-level horizontal plating tools from two customers. Gross margin was 46.0%, and net income was $44.5M. Customer concentration improved significantly, with only one 10% customer in the first half of 2026 versus three in the prior year. The company ended the quarter with $1.0B net cash, including ~$300M in the U.S. after a $150M registered direct offering in May.
Management raised the low end of full-year 2026 revenue guidance to $1.125B-$1.175B, implying 25%-30% YoY growth, and reiterated that shipments will outpace revenue growth. They expect continued strength in China WFE, with an extra boost from new product cycles including single-wafer SPM, furnace, and panel-level plating. New platforms (Track, PECVD, panel-level horizontal plating) are progressing through evaluation and are expected to drive production orders and growth beyond 2026. Management maintained the long-term $4B revenue target. They also highlighted a tight component supply environment but do not expect significant gross margin impact, keeping the 42%-48% long-term target range.
“Today, I'm pleased to announce that we have received order from 2 advanced packaging customers for our panel-level horizontal plating tool addressing both 510 x 515-millimeter and 310 x 310-millimeter panel size.”
on Panel-level plating orders
“For the first half of 2026, orders increased 105% year-over-year.”
on Order growth
“We now expect full year 2026 revenue of $1.125 billion to $1.175 billion versus the prior range of $1.08 billion to $1.175 billion.”
on Guidance raise
What geographies are you seeing the largest shipments today? And what geographies do you expect the best growth opportunity near term as you scale out beyond China?
David Wang highlighted strong shipments to Singapore, including to a packaging house and a foundry, and continued customer engagement in the U.S. He noted the Oregon demo lab will help attract global customers and support growth in the U.S., Taiwan, Singapore, and Europe.
Can you walk us through how Q3 and Q4 are shaping up? And I noticed the SG&A range was revised down a bit—what's the reason?
David Wang said orders are strong and the company is confident in the full-year forecast, though component supply constraints could impact timing. Mark McKechnie said the OpEx range tightening is just a refinement now that they are halfway through the year, not a meaningful change.
We talked about component shortage and price hikes. Will rising component costs impact gross margin? And what options do you have to pass costs to customers?
David Wang noted global component supply is tight but key suppliers have not raised prices significantly; they have stocked up on raw materials. Mark McKechnie reiterated no change to the gross margin target range and no significant impact expected.