Q1 2024 ACM Research Inc Earnings Call Transcript
Key Points
- ACM Research Inc (ACMR) reported a significant revenue increase of 105% in Q1 2024, reaching $152.2 million.
- Gross margin for Q1 was strong at 52.5%, exceeding the normal expected range of 40% to 45%.
- Shipments in Q1 2024 were up 175% to $245 million, driven by high delivery of finished goods and strong production execution.
- ACM Research Inc (ACMR) has expanded its product portfolio with significant advancements in SPM tools and expects a meaningful ramp in 2024.
- The company is making strategic international expansions, including new hires and facility investments in the US, Korea, and Europe to support growth.
- Revenue from ECP, furnace, and other technologies declined by 3% in Q1, representing 70% of total revenue.
- Operating expenses increased to $40.1 million in Q1 from $29.2 million, reflecting higher personnel and development costs.
- The company noted that gross margin could vary due to factors like sales volume, product mix, and currency impacts, indicating potential instability.
- ACM Research Inc (ACMR) is still in the build phase for significant international revenue contributions, with major orders expected to materialize mainly in future periods.
- Despite strong Q1 shipments, the company anticipates a normalization in Q2, suggesting potential variability in shipment volumes.
Good day and thank you for standing by. Welcome to the ACM Research first quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speakers today, Steve Pelayo, Managing Director of The Blueshirt Group. Please go ahead.
Good day, everyone. Thank you for joining us to discuss first quarter 2024 results, which we released before the US market opened today. The release is available on our website as well as from Newswire services. There's also a supplemental slide deck posted on the investor section of our website that we will reference during our prepared remarks.
On the call with me today, our CEO, Dr. David Wang; our CFO, Mark McKechnie; and Lisa Feng, our CFO of our operating subsidiary, ACM Shanghai. Before we continue, please turn to slide 2. Let me remind you that remarks made during this call may include predictions, estimates, or other information that might be considered
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