Delaware
|
001-38273
|
94-3290283
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
ExhibitNumber
|
|
Description
|
|
Press
Release of ACM Research, Inc. dated May 8, 2018
|
|
|
Press
Release of ACM Research, Inc. dated August 7, 2018
|
|
ACM Research, Inc.
|
|
|
|
|
|
|
Dated: October 15, 2018
|
By:
|
/s/ David
H. Wang
|
|
|
|
David
H. Wang
|
|
|
|
Chief
Executive Officer and President
|
|
|
Three
Months Ended March 31,
|
|||
|
GAAP
|
Non-GAAP(1)
|
||
|
2018
|
2017
|
2018
|
2017
|
|
(dollars
in thousands)
|
|||
Revenue
|
$9,743
|
$5,660
|
$9,743
|
$5,660
|
Gross
margin(2)
|
52.6%
|
42.4%
|
52.7%
|
42.4%
|
Income (loss) from
operations(2)
|
$(1,904)
|
$(1,553)
|
$271
|
$(718)
|
Net loss
attributable to ACM Research,
Inc.(2)
|
$(2,780)
|
$(2,089)
|
$(605)
|
$(1,254)
|
Basic
EPS
|
$(0.18)
|
$(0.43)
|
$(0.04)
|
$(0.26)
|
Diluted
EPS
|
$(0.18)
|
$(0.43)
|
$(0.04)
|
$(0.26)
|
|
Phone Number
|
Toll-Free Number
|
United States
|
+1 (845) 675-0437
|
+1 (866) 519-4004
|
Hong Kong
|
+852 3018 6771
|
+852 800906601
|
Mainland China
|
+86 (800) 819 0121
|
|
|
+86 (400) 620 8038
|
|
Other International
|
+65 6713 5090
|
|
|
March 31
|
December 31,
|
|
2018
|
2017
|
|
(unaudited)
|
(audited)
|
|
(in thousands, except share and per share data)
|
|
Assets
|
|
|
Current
assets:
|
|
|
Cash
and cash equivalents
|
15,186
|
17,681
|
Accounts
receivable, less allowance for doubtful accounts of $0 as of March
31, 2018 and $0 as of December 31, 2017(note 3)
|
27,793
|
26,762
|
Other
receivables
|
1,222
|
2,491
|
Inventory
(note 4)
|
19,865
|
15,388
|
Prepaid
expenses
|
2,383
|
546
|
Other
current assets
|
45
|
46
|
Total current assets
|
66,494
|
62,914
|
Property,
plant and equipment, net (note 5)
|
2,731
|
2,340
|
Intangible
assets, net
|
126
|
106
|
Deferred
tax assets (note 15)
|
1,345
|
1,294
|
Investment
in affiliates, equity method (note 10)
|
1,238
|
1,237
|
Total assets
|
71,934
|
67,891
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
Current
liabilities:
|
|
|
Short-term
borrowings (note 6)
|
10,376
|
5,095
|
Notes
payable
|
0
|
11
|
Warrant
liability (note 8)
|
0
|
3,079
|
Accounts
payable (including amounts due to a related party of $264 at March
31, 2018 and $1,925 at December 31, 2017 (note 10))
|
5,525
|
7,419
|
Advances
from customers
|
264
|
143
|
Income
taxes payable
|
44
|
44
|
Other
payables and accrued expenses (including amounts due to a
related-party of $ 2,247 as of March 31, 2018 and $2,118 as of
December 31, 2017(note 11) (note 7))
|
6,542
|
6,026
|
Total
current liabilities
|
22,751
|
21,817
|
Other
long-term liabilities (note 9)
|
6,181
|
6,217
|
Total liabilities
|
28,932
|
28,034
|
|
|
|
Commitments and contingencies (Note 17)
|
|
|
Common
stock – Class A, with par value $0.0001: 100,000,000 shares
authorized, 13,390,270 shares issued and outstanding as of March
31, 2018; 100,000,000 shares authorized, 12,935,546 shares issued
and outstanding as of December 31, 2017; (note 13)
|
1
|
1
|
Common
stock – Class B, with par value $0.0001: 7,303,533 shares
authorized and 2,409,738 shares issued and outstanding as of March
31, 2018 and 7,303,533 shares authorized and 2,409,738 shares
issued and outstanding as of December 31, 2017 (note
13)
|
-
|
-
|
Additional
paid in capital
|
54,914
|
49,695
|
Accumulated
deficit
|
(12,740)
|
(9,961)
|
Accumulated
other comprehensive loss
|
827
|
122
|
Total stockholders’ equity
|
43,002
|
39,857
|
Total liabilities and stockholders’ equity
|
$71,934
|
$67,891
|
|
Three Months ended March 31,
|
|
|
2018
|
2017
|
|
(unaudited)
|
(unaudited)
|
|
(in thousands, except share and per share data)
|
|
Revenue
|
$9,743
|
$5,660
|
Cost
of revenue
|
4,621
|
3,258
|
Gross profit
|
5,122
|
2,402
|
Operating
expenses:
|
|
|
Sales
and marketing
|
1,855
|
1,163
|
Research
and development
|
1,541
|
928
|
General
and administrative
|
3,630
|
1,864
|
Total operating expenses, net
|
7,026
|
3,955
|
Loss from operations
|
(1,904)
|
(1,553)
|
Interest
income
|
3
|
2
|
Interest
expense
|
(103)
|
(78)
|
Other
income (expense), net
|
(754)
|
(64)
|
Equity
income in net income of affiliates
|
1
|
|
Loss before income taxes
|
(2,758)
|
(1,693)
|
Income
tax (expense) benefit (note 16)
|
(22)
|
(781)
|
Net loss
|
(2,780)
|
(2,474)
|
Less:
Net loss attributable to non-controlling interests
|
|
(385)
|
Net loss attributable to ACM Research, Inc.
|
(2,780)
|
(2,089)
|
Comprehensive
loss:
|
|
|
Net
loss
|
(2,780)
|
(2,474)
|
Foreign
currency translation adjustment
|
705
|
44
|
Comprehensive loss
|
(2,075)
|
(2,430)
|
Less:
Comprehensive loss attributable to non-controlling
interests
|
|
(369)
|
Total comprehensive loss attributable to ACM Research, Inc.
(note 2)
|
$(2,075)
|
$(2,061)
|
Net
loss per common share (note 2):
|
|
|
Basic
|
$(0.18)
|
$(0.43)
|
Diluted
|
$(0.18)
|
$(0.43)
|
|
|
|
Weighted-average
common shares outstanding used in computing per share amounts (note
2):
|
|
|
Basic
|
15,383,086
|
4,817,745
|
Diluted
|
15,383,086
|
4,817,745
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
2017
|
||||
|
Actual
|
|
Adjusted
|
Actual
|
|
Adjusted
|
|
(GAAP)
|
|
(Non-GAAP)
|
(GAAP)
|
|
(Non-GAAP)
|
|
(in thousands)
|
|||||
|
|
|
|
|
|
|
Revenue
|
$9,743
|
$-
|
$9,743
|
$5,660
|
$-
|
$5,660
|
Cost
of revenue
|
(4,621)
|
(8)
|
(4,613)
|
(3,258)
|
(5)
|
(3,253)
|
Gross
profit
|
5,122
|
(8)
|
5,130
|
2,402
|
(5)
|
2,407
|
Operating
expenses:
|
|
|
|
|
|
|
Sales
and marketing
|
(1,855)
|
(34)
|
(1,821)
|
(1,163)
|
(6)
|
(1,157)
|
Research
and development
|
(1,541)
|
(27)
|
(1,514)
|
(928)
|
(13)
|
(915)
|
General
and administrative
|
(3,630)
|
(2,106)
|
(1,524)
|
(1,864)
|
(811)
|
(1,053)
|
Income
(Loss) from operations
|
$(1,904)
|
$(2,175)
|
$271
|
$(1,553)
|
$(835)
|
$(718)
|
Net
loss attributable to ACM Research, Inc.
|
$(2,780)
|
$(2,175)
|
$(605)
|
$(2,089)
|
$(835)
|
$(1,254)
|
|
Three
Months Ended June 30,
|
|||
|
GAAP
|
Non-GAAP(1)
|
||
|
2018
|
2017
|
2018
|
2017
|
|
(dollars
in thousands)
|
|||
Revenue
|
$20,873
|
$8,763
|
$20,873
|
$8,763
|
Gross
margin(2)
|
41.8%
|
39.4%
|
41.8%
|
39.4%
|
Income (loss) from
operations(2)
|
$2,331
|
$(202)
|
$2,515
|
$312
|
Net income (loss)
attributable to ACM Research, Inc.(2)
|
$3,215
|
$(658)
|
$3,399
|
$(144)
|
Basic
EPS
|
$0.20
|
$(0.13)
|
$0.21
|
$(0.03)
|
Diluted
EPS
|
$0.18
|
$(0.13)
|
$0.19
|
$(0.03)
|
|
Six
Months Ended June 30,
|
|||
|
GAAP
|
Non-GAAP(1)
|
||
|
2018
|
2017
|
2018
|
2017
|
|
(dollars
in thousands)
|
|||
Revenue
|
$30,616
|
$14,423
|
$30,616
|
$14,423
|
Gross
margin(2)
|
45.2%
|
40.6%
|
45.3%
|
40.6%
|
Income (loss) from
operations(2)
|
$427
|
$(1,755)
|
$2,787
|
$(408)
|
Net income (loss)
attributable to ACM Research, Inc.(2)
|
$435
|
$(2,747)
|
$2,795
|
$(1,400)
|
Basic
EPS
|
$0.03
|
$(0.55)
|
$0.18
|
$(0.28)
|
Diluted
EPS
|
$0.02
|
$(0.55)
|
$0.16
|
$(0.28)
|
|
Phone Number
|
Toll-Free Number
|
United States
|
+1 (845) 675-0437
|
+1 (866) 519-4004
|
Hong Kong
|
+852 3018 6771
|
+852 800906601
|
Mainland China
|
+86 (800) 819 0121
|
|
|
+86 (400) 620 8038
|
|
Other International
|
+65 6713 5090
|
|
ACM Research, Inc.
|
||
Condensed Consolidated Balance Sheets
|
||
(unaudited)
|
||
|
|
|
|
June 30,
|
December 31,
|
|
2018
|
2017
|
|
(unaudited)
|
(audited)
|
|
(in thousands, except share and per share data)
|
|
Assets
|
|
|
Current assets:
|
|
|
Cash and cash equivalents
|
$17,435
|
$17,681
|
Accounts receivable, less allowance for doubtful accounts of $ nil as of June
30, 2018 and $ nil as of
December 31, 2017
|
33,289
|
26,762
|
Other receivables
|
1,308
|
2,491
|
Inventories
|
27,531
|
15,388
|
Prepaid expenses
|
2,316
|
546
|
Other current assets
|
-
|
46
|
Total current assets
|
81,879
|
62,914
|
Property, plant and equipment, net
|
3,050
|
2,340
|
Intangible assets, net
|
231
|
106
|
Deferred tax assets
|
1,278
|
1,294
|
Investment in affiliates, equity method
|
1,355
|
1,237
|
Other
long term assets
|
40
|
-
|
Total assets
|
$87,833
|
$67,891
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
Current liabilities:
|
|
|
Short-term borrowings
|
$9,932
|
$5,095
|
Warrant liability
|
-
|
3,079
|
Accounts payable
|
17,755
|
7,419
|
Advances from customers
|
1,931
|
143
|
Income taxes payable
|
231
|
44
|
Other payables and accrued expenses
|
6,518
|
6,037
|
Total current liabilities
|
36,367
|
21,817
|
Other long-term liabilities
|
5,869
|
6,217
|
Total liabilities
|
42,236
|
28,034
|
Commitments and contingencies
|
|
|
Shareholder's
equity:
|
|
|
Common stock
– Class A,
par value $0.0001: 100,000,000
shares authorized as of June 30, 2018 and
2017. 13,957,339 shares issued and
outstanding as of June 30, 2018
and 12,935,546 shares issued and outstanding as of December 31, 2017
|
1
|
1
|
Common stock–Class
B, par value $0.0001: 7,303,533
shares authorized as of June 30, 2018 and
2017. 1,920,173 shares issued and
outstanding as of June
30, 2018 and 2,409,738 shares issued and outstanding as of December 31, 2017
|
-
|
-
|
Additional paid in capital
|
55,331
|
49,695
|
Accumulated deficit
|
(9,526)
|
(9,961)
|
Accumulated other comprehensive
income (loss)
|
(209)
|
122
|
Total stockholders’ equity
|
45,597
|
39,857
|
Total liabilities and stockholders’ equity
|
$87,833
|
$67,891
|
|
|
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
|
(Unaudited)
|
(Unaudited)
|
||
|
( in thousands, except share and per share data)
|
( in thousands, except share and per share data)
|
||
Revenue
|
$20,873
|
$8,763
|
$30,616
|
$14,423
|
Cost of revenue
|
12,149
|
5,312
|
16,770
|
8,570
|
Gross profit
|
8,724
|
3,451
|
13,846
|
5,853
|
Operating expenses:
|
|
|
|
|
Sales and marketing
|
2,682
|
1,420
|
4,537
|
2,583
|
Research and development
|
2,419
|
939
|
3,960
|
1,867
|
General and administrative
|
1,292
|
1,294
|
4,922
|
3,158
|
Total operating expenses, net
|
6,393
|
3,653
|
13,419
|
7,608
|
Income
(loss) from operations
|
2,331
|
(202)
|
427
|
(1,755)
|
Interest income
|
14
|
3
|
17
|
5
|
Interest expense
|
(149)
|
(86)
|
(252)
|
(164)
|
Other expense, net
|
1,066
|
(228)
|
311
|
(292)
|
Equity income in net income of affiliates
|
117
|
-
|
118
|
-
|
Income
(loss) before income taxes
|
3,379
|
(513)
|
621
|
(2,206)
|
Income tax benefit
(expense) (note 15)
|
(164)
|
32
|
(186)
|
(749)
|
Net income
(loss) attributable to ACM Research, Inc.
|
3,215
|
(481)
|
435
|
(2,955)
|
Less: Net income
(loss) attributable to non-controlling interests
|
-
|
177
|
-
|
(208)
|
Net income
(loss) attributable to ACM Research, Inc.
|
$3,215
|
$(658)
|
$435
|
$(2,747)
|
Comprehensive income
(loss)
|
|
|
|
|
Net
income (loss)
|
3,215
|
(481)
|
435
|
(2,955)
|
Foreign currency translation adjustment
|
(1,036)
|
220
|
(331)
|
264
|
Comprehensive income
(loss)
|
2,179
|
(261)
|
104
|
(2,691)
|
Less: Comprehensive income
(loss) attributable to non-controlling interests
|
-
|
259
|
-
|
(110)
|
Total comprehensive income
(loss) attributable to ACM Research, Inc.
|
$2,179
|
$(520)
|
$104
|
$(2,581)
|
|
|
|
|
|
Net income
(loss) attributable to ACM Research, Inc.
per common share :
|
|
|
|
|
Basic
|
$0.20
|
$(0.13)
|
$0.03
|
$(0.55)
|
Diluted
|
$0.18
|
$(0.13)
|
$0.02
|
$(0.55)
|
|
|
|
|
|
Weighted
average common shares outstanding used in computing per share amounts:
|
||||
Basic
|
15,838,540
|
5,086,989
|
15,611,863
|
4,964,989
|
Diluted
|
18,119,733
|
5,086,989
|
17,669,650
|
4,964,989
|
|
Three Months Ended June 30,
|
|||||
|
2018
|
2017
|
||||
|
Actual
|
|
Adjusted
|
Actual
|
|
Adjusted
|
|
(GAAP)
|
|
(Non-GAAP)
|
(GAAP)
|
|
(Non-GAAP)
|
|
(in thousands)
|
|||||
|
|
|
|
|
|
|
Revenue
|
$20,873
|
$-
|
$20,873
|
$8,763
|
$-
|
$8,763
|
Cost
of revenue
|
(12,149)
|
(11)
|
(12,138)
|
(5,312)
|
(5)
|
(5,307)
|
Gross
profit
|
8,724
|
(11)
|
8,735
|
3,451
|
(5)
|
3,456
|
Operating
expenses:
|
|
|
|
|
|
|
Sales
and marketing
|
(2,682)
|
(39)
|
(2,643)
|
(1,420)
|
(13)
|
(1,407)
|
Research
and development
|
(2,419)
|
(40)
|
(2,379)
|
(939)
|
(13)
|
(926)
|
General
and administrative
|
(1,292)
|
(94)
|
(1,198)
|
(1,294)
|
(483)
|
(811)
|
Income
(Loss) from operations
|
$2,331
|
$(184)
|
$2,515
|
$(202)
|
$(514)
|
$312
|
Net
income (loss) attributable to ACM Research, Inc.
|
$3,215
|
$(184)
|
$3,399
|
$(658)
|
$(514)
|
$(144)
|
|
Six Months Ended June 30,
|
|||||
|
2018
|
2017
|
||||
|
Actual
|
|
Adjusted
|
Actual
|
|
Adjusted
|
|
(GAAP)
|
|
(Non-GAAP)
|
(GAAP)
|
|
(Non-GAAP)
|
|
(in thousands)
|
|||||
|
|
|
|
|
|
|
Revenue
|
$30,616
|
$-
|
$30,616
|
$14,423
|
$-
|
$14,423
|
Cost
of revenue
|
(16,770)
|
(19)
|
(16,751)
|
(8,570)
|
(10)
|
(8,560)
|
Gross
profit
|
13,846
|
(19)
|
13,865
|
5,853
|
(10)
|
5,863
|
Operating
expenses:
|
|
|
|
|
|
|
Sales
and marketing
|
(4,537)
|
(73)
|
(4,464)
|
(2,583)
|
(18)
|
(2,565)
|
Research
and development
|
(3,960)
|
(67)
|
(3,893)
|
(1,867)
|
(25)
|
(1,842)
|
General
and administrative
|
(4,922)
|
(2,201)
|
(2,721)
|
(3,158)
|
(1,294)
|
(1,864)
|
Income
(Loss) from operations
|
$427
|
$(2,360)
|
$2,787
|
$(1,755)
|
$(1,347)
|
$(408)
|
Net
income (loss) attributable to ACM Research, Inc.
|
$435
|
$(2,360)
|
$2,795
|
$(2,747)
|
$(1,347)
|
$(1,400)
|