☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 94-3290283 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
42307 Osgood Road, Suite I Fremont, California | 94539 | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered | ||
Class A Common Stock, $0.0001 par value | ACMR | The NASDAQ |
Large accelerated filer ☑ | Accelerated filer | ☐ | |
Non-accelerated filer ☐ | Smaller reporting company | ☐ | |
Emerging growth company | ☐ |
Class | Number of Shares Outstanding |
Class A Common Stock, $0.0001 par value | |
Class B Common Stock, $0.0001 par value |
PART I. | 4 | ||
Item 1. | 4 | ||
4 | |||
5 | |||
6 | |||
7 | |||
8 | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
PART II. | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 5. | 46 | ||
Item 6. | |||
PART I. | FINANCIAL INFORMATION |
Item 1. | Financial Statements |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 78,796 | $ | 71,766 | $ | 380,311 | $ | 563,067 | ||||||||
Short-term time deposits | 74,025 | 0 | ||||||||||||||
Trading securities (note 15) | 27,003 | 28,239 | 25,772 | 29,498 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts of $0 as of March 31, 2021 and December 31, 2020 (note 4) | 60,394 | 56,441 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $0 as of March 31, 2022 and December 31, 2021 (note 4) | 106,351 | 105,553 | ||||||||||||||
Income tax recoverable | 1,607 | 1,082 | ||||||||||||||
Other receivables | 11,216 | 9,679 | 23,602 | 18,979 | ||||||||||||
Inventories (note 5) | 103,226 | 88,639 | 271,538 | 218,116 | ||||||||||||
Prepaid expenses | 5,917 | 5,892 | 21,771 | 16,639 | ||||||||||||
Total current assets | 286,552 | 260,656 | 904,977 | 952,934 | ||||||||||||
Property, plant and equipment, net (note 6) | 8,772 | 8,192 | 57,680 | 14,042 | ||||||||||||
Land use right, net (note 7) | 9,529 | 9,646 | 9,661 | 9,667 | ||||||||||||
Operating lease right-of-use assets, net (note 11) | 5,349 | 4,297 | 4,028 | 4,182 | ||||||||||||
Intangible assets, net | 602 | 554 | 748 | 477 | ||||||||||||
Deferred tax assets (note 20) | 13,908 | 11,076 | ||||||||||||||
Long-term time deposits | 78,750 | 0 | ||||||||||||||
Deferred tax assets (note 19) | 15,303 | 13,166 | ||||||||||||||
Long-term investments (note 14) | 6,632 | 6,340 | 12,666 | 12,694 | ||||||||||||
Other long-term assets (note 8) | 40,475 | 40,496 | 3,559 | 45,017 | ||||||||||||
Total assets | 371,819 | 341,257 | 1,087,372 | 1,052,179 | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Short-term borrowings (note 9) | 23,490 | 26,147 | 9,600 | 9,591 | ||||||||||||
Current portion of long-term borrowings (note 12) | 1,598 | 1,591 | 2,441 | 2,410 | ||||||||||||
Accounts payable | 44,721 | 35,603 | 108,494 | 101,350 | ||||||||||||
Advances from customers | 32,668 | 17,888 | 82,036 | 52,824 | ||||||||||||
Deferred revenue | 1,315 | 1,343 | 2,699 | 3,180 | ||||||||||||
Income taxes payable (note 20) | 105 | 31 | ||||||||||||||
FIN-48 payable (note 20) | 82 | 83 | ||||||||||||||
Income taxes payable (note 19) | (1,744 | ) | 254 | |||||||||||||
FIN-48 payable (note 19) | 2,292 | 2,282 | ||||||||||||||
Other payables and accrued expenses (note 10) | 21,885 | 18,805 | 36,555 | 31,735 | ||||||||||||
Current portion of operating lease liability (note 11) | 2,171 | 1,417 | 2,076 | 2,313 | ||||||||||||
Total current liabilities | 128,035 | 102,908 | 244,449 | 205,939 | ||||||||||||
Long-term borrowings (note 12) | 17,444 | 17,979 | 22,344 | 22,957 | ||||||||||||
Long-term operating lease liability (note 11) | 3,178 | 2,880 | 1,952 | 1,869 | ||||||||||||
Deferred tax liability (note 20) | 1,276 | 1,286 | ||||||||||||||
Deferred tax liability (note19) | 1,308 | 1,302 | ||||||||||||||
Other long-term liabilities (note 13) | 6,639 | 8,034 | 8,545 | 8,447 | ||||||||||||
Total liabilities | 156,572 | 133,087 | 278,598 | 240,514 | ||||||||||||
Commitments and contingencies (note 21) | 0 | 0 | ||||||||||||||
Commitments and contingencies (note 20) | 0 | 0 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common stock – Class A, par value $0.0001: 50,000,000 shares authorized as of March 31, 2021 and December 31, 2020; 17,239,967 shares issued and outstanding as of March 31, 2021 and 16,896,693 shares issued and outstanding as of December 31, 2020 (note 17) | 2 | 2 | ||||||||||||||
Common stock–Class B, par value $0.0001: 2,409,738 shares authorized as of March 31, 2021 and December 31, 2020; 1,769,272 shares issued and outstanding as of March 31, 2021 and 1,802,606 shares issued and outstanding as of December 31, 2020 (note 17) | 0 | 0 | ||||||||||||||
Common stock (1) – Class A, par value $0.0001: 150,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 54,035,280 shares issued and outstanding as of March 31, 2022 and 53,608,929 shares issued and outstanding as of December 31, 2021 (note 17) | 5 | 5 | ||||||||||||||
Common stock (1) –Class B, par value $0.0001: 5,307,816 shares authorized as of March 31, 2022 and December 31, 2021; 5,086,812 shares issued and outstanding as of March 31, 2022 and 5,087,814 shares issued and outstanding as of December 31, 2021 (note 17) | 1 | 1 | ||||||||||||||
Additional paid in capital | 104,591 | 102,004 | 597,143 | 595,045 | ||||||||||||
Accumulated surplus | 39,757 | 34,287 | 66,258 | 72,044 | ||||||||||||
Accumulated other comprehensive income | 3,961 | 4,857 | 10,979 | 9,109 | ||||||||||||
Total ACM Research, Inc. stockholders’ equity | 148,311 | 141,150 | 674,386 | 676,204 | ||||||||||||
Non-controlling interests | 66,936 | 67,020 | 134,388 | 135,461 | ||||||||||||
Total stockholders’ equity | 215,247 | 208,170 | 808,774 | 811,665 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 371,819 | $ | 341,257 | $ | 1,087,372 | $ | 1,052,179 |
(1) | Prior period results have been adjusted to reflect the 3-for-one stock split effected in the form of a stock dividend in March 2022. See Note 1 for details |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Revenue (note 3) | $ | 43,732 | $ | 24,348 | $ | 42,186 | $ | 43,732 | ||||||||
Cost of revenue | 25,687 | 14,120 | 22,500 | 25,687 | ||||||||||||
Gross profit | 18,045 | 10,228 | 19,686 | 18,045 | ||||||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing | 5,308 | 3,005 | 6,697 | 5,308 | ||||||||||||
Research and development | 5,504 | 3,677 | 17,346 | 5,504 | ||||||||||||
General and administrative | 3,783 | 2,328 | 4,949 | 3,783 | ||||||||||||
Total operating expenses, net | 14,595 | 9,010 | 28,992 | 14,595 | ||||||||||||
Income from operations | 3,450 | 1,218 | ||||||||||||||
Income (loss) from operations | (9,306 | ) | 3,450 | |||||||||||||
Interest income | 49 | 335 | 1,805 | 49 | ||||||||||||
Interest expense | (189 | ) | (111 | ) | (261 | ) | (189 | ) | ||||||||
Unrealized loss on trading securities | (1,047 | ) | 0 | (3,858 | ) | (1,047 | ) | |||||||||
Other income, net | 469 | 677 | 237 | 469 | ||||||||||||
Equity income in net income of affiliates | 320 | 148 | ||||||||||||||
Income before income taxes | 3,052 | 2,267 | ||||||||||||||
Income tax benefit (expense) (note 20) | 2,770 | (304 | ) | |||||||||||||
Net income | 5,822 | 1,963 | ||||||||||||||
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests | 352 | 258 | ||||||||||||||
Net income attributable to ACM Research, Inc. | $ | 5,470 | $ | 1,705 | ||||||||||||
Equity income (loss) in net income (loss) of affiliates | (71 | ) | 320 | |||||||||||||
Income (loss) before income taxes | (11,454 | ) | 3,052 | |||||||||||||
Income tax benefit (note 19) | 4,011 | 2,770 | ||||||||||||||
Net income (loss) | (7,443 | ) | 5,822 | |||||||||||||
Less: Net income (loss) attributable to non-controlling interests | (1,657 | ) | 352 | |||||||||||||
Net income (loss) attributable to ACM Research, Inc. | $ | (5,786 | ) | $ | 5,470 | |||||||||||
Comprehensive income: | ||||||||||||||||
Net income | 5,822 | 1,963 | ||||||||||||||
Net income (loss) | (7,443 | ) | 5,822 | |||||||||||||
Foreign currency translation adjustment | (1,332 | ) | (1,900 | ) | 2,454 | (1,332 | ) | |||||||||
Comprehensive Income | 4,490 | 63 | ||||||||||||||
Less: Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests | (83 | ) | (694 | ) | ||||||||||||
Comprehensive income attributable to ACM Research, Inc. | $ | 4,573 | $ | 757 | ||||||||||||
Comprehensive Income (loss) | (4,989 | ) | 4,490 | |||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | (1,073 | ) | (83 | ) | ||||||||||||
Comprehensive income (loss) attributable to ACM Research, Inc. | $ | (3,916 | ) | $ | 4,573 | |||||||||||
Net income attributable to ACM Research, Inc. per common share (note 2): | ||||||||||||||||
Net income (loss) attributable to ACM Research, Inc. per common share (note 2): | ||||||||||||||||
Basic | $ | 0.29 | $ | 0.09 | $ | (0.10 | ) | $ | 0.10 | |||||||
Diluted | $ | 0.25 | $ | 0.08 | $ | (0.09 | ) | $ | 0.08 | |||||||
Weighted average common shares outstanding used in computing per share amounts (note 2): | Weighted average common shares outstanding used in computing per share amounts (note 2): | Weighted average common shares outstanding used in computing per share amounts (note 2): | ||||||||||||||
Basic | 18,786,870 | 18,120,363 | ||||||||||||||
Diluted | 21,868,280 | 21,066,636 | ||||||||||||||
Basic (1) | 58,827,390 | 56,360,610 | ||||||||||||||
Diluted (1) | 65,950,922 | 65,604,840 |
(1) | Prior period results have been adjusted to reflect the 3-for-one stock split effected in the form of a stock dividend in March 2022. See Note 1 for details |
Common Stock Class A | Common Stock Class B | Common Stock Class A | Common Stock Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid- in Capital | Accumulated Surplus | Accumulated Other Comprehensive Income | Non-controlling interests | Total Stockholders’ Equity | Shares (1) | Amount (1) | Shares (1) | Amount (1) | Additional Paid- in Capital (1) | Accumulated Surplus | Accumulated Other Comprehensive Income | Non-controlling interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 16,896,693 | $ | 2 | 1,802,606 | $ | 0 | 102,004 | $ | 34,287 | 4,857 | 67,020 | 208,170 | 50,690,079 | $ | 5 | 5,407,818 | $ | 1 | $ | 102,000 | $ | 34,287 | $ | 4,857 | $ | 67,020 | $ | 208,170 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to ACM Research, Inc. | - | 0 | - | 0 | 0 | 5,470 | 0 | 352 | 5,822 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | - | 0 | - | 0 | 0 | 5,470 | 0 | 352 | 5,822 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | - | 0 | - | 0 | 0 | 0 | (896 | ) | (436 | ) | (1,332 | ) | - | 0 | - | 0 | 0 | 0 | (896 | ) | (436 | ) | (1,332 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 309,940 | 0 | 0 | 0 | 1,377 | 0 | 0 | 0 | 1,377 | 929,820 | 0 | 0 | 0 | 1,377 | 0 | 0 | 0 | 1,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | 0 | - | 0 | 1,210 | 0 | 0 | 0 | 1,210 | - | 0 | - | 0 | 1,210 | 0 | 0 | 0 | 1,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class B common stock to Class A common stock | 33,334 | 0 | (33,334 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 100,002 | 0 | (100,002 | ) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 17,239,967 | $ | 2 | 1,769,272 | $ | 0 | $ | 104,591 | $ | 39,757 | $ | 3,961 | $ | 66,936 | $ | 215,247 | 51,719,901 | $ | 5 | 5,307,816 | $ | 1 | $ | 104,587 | $ | 39,757 | $ | 3,961 | $ | 66,936 | $ | 215,247 |
Common Stock Class A | Common Stock Class B | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid- in Capital | Accumulated Surplus | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at December 31, 2019 | 16,182,151 | $ | 2 | 1,862,608 | $ | 0 | $ | 83,487 | $ | 15,507 | $ | (1,675 | ) | $ | 97,321 | |||||||||||||||||
Net income attributable to ACM Research, Inc. | - | 0 | - | 0 | 0 | 1,705 | 0 | 1,705 | ||||||||||||||||||||||||
Foreign currency translation adjustment | - | 0 | - | 0 | 0 | 0 | (948 | ) | (948 | ) | ||||||||||||||||||||||
Exercise of stock options | 70,478 | 0 | 0 | 0 | 175 | 0 | 0 | 175 | ||||||||||||||||||||||||
Stock-based compensation | - | 0 | - | 0 | 689 | 0 | 0 | 689 | ||||||||||||||||||||||||
Exercise of stock warrants | 64,717 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Balance at March 31, 2020 | 16,317,346 | $ | 2 | 1,862,608 | $ | 0 | $ | 84,351 | $ | 17,212 | $ | (2,623 | ) | $ | 98,942 |
Common Stock Class A | Common Stock Class B | |||||||||||||||||||||||||||||||||||
Shares (1) | Amount (1) | Shares (1) | Amount (1) | Additional Paid- in Capital (1) | Accumulated Surplus | Accumulated Other Comprehensive Income | Non-controlling interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||
Balance at December 31, 2021 | 53,608,929 | $ | 5 | 5,087,814 | $ | 1 | $ | 595,045 | $ | 72,044 | $ | 9,109 | $ | 135,461 | $ | 811,665 | ||||||||||||||||||||
Net loss | - | 0 | - | 0 | 0 | (5,786 | ) | 0 | (1,657 | ) | (7,443 | ) | ||||||||||||||||||||||||
Foreign currency translation adjustment | - | 0 | - | 0 | 0 | 0 | 1,870 | 584 | 2,454 | |||||||||||||||||||||||||||
Exercise of stock options | 425,349 | 0 | 0 | 0 | 724 | 0 | 0 | 0 | 724 | |||||||||||||||||||||||||||
Stock-based compensation | - | 0 | - | 0 | 1,374 | 0 | 0 | 0 | 1,374 | |||||||||||||||||||||||||||
Conversion of Class B common stock to Class A common stock | 1,002 | 0 | (1,002 | ) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Balance at March 31, 2022 | 54,035,280 | $ | 5 | 5,086,812 | $ | 1 | $ | 597,143 | $ | 66,258 | $ | 10,979 | $ | 134,388 | $ | 808,774 |
(1) | Prior period results have been adjusted to reflect the 3-for-one stock split effected in the form of a stock dividend in March 2022. See Note 1 for details |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | (7,443 | ) | $ | 5,822 | |||
Adjustments to reconcile net income from operations to net cash used in operating activities | ||||||||
Depreciation and amortization | 1,213 | 546 | ||||||
Loss on disposals of property, plant and equipment | 0 | 26 | ||||||
Equity (income) loss in net (income) loss of affiliates | 71 | (320 | ) | |||||
Unrealized loss on trading securities | 3,858 | 1,047 | ||||||
Deferred income taxes | (2,081 | ) | (2,929 | ) | ||||
Stock-based compensation | 1,374 | 1,210 | ||||||
Net changes in operating assets and liabilities: | ||||||||
Accounts receivable | (284 | ) | (4,602 | ) | ||||
Other receivables | (4,893 | ) | (1,850 | ) | ||||
Inventory | (52,503 | ) | (15,276 | ) | ||||
Prepaid expenses | (5,015 | ) | (83 | ) | ||||
Other long-term assets | (119 | ) | 21 | |||||
Accounts payable | 6,681 | 9,492 | ||||||
Advances from customers | 29,273 | 14,932 | ||||||
Income tax payable | (1,999 | ) | 75 | |||||
FIN-48 payable | 10 | 0 | ||||||
Other payables and accrued expenses | 1,274 | 3,181 | ||||||
Deferred revenue | 2,699 | 1,315 | ||||||
Other long-term liabilities | 155 | (1,865 | ) | |||||
Net cash flow (used in) provided by operating activities | (27,729 | ) | 10,742 | |||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (3,176 | ) | (1,466 | ) | ||||
Purchase of intangible assets | (408 | ) | (112 | ) | ||||
Increase of short-term time deposits | (74,025 | ) | 0 | |||||
Increase of long-term time deposits | (78,750 | ) | 0 | |||||
Net cash used in investing activities | (156,359 | ) | (1,578 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from short-term borrowings | 0 | 4,211 | ||||||
Repayments of short-term borrowings | 0 | (6,744 | ) | |||||
Repayments of long-term borrowings | (696 | ) | (224 | ) | ||||
Proceeds from stock option exercise to common stock | 724 | 1,377 | ||||||
Net cash (used in) provided by financing activities | 28 | (1,380 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | $ | 1,304 | $ | (754 | ) | |||
Net increase (decrease) in cash and cash equivalents | $ | (182,756 | ) | $ | 7,030 | |||
Cash and cash equivalents at beginning of period | 563,067 | 71,766 | ||||||
Cash and cash equivalents at end of period | $ | 380,311 | $ | 78,796 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid, net of capitalized interest | $ | 261 | $ | 189 | ||||
Cash paid for income taxes | $ | 0 | $ | 63 | ||||
Non-cash financing activities: | ||||||||
Cashless exercise of stock options | $ | 39 | $ | 83 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 5,822 | $ | 1,963 | ||||
Adjustments to reconcile net income from operations to net cash used in operating activities: | ||||||||
Depreciation and amortization | 546 | 212 | ||||||
Loss on disposals of property, plant and equipment | 26 | 0 | ||||||
Equity income in net income of affiliates | (320 | ) | (148 | ) | ||||
Unrealized loss on trading securities | 1,047 | 0 | ||||||
Deferred income taxes | (2,929 | ) | 35 | |||||
Stock-based compensation | 1,210 | 689 | ||||||
Net changes in operating assets and liabilities: | ||||||||
Accounts receivable | (4,602 | ) | (6,902 | ) | ||||
Other receivables | (1,850 | ) | (683 | ) | ||||
Inventory | (15,276 | ) | (931 | ) | ||||
Prepaid expenses | (83 | ) | (11 | ) | ||||
Other long-term assets | 21 | 36 | ||||||
Accounts payable | 9,492 | 5,617 | ||||||
Advances from customers | 14,932 | 195 | ||||||
Income tax payable | 75 | 263 | ||||||
Other payables and accrued expenses | 3,181 | 1,779 | ||||||
Deferred revenue | 1,315 | 0 | ||||||
Other long-term liabilities | (1,865 | ) | 1,715 | |||||
Net cash provided by operating activities | 10,742 | 3,829 | ||||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (1,466 | ) | (118 | ) | ||||
Purchase of intangible assets | (112 | ) | 0 | |||||
Net cash used in investing activities | (1,578 | ) | (118 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from short-term borrowings | 4,211 | 2,681 | ||||||
Repayments of short-term borrowings | (6,744 | ) | (12,415 | ) | ||||
Repayments of long-term borrowings | (224 | ) | 0 | |||||
Proceeds from stock option exercise to common stock | 1,377 | 175 | ||||||
Net cash used in financing activities | (1,380 | ) | (9,559 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | $ | (754 | ) | $ | (1,002 | ) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 7,030 | $ | (6,850 | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | 71,766 | 117,859 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 78,796 | $ | 111,009 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid, net of capitalized interest | $ | 189 | $ | 111 | ||||
Cash paid for income taxes | $ | 63 | $ | 0 | ||||
Reconciliation of cash, cash equivalents and restricted cash in condensed consolidated statements of cash flows: | ||||||||
Cash and cash equivalents | 78,796 | 52,283 | ||||||
Restricted cash | 0 | 58,726 | ||||||
Cash, cash equivalents and restricted cash | $ | 78,796 | $ | 111,009 | ||||
Non-cash used in financing activities: | ||||||||
Warrant conversion to common stock | $ | 0 | $ | 399 | ||||
Cashless exercise of stock options | $ | 83 | $ | 0 |
Effective interest held as at | Effective interest held as at | |||||||||||||||||
Name of subsidiaries | Place and date of incorporation | March 31, 2021 | December 31, 2020 | Place and date of incorporation | March 31, 2022 | December 31, 2021 | ||||||||||||
ACM Research (Shanghai), Inc. | PRC, May 2005 | 91.7 | % | 91.7 | % | PRC, May 2005 | 82.5 | % | 82.5 | % | ||||||||
ACM Research (Wuxi), Inc. | PRC, July 2011 | 91.7 | % | 91.7 | % | PRC, July 2011 | 82.5 | % | 82.5 | % | ||||||||
CleanChip Technologies Limited | Hong Kong, June 2017 | 91.7 | % | 91.7 | % | Hong Kong, June 2017 | 82.5 | % | 82.5 | % | ||||||||
ACM Research Korea CO., LTD. | Korea, December 2017 | 91.7 | % | 91.7 | % | Korea, December 2017 | 82.5 | % | 82.5 | % | ||||||||
Shengwei Research (Shanghai), Inc. | PRC, March 2019 | 91.7 | % | 91.7 | % | PRC, March 2019 | 82.5 | % | 82.5 | % | ||||||||
ACM Research (CA), Inc. | USA, June 2019 | 91.7 | % | 91.7 | % | USA, April 2019 | 82.5 | % | 82.5 | % | ||||||||
ACM Research (Cayman), Inc. | Cayman Islands, April 2019 | 100.0 | % | 100.0 | % | Cayman Islands, April 2019 | 100.0 | % | 100.0 | % | ||||||||
ACM Research (Singapore) PTE. Ltd. | Singapore, August 2021 | 100.0 | % | 100.0 | % | |||||||||||||
ACM Research (Beijing), Inc. | PRC, February 2022 | 82.5 | % | 0 | ||||||||||||||
Hanguk ACM CO., LTD. | Korea, March 2022 | 100.0 | % | 0 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 5,822 | $ | 1,963 | ||||||||||||
Net income attributable to non-controlling interests and redeemable non-controlling interests | 352 | 258 | ||||||||||||||
Net income available to common stockholders, basic and diluted | $ | 5,470 | $ | 1,705 | ||||||||||||
Net income (loss) | $ | (7,443 | ) | $ | 5,822 | |||||||||||
Less: Net income (loss) attributable to non-controlling interests | (1,657 | ) | 352 | |||||||||||||
Net income (loss) available to common stockholders, basic | $ | (5,786 | ) | $ | 5,470 | |||||||||||
Less: Dilutive effect arising from share-based awards by ACM Shanghai | (86 | ) | 0 | |||||||||||||
Net income (loss) available to common stockholders, diluted | $ | (5,700 | ) | $ | 5,470 | |||||||||||
Weighted average shares outstanding, basic | 18,786,870 | 18,120,363 | 58,827,390 | 56,360,610 | ||||||||||||
Effect of dilutive securities | 3,081,410 | 2,946,273 | 7,123,532 | 9,244,230 | ||||||||||||
Weighted average shares outstanding, diluted | 21,868,280 | 21,066,636 | 65,950,922 | 65,604,840 | ||||||||||||
Net income per common share: | ||||||||||||||||
Net income (loss) per common share: | ||||||||||||||||
Basic | 0.29 | 0.09 | (0.10 | ) | 0.10 | |||||||||||
Diluted | $ | 0.25 | $ | 0.08 | $ | (0.09 | ) | $ | 0.08 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Single wafer cleaning, Tahoe and semi-critical cleaning equipment | $ | 26,033 | $ | 32,413 | ||||
ECP (front-end and packaging), furnace and other technologies | 12,248 | 5,550 | ||||||
Advanced packaging (excluding ECP), services & spares | 3,905 | 5,769 | ||||||
Total Revenue By Product Category | $ | 42,186 | $ | 43,732 | ||||
Wet cleaning and other front-end processing tools | $ | 31,702 | $ | 31,900 | ||||
Advanced packaging, other processing tools, services and spares | 10,484 | 11,832 | ||||||
Total Revenue Front-end and Back-End | $ | 42,186 | $ | 43,732 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Mainland China | $ | 42,130 | $ | 43,696 | ||||
Other Regions | 56 | 36 | ||||||
$ | 42,186 | $ | 43,732 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment | $ | 32,413 | $ | 22,784 | ||||
ECP (front-end and packaging), Furnace and Other Technologies | 5,550 | 0 | ||||||
Advanced Packaging (excluding ECP), Services & Spares | 5,769 | 1,564 | ||||||
Total Revenue By Product Category | 43,732 | 24,348 | ||||||
Wet cleaning and other front-end processing tools | 31,900 | 22,784 | ||||||
Advanced packaging, other back-end processing tools, services and spares | 11,832 | 1,564 | ||||||
Total Revenue Front-end and Back-End | $ | 43,732 | $ | 24,348 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Mainland China | $ | 43,696 | $ | 24,289 | ||||
Other Regions | 36 | 59 | ||||||
$ | 43,732 | $ | 24,348 |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Accounts receivable | $ | 60,394 | $ | 56,441 | $ | 106,351 | $ | 105,553 | ||||||||
Less: Allowance for doubtful accounts | 0 | 0 | 0 | 0 | ||||||||||||
Total | $ | 60,394 | $ | 56,441 | $ | 106,351 | $ | 105,553 |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Raw materials | $ | 34,631 | $ | 32,391 | $ | 108,157 | $ | 90,552 | ||||||||
Work in process | 21,461 | 23,871 | 56,755 | 35,840 | ||||||||||||
Finished goods | 47,134 | 32,377 | 106,626 | 91,724 | ||||||||||||
Total inventory | $ | 103,226 | $ | 88,639 | $ | 271,538 | $ | 218,116 |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Buildings and plants | $ | 41,577 | $ | 0 | ||||||||||||
Manufacturing equipment | $ | 5,924 | $ | 5,966 | 8,738 | 7,973 | ||||||||||
Office equipment | 1,260 | 1,047 | 2,559 | 2,012 | ||||||||||||
Transportation equipment | 213 | 216 | 217 | 217 | ||||||||||||
Leasehold improvement | 2,551 | 2,398 | 4,821 | 4,134 | ||||||||||||
Total cost | 9,948 | 9,627 | 57,912 | 14,336 | ||||||||||||
Less: Total accumulated depreciation | (4,049 | ) | (3,745 | ) | (6,837 | ) | (5,900 | ) | ||||||||
Construction in progress | 2,873 | 2,310 | 6,605 | 5,606 | ||||||||||||
Total property, plant and equipment, net | $ | 8,772 | $ | 8,192 | $ | 57,680 | $ | 14,042 |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Land use right purchase amount | $ | 9,674 | $ | 9,744 | $ | 10,011 | $ | 9,966 | ||||||||
Less: Accumulated amortization | (145 | ) | (98 | ) | ||||||||||||
Less: accumulated amortization | (350 | ) | (299 | ) | ||||||||||||
Land use right, net | $ | 9,529 | $ | 9,646 | $ | 9,661 | $ | 9,667 |
Year ending December 31, | ||||
2021 | $ | 196 | ||
2022 | 196 | |||
2023 | 196 | |||
2024 | 196 | |||
2025 | 196 |
Year ending December 31, | ||||
2022 | $ | 200 | ||
2023 | 200 | |||
2024 | 200 | |||
2025 | 200 | |||
2026 | 200 |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Prepayment for property | $ | 39,474 | $ | 39,450 | ||||||||||||
Prepayment for property - Lingang | $ | 0 | $ | 42,111 | ||||||||||||
Prepayment for property, plant and equipment and other non-current assets | 1,159 | 440 | ||||||||||||||
Prepayment for property - lease deposit | 718 | 429 | ||||||||||||||
Security deposit for land use right | 750 | 756 | 776 | 773 | ||||||||||||
Others | 251 | 290 | 906 | 1,264 | ||||||||||||
Total other long-term assets | $ | 40,475 | $ | 40,496 | $ | 3,559 | $ | 45,017 |
March 31, 2021 | December 31, 2020 | |||||||
Line of credit up to RMB 80,000 from China Everbright Bank, | ||||||||
1)due on April 1, 2021 with an annual interest rate of 4.70%. *1 and fully repaid on March 23, 2021. | 0 | 4,599 | ||||||
2)due on June 27, 2021 with an annual interest rate of 4.25%. *1 | 1,370 | 1,380 | ||||||
3)due on April 29, 2021 with an annual interest rate of 2.80%. *1 and fully repaid on March 23, 2021. | 0 | 820 | ||||||
4)due on June 27, 2021 with an annual interest rate of 2.70%. *1 | 2,080 | 2,080 | ||||||
5)due on September 30, 2021 with an annual interest rate of 2.50%. *1 | 2,855 | 0 | ||||||
Line of credit up to RMB 20,000 from Bank of Communications, | ||||||||
1)due on April 12, 2021 with an annual interest rate of 4.65%. | 1,522 | 1,533 | ||||||
2)due on May 24, 2021 with an annual interest rate of 3.65%. | 1,522 | 1,533 | ||||||
Line of credit up to RMB 70,000 from Bank of Shanghai Pudong Branch, | ||||||||
1)due on May 27, 2021 with an annual interest rate of 4.68%. *2 | 2,557 | 2,575 | ||||||
2)due on June 27, 2021 with an annual interest rate of 4.68%. *2 and fully repaid on March 29, 2021. | 0 | 1,380 | ||||||
3)due on May 28, 2021 with an annual interest rate of 3.48%. *2 | 2,442 | 2,442 | ||||||
4)due on June 7, 2021 with an annual interest rate of 3.50%. *2 | 1,521 | 1,521 | ||||||
5)due on June 16, 2021 with an annual interest rate of 3.50%. *2 | 1,837 | 1,838 | ||||||
Line of credit up to RMB 80,000 from China Merchants Bank, | ||||||||
1)due on August 10, 2021 with annual interest rate of 3.85%. | 1,370 | 1,380 | ||||||
2)due on August 25, 2021 with annual interest rate of 3.85%. | 3,044 | 3,066 | ||||||
3)due on February 1, 2022 with annual interest rate of 3.85%. | 1,370 | 0 | ||||||
Total | $ | 23,490 | $ | 26,147 |
March 31, 2022 | December 31, 2021 | |||||||
Line of credit up to RMB 100,000 from Bank of Shanghai Pudong Branch, | ||||||||
1)due on June 7,2022 with an annual interest rate of 2.7%. (1) | $ | 4,617 | $ | 4,616 | ||||
Line of credit up to RMB 150,000 from China Everbright Bank, | ||||||||
1)due on October 21,2022 with annual interest rate of 1.95%. | 3,408 | 3,407 | ||||||
Line of credit up to RMB 60,000 from Bank of Communications, | ||||||||
1)due on October 25,2022 with an annual interest rate of 3.85%. | 1,575 | 1,568 | ||||||
Total | $ | 9,600 | $ | 9,591 |
March 31, 2021 | December 31, 2020 | |||||||
Accrued commissions | $ | 7,838 | $ | 7,127 | ||||
Accrued warranty | 4,196 | 3,975 | ||||||
Accrued payroll | 4,422 | 3,068 | ||||||
Accrued professional fees | 211 | 384 | ||||||
Accrued machine testing fees | 1,632 | 1,595 | ||||||
Others | 3,586 | 2,656 | ||||||
Total | $ | 21,885 | $ | 18,805 |
March 31, 2022 | December 31, 2021 | |||||||
Accrued commissions | $ | 11,648 | $ | 12,507 | ||||
Accrued warranty | 6,914 | 6,631 | ||||||
Accrued payroll | 8,317 | 5,684 | ||||||
Accrued professional fees | 601 | 785 | ||||||
Accrued machine testing fees | 1,094 | 149 | ||||||
Others | 7,981 | 5,979 | ||||||
Total | $ | 36,555 | $ | 31,735 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Operating lease cost | $ | 515 | $ | 377 | $ | 647 | $ | 515 | ||||||||
Short-term lease cost | 79 | 50 | 175 | 79 | ||||||||||||
Lease cost | $ | 594 | $ | 427 | $ | 822 | $ | 594 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||
Operating cash outflow from operating leases | $ | 594 | $ | 427 | $ | 822 | $ | 594 |
December 31, | December 31, | |||||||
2021 | $ | 1,834 | ||||||
2022 | 2,439 | $ | 1,858 | |||||
2023 | 978 | 1,265 | ||||||
2024 | 876 | 1,018 | ||||||
2025 | 22 | 56 | ||||||
2026 | 37 | |||||||
2027 | 4 | |||||||
Total lease payments | 6,149 | $ | 4,238 | |||||
Less: Interest | (800 | ) | (210 | ) | ||||
Present value of lease liabilities | $ | 5,349 | $ | 4,028 |
March 31, 2021 | December 31, 2020 | |||||||
Remaining lease term and discount rate: | ||||||||
Weighted average remaining lease term (years) | 1.93 | 2.11 | ||||||
Weighted average discount rate | 4.87 | % | 5.14 | % |
March 31, 2022 | December 31, 2021 | |||||||
Remaining lease term and discount rate: | ||||||||
Weighted average remaining lease term (years) | 1.68 | 1.37 | ||||||
Weighted average discount rate | 4.37 | % | 4.54 | % |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Loan from China Merchants Bank | $ | 19,042 | $ | 19,570 | $ | 18,051 | $ | 18,390 | ||||||||
Loans from Bank of China | 6,734 | 6,977 | ||||||||||||||
Less: Current portion | (1,598 | ) | (1,591 | ) | (2,441 | ) | (2,410 | ) | ||||||||
$ | 17,444 | $ | 17,979 | $ | 22,344 | $ | 22,957 |
Year ending December 31, | ||||||||
2021 | $ | 1,191 | ||||||
Year ending December 31 | ||||||||
2022 | 1,654 | $ | 1,724 | |||||
2023 | 1,733 | 2,502 | ||||||
2024 | 1,815 | 7,470 | ||||||
2025 and onwards | 12,649 | |||||||
2025 | 1,968 | |||||||
2026 and onwards | 11,121 | |||||||
$ | 19,042 | $ | 24,785 |
March 31, 2021 | December 31, 2020 | |||||||
Subsidies to Stress Free Polishing project, commenced in 2008 and 2017 | $ | 1,221 | $ | 1,266 | ||||
Subsidies to Electro Copper Plating project, commenced in 2014 | 2,016 | 2,156 | ||||||
Subsidies to Polytetrafluoroethylene, commenced in 2018 | 51 | 130 | ||||||
Subsidies to Tahoe-Single Bench Clean, commenced in 2020 | 1,005 | 1,544 | ||||||
Subsidies to Backside Clean-YMTC National Project, commenced in 2020 | 1,941 | 2,591 | ||||||
Other | 405 | 347 | ||||||
Total | $ | 6,639 | $ | 8,034 |
March 31, 2022 | December 31, 2021 | |||||||
Subsidies to Stress Free Polishing project, commenced in 2008 and 2017 | $ | 737 | $ | 791 | ||||
Subsidies to Electro Copper Plating project, commenced in 2014 | 153 | 160 | ||||||
Subsidies to other cleaning tools,commenced in 2020 | 979 | 1,014 | ||||||
Subsidies to SW Lingang R&D development in 2021 | 5,985 | 5,958 | ||||||
Other | 691 | 524 | ||||||
Total | $ | 8,545 | $ | 8,447 |
March 31, 2021 | December 31, 2020 | |||||||||||||||
Equity investee: | March 31, 2022 | December 31, 2021 | ||||||||||||||
Ninebell | $ | 1,988 | $ | 1,666 | $ | 2,945 | $ | 3,051 | ||||||||
Shengyi | 157 | 134 | 269 | 211 | ||||||||||||
Hefei Shixi | 4,487 | 4,540 | 7,877 | 7,864 | ||||||||||||
Subtotal | 11,091 | 11,126 | ||||||||||||||
Other investee: | ||||||||||||||||
Waferworks | 1,575 | 1,568 | ||||||||||||||
Total | $ | 6,632 | $ | 6,340 | $ | 12,666 | $ | 12,694 |
March 31, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
Trading securities listed in Shanghai Stock Exchange | ||||||||||||||||
Cost | $ | 14,912 | $ | 15,020 | $ | 15,431 | $ | 15,363 | ||||||||
Market value | $ | 27,003 | $ | 28,239 | 25,772 | 29,498 |
Prepaid expenses | March 31, | December 31, | ||||||||||||||
March 31, 2021 | December 31, 2020 | 2022 | 2021 | |||||||||||||
Ninebell | $ | 1,778 | $ | 1,607 | $ | 4,501 | $ | 2,383 |
Accounts payable | March 31, | December 31, | ||||||||||||||
March 31, 2021 | December 31, 2020 | 2022 | 2021 | |||||||||||||
Ninebell | $ | 2,925 | $ | 2,898 | $ | 4,982 | $ | 5,703 | ||||||||
Shengyi | 1,585 | 1,195 | 1,995 | 2,196 | ||||||||||||
Total | $ | 4,510 | $ | 4,093 | $ | 6,977 | $ | 7,899 |
Three Months Ended March 31 | Three Months Ended March 31 | |||||||||||||||
Purchase of materials | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Ninebell | $ | 6,882 | $ | 2,153 | $ | 7,379 | $ | 6,882 | ||||||||
Shengyi | 358 | 58 | 585 | 358 | ||||||||||||
Total | $ | 7,240 | $ | 2,211 | $ | 7,964 | $ | 7,240 |
Three Months Ended March 31 | ||||||||
Service fee charged by | 2021 | 2020 | ||||||
Shengyi | $ | 142 | $ | 46 | ||||
Ninebell | 0 | 0 | ||||||
Total | $ | 142 | $ | 46 |
Three Months Ended March 31 | ||||||||
Service fee charged by | 2022 | 2021 | ||||||
Shengyi | $ | 34 | $ | 142 | ||||
Total | $ | 34 | $ | 142 |
Balance at December 31, 2019 | $ | 60,162 | ||
Net income attributable to redeemable non-controlling interests | 258 | |||
Effect of foreign currency translation gain attributable to redeemable non-controlling interests | (953 | ) | ||
Balance at March 31, 2020 | $ | 59,467 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Stock-Based Compensation Expense: | ||||||||||||||||
Cost of revenue | $ | 71 | $ | 45 | $ | 113 | $ | 71 | ||||||||
Sales and marketing expense | 505 | 94 | 354 | 505 | ||||||||||||
Research and development expense | 229 | 187 | 411 | 229 | ||||||||||||
General and administrative expense | 405 | 363 | 496 | 405 | ||||||||||||
$ | 1,210 | $ | 689 | $ | 1,374 | $ | 1,210 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Stock-based compensation expense by type: | ||||||||||||||||
Employee stock purchase plan | $ | 1,085 | $ | 431 | $ | 1,273 | $ | 1,085 | ||||||||
Non-employee stock purchase plan | 40 | 172 | 11 | 40 | ||||||||||||
Subsidiary option grants | 85 | 86 | 90 | 85 | ||||||||||||
$ | 1,210 | $ | 689 | $ | 1,374 | $ | 1,210 |
Number of Option Share | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Number of Option Shares (1) | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | |||||||||||||||
Outstanding at December 31, 2020 | 3,191,411 | $ | 5.13 | $ | 12.73 | 7.13 years | ||||||||||||||||
Outstanding at December 31, 2021 | 8,402,247 | 2.45 | 5.88 | 6.53 years | ||||||||||||||||||
Granted | 106,400 | 50.67 | 111.98 | 853,500 | 11.49 | 25.45 | ||||||||||||||||
Exercised | (255,582) | 1.78 | 4.55 | (273,264 | ) | 0.97 | 2.45 | |||||||||||||||
Forfeited/cancelled | (11,989) | 27.45 | 62.58 | 0 | 0 | 0 | ||||||||||||||||
Outstanding at March 31, 2021 | 3,030,240 | 6.93 | $ | 16.70 | 7.22 years | |||||||||||||||||
Vested and exercisable at March 31, 2021 | 1,809,322 | |||||||||||||||||||||
Outstanding at March 31, 2022 | 8,982,483 | $ | 3.36 | $ | 7.85 | 6.64 years | ||||||||||||||||
Vested and exercisable at March 31, 2022 | 5,772,480 |
(1) | Prior period results have been adjusted to reflect the Stock Split effected in March 2022. See Note 1 for details. |
Three-months ended March 31, | Year-ended December 31, | |||||||
2022 (6) | 2021 (6) | |||||||
Fair value of common share(1) | $ | 25.45 | $ | 27.58-37.33 | ||||
Expected term in years(2) | 5.50-6.25 | 6.25 | ||||||
Volatility(3) | 49.43 | % | 48.53-49.47 | % | ||||
Risk-free interest rate(4) | 1.70 | % | 1.00%-1.44 | % | ||||
Expected dividend(5) | 0 | % | 0 | % |
(1) | Equal to closing value on the grant date. |
(2) | Expected term of share options is based on the average of the vesting period and the contractual term for each grant according to Staff Accounting Bulletin 110. |
(3) | Volatility is calculated based on the historical volatility of ACM’s comparable companies in the period equal to the expected term of each grant. |
(4) | Risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the share options in effect at the time of grant. |
(5) | Expected dividend is assumed to be 0% as ACM has no history or expectation of paying a dividend on its common stock. |
(6) | Prior period results have been adjusted to reflect the Stock Split effected in March 2022. See Note 1 for details. |
Number of Option Shares | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Number of Option Shares (1) | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | |||||||||||||||
Outstanding at December 31, 2020 | 836,038 | $ | 1.02 | $ | 3.07 | 4.92 years | ||||||||||||||||
Outstanding at December 31, 2021 | 2,067,018 | 0.33 | 0.97 | 3.98 years | ||||||||||||||||||
Granted | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Exercised | (54,358) | 1.51 | 5.44 | (152,085 | ) | 0.23 | 0.61 | |||||||||||||||
Expired | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Forfeited/cancelled | (76) | 0.30 | 0.75 | (1,413 | ) | 0.16 | 0.37 | |||||||||||||||
Outstanding at March 31, 2021 | 781,604 | $ | 0.99 | $ | 2.91 | 4.64 years | ||||||||||||||||
Vested and exercisable at March 31, 2021 | 773,139 | |||||||||||||||||||||
Outstanding at March 31, 2022 | 1,913,520 | $ | 0.34 | $ | 1.00 | 3.87 years | ||||||||||||||||
Vested and exercisable at March 31, 2022 | 1,883,520 |
(1) | Prior period results have been adjusted to reflect the Stock Split effected in March 2022. See Note 1 for details. |
Number of Option Shares in ACM Shanghai | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Number of Option Shares in ACM Shanghai | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | |||||||||||||||
Outstanding at December 31, 2020 | 5,423,654 | $ | 0.23 | $ | 1.89 | 3.50 years | ||||||||||||||||
Outstanding at December 31, 2021 | 5,377,500 | $ | 0.24 | $ | 2.04 | 2.50 years | ||||||||||||||||
Granted | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Exercised | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Expired | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Forfeited/cancelled | (46,154) | 0.24 | 2.00 | 0 | 0 | 0 | ||||||||||||||||
Outstanding at March 31, 2021 | 5,377,500 | $ | 0.24 | $ | 2.00 | 3.26 years | ||||||||||||||||
Vested and exercisable at March 31, 2021 | 0 | |||||||||||||||||||||
Outstanding at March 31, 2022 | 5,377,500 | $ | 0.24 | $ | 2.04 | 2.26 years | ||||||||||||||||
Vested and exercisable at March 31, 2022 | 0 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Total income tax benefit | $ | 4,011 | $ | 2,770 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Total income tax benefit (expense) | $ | 2,770 | $ | (304 | ) |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
● | Space Alternated Phase Shift, or SAPS, technology for flat and patterned (deep via or deep trench with stronger structure) wafer surfaces. SAPS technology employs alternating phases of megasonic waves to deliver megasonic energy in a highly uniform manner on a microscopic level. We have shown SAPS technology to be more effective than conventional megasonic and jet spray technologies in removing random defects across an entire wafer, with increasing relative effectiveness at more advanced production nodes. |
● | Timely Energized Bubble Oscillation, or TEBO, technology for patterned wafer surfaces at advanced process nodes. TEBO technology has been developed to provide effective, damage-free cleaning for 2D and 3D patterned wafers with fine feature sizes. We have demonstrated the damage-free cleaning capabilities of TEBO technology on patterned wafers for feature nodes as small as 1xnm (16 to 19 nanometers, or nm), and we have shown TEBO technology can be applied in manufacturing processes for patterned chips with 3D architectures having aspect ratios as high as 60‑to‑1. |
● | Tahoe technology for cost and environmental savings. Tahoe technology delivers high cleaning performance using significantly less sulfuric acid and hydrogen peroxide than is typically consumed by conventional high-temperature single-wafer cleaning tools. |
● | ECP technology for advanced metal plating. Our Ultra ECP ap, or Advanced Packaging, technology was developed for back-end assembly processes to deliver a more uniform metal layer at the notch area of wafers prior to packaging. Our Ultra ECP map, or Multi-Anode Partial Plating, technology was developed for front-end wafer fabrication processes to deliver advanced electrochemical copper plating for copper interconnect applications. Ultra ECP map offers improved gap-filling performance for ultra-thin seed layer applications, which is critical for advanced nodes at 28nm, 14nm and beyond. |
• | In 2009 we introduced SAPS megasonic technology, which can be applied in wet wafer cleaning at numerous steps during the chip fabrication process. |
• | In 2016 we introduced TEBO technology, which can be applied at numerous steps during the fabrication of small node conventional two-dimensional and three-dimensional patterned wafers. |
• | In August 2018 we introduced the Ultra-C Tahoe wafer cleaning tool, which delivers high cleaning performance with significantly less sulfuric acid than typically consumed by conventional high temperature single-wafer cleaning tools. |
• | In March 2019 we introduced (a) the Ultra ECP AP or Advanced Wafer Level Packaging tool, a back-end assembly tool used for bumping, or applying copper, tin and nickel to wafers at the die-level prior to packaging, and (b) the Ultra ECP MAP or Multi Anode Plating tool, a front-end process tool that utilizes our proprietary technology to deliver world-class electrochemical copper planting for copper interconnect applications. |
• | In April 2020 we introduced the Ultra Furnace, our first system developed for multiple dry processing applications. |
• | In May 2020 we introduced the Ultra C Family of semi-critical cleaning systems, including the Ultra C b for backside clean, the Ultra C wb automated wet bench, and the Ultra C s scrubber. |
• | In 2011 we formed a wholly owned subsidiary in the PRC, ACM Research (Wuxi), Inc., which now is a wholly owned subsidiary of ACM Shanghai, to manage sales and service operations. |
• | In June 2017 we formed a subsidiary in Hong Kong, CleanChip Technologies Limited, which now is a wholly owned subsidiary of ACM Shanghai, to act on our behalf in Asian markets outside the PRC by, for example, serving as a trading partner between ACM Shanghai and its customers, procuring raw materials and components, performing sales and marketing activities, and making strategic investments. |
• | In December 2017 we formed a subsidiary in the Republic of Korea, ACM Research Korea CO., LTD., which now is a wholly owned subsidiary of ACM Shanghai, to serve our customers based in the Republic of Korea and perform sales, marketing, and research and development activities. |
• | In March 2019 ACM Shanghai formed a wholly owned subsidiary in the PRC, Shengwei Research (Shanghai), Inc., to manage activities related to addition of future long-term production capacity. |
• | In August 2021 we formed a wholly owned subsidiary in Singapore, ACM Research (Singapore) PTE, Ltd., to perform sales, marketing, and other business development activities. |
• | In February 2022, ACM Shanghai formed a wholly owned subsidiary in China, ACM Research (Beijing), Inc., to perform sales, marketing and other business development activities. |
• | In March 2022, ACM formed a wholly owned subsidiary in South Korea, Hanguk ACM CO., LTD, to perform business development and other related activities. |
• | Operations: We conduct substantially all of our product development, manufacturing, support and services in the PRC, and those activities have been directly impacted by the COVID–19 |
• | Customers: Our customers’ business operations have been, and are continuing to be, subject to business interruptions arising from the COVID–19 |
• | Suppliers: Our global supply chain includes components sourced from the PRC, Japan, Taiwan, the United States and Europe. While, |
• | Projects: Our strategy includes a number of plans to support the growth of our core business, including |
● | Government subsidies relating to current expenses are recorded as reductions of those expenses in the periods in which the current expenses are recorded. For the three months ended March 31, |
● | Government subsidies related to depreciable assets are credited to income over the useful lives of the related assets for which the grant was received. For the three months ended March 31, |
● | We define “shipments” of tools to include (a) a “repeat” delivery to a customer of a type of tool that the customer has previously accepted, for which we recognize revenue upon delivery, and (b) a “first-time” delivery of a “first tool” to a customer on an approval basis, for which we may recognize revenue in the future if contractual conditions are met, |
● | We define “adjusted EBITDA” as our net income excluding interest expense (net), income tax benefit (expense), depreciation and amortization, and stock-based compensation. We define adjusted EBITDA to also exclude restructuring costs, although we have not incurred any such costs to date. |
● | We define “free cash flow” as net cash provided by operating activities less purchases of property and equipment (net of proceeds from disposals) and of intangible assets. |
● | We define “adjusted operating income (loss)” as our income (loss) from operations excluding stock-based compensation. |
● | a shipment to a customer of a type of tool that the customer has previously accepted, for which we recognize revenue when the tool is delivered; and |
● | a shipment to a customer of a type of tool that the customer is receiving and evaluating for the first time, in each case a “first tool,” for which we may recognize revenue at a later date, subject to the customer’s acceptance of the tool upon the tool’s satisfaction of applicable contractual |
● | adjusted EBITDA excludes depreciation and amortization and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future; |
● | we exclude stock-based compensation expense from adjusted EBITDA and adjusted operating income (loss), although (a) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy and (b) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position; |
● | the expenses and other items that we exclude in our calculation of adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from adjusted EBITDA when they report their operating results; |
● | adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; |
● | adjusted EBITDA does not reflect interest expense, or the requirements necessary to service interest or principal payments on debt; |
● | adjusted EBITDA does not reflect income tax expense (benefit) or the cash requirements to pay taxes; |
● | adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; |
● | although depreciation and amortization charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements; and |
● | adjusted EBITDA includes expense reductions and non-operating other income attributable to PRC governmental grants, which may mask the effect of underlying developments in net income, including trends in current expenses and interest expense, and free cash flow includes the PRC governmental grants, the amount and timing of which can be difficult to predict and are outside our control. |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Adjusted EBITDA Data: | ||||||||
Net Income | $ | 5,822 | $ | 1,963 | ||||
Interest expense (income), net | 140 | (224 | ) | |||||
Income tax expense (benefit) | (2,770 | ) | 304 | |||||
Depreciation and amortization | 546 | 212 | ||||||
Stock based compensation | 1,210 | 689 | ||||||
Unrealized loss on trading securities | 1,047 | - | ||||||
Adjusted EBITDA | $ | 5,995 | $ | 2,944 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
(in thousands) | ||||||||
Adjusted EBITDA Data: | ||||||||
Net Income (loss) | $ | (7,443 | ) | $ | 5,822 | |||
Interest expense (income), net | (1,544 | ) | 140 | |||||
Income tax benefit | (4,011 | ) | (2,770 | ) | ||||
Depreciation and amortization | 1,213 | 546 | ||||||
Stock based compensation | 1,374 | 1,210 | ||||||
Unrealized loss on trading securities | 3,858 | 1,047 | ||||||
Adjusted EBITDA | $ | (6,553 | ) | $ | 5,995 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Free Cash Flow Data: | ||||||||||||||||
Net cash provided by operating activities | $ | 10,742 | $ | 3,829 | ||||||||||||
Net cash used in (provided by) in operating activities | $ | (27,729 | ) | $ | 10,742 | |||||||||||
Purchase property and equipment | (1,466 | ) | (118 | ) | (3,176 | ) | (1,466 | ) | ||||||||
Purchase of intangible assets | (112 | ) | - | (408 | ) | (112 | ) | |||||||||
Free cash flow | $ | 9,164 | $ | 3,711 | $ | (31,313 | ) | $ | 9,164 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
` | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Actual (GAAP) | SBC | Adjusted (Non-GAAP) | Actual (GAAP) | SBC | Adjusted (Non-GAAP) | Actual (GAAP) | SBC | Adjusted (Non-GAAP) | Actual (GAAP) | SBC | Adjusted (Non-GAAP) | |||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 43,732 | $ | - | $ | 43,732 | $ | 24,348 | $ | - | $ | 24,348 | $ | 42,186 | $ | - | $ | 42,186 | $ | 43,732 | $ | - | $ | 43,732 | ||||||||||||||||||||||||
Cost of revenue | (25,687 | ) | (71 | ) | (25,616 | ) | (14,120 | ) | (45 | ) | (14,075 | ) | (22,500 | ) | (113 | ) | (22,387 | ) | (25,687 | ) | (71 | ) | (25,616 | ) | ||||||||||||||||||||||||
Gross profit | 18,045 | (71 | ) | 18,116 | 10,228 | (45 | ) | 10,273 | 19,686 | (113 | ) | 19,799 | 18,045 | (71 | ) | 18,116 | ||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | (5,308 | ) | (505 | ) | (4,803 | ) | (3,005 | ) | (94 | ) | (2,911 | ) | (6,697 | ) | (354 | ) | (6,343 | ) | (5,308 | ) | (505 | ) | (4,803 | ) | ||||||||||||||||||||||||
Research and development | (5,504 | ) | (229 | ) | (5,275 | ) | (3,677 | ) | (187 | ) | (3,490 | ) | (17,346 | ) | (411 | ) | (16,935 | ) | (5,504 | ) | (229 | ) | (5,275 | ) | ||||||||||||||||||||||||
General and administrative | (3,783 | ) | (405 | ) | (3,378 | ) | (2,328 | ) | (363 | ) | (1,965 | ) | (4,949 | ) | (496 | ) | (4,453 | ) | (3,783 | ) | (405 | ) | (3,378 | ) | ||||||||||||||||||||||||
Income from operations | 3,450 | (1,210 | ) | 4,660 | 1,218 | (689 | ) | 1,907 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | (9,306 | ) | (1,374 | ) | (7,932 | ) | 3,450 | (1,210 | ) | 4,660 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Revenue | 100.0 | % | 100.0 | % | ||||
Cost of revenue | 53.3 | 58.7 | ||||||
Gross margin | 46.7 | 41.3 | ||||||
Operating expenses: | ||||||||
Sales and marketing | 15.9 | 12.1 | ||||||
Research and development | 41.1 | 12.6 | ||||||
General and administrative | 11.7 | 8.7 | ||||||
Total operating expenses, net | 68.7 | 33.4 | ||||||
Income (loss) from operations | (22.1 | ) | 7.9 | |||||
Interest income (expense), net | 3.7 | (0.3 | ) | |||||
Unrealized loss on trading securities | (9.1 | ) | (2.4 | ) | ||||
Other income (expense), net | 0.6 | 1.1 | ||||||
Equity income (loss) in net income (loss) of affiliates | (0.2 | ) | 0.7 | |||||
Income (loss) before income taxes | (27.1 | ) | 7.0 | |||||
Income tax benefit | 9.5 | 6.3 | ||||||
Net income (loss) | (17.6 | ) | 13.3 | |||||
Less: Net income (loss) attributable to non-controlling interests | (3.9 | ) | 0.8 | |||||
Net income (loss) attributable to ACM Research, Inc. | (13.7 | %) | 12.5 | % |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Revenue | 100.0 | % | 100.0 | % | ||||
Cost of revenue | 58.7 | 58.0 | ||||||
Gross margin | 41.3 | 42.0 | ||||||
Operating expenses: | ||||||||
Sales and marketing | 12.1 | 12.3 | ||||||
Research and development | 12.6 | 15.1 | ||||||
General and administrative | 8.7 | 9.6 | ||||||
Total operating expenses, net | 33.4 | 37.0 | ||||||
Income from operations | 7.9 | 5.0 | ||||||
Interest income (expense), net | (0.3 | ) | 0.9 | |||||
Unrealized loss on trading securities | (2.4 | ) | - | |||||
Other income (expense), net | 1.1 | 2.8 | ||||||
Equity income in net income of affiliates | 0.7 | 0.6 | ||||||
Income before income taxes | 7.0 | 9.3 | ||||||
Income tax benefit (expense) | 6.3 | (1.2 | ) | |||||
Net income | 13.3 | 8.1 | ||||||
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests | 0.8 | 1.1 | ||||||
Net income attributable to ACM Research, Inc. | 12.5 | % | 7.0 | % |
` | Three Months Ended March 31, | |||||||||||
2021 | 2020 | % Change | ||||||||||
Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment | 32,413 | 22,784 | 42.3 | % | ||||||||
ECP (front-end and packaging), Furnace and Other Technologies | 5,550 | - | NM | |||||||||
Advanced Packaging (excluding ECP), Services & Spares | 5,769 | 1,564 | 268.9 | % | ||||||||
Total Revenue By Product Category | 43,732 | 24,348 | 79.6 | % | ||||||||
Wet cleaning and other front-end processing tools | 31,900 | 22,784 | 40.0 | % | ||||||||
Advanced packaging, other back-end processing tools, services and spares | 11,832 | 1,564 | 656.7 | % | ||||||||
Total Revenue Front-end and Back-End | 43,732 | 24,348 | 79.6 | % |
Three Months Ended March 31, | ||||||||||||
2022 | 2021 | % Change 2022 v 2021 | ||||||||||
| (in thousands) | |||||||||||
Revenue | $ | 42,186 | $ | 43,732 | -3.5 | % | ||||||
Single wafer cleaning, Tahoe and semi-critical cleaning equipment | $ | 26,033 | $ | 32,413 | -19.7 | % | ||||||
ECP (front-end and packaging), furnace and other technologies | 12,248 | 5,550 | 120.7 | % | ||||||||
Advanced packaging (excluding ECP), services & spares | 3,905 | 5,769 | -32.3 | % | ||||||||
Total Revenue By Product Category | $ | 42,186 | $ | 43,732 | -3.5 | % | ||||||
Wet cleaning and other front-end processing tools | $ | 31,702 | $ | 31,900 | -0.6 | % | ||||||
Advanced packaging, other processing tools, services and spares | 10,484 | 11,832 | -11.4 | % | ||||||||
Total Revenue Front-end and Back-End | $ | 42,186 | $ | 43,732 | -3.5 | % |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | % Change 2021 v 2020 | 2022 | 2021 | % Change 2022 v 2021 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Cost of revenue | $ | 25,687 | $ | 14,120 | 81.9 | % | $ | 22,500 | $ | 25,687 | -12.4 | % | ||||||||||||
Gross profit | 18,045 | 10,228 | 76.4 | % | 19,686 | 18,045 | 9.1 | % | ||||||||||||||||
Gross margin | 41.3 | % | 42.0 | % | -0.7 | 46.7 | % | 41.3 | % | 540 bps |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | % Change 2021 v 2020 | 2022 | 2021 | % Change 2022 v 2021 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Sales and marketing expense | $ | 5,308 | $ | 3,005 | 76.6 | % | $ | 6,697 | $ | 5,308 | 26.2 | % | ||||||||||||
Research and development expense | 5,504 | 3,677 | 49.7 | % | 17,346 | 5,504 | 215.2 | % | ||||||||||||||||
General and administrative expense | 3,783 | 2,328 | 62.5 | % | 4,949 | 3,783 | 30.8 | % | ||||||||||||||||
Total operating expenses | $ | 14,595 | $ | 9,010 | 62.0 | % | $ | 28,992 | $ | 14,595 | 98.6 | % |
Three Months Ended March 31, | ||||||||||||
2022 | 2021 | % Change 2022 v 2021 | ||||||||||
(in thousands) | ||||||||||||
Unrealized loss on trading securities | $ | (3,858 | ) | $ | (1,047 | ) | 268.5 | % |
Three months ended March 31, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Unrealized loss on trading securities | $ | (1,047 | ) | $ | - |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | % Change 2021 v 2020 | 2022 | 2021 | % Change 2022 v 2021 | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Interest Income | $ | 49 | $ | 335 | -85.4 | % | $ | 1,805 | $ | 49 | 3583.7 | % | ||||||||||||
Interest Expense | (189 | ) | (111 | ) | 70.3 | % | (261 | ) | (189 | ) | 38.1 | % | ||||||||||||
Interest Income (expense), net | $ | (140 | ) | $ | 224 | -162.5 | % | $ | 1,544 | $ | (140 | ) | -1202.9 | % | ||||||||||
Other income, net | $ | 469 | $ | 677 | -30.7 | % | ||||||||||||||||||
Other income (expense), net | $ | 237 | $ | 469 | -49.5 | % |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Total income tax benefit (expense) | $ | 2,770 | $ | (304 | ) |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Total income tax benefit | $ | 4,011 | $ | 2,770 |
Three Months Ended March 31, | ||||||||||||
2021 | 2020 | % Change 2021 v 2020 | ||||||||||
(in thousands) | ||||||||||||
Net income attributable to non-controlling interests | $ | 352 | $ | 258 | 36.4 | % |
Three Months Ended March 31, | ||||||||||||
2022 | 2021 | % Change 2022 v 2021 | ||||||||||
(in thousands) | ||||||||||||
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests | $ | (1,657 | ) | $ | 352 | -570.7 | % |
Lender | Agreement Date | Maturity Date | Annual Interest Rate | Maximum Borrowing Amount(1) | Amount Outstanding at March 31, 2021 | Agreement Date | Maturity Date | Annual Interest Rate | Maximum Borrowing Amount(1) | Amount Outstanding at March 31, 2022 | ||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||
Bank of Shanghai Pudong Branch | April 2020 | May 2021 - June 2021 | 3.48%-4.68 | % | RMB70,000 | RMB54,911 | June 2021 | June 2022 | 2.70 | % | RMB100,000 | RMB29,313 | ||||||||||||||||||
$ | 10,654 | $ | 8,357 | $ | 15,750 | $ | 4,617 | |||||||||||||||||||||||
China Everbright Bank | July 2021 | October 2022 | 1.95 | % | RMB150,000 | RMB21,637 | ||||||||||||||||||||||||
$ | 23,625 | $ | 3,408 | |||||||||||||||||||||||||||
Bank of Communications | April 2020 | April 2021 - May 2021 | 3.65%-4.65 | % | RMB20,000 | RMB20,000 | October 2021 | October 2022 | 3.85 | % | RMB60,000 | RMB10,000 | ||||||||||||||||||
$ | 3,044 | $ | 3,044 | |||||||||||||||||||||||||||
China Everbright Bank | April 2020 | April 2021 - September 2021 | 2.5%-4.7 | % | RMB80,000 | RMB41,424 | ||||||||||||||||||||||||
$ | 12,176 | $ | 6,305 | $ | 9,450 | $ | 1,575 | |||||||||||||||||||||||
China Merchants Bank | August 2020 | August 2021 -February 2022 | 3.85 | % | RMB80,000 | RMB38,000 | November 2020 | Repayable by installments and the last installments repayble in November 2030 | 4.65 | % | RMB128,500 | RMB114,611 | ||||||||||||||||||
$ | 12,176 | $ | 5,784 | $ | 20,239 | $ | 18,051 | |||||||||||||||||||||||
China Merchants Bank | November 2020 | Repayable by installments and the last installments repayable in November 2030 | 4.65 | % | RMB128,500 | RMB125,108 | ||||||||||||||||||||||||
Bank of China | June 2021 | Repayable by installments and the last installments repayble in June 2024 | 2.60 | % | RMB10,000 | RMB9,500 | ||||||||||||||||||||||||
$ | 19,558 | $ | 19,042 | $ | 1,575 | $ | 1,497 | |||||||||||||||||||||||
Industrial Bank of Korea | July 2020 | July 2021 | 3.99 | % | KRW500,000 | NIL | ||||||||||||||||||||||||
Bank of China | September, 2021 | Repayable by installments and the last installments repayble in September 2021 | 2.60 | % | RMB35,000 | RMB33,250 | ||||||||||||||||||||||||
$ | 428 | - | $ | 5,512 | $ | 5,237 | ||||||||||||||||||||||||
$ | 58,036 | $ | 42,532 | $ | 76,151 | $ | 34,385 |
(1) | Converted from RMB to dollars as of March 31, |
March 31, 2021 | ||||
(in thousands) | ||||
Total current assets | $ | 286,552 | ||
Total current liabilities | 128,035 | |||
Working capital | $ | 158,517 |
March 31, 2022 | ||||
(in thousands) | ||||
Cash and cash equivalents | $ | 380,311 | ||
Accounts receivable, less allowance for doubtful amounts | 106,351 | |||
Inventory | 271,538 | |||
Working capital | $ | 758,200 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risks |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Exercised Shares (Net) | ||||
January 3, 2022 | 39,645 | |||
March 2, 2022 | 36,807 | |||
March 3, 2022 | 39,633 | |||
March 14, 2021 | 18,000 | |||
134,085 |
Item 6. | Exhibits |
Exhibit No. | Description | |
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in exhibit 101) |
ACM RESEARCH, INC. | |||
Date: May | By: | /s/ Mark McKechnie | |
Mark McKechnie | |||
Chief Financial Officer, Executive Vice President and Treasurer (Principal Financial Officer) |