ACM Research (ACMR) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 5, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by, and welcome to the ACM Research First Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions]. As a reminder today’s program is being recorded.

And now I would like to introduce your host for today's program, Gary Dvorchak, Managing Director of The Blueshirt Group. Please go ahead.

Gary Dvorchak

Thanks, Jonathan, and good morning, everyone. Thank you for joining us on today's call to discuss first quarter 2023 results. We released results before the U.S. market opened today. The release is available on our website as well as from Newswire services. There's also a supplemental slide deck posted to the investor portion of our website that we will reference during our prepared remarks.

On the call with me today are our CEO, Dr. David Wang; our CFO, Mark McKechnie, and Lisa Feng, the 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 forward-looking. These forward-looking statements represent ACM's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under Risk Factors and elsewhere in ACM's filings with the Securities and Exchange Commission. Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinions only as the date of this call. ACM is not obliged to update you on any revisions to these forward-looking statements.

Certain of the financial results that we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation and an unrealized gain or loss in trading securities. For our GAAP results and reconciliations between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website and look at Slide 12.

With that, let me now turn the call over to David Wang, who will begin with Slide 3. David?

David Wang

Thanks, Gary. Hello, everyone, and welcome to ACM Research, first quarter 2023 earnings conference call. Please turn to Slide 3. For the first quarter, revenue was $74.3 million, up 76% from same quarter last year. Shipments were $89 million, up 33% from the same quarter last year. Gross margin was 53.8%, and non-GAAP operating margin was 14.7%.