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Companies · ACMR · Special Industry Machinery, Nec · Company update · Aug 7, 2026

Revenue and adjusted EPS beat, while full-year guidance moved higher

ACM Research, Inc. (ACMR) — what happened, in plain English, and what it means versus what the market expected.

The quarter came in ahead of published expectations. Revenue was $292.9 million versus a published estimate of roughly $269 million, while non-GAAP diluted EPS was $0.61 versus published estimates around $0.42. The operating result was also solid: non-GAAP operating income rose 36% year over year to $56.3 million, despite higher investment in research and development. (Financial Highlights; Reconciliation of GAAP to Non-GAAP Financial Measures)

MetricQ2 2026Q2 2025Expectation / prior guidance
Revenue$292.9M$215.4M~$269.0M published consensus
Non-GAAP diluted EPS$0.61$0.55~$0.42 published consensus
Non-GAAP operating income$56.3M$41.5M—
Gross margin46.0%48.5%—
Non-GAAP net income$44.5M$37.3M—

The quality of earnings was better than the headline GAAP EPS suggests. GAAP diluted EPS was $1.23, but $69.6 million of unrealized investment gains drove much of the gap; excluding that mark-to-market gain and stock compensation, diluted EPS was $0.61. (Condensed Consolidated Statements of Operations; Reconciliation of GAAP to Non-GAAP Financial Measures) The core business still improved, with non-GAAP net income up 19% year over year, but the investment gain should not be treated as recurring operating earnings.

Growth is shifting toward the newer product lines. ECP, furnace and other technologies revenue jumped to $128.5 million from $48.0 million, while advanced packaging excluding ECP, services and spares rose to $31.4 million from $12.4 million. Single-wafer cleaning, Tahoe and semi-critical cleaning fell to $133.0 million from $155.0 million. (Revenue by Product Category) That mix explains both the strong growth and the softer margin: gross margin declined 250 basis points to 46.0%, although operating margin improved to 17.0% from 14.7%. (Financial Highlights; Condensed Consolidated Statements of Operations)

The guidance change adds incremental upside rather than a wholesale reset. Fiscal 2026 revenue guidance moved to $1.125 billion-$1.175 billion from $1.08 billion-$1.175 billion. (Revenue Guidance) The ceiling was unchanged, but the floor rose by $45 million and the midpoint increased by $22.5 million. With first-half revenue already at $524.2 million, the revised range implies roughly $600.8 million-$650.8 million for the second half. (Six-Month Financial Highlights) Net cash also increased to approximately $1.0 billion, giving the company room to fund capacity and new-product ramps. (Balance Sheet; Liquidity Commentary)

Net read: a genuine beat-and-raise, tempered by margin pressure and non-operating noise. The market received stronger-than-expected revenue and adjusted earnings, plus a higher revenue floor for the year. The main deduction is that growth is coming with lower gross margin and greater dependence on ECP and advanced-packaging ramps, while GAAP earnings were heavily inflated by investment gains. Overall, the filing lands materially better than the standing expectation, but the underlying operating improvement is less dramatic than the GAAP headline.

Read the original 8-K on SEC EDGAR ↗
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