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ACM Research cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$95.6M in Q3 2026 · −$199M over twelve months

Operating cash flow−$70.4M
Capital spending−$25.2M
Free cash flow−$95.6M
Cash / net income-11.1×

Analysis

In Q3 2026, ACM Research generated −$70.4M of operating cash flow and spent $25.2M on capital projects, leaving free cash flow of −$95.6M. That is $80.0M less than in Q3 2025 (−$15.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$72.4M; the largest uses were other investing ($327M), capital spending ($126M), operating cash flow ($72.4M); besides operations, cash came from other financing ($259M), shares issued ($58.3M); the cash balance fell by $161M.

Operating cash flow was −$70.4M against net income of $6.3M — -11.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$157M, inventory −$65.3M, payables +$61.8M.

Free cash flow

ACM Research: free cash flow by quarterACM Research: free cash flow by quarter$77.2MQ4 2024−$11.4MQ1 2025−$59.6MQ2 2025−$15.6MQ3 2025$20.1MQ4 2025−$51.7MQ1 2026−$71.5MQ2 2026−$95.6MQ3 2026
Operating cash flow less capital spending.
ACM Research: operating cash flow against capital spendingACM Research: operating cash flow against capital spendingOperating cash flowCapital spending$88.6M$11.4MQ4 2024$5.3M$16.7MQ1 2025−$44.9M$14.7MQ2 2025−$4.6M$11.0MQ3 2025$33.9M$13.8MQ4 2025−$29.5M$22.2MQ1 2026−$6.4M$65.1MQ2 2026−$70.4M$25.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$70.4M, Capital spending $25.2M.

Capital allocation, year by year

ACM Research: where the cash came from (up) and went (down), by fiscal yearACM Research: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$40.1MFY2021: Net borrowing −$9.9MFY2021: Shares issued $3.4MFY2021: Capital spending −$9.2M$3.4MFY2021FY2022: Operating cash flow −$62.2MFY2022: Net borrowing $44.6MFY2022: Shares issued $1.3MFY2022: Capital spending −$91.1M$45.9MFY2022FY2023: Operating cash flow −$75.3MFY2023: Net borrowing $16.3MFY2023: Shares issued $6.1MFY2023: Capital spending −$61.9M$22.5MFY2023FY2024: Operating cash flow $152MFY2024: Net borrowing $88.3MFY2024: Shares issued $11.1MFY2024: Capital spending −$82.5M$252MFY2024FY2025: Operating cash flow −$10.3MFY2025: Net borrowing $99.1MFY2025: Shares issued $34.8MFY2025: Capital spending −$56.3MFY2025: Buybacks −$7.0M$134MFY2025
Over these 5 years operating cash flow totalled −$35.5M; the largest uses were capital spending ($301M) and operating cash flow ($188M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$952M
Debt$343M
Net cash$609M
Due within a year$35.1M
Cash runway4.8 years

ACM Research is burning cash: its operations consume cash, a free cash flow of −$199M a year at the current rate against $952M of cash and investments: a runway of about 4.8 years; $35.1M of debt also comes due within a year, which the cash covers before any new financing.

ACM Research: debt maturities by year (FY2025)ACM Research: debt maturities by year (FY2025)$35.1MYear 1$102MYear 2$41.3MYear 3$7.8MYear 4$7.7MYear 5$19.9MAfter year 5
Principal due in each year as disclosed in the annual report, against $952M of cash and investments now.

Where the cash came from and went

ACM Research: sources (+) and uses (−) of cash, Q3 2026ACM Research: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$84.1MOperating cash flow−$70.4MCapital spending−$25.2MShares issued$20.6MOther financing−$11.8MExchange rates$5.1MNet borrowing (+) / repaid (−)−$1.7MOther investing−$936KPartners$138K
ACM Research: sources (+) and uses (−) of cash, TTM to Q3 2026ACM Research: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$327MOther financing$259MCash drawn (+) / kept (−)$161MCapital spending−$126MOperating cash flow−$72.4MShares issued$58.3MNet borrowing (+) / repaid (−)$39.0MExchange rates$20.4MPartners−$11.6M

From profit to cash

ACM Research: net income to operating cash flow, Q3 2026ACM Research: net income to operating cash flow, Q3 2026Net income$6.3MDepreciation & amortization$7.0MStock-based pay$10.7MDeferred taxes−$4.6MReceivables−$157MInventory−$65.3MPayables$61.8MDeferred revenue−$5.2MPrepaid and other assets−$4.1MOther liabilities$464KIncome taxes payable$3.4MOperating cash flow−$70.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$70.4M−$25.2M−$1.7M$20.6M$84.1M−$95.6M
Q2 2026−$6.4M−$65.1M$7.6M$13.2M−$96.5M−$71.5M
Q1 2026−$29.5M−$22.2M$35.6M$17.5M−$128M−$51.7M
Q4 2025$33.9M−$13.8M−$2.5M$6.9M$301M$20.1M
Q3 2025−$4.6M−$11.0M$7.4M$4.3M−$614M−$15.6M
Q2 2025−$44.9M−$14.7M$49.8M$853K$14.9M−$59.6M
Q1 2025$5.3M−$16.7M$44.3M$22.7M−$56.5M−$11.4M
Q4 2024$88.6M−$11.4M$10.8M$4.6M−$76.1M$77.2M

ACM Research: income statement and cash flow

ACM Research, Q3 2026: revenue $368M (+37% year over year), operating margin 15.1%. The chart follows the revenue to costs, profit and cash.

ACM Research: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.