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ACM Research Announces Preliminary 2020 Revenue and Initial Outlook for 2021 Revenue
—Preliminary 2020 Revenue of $153 to $155 Million—
—Projected 2021 Revenue of $205 to $230 Million—
—ACM to Present at Credit Suisse and Needham Growth Conferences—
FREMONT, Calif., Jan. 05, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (ACM) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today announced that its preliminary unaudited revenue for the full year 2020 is expected to be in the range of $153 million to $155 million. This would represent annual growth of 42% to 44%, and would be at the upper end of the outlook range provided in ACM’s third quarter 2020 earnings release issued on November 5, 2020.
ACM also announced that it expects revenue for the full year 2021 to be in the range of $205 million to $230 million, which would represent annual growth of between 32% and 50%. This expectation assumes, among other factors, improvement with respect to the global COVID-19 pandemic and stability in US-China trade policy. The range of ACM’s 2021 outlook reflects, among other things, various spending scenarios for the production ramps of key customers, variance in the trajectory of the DRAM recovery, and the timing of acceptances for first tools under evaluation in the field.
“We expect another year of strong growth in 2021 as we execute on our mission to become a major equipment supplier to the global semiconductor industry,” said Dr. David Wang, ACM’s President and Chief Executive Officer. “We anticipate solid growth from our top customers, incremental contribution from our two new analog customers, and significant growth from our newer Ultra C Tahoe, semi-critical cleaning tools, ECP ap, ECP map, ECP tsv and multiple types of furnace products. We continue to invest in new products, global sales and marketing, and production capacity to support our long-term growth objectives.”
ACM plans to release its fourth quarter and full year 2020 financial results in late February 2021. The 2020 revenue results included in this press release are preliminary. Actual full year 2020 revenue results are subject to the completion of ACM’s year-end financial closing procedures, and review and audit procedures by ACM’s independent registered public accounting firm.
As previously announced, ACM will be holding virtual meetings with investors on January 7, 2021 (China time) at the Credit Suisse 2021 Greater China Technology and Internet Virtual Conference, and on January 11, 2021 (U.S. time) at the 23rd Annual Needham Growth Conference.
About ACM Research, Inc.
ACM 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.
Information presented in this press release includes forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements in the first paragraph with respect to preliminary 2020 revenue, statements in the second paragraph with respect to projected 2021 revenue and all of the statements in the third paragraph. 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. Those risks and uncertainties include, but are not limited to, the following, any of which could be exacerbated even further by the continuing COVID-19 outbreak in China and globally: anticipated customer orders or identified market opportunities may not grow or develop as anticipated; customer orders already received may be postponed or canceled; ACM may be unable to obtain the qualification and acceptance of its delivered tools when anticipated or at all, which would delay or preclude ACM’s recognition of revenue from the sale of those tools; suppliers may not be able to meet ACM’s demands on a timely basis; ACM’s technologies and tools may not gain market acceptance; ACM may be unable to compete effectively by, among other things, enhancing its existing tools; volatile global economic, market, industry, and other conditions could result in sharply lower demand for products containing semiconductors and for ACM's products and in disruption of capital and credit markets; ACM’s failure to successfully manage its operations; and trade regulations, currency fluctuations, political instability and war may materially adversely affect ACM due to its substantial non-U.S. customer and supplier base and its substantial nonU.S. manufacturing operations. A further description of these risks, uncertainties and other matters can be found in filings ACM makes with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. 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.
© 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 such trademarks.
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|Gary Dvorchak, CFA|
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