ACM Research, Inc. (ACMR) · Nov 5, 2026 · Earnings
Beat — Non-GAAP diluted EPS $0.55 vs ~$0.51 consensus; revenue $367.7M vs ~$310.6M consensus
ACM Research earnings far exceeded revenue expectations and lifted 2026 guidance, while an investment loss obscured stronger underlying operations.
ACM Research entered this quarter in a scale-up phase: broadening beyond its cleaning base into ECP and advanced packaging while expanding overseas sales and Lingang manufacturing capacity. That direction was already established before this release, so the new information is the pace of execution and the size of the outlook increase.
The operating business materially beat expectations. Revenue reached $367.7 million, versus a published consensus of roughly $310.6 million, while non-GAAP diluted EPS was $0.55 versus about $0.51 expected. The revenue surprise is especially notable because the company had already disclosed preliminary third-quarter revenue of approximately $360 million to $365 million; the final result came in above that range. The quarter was driven by ECP, furnace technologies, cleaning, and advanced packaging, not just one isolated product line.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $367.7M (+36.6%) | $269.2M | ~$310.6M |
| Non-GAAP diluted EPS (Financial Highlights) | $0.55 | $0.41 | ~$0.51 |
| Gross margin (Financial Highlights) | 41.5% | 42.0% | |
| Non-GAAP operating margin (Financial Highlights) | 18.0% | 13.6% |
Management raised the full-year revenue framework by more than a routine increment. The new $1.24 billion to $1.28 billion range is above the previous $1.125 billion to $1.175 billion range, implying roughly 38% to 42% growth and requiring a very strong fourth quarter. That lift converts strong shipments into a higher expected revenue base, although some shipments still await customer acceptance and trade policy, supply constraints, and customer spending remain explicit swing factors.
The headline GAAP EPS collapse is mostly an investment-marking distortion, not an operating reversal. ACM reported only $0.02 of GAAP diluted EPS because of a $39.1 million unrealized loss on short-term investments, compared with a $18.7 million gain a year earlier. Excluding that item and stock compensation, non-GAAP net income rose to $40.5 million from $28.4 million. The real operating blemish is narrower: gross margin slipped below both last year and the company’s 42%-48% long-term model range, even as operating leverage improved sharply.
Bottom line: This is a clear execution beat and a meaningful upgrade to ACM’s near-term growth story, led by stronger demand and broader product traction. Lower gross margin and unconverted tool shipments temper the picture, but they do not outweigh the revenue surprise and guidance raise.
Q4 tool acceptances and shipment conversion
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