Delaware
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001-38273
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94-3290283
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(State or Other Jurisdiction of
Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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Exhibit Number
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Description
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Press
Release of ACM Research, Inc. dated November 7, 2018
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ACM Research, Inc.
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Dated: November 7, 2018 |
By:
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/s/ David H.
Wang
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David H.
Wang
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Chief Executive
Officer and President
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Three
Months Ended September 30,
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GAAP
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Non-GAAP(1)
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2018
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2017
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2018
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2017
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(dollars
in thousands)
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Revenue
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$23,179
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$4,891
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$23,179
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$4,891
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Gross
margin(2)
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44.4%
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45.0%
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44.5%
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45.0%
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Income (loss) from
operations(2)
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$3,404
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$(1,310)
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$3,815
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$(967)
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Net income (loss)
attributable to ACM Research, Inc.(2)
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$3,853
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$(955)
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$4,264
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$(612)
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Basic
EPS
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$0.24
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$(0.17)
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$0.27
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$(0.11)
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Diluted
EPS
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$0.21
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$(0.17)
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$0.23
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$(0.11)
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Nine
Months Ended September 30,
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GAAP
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Non-GAAP(1)
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2018
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2017
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2018
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2017
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(dollars
in thousands)
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Revenue
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$53,795
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$19,314
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$53,795
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$19,314
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Gross
margin(2)
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44.9%
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41.7%
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44.9%
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41.7%
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Income (loss) from
operations(2)
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$3,831
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$(3,065)
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$6,602
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$(1,073)
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Net income (loss)
attributable to ACM Research, Inc.(2)
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$4,288
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$(3,702)
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$7,059
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$(1,710)
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Basic
EPS
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$0.27
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$(0.72)
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$0.45
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$(0.33)
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Diluted
EPS
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$0.24
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$(0.72)
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$0.40
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$(0.33)
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September 30,
2018
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December 31,
2017
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(unaudited)
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(in thousands, except share and per share data)
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Assets
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Current
assets:
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Cash
and cash equivalents
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$18,238
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$17,681
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Accounts
receivable, less allowance for doubtful accounts of $0 as of
September 30, 2018 and $0 as of December 31, 2017
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30,965
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26,762
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Other
receivables
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1,591
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2,491
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Inventories
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29,809
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15,388
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Prepaid
expenses
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2,142
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546
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Other
current assets
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32
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46
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Total
current assets
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82,777
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62,914
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Property,
plant and equipment, net
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3,593
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2,340
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Intangible
assets, net
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300
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106
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Deferred
tax assets
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1,230
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1,294
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Investment
in affiliates, equity method
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1,472
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1,237
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Other
long-term assets
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41
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-
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Total
assets
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$89,413
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$67,891
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Liabilities and Stockholders’ Equity
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Current
liabilities:
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Short-term
borrowings
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$10,163
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$5,095
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Warrant
liability
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-
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3,079
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Accounts
payable
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11,991
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7,419
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Advances
from customers
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3,918
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143
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Income
taxes payable
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689
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44
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Other
payables and accrued expenses
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8,090
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6,037
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Total
current liabilities
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34,851
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21,817
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Other
long-term liabilities
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5,230
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6,217
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Total
liabilities
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40,081
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28,034
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Commitments and contingencies
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Stockholders’
equity:
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Common
stock – Class A, par value $0.0001: 100,000,000 shares
authorized as of September 30, 2018 and December 31, 2017.
14,070,065 shares issued and outstanding as of September 30, 2018
and 12,935,546 shares issued and outstanding as of December 31,
2017
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1
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1
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Common
stock–Class B, par value $0.0001: 7,303,533 shares authorized
as of September 30, 2018 and December 31, 2017. 1,918,423 shares
issued and outstanding as of September 30, 2018 and 2,409,738
shares issued and outstanding as of December 31, 2017
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-
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-
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Additional
paid in capital
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55,959
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49,695
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Accumulated
deficit
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(5,673)
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(9,961)
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Accumulated
other comprehensive income (loss)
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(955)
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122
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Total
stockholders’ equity
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49,332
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39,857
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Total
liabilities and stockholders’ equity
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$89,413
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$67,891
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2018
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2017
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2018
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2017
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(Unaudited)
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(Unaudited)
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( In thousands, except share and per share data)
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( In thousands, except share and per share data)
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Revenue
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$23,179
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$4,891
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$53,795
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$19,314
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Cost of revenue
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12,892
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2,692
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29,662
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11,262
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Gross profit
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10,287
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2,199
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24,133
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8,052
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Operating expenses:
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Sales and marketing
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3,229
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1,036
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7,766
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3,619
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Research and development
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2,264
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1,209
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6,224
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3,076
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General and administrative
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1,390
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1,264
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6,312
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4,422
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Total operating expenses, net
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6,883
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3,509
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20,302
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11,117
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Income (loss) from operations
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3,404
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(1,310)
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3,831
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(3,065)
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Interest income
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3
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2
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20
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7
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Interest expense
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(112)
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(33)
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(364)
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(197)
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Other expense, net
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902
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(239)
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1,213
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(531)
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Equity income in net income of affiliates
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117
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20
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235
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20
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Income (loss) before income taxes
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4,314
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(1,560)
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4,935
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(3,766)
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Income tax benefit
(expense)
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(461)
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278
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(647)
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(471)
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Net income
(loss) attributable to ACM Research, Inc.
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3,853
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(1,282)
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4,288
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(4,237)
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Less: Net income
(loss) attributable to non-controlling interests
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-
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(327)
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-
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(535)
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Net income
(loss) attributable to ACM Research, Inc.
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$3,853
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$(955)
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$4,288
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$(3,702)
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Comprehensive income
(loss)
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Net
income (loss)
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3,853
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(1,282)
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4,288
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(4,237)
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Foreign currency translation adjustment
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(746)
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228
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(1,077)
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492
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Comprehensive income (loss)
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3,107
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(1,054)
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3,211
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(3,745)
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Less: Comprehensive income
(loss) attributable to non-controlling interests
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-
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(237)
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-
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(347)
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Total comprehensive income (loss) attributable to ACM Research,
Inc.
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$3,107
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$(817)
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$3,211
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$(3,398)
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Net income (loss) attributable to ACM Research, Inc.
per common share :
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Basic
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$0.24
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$(0.17)
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$0.27
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$(0.72)
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Diluted
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$0.21
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$(0.17)
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$0.24
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$(0.72)
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Weighted
average common shares outstanding used in computing per share amounts:
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Basic
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15,915,864
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5,581,637
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15,714,310
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5,148,255
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Diluted
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18,169,807
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5,581,637
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17,816,101
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5,148,255
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Three Months Ended September 30,
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|||||
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2018
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2017
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Actual
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Adjusted
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Actual
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Adjusted
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(GAAP)
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SBC
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(Non-GAAP)
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(GAAP)
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SBC
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(Non-GAAP)
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(in thousands)
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Revenue
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$23,179
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$-
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$23,179
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$4,891
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$-
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$4,891
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Cost
of revenue
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(12,892)
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(25)
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(12,867)
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(2,692)
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(5)
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(2,687)
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Gross
profit
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10,287
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(25)
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10,312
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2,199
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(5)
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2,204
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Operating
expenses:
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Sales
and marketing
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(3,229)
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(42)
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(3,187)
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(1,036)
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(17)
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(1,019)
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Research
and development
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(2,264)
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(64)
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(2,200)
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(1,209)
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(13)
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(1,196)
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General
and administrative
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(1,390)
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(280)
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(1,110)
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(1,264)
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(308)
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(956)
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Income
(Loss) from operations
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$3,404
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$(411)
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$3,815
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$(1,310)
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$(343)
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$(967)
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Net income (loss) attributable to ACM Research, Inc.
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$3,853
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$(411)
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$4,264
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$(955)
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$(343)
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$(612)
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Nine Months Ended September 30,
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|||||
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2018
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2017
|
||||
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Actual
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Adjusted
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Actual
|
|
Adjusted
|
|
(GAAP)
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SBC
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(Non-GAAP)
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(GAAP)
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SBC
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(Non-GAAP)
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(in
thousands)
|
|||||
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Revenue
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$53,795
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$-
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$53,795
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$19,314
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$-
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$19,314
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Cost
of revenue
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(29,662)
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(44)
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(29,618)
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(11,262)
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(15)
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(11,247)
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Gross
profit
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24,133
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(44)
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24,177
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8,052
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(15)
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8,067
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Operating
expenses:
|
|
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|
|
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Sales
and marketing
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(7,766)
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(115)
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(7,651)
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(3,619)
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(35)
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(3,584)
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Research
and development
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(6,224)
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(131)
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(6,093)
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(3,076)
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(38)
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(3,038)
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General
and administrative
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(6,312)
|
(2,481)
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(3,831)
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(4,422)
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(1,904)
|
(2,518)
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Income
(Loss) from operations
|
$3,831
|
$(2,771)
|
$6,602
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$(3,065)
|
$(1,992)
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$(1,073)
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Net income (loss) attributable to ACM Research, Inc.
|
$4,288
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$(2,771)
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$7,059
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$(3,702)
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$(1,992)
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$(1,710)
|