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ACMR Nasdaq· ACM Research Inc.
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ACMR Nasdaq· ACM Research Inc.
Earnings report Q4 2023

ACMR Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

ACMR reported total revenue of $557.7 million for the year ended December 31, 2023. This represents a significant increase compared to the previous year's revenue of $388.8 million and the revenue of $259.8 million in 2021. The company experienced robust growth across all segments.

Strengths

ACMR's strong revenue growth can be attributed to several factors. Firstly, the increased sales volume contributed to the higher revenue figure. Additionally, the company benefited from improved gross margins for certain products and an overall positive impact due to a change in the RMB to U.S. dollar currency exchange rate. These factors helped drive the increase in gross profit, which reached $276.2 million in 2023, compared to $183.6 million in 2022 and $114.9 million in 2021.

Challenges

While ACMR demonstrated impressive revenue growth, it faced challenges in the form of COVID-19-related restrictions on its Shanghai production operations in the first half of 2022. This adversely impacted shipments and sales in the fourth quarter of that year. Furthermore, U.S. export regulations imposed in October 2022 also had a negative impact on ACMR Shanghai's shipments and sales during the same period.

Noteworthy

ACMR's revenue growth outpaced expectations, driven by increased sales volume and improved gross margins. The company's Shanghai production operations returned to more normal operations in the second half of 2022 after being impacted by COVID-19-related restrictions. However, the adverse effects of these restrictions and U.S. export regulations on shipments and sales in the fourth quarter of 2022 should be noted.

Summary

ACMR delivered a strong financial performance in the latest quarter, with total revenue reaching $557.7 million. The company's revenue growth was driven by increased sales volume, improved gross margins, and a favorable currency exchange rate. Despite facing challenges from COVID-19-related restrictions and U.S. export regulations, ACMR managed to overcome these obstacles and achieve impressive revenue growth. Overall, ACMR's latest quarter performance reflects its ability to navigate challenging market conditions and capitalize on growth opportunities.

Source documents

Form 10-K  filed on Feb 28, 2024
98 pages scanned

Reference data

Company financials Q4 revenue 170M
Analyst estimates Q4 EPS beat by 26.47%
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