• ACM Research delivered its first 300mm single wafer cleaning systems to a major foundry in Singapore, marking an entry into Southeast Asia.
• The company secured new advanced packaging equipment orders from leading global semiconductor customers.
• ACM Research completed a private share offering intended to support further product development and international expansion.

ACM Research (NasdaqGM:ACMR), trading at $57.11 at the last close, has been attracting attention with a very large 3 year return and a strong 1 year gain of 134.9%. The stock is also up 27.3% year to date, even after a 12.3% decline over the past week and a 1.7% decline over the past month. For investors, these moves frame the latest news against a backdrop of significant multi year share price appreciation.

The recent tool deliveries in Singapore, together with new advanced packaging orders and fresh capital from the private offering, indicate that ACM Research is pushing further outside its traditional markets. For your watchlist, the key questions will be how effectively the company converts this wider footprint into sustained customer demand and how it deploys the new funds to support product development and geographic expansion.

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The international expansion moves at ACM Research sit alongside mixed recent earnings. In Q4 2025, sales were US$244.43 million compared to US$223.47 million a year earlier, but net income was US$8.05 million versus US$31.08 million, and diluted EPS from continuing operations was US$0.11 compared to US$0.46. For 2025 as a whole, sales were US$901.31 million compared to US$782.12 million, while net income was US$94.08 million versus US$103.63 million and diluted EPS was US$1.37 compared to US$1.53. The Singapore tool deliveries and new advanced packaging orders suggest ACM is trying to broaden its customer base beyond China and tap more global foundry spend, which could help diversify revenue sources relative to peers such as Applied Materials, Lam Research and Tokyo Electron. The US$623 million of net cash from the private offering increases financial flexibility to support that push, but it also comes after a period of earnings volatility and margin pressure. For you as an investor, the key issue is whether this combination of new geographies, products and capacity can eventually translate into more stable profitability, not just higher revenue.

How This Fits Into The ACM Research Narrative

• The first Singapore installation and additional advanced packaging orders line up with the narrative of ACM trying to build a broader international footprint and benefit from foundry spending on more complex manufacturing nodes.
• The recent decline in quarterly EPS and margin compression challenges the idea that higher sales and global expansion will automatically support earnings stability, especially with high R&D and capacity investment.
• The large private share offering and reduced stake in ACM Shanghai alter the capital structure in a way that is not fully reflected in the earlier narrative, which focused more on operational expansion than on shareholder dilution or ownership shifts.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for ACM Research to help decide what it is worth to you.

The Risks and Rewards Investors Should Consider

• ⚠️ Earnings volatility, with Q4 2025 net income of US$8.05 million compared to US$31.08 million a year earlier, highlights that higher sales have not recently translated into consistent profitability.
• ⚠️ Analysts have flagged exposure to China, export controls and high R&D spend as key risks, which could become more important as ACM scales outside its home market.
• 🎁 Record 2025 sales of US$901.31 million, together with new orders from leading global semiconductor customers, point to customer interest in ACM’s cleaning and advanced packaging tools.
• 🎁 The US$623 million in new capital provides room to fund capacity in regions like Oregon and support further product development and international growth efforts.

What To Watch Going Forward

From here, it is worth watching whether the Singapore deployment leads to repeat orders and broader adoption across that customer’s fabs, and whether additional wins show up in other regions. Keep an eye on how ACM balances spending on new facilities and R&D against its margin profile, given the recent drop in quarterly earnings. Order intake for advanced packaging and single wafer cleaning tools, plus any evidence of a more diversified revenue mix outside China, will be important signals for how durable this expansion actually is.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.