The earnings beat consensus but GAAP profitability declined YoY due to higher operating expenses. Maintained guidance suggests stable growth outlook. Monitor margin trajectory and new product contributions (Tahoe, PECVD, furnace) for margin recovery. The prior preliminary release on April 27 may have already set expectations, limiting near-term upside.
Price Chart
Executive Summary
ACM Research reported Q1 2026 revenue of $231.3M (+34% YoY) and GAAP diluted EPS of $0.24, beating consensus estimates of $0.20 EPS and $215.7M revenue. However, GAAP net income attributable to ACMR declined 15% YoY to $17.3M, and operating margin compressed, offsetting the topline beat. Guidance for FY2026 was maintained at 21%-30% revenue growth, indicating sustained demand.
Key Financial Metrics
Key Facts
- Revenue $231.3M, +34% YoY, beat consensus $215.7M
- GAAP diluted EPS $0.24 vs consensus $0.20, +20% beat
- GAAP net income attributable to ACMR $17.3M vs $20.4M YoY, -15%
- Non-GAAP diluted EPS $0.34 vs $0.46 YoY
- Shipments $240.7M, +54% YoY
- FY2026 revenue guidance maintained at $1.08B-$1.175B (21%-30% growth)
- Gross margin 46.4% vs 47.9% YoY, within long-term target range
Financial Impact
Revenue beat by ~$15.6M, EPS beat by $0.04; earnings declined YoY on GAAP and non-GAAP basis.
Risk Factors
- GAAP earnings decline despite revenue growth
- Unrealized losses on short-term investments ($1.4M) and other expense ($9.3M) weighed on net income
- Dependence on China-based customers and trade policy risks
- Gross margin contraction YoY (46.4% vs 47.9%)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031688 |
| Document: acmr-20260507.htm | 0001628280-26-031688 |
| Document: 0001628280-26-031688-index-headers.html | 0001628280-26-031688 |
| Document: 0001628280-26-031688-index.html | 0001628280-26-031688 |
| Document: 0001628280-26-031688.txt | 0001628280-26-031688 |
| 8-K Data (Synthetic) | 0001628280-26-031688 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 22, 2026 5w ago | Insider Cluster | $77.35 $75.80 | ▼ −2.00% | ▼ −3.30% | $83.33 (+7.74%) |
Aug 8, 2026 7w ago | Institutional Cluster | $79.41 $77.20 | ▼ −2.78% | ▼ −1.87% | $83.33 (+4.94%) |
Aug 7, 2026 8w ago | 8-K | $83.80 $74.44 | ▼ −11.17% | ▼ −10.77% | $83.33 (−0.56%) |
Jul 18, 2026 10w ago | Institutional Cluster | $82.52 $85.64 | ▲ +3.78% | ▼ −0.34% | $83.33 (+0.98%) |
Jun 11, 2026 16w ago | Institutional Cluster | $91.70 $106.04 | ▲ +15.64% | ▲ +13.75% | $83.33 (−9.13%) |
Jun 6, 2026 16w ago | Insider Cluster | $80.57 $98.52 | ▲ +22.28% | ▲ +20.65% | $83.33 (+3.43%) |
May 29, 2026 17w ago | 8-K | $82.05 $126.89 | ▲ +54.65% | ▲ +55.95% | $83.33 (+1.56%) |
May 22, 2026 19w ago | 8-K | $73.35 $95.80 | ▲ +30.61% | ▲ +32.02% | $83.33 (+13.61%) |
May 15, 2026 19w ago | 8-K | $63.25 $91.18 | ▲ +44.16% | ▲ +42.58% | $83.33 (+31.75%) |
May 12, 2026 20w ago | 424B5 | $64.75 $91.70 | ▼ −41.62% | ▼ −42.23% | $83.33 (−28.70%) |
US Market Status
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