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ACM Research (ACMR) Q3 2025 earnings results (third quarter 2025)

10-Q filed Nov 6, 2025

ACM Research (ACMR) reported revenue of $269M for the third quarter 2025 (Q3 2025), +32% from a year earlier and +25% from the quarter before. Operating margin was 10.7%, net earnings $35.9M (13.3% of revenue).

Revenue$269M
Year over year+32%
Quarter over quarter+25%
Operating margin10.7%
Net earnings$35.9M

ACM Research, Q3 2025: revenue $269M (+32% year over year), operating margin 10.7%, net earnings $35.9M, operating cash flow −$4.6M. The chart follows the revenue to costs, profit and cash.

Q3 2025AmountQ/QY/Y
Revenue$269M+25%+32%
Gross profit$113M+8%+8%
Operating profit$28.9M-9%-35%
Net earnings$35.9M+21%+16%
Operating cash flow−$4.6M——

What changed

Revenue was $269.2M in Q3 2025, up 32% year over year and up 25% from the previous quarter. Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment was the largest line at 67% of revenue. ECP (front-end and packaging), Furnace and Other Technologies added $25.3M year over year (up 73%), 39% of the total change.

Gross margin was 42.0%, down 9.4 points from a year earlier. Operating profit was $28.9M, a 10.7% margin (down 10.9 points year over year). Operating profit fell $15.3M even though revenue rose $65.2M versus a year earlier, so costs grew faster than sales. Operating expenses grew 39% against revenue growth of 32%. The fastest-growing cost line was Research & development (+42%). Net earnings were $35.9M, up 16% year over year. The effective tax rate was 5.5%. Non-operating items added $20.2M, 41% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$4.6M. Non-cash charges added back $2.5M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items used $61.0M. Capital expenditures of $11.0M exceeded it, leaving free cash flow of −$15.6M.

Questions

What was ACM Research's revenue in the third quarter 2025?

ACM Research (ACMR) reported revenue of $269M for the third quarter 2025 (Q3 2025), +32% from a year earlier and +25% from the quarter before.

Was ACM Research profitable in the third quarter 2025?

Operating profit was $28.9M (10.7% of revenue) and net earnings $35.9M.

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Source: ACM Research 10-Q on SEC EDGAR.