ACM Research, Inc. (ACMR) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 24, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the ACM Research Fourth Quarter 2022 Earnings Conference Call. Currently, all participants are in a listen only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

I would now like to hand the conference over to your speaker today, Gary Dvorchak, Managing Director of the Blueshirt Group. Please go ahead.

Gary Dvorchak

Thank you, operator, and good morning, everyone. Thank you for joining us on today's call to discuss fourth quarter 2022 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 loss in training 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 refer to 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 fourth quarter and fiscal year 2022 earnings conference call. Starting with the fourth quarter results, revenue was $108.5 million compared to $95.1 million last year. Shipments were a record $193 million, up 69% year-over-year.