- ACM Research, Inc (NASDAQ:ACMR) reported a first-quarter FY22 revenue decline of 3.5% year-on-year to $42.2 million, missing the consensus of $51.8 million.
- The decline reflected lower revenue from single wafer wet cleaning tools, advanced packaging, and other back-end processing equipment due to COVID-19 restrictions in Shanghai.
- The Shanghai lockdown negatively impacted revenue from both repeat shipments and customer acceptances.
- Revenue from Single wafer cleaning, Tahoe, and semi-critical cleaning equipment declined 19.7% Y/Y.
- ECP (front-end and packaging), furnace, and other technologies revenue climbed 120.7% Y/Y.
- Revenue from Advanced packaging (excluding ECP), services & spares decreased 32.3% Y/Y.
- The non-GAAP gross margin expanded 550 bps to 46.9%.
- Non-GAAP EPS loss was $(0.01) versus EPS of $0.12 last year.
- ACM held $533.1 million in cash and equivalents.
- "As we announced on April 7 and April 27, our results for the first quarter of 2022 were significantly impacted by the COVID-19 related restrictions in Shanghai, which limited employee access and logistics activities of our facilities in Pudong," CEO Dr. David Wang said. "The lockdown impacted ACM's ability to ship finished products to customers and the pace of our production, even with some employees continuing to work in our factories. Although restrictions are still impacting operations early in the second quarter, demand for ACM's tools remains strong. As a result of ACM having been added to the Shanghai government's "White List" of essential businesses, we have begun to increase the level of our operational activities."
- Outlook: ACM reiterated the FY22 revenue outlook of $365 million - $405 million.
- Price Action: ACMR shares closed lower by 5.2% at $16.03 on Thursday.
