Monitor the October 28, 2026 preliminary results from ACM and the full Q3 earnings call in early November for revenue conversion rates and guidance. The 88% backlog growth signals strong demand, but backlog is non-GAAP and may not fully convert — watch for actual revenue recognition trends.
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Executive Summary
ACM Research's operating subsidiary ACM Shanghai disclosed a total backlog of RMB 17.1 billion (USD $2.5 billion) as of September 29, 2026, representing an 88.2% year-over-year increase. This non-GAAP operational metric signals strong future revenue visibility for the semiconductor equipment maker, though backlog is not a recognized financial measure and may not fully convert to revenue.
Key Facts
- ACM Shanghai total backlog of RMB 17.1 billion (USD $2.5 billion) as of September 29, 2026
- Backlog increased 88.2% year-over-year compared to the prior year's disclosed backlog
- Backlog includes shipped tools not yet recognized as revenue and tools expected to ship in the future
- ACM Shanghai will release nine-month financial results on October 28, 2026; ACM will report preliminary results the same day
- ACM will release full Q3 2026 results and hold a conference call in early November 2026
Financial Impact
Backlog of USD $2.5 billion, up 88.2% YoY
Risk Factors
- Backlog is a non-GAAP operational metric and may not fully convert to recognized revenue
- Orders in backlog may be cancelled or delayed
- Geopolitical risks related to China operations and semiconductor export controls
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-063896 |
| Document: acmr-acmshbacklogdata_9302.htm | 0001628280-26-063896 |
| Document: 0001628280-26-063896-index-headers.html | 0001628280-26-063896 |
| Document: 0001628280-26-063896-index.html | 0001628280-26-063896 |
| Document: 0001628280-26-063896.txt | 0001628280-26-063896 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | Press Release | $54.96 | awaiting T+20 | — | $52.29 (−4.86%) |
Sep 30, 2026 27d ago | 8-K | $80.92 | awaiting T+20 | — | $52.29 (−35.38%) |
Aug 21, 2026 9w ago | Insider Cluster | $77.35 $75.80 | ▼ −2.00% | ▼ −3.30% | $52.29 (−32.39%) |
Aug 8, 2026 11w ago | Institutional Cluster | $79.41 $77.20 | ▼ −2.78% | ▼ −1.87% | $52.29 (−34.15%) |
Aug 7, 2026 11w ago | 8-K | $83.80 $74.44 | ▼ −11.17% | ▼ −10.77% | $52.29 (−37.60%) |
Jul 18, 2026 14w ago | Institutional Cluster | $82.52 $85.64 | ▲ +3.78% | ▼ −0.34% | $52.29 (−36.63%) |
Jun 11, 2026 19w ago | Institutional Cluster | $91.70 $106.04 | ▲ +15.64% | ▲ +13.75% | $52.29 (−42.98%) |
Jun 5, 2026 20w ago | Insider Cluster | $80.57 $98.52 | ▲ +22.28% | ▲ +20.65% | $52.29 (−35.10%) |
May 29, 2026 21w ago | 8-K | $82.05 $126.89 | ▲ +54.65% | ▲ +55.95% | $52.29 (−36.27%) |
May 22, 2026 22w ago | 8-K | $73.35 $95.80 | ▲ +30.61% | ▲ +32.02% | $52.29 (−28.71%) |
US Market Status
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