Q2 2024 ACM Research Inc Earnings Call Transcript
Key Points
- Revenue for the second quarter was $202.5 million, up 40% year-over-year.
- Gross margin was 48.2%, exceeding the long-term target range of 40% to 45%.
- ACM Research Inc (ACMR) ended the quarter with approximately $367 million in cash and time deposits.
- Revenue from ECP furnace and other technologies grew 104% in Q2, representing 19% of total revenue.
- The company has set a new long-term revenue target of $3 billion, up from the previous target of $1 billion.
- Revenue from advanced packaging, excluding ECP services and spares, declined by 20.4% in Q2.
- Operating expenses increased to $45.6 million from $36.3 million year-over-year.
- R&D expenses rose to $21.8 million from $19.4 million, reflecting higher personnel costs.
- Sales and marketing expenses increased to $14.1 million from $11 million.
- The company has no immediate plans to pay dividends to ACM Research Inc (ACMR) shareholders, opting to reinvest earnings back into the business.
Good day, ladies and gentlemen. Thank you for standing by and welcome to the ACM Research fiscal second quarter 2024 earnings conference call. (Operator Instructions). As a reminder, we are recording today's call. If you have any objections you may disconnect at this time.
Now I'll turn the call over to Mr. Steven Pelayo, Managing Director of The Blueshirt Group. Mr. Pelayo, please go ahead.
Thank you, Desmond. Good day everyone. Thank you for joining us to discuss second quarter of 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 is also a supplemental slide deck posted to the Investors section of our website that we will reference during our prepared remarks.
On the call with me today are our CEO, 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
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