ACM Research, Inc. (ACMR) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the ACM Research first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, we're recording today's call. If you have any objections, you may disconnect at this time. Now I'll turn the call over to Mr. Steven Pelayo, Managing Director of Blueshirt Group. Steven, please go ahead.

各位女士、先生，大家好。感謝各位撥冗等候，歡迎參加 ACM Research 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次通話將被錄音。如您對錄音有任何異議，請於此時中斷連線。現在我將把電話交給 Blueshirt Group 董事總經理 Steven Pelayo 先生。Steven，請開始。

n the call over to Mr. Stephen Paleo, Managing Director of the Blue Shirt Group. Stephen, please go ahead.

現在把電話交給 Blue Shirt Group 董事總經理 Stephen Paleo 先生。Stephen，請開始。

Thank you. Good day, ladies and gentlemen. Thank you for standing by, and welcome to ACM Research First Quarter 2026 Earnings Conference Call. (Operator Instructions) As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

謝謝。各位女士、先生，大家好。感謝各位撥冗等候，歡迎參加 ACM Research 2026 年第一季財報電話會議。（接線員指示）提醒各位，我們正在錄製今天的通話。如您有任何異議，請於此時中斷連線。

Sorry, I'm repeating that. We released first quarter 2026 results before the US market opened today. The release is available on our website as well as from newswire services. There's also a supplemental slide deck posted to the Investors section of our website that we will reference during our prepared remarks.

抱歉，我剛才重複了。今天在美國市場開盤前，我們已發布 2026 年第一季業績。新聞稿可於我們網站以及各大新聞線服務取得。我們也在網站投資人關係（Investors）專區上傳了一份補充簡報，我們在事先準備的發言中將會引用。

On the call with me today are our CEO, Dr. David Wang; our CFO, Mark McKechnie; and Lisa Feng, our CFO of our operating subsidiary, ACM Shanghai. Before we continue, please turn to Slide 2. Let me remind you that remarks made during this call may include predictions, estimates or other information that might be considered forward-looking. These forward-looking statements represent ACM's current judgment for the future.

今天與我一同出席的有：我們的執行長 David Wang 王博士；我們的財務長 Mark McKechnie；以及我們營運子公司 ACM 上海的財務長 Lisa Feng。繼續之前，請翻到投影片第 2 頁。提醒各位，本次通話中的發言可能包含預測、估計或其他可能被視為前瞻性陳述的資訊。這些前瞻性陳述代表 ACM 對未來的目前判斷。

However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under Risk Factors and elsewhere in ACM's filings with the Securities and Exchange Commission. Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinions only as of the date of this call.

然而，這些陳述仍受風險與不確定性影響，可能導致實際結果與前述內容出現重大差異。相關風險已在 ACM 向美國證券交易委員會提交的文件之「風險因素」及其他章節中說明。請勿過度依賴這些前瞻性陳述，其僅反映截至本次通話日期 ACM 的觀點。

ACM is not obliged to update you on any revisions to these forward-looking statements. Certain financial results that we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation and an unrealized gain and loss on short-term investments.

ACM 無義務就這些前瞻性陳述的任何修訂向各位更新。本次通話中我們提供的部分財務結果將以非 GAAP 基礎呈現，排除以股份為基礎之薪酬費用，以及短期投資的未實現損益。

For our GAAP results and reconciliation between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website and on Slide 13. Also, unless otherwise noted, the following figures refer to the first quarter of 2026, and the comparisons are to the first quarter of 2025. So with that, I'm going to now turn the call over to David Wang. David?

如需 GAAP 結果以及 GAAP 與非 GAAP 金額之間的調節，請參閱我們的財報新聞稿（已發布於官網投資人關係專區）以及投影片第 13 頁。此外，除非另有說明，下列數據均指 2026 年第一季，對比基準為 2025 年第一季。那麼，接下來我將把電話交給 David Wang。David？

Thanks, Steven. Hello, everyone, and welcome to ACM's first Quarter 2026 earnings conference call. We started the year with a solid Q1 report with revenue up 34% and gross margin above the midpoint of our long-term target range. Revenue growth for the quarter was driven by the continued strength in our ECP and Advanced Packaging business. With a global boom in AI, the market is demanding solution for enabling high-speed, high-density and low-power consumption semiconductor devices manufacturing.

謝謝你，Steven。各位好，歡迎參加 ACM 2026 年第一季財報電話會議。我們以穩健的第一季表現開啟今年，營收成長 34%，毛利率高於我們長期目標區間的中位數。本季營收成長主要由 ECP 與先進封裝業務的持續強勁所帶動。隨著全球 AI 熱潮，市場對於能夠支援高速、高密度、低功耗半導體元件製造的解決方案需求大增。

Many of which have not yet been invented. It is clear that ACM's focus on world-class differentiated tool based on our own IP is right strategy to win in the global market. We are happy to see 2026 as a big year for new product. Our investment in our proprietary R&D over the past 5 years, together with our fully functioning [indiscernible] at Lingang, is beginning to deliver significant benefit. For instance, we now have industry-leading offering across multiple product categories that enable our global customers to effectively solving their evolving production challenges.

其中許多解決方案甚至尚未被發明。很明顯，ACM 專注於以自有 IP 為基礎、具世界級差異化的設備工具，是在全球市場取勝的正確策略。我們很高興看到 2026 年將是新產品的大年。過去 5 年我們對自有研發的投入，加上位於臨港、已全面運作的[聽不清]，正開始帶來顯著效益。例如，我們目前在多個產品類別都具備業界領先的產品組合，協助全球客戶有效解決其不斷演進的量產挑戰。

As we progress through 2026, we expect to see an increased impact to our financials from new product. With regard to revenue, we anticipate incremental contribution from new product cycle from Tahoe, single-wafer SPM and our vertical furnace product. With regard to the shipment, we expect to increased shipment of our evaluation tool across a range of customers for our panel level horizontal plating, panel low-pressure flux cleaning, high-throughput track and PECVD tools. This quarter, at SEMICON China, we announced the ACM Planetary Family. This organized ACM tool portfolio into a product family, aligned with the key step in the semiconductor manufacturing process.

隨著 2026 年推進，我們預期新產品對財務表現的影響將進一步提升。在營收方面，我們預期 Tahoe、單片式 SPM 以及立式爐管產品的新產品週期將帶來增量貢獻。在出貨方面，我們預期面板級水平電鍍、面板低壓助焊劑清洗（flux cleaning）、高吞吐量 track 與 PECVD 設備等評估機台，將在多家客戶間增加出貨。本季在 SEMICON China，我們發布了 ACM Planetary Family，將 ACM 的設備產品組合依半導體製造流程中的關鍵步驟，整理成產品家族。

This represents ACM's comprehensive world-class multiproduct offering and the global reach of our company. We encourage you to view the video on our IR website. Now on to our business results. Please turn to Slide 3. First quarter revenue was [$231] million, up [34%].

這展現了 ACM 全面、世界級的多產品供應能力，以及公司的全球佈局。我們鼓勵各位至我們的投資人關係網站觀看相關影片。接著談業務成果，請翻到投影片第 3 頁。第一季營收為 [2.31] 億美元，年增 [34%]。

The ECP category was a primary growth driver with revenue up more than three times year-over-year. Next, advanced packaging services spare parts category was growing 62%. This was partly offset by cleaning, which declined by 6%. We had a little contribution from new cleaning product in our Q1 2026 revenue. But as I will discuss later in the call, we have a significant ramp ahead for our single-wafer SPM tools, which we delivering in Q1.

ECP 類別是主要成長動能，營收年增超過三倍。其次，先進封裝服務與備品備件（spare parts）類別成長 62%。部分被清洗（cleaning）業務年減 6% 所抵銷。我們在 2026 年第一季營收中，新清洗產品的貢獻仍不大。但如我稍後在電話會議中將討論的，我們的單片式 SPM 設備在前方有顯著的放量爬坡，而我們已在第一季開始交付。

Shipments for the first quarter were $241 million, up 54%. The solid growth reflects strong customer demand and execution across our product portfolio, and it also includes contribution from the initial ramp of single-wafer SPM tools for wafers shipment of the cleaning category grew by 32% for the quarter.

第一季出貨金額為 2.41 億美元，年增 54%。這項穩健成長反映客戶需求強勁，以及我們在整體產品組合上的執行力；同時也包含單片式 SPM 設備初期放量的貢獻。清洗類別的晶圓出貨本季成長 32%。

I also note that about 15% of Q1 shipments were from catch-up of product that had been rescheduled from Q4 of last year. For 2026, we continue to expect the shipment growing to outpace revenue growth. Gross margin was 46.5% for the first quarter, above the middle point of our long-term range, 42% to 48%.

我也要指出，第一季約 15% 的出貨來自於去年第四季延後、在本季補交的產品。對於 2026 年，我們仍預期出貨成長將快於營收成長。第一季毛利率為 46.5%，高於我們長期目標區間 42% 至 48% 的中位數。

We ended the first quarter with gross cash of $1.3 billion and net cash, $924 million. This balance including $110 million of gross proceeds from February sale of ACM Shanghai shares, the capital providing a solid foundation for continued investment in our global operations. Now I will provide detail on product. Please turn to Slide 4. Revenue from single-wafer cleaning, Tahoe semi-critical cleaning tool was down 6%.

第一季結束時，我們的總現金為 13 億美元，淨現金為 9.24 億美元。此餘額包含 2 月出售 ACM 上海股份所得之 1.10 億美元總募集款，為我們持續投資全球營運提供了穩固基礎。接下來我將提供產品方面的細節。請翻到投影片第 4 頁。單片式清洗方面，Tahoe 半關鍵（semi-critical）清洗設備營收年減 6%。

We continue to believe ACM's full product offering in cleaning is amongst the best in the world. As noted in the prior calls, we believe cleaning technology becomes even more important as the industry moving to more advanced production technology. This trend play directly to ACM's strength, particularly in differentiated technology such as N2 bubbling wet etcher, single-wafer SPM cleaning,

我們仍然相信，ACM 在清洗領域的完整產品組合是全球最優秀之一。如同先前電話會議所提到的，隨著產業邁向更先進的製程技術，清洗技術的重要性將更為提升。這一趨勢正好發揮 ACM 的優勢，特別是在差異化技術方面，例如 N2 氣泡濕式蝕刻（N2 bubbling wet etcher）、單片式 SPM 清洗、

Tahoe and others. I'm pleased to announce today that we expect a significant production ramping of single-wafer SPM production product line with more than 15 to 20 units to be delivered by year-end across our customer base. This is a result of many years of R&D by our team to develop a better solution than the current market leader.

Tahoe 等等。我很高興今天宣布，我們預期單片式 SPM 量產產品線將出現顯著的產能爬坡，至年底在客戶群中交付超過 15 至 20 台。這是我們團隊多年研發的成果，旨在提供優於目前市場領導者的解決方案。

As I noted for the past several investor calls, ACM proprietary approach delivered excellent particle performance with a fewer than 15 particle at 15-nanometer, much better than market leader, while other players need a periodical DI water cleaning of the process chamber and the surrounding environment to remove residue generated by the hot SPM films.

如我在過去幾次投資人電話會議中所提到，ACM 的專有方法在微粒表現上非常出色，在 15 奈米規格下微粒數少於 15 顆，明顯優於市場領導者；而其他競爭者需要定期以去離子水（DI water）清洗製程腔體及周邊環境，以去除熱 SPM 薄膜所產生的殘留物。

Our system does not. Instead, our unique module design providing a maintenance-free solution as the chamber does not need to be taken offline for periodical DI water cleaning. This not only improved tool uptime but also enhanced particle cleaning performance at 13 nanoparicle and beyond. Such fine particle removal is very critical for manufacturer advanced node GAA logic devices and memory devices such as SPM.

我們的系統不需要。相反地，我們獨特的模組設計提供免維護解決方案，因為腔體不必為了定期 DI 水清洗而下線。這不僅提升設備稼動率（uptime），也在 13 奈米微粒及更小尺寸上進一步強化微粒清洗效能。如此精細的微粒去除，對於製造先進節點 GAA 邏輯元件與記憶體元件（例如 SPM）至關重要。

It is no surprise that we are also seeing strong interest in our SPM tool from multiple global customers.SPM cleaning process tool has occupied 30% of the cleaning market. We believe our innovative hot SPM tool will take a significant market share in the next few years.

因此，我們也看到多家全球客戶對我們的 SPM 設備展現強烈興趣並不令人意外。SPM 清洗製程設備約占清洗市場的 30%。我們相信，我們創新的熱 SPM 設備將在未來幾年取得可觀的市占率。

Revenue for ECP, furnace and other technology grew 205%. Growing was driven by strong momentum in electroplating, supported by our leading position and expanding engagement across both front-end and advanced packaging applications. In advanced packaging, our panel level horizontal plating solution is gaining additional traction in Asia and with the global customers.

ECP、爐管及其他技術的營收成長 205%。成長主要由電鍍業務的強勁動能所帶動，受惠於我們的領先地位，以及在前段製程與先進封裝應用中不斷擴大的合作與導入。在先進封裝方面，我們的面板級水平電鍍解決方案在亞洲以及全球客戶端正獲得更多採用與進展。

We began development of our panel-level horizontal electroplating platform in 2022, well ahead of the industry and delivered world first horizontal plating tool, 515x510 millimeter, to a customer in the fourth quarter last year. Since then, we have continued to expand customer engagements and build a backlog, supporting both 515x510 millimeter and [310x310] millimeter format panels.

我們於 2022 年即開始開發面板級水平電鍍平台，領先產業進度，並於去年第四季向客戶交付全球首台 515x510 毫米的水平電鍍設備。此後，我們持續擴大客戶合作並建立訂單能見度（backlog），同時支援 515x510 毫米與 [310x310] 毫米規格的面板。

In April, we presented a keynote at the Taiwan Electronic Equipment Forum on 3D IC packaging technology, highlighting our role in enabling next-generation AI driven packaging solutions. We are confident that a successful customer evaluation will lead to volume production order for 515x510 and additional evaluation of 310x310 later this year. For our vertical furnace business, tools are under evaluation at multiple customer sites, and we continue to expect a more meaningful revenue contribution later this year.

4 月，我們在台灣電子設備論壇就 3D IC 封裝技術發表主題演講，強調我們在推動下一代 AI 驅動封裝解決方案方面的關鍵角色。我們有信心，客戶評估一旦成功，將帶來 515x510 的量產訂單，並於今年稍晚進一步評估 310x310。至於我們的立式爐管業務，多套設備正在多個客戶據點進行評估，我們仍預期今年稍晚將帶來更具意義的營收貢獻。

We continue to see solid demand across key applications, including PECVD, oxidation, thermal ALD, PLD and ultra-high temperature anneal supported by our ongoing technology development. Revenue from advanced packaging, which excludes ECP, but including services and spares was up 62%.

在持續的技術開發支持下，我們在多項關鍵應用上仍看到穩健需求，包括 PECVD、氧化、熱式 ALD、PLD 以及超高溫退火。先進封裝（不含 ECP，但包含服務與備品）營收成長 62%。

This category including coders, developer etcher, strippers, scrubber and vacuum clean flux tools, supporting a range -- a broader range of advanced packaging applications. We're also providing back-end plating tool, including in ECP category. Last quarter, we announced multiple advanced packaging equipment orders from leader -- leading global customers.

此類別包含塗佈顯影機（coaters/developers）、蝕刻機、去膠機（strippers）、刷洗機（scrubber）以及真空清洗助焊劑（flux）設備，支援更廣泛的先進封裝應用。我們也提供後段電鍍設備，並納入 ECP 類別。上季我們宣布，已獲得多筆來自全球領先客戶的先進封裝設備訂單。

In Q1, we shipped our panel-level vacuum cleaning system to a leading global semiconductor packaging manufacturer outside Mainland China. We also completed shipment of multiple wafer level advanced packaging system to a leading OSAT customer in Singapore.

在第一季，我們將面板級真空清洗系統出貨給一家位於中國大陸以外的全球領先半導體封裝製造商。我們也完成多套晶圓級先進封裝系統出貨給新加坡一家領先的 OSAT 客戶。

ACM is unique -- is uniquely positioned with a comprehensive set of wet process solutions and plating technology to address key process steps in advanced packaging. Our integrated process capability provide valuable insight into next-generation packaging challenges as industry evolves towards 2.5D and 3D integration, including TSV-based architecture and heterogeneous integration, we believe our capability position us to supporting this increasingly complex requirements.

ACM 具備獨特優勢——以完整的濕製程解決方案與電鍍技術，涵蓋先進封裝中的關鍵製程步驟。我們的整合式製程能力，能在產業朝向 2.5D 與 3D 整合演進（包括以 TSV 為基礎的架構與異質整合）時，提供對下一代封裝挑戰的寶貴洞見；我們相信，我們的能力使我們得以支援這些日益複雜的需求。

We are making good progress with our new track and PECVD platforms. In April, we shipped our first PECVD silicon carbon nitride system to a leading semiconductor manufacturer, now in customer evaluation process. This is a big deal.

我們在新一代塗佈顯影（track）與 PECVD 平台上取得良好進展。4 月，我們將首套 PECVD 矽碳氮化物系統出貨給一家領先的半導體製造商，目前正處於客戶評估流程中。這是一件大事。

We achieved a great results in our mini line and the tool is now being evaluated at the customer site. The system incorporate ACM proprietary three-station rotating architecture and 1 station 1 RF technology, enabling strong film uniformity, interface control, process stability and small footprint. We believe this positions us for growth in back end of the line and advanced packaging.

我們在 mini line 上取得很好的成果，設備目前正在客戶端進行評估。該系統採用 ACM 專有的三工位旋轉式架構與「一工位一 RF」技術，可實現優異的薄膜均勻性、介面控制、製程穩定性與小占地面積。我們相信，這將使我們在後段製程（BEOL）與先進封裝領域具備成長動能。

For high-throughput 300 WPH KrF track tool, we delivered our first tool evaluation last September and are progressing towards mass production qualification this year, and we continue to see growing interest from multiple customers for both stand-alone and the configuration integrated with the scanner. ACM culture is deeply rooted in differentiated R&D.

針對高產能 300 WPH 的 KrF track 設備，我們於去年 9 月交付首台設備進行評估，並正朝今年的量產認證推進；同時，我們持續看到多家客戶對獨立機型以及與曝光機（scanner）整合配置的興趣日益增加。ACM 的文化深植於差異化研發。

We bring innovative solutions to the ever-evolving challenges faced by major global semiconductor manufacturers. Our current success is driven by good decision-making fact and the future success depends on today's innovation.

我們為全球主要半導體製造商所面臨、持續演進的挑戰帶來創新解決方案。我們目前的成功來自良好的決策與事實依據，而未來的成功取決於今天的創新。

We are committed to our strategy to providing a long-term road map of world-class tool across our growing product portfolio. We remain confident in our $4 billion revenue target and our longer-term goal of becoming a top-tier supplier of capital equipment to the global semiconductor industry. Next, let me provide an update on our production facility.

我們致力於既定策略，為不斷擴大的產品組合提供世界級設備的長期產品藍圖。我們仍對 40 億美元營收目標充滿信心，並以成為全球半導體產業一流資本設備供應商作為更長期目標。接下來，我將更新我們的生產設施進展。

First, on Lingang, please turn to Slide 8. The first building is in volume production, and we plan to open the second building later this year. Together with two facilities, we can support up to $3 billion in annual output. On a strategic note, I will now discuss our Lingang line, which went into full operation in the second half of last year. We now have a fully experiment R&D line in the Class 100 Environment, running our own tool and those of other vendors.

首先是臨港，請翻到投影片 8。第一棟廠房已進入量產，我們計畫於今年稍晚啟用第二棟廠房。兩座設施合計可支援每年最高約 30 億美元的產出。從策略角度，我接著說明臨港產線：該產線於去年下半年全面投入運作。我們目前在 Class 100 環境中建置了完整的實驗研發產線，運行我們自有設備以及其他供應商的設備。

This is a big deal. It is accelerating our own R&D effort, and it will also speed up our joint R&D collaboration with our customer in Asia. We expect this to have a meaningful impact on our operating model. For new product rather than delivering multiple tool for extended customer evaluation, we now process custom wafer on our new product in the Lingang mini line to validate the tool to meet the customer specific requirements before shipment. We expect this approach to shorten qualification cycle of a new product at the customer site, shorten the time of conversion to revenue and enhance overall capital efficiency.

這是一件大事。它正在加速我們自身的研發投入，也將加快我們與亞洲客戶的聯合研發合作。我們預期這將對我們的營運模式帶來實質影響。對於新產品而言，相較於交付多台設備進行長時間的客戶評估，我們現在會在臨港 mini line 以新產品處理客製化晶圓，在出貨前先驗證設備能符合客戶的特定需求。我們預期此作法可縮短新產品在客戶端的認證週期、縮短轉化為營收的時間，並提升整體資本效率。

We are now already seeing early benefit across multiple products. I will give a few examples. Our first shipment of the PECVD silicon carbide nitride system completed customer-specific validation and prior to shipment. We expect this to reduce on-site qualification time and enable faster ramp to production. We tested and improved our single-wafer SPM tool for several months, hand-in-hand with our leading customer and confirm 15-nanoparticle performance.

我們已在多項產品上看到早期效益。我舉幾個例子：我們首套 PECVD 矽碳氮化物系統在出貨前已完成客戶特定驗證。我們預期這將降低現場認證時間並加速量產爬坡。我們也與領先客戶密切合作，對單片式 SPM 設備測試並改良數月，並確認達到 15 奈米顆粒（nanoparticle）表現。

This due to volume orders from numerous different customers. We are confident that we can reproduce each customer-specific production environment in our lab, resulting in shorter qualification and order a few quarters rather than more than a year. Next, our Oregon facility, please turn to Slide 9. We continue to advance investment in Oregon. We remain on track for in-house demo lab with multiple tools and the capability to produce US-made tool in Oregon by year-end 2026.

這得益於來自眾多不同客戶的量產訂單。我們有信心能在實驗室中重現各客戶的特定量產環境，使認證與下單時間縮短至幾個季度，而非超過一年。接著談我們的俄勒岡（Oregon）設施，請翻到投影片 9。我們持續加大對俄勒岡的投資。我們仍按計畫在 2026 年底前建置具備多套設備的自有展示實驗室（demo lab），並具備在俄勒岡生產美國製造設備的能力。

This is important for our global customer, and we believe it will strengthen our position as a key local partner as they scale production. Our global initiatives are beginning to pay off. By the end of 2026, we expect to have more than 20 tools installed outside of the Mainland China market. This including about 10 customers in 5 countries. Although still early days for our global deployment, our engagement team are growing, and we remain confident that our investment in global sales and service team will deliver good results.

這對我們的全球客戶很重要，我們相信這將強化我們作為關鍵在地合作夥伴的地位，協助其擴大產能。我們的全球化布局開始見到成效。到 2026 年底，我們預期在中國大陸市場以外安裝的設備將超過 20 台，涵蓋約 5 個國家的 10 家客戶。雖然我們的全球部署仍在早期階段，但我們的客戶互動團隊正在擴編，我們仍有信心，對全球銷售與服務團隊的投資將帶來良好成果。

ACM Shanghai continue to play a critical role in our overall strategy, serving as a leading supplier to the semiconductor industry in Asia and as a key source of capital to support our global expansion. We completed a minority share sale last February, generating approximately $110 million in gross proceeds, and enable the strong on our US accounts. We intend to deploy this capital to support our US expansion and broader global growth initiatives.

ACM 上海持續在我們整體策略中扮演關鍵角色，既是亞洲半導體產業的重要供應商，也是支持我們全球擴張的關鍵資本來源。我們於去年 2 月完成一筆少數股權出售，取得約 1.10 億美元的總募集資金，並強化我們在美國帳戶上的實力。我們計畫運用這筆資金支持美國擴張以及更廣泛的全球成長計畫。

In April, ACM Shanghai announced a proposed H-share secondary listing in Hong Kong. Now turning to our outlook for the full year 2026. Please turn to Slide 10. In mid-January, we introduced our 2026 revenue outlook in the range of $1.08 billion to $1.175 billion. This implies 25% year-over-year growth at the midpoint.

4 月，ACM 上海宣布擬在香港進行 H 股二次上市。接著談我們對 2026 全年的展望，請翻到投影片 10。1 月中旬，我們提出 2026 年營收展望區間為 10.8 億至 11.75 億美元，按中位數計算意味著年增 25%。

We reiterate this outlook today. We are expecting our annual shipment growth will outpace our revenue growth in 2026. Now let me turn the call over to our CFO, Mark, who will review details of our first quarter results. Mark, please?

我們今天重申此一展望。我們預期 2026 年全年出貨成長將快於營收成長。接下來我把電話交給我們的財務長 Mark，由他說明第一季業績細節。Mark，請。

Thank you, David, and good day, everyone. Please turn to Slide 11. Unless I note otherwise, I will refer to non-GAAP financial measures, which exclude stock-based compensation, and unrealized gain and loss on short-term investments. Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. Also, unless otherwise noted, the following figures refer to the first quarter of 2026 and comparisons are with the first quarter of 2025.

謝謝你，David，各位大家好。請翻到投影片 11。除非我另有說明，我將以非 GAAP 財務指標為準，其排除以股份為基礎的薪酬，以及短期投資的未實現損益。這些非 GAAP 指標與可比 GAAP 指標的調節表已包含在我們的財報新聞稿中。此外，除非另有註明，下列數據均為 2026 年第一季，並與 2025 年第一季相比。

I will now provide the financial highlights. Revenue was $231.3 million, up 34.2%. Revenue for single-wafer cleaning, Tahoe and semi-critical cleaning was $122.5 million, down 5.5% and it represented about 53% of sales for the quarter. As David noted, this included very little contribution from new products. We expect significant shipments of SPM to ramp through the year, followed by revenue contribution in later quarters.

我現在提供財務重點。營收為 2.313 億美元，年增 34.2%。單片清洗（single-wafer cleaning）、Tahoe 與半關鍵清洗（semi-critical cleaning）營收為 1.225 億美元，年減 5.5%，約占本季銷售的 53%。如 David 所述，其中新產品貢獻很少。我們預期 SPM 的出貨將在全年逐步放量，並在後續季度帶來營收貢獻。

For the full year 2026, we do anticipate the mix in cleaning will normalize towards the 65% level, similar to the mix in 2025. Revenue for ECP front-end packaging, furnace and other technologies was $84.2 million, up 204.9% and represented 36.4% of sales for the quarter. The majority was ECP front end, and we had very little contribution from furnace. Revenue from advanced packaging, excluding ECP, services and spares was $24.5 million, up 62% and represented 10.6% of sales for the quarter. Total shipments were $240.7 million, up 53.6%.

就 2026 全年而言，我們預期清洗業務的組合將回歸正常，朝約 65% 水準靠攏，與 2025 年的組合相近。ECP 前段封裝、爐管及其他技術的營收為 8,420 萬美元，年增 204.9%，占本季銷售的 36.4%。其中大部分來自 ECP 前段，而爐管貢獻很少。先進封裝（不含 ECP，含服務與備品）營收為 2,450 萬美元，年增 62%，占本季銷售的 10.6%。總出貨額為 2.407 億美元，年增 53.6%。

As David noted, this was driven by solid demand and good execution and also cleaning shipments grew by 32%. Approximately 15% of the shipments were catch-up from tools that were originally scheduled for Q4 delivery. For 2026, we continue to expect shipment growth to outpace revenue growth. Gross margin was 46.5% versus 48.2%. Q1 gross margin was above the midpoint of our long-term target model of 42% to 48% and a good recovery from the low 40% range in Q3 and Q4 of 2025.

如 David 所述，這主要由穩健需求與良好執行所帶動，同時清洗設備出貨也成長 32%。約 15% 的出貨為原本排定於第四季交付、後續補交（catch-up）的設備。對 2026 年而言，我們仍預期出貨成長將快於營收成長。毛利率為 46.5%，相較於 48.2%。第一季毛利率高於我們長期目標模型 42% 至 48% 的中位數，並且相較於 2025 年第三、第四季低 40% 區間有明顯回升。

Favorable product mix and a slightly lower impact from the inventory provision led to the recovery. We maintained our 42% to 48% target range and note that product mix can cause fluctuations on a quarterly basis. Operating expenses were $65.8 million, up 38.5%. R&D was 15% of sales, sales and marketing was 8.3% of sales and G&A was 5.1% of sales. For 2026, we plan for R&D in the 16% to 18%, sales and marketing in the 8% to 9% range and G&A in the 5% to 6% range.

有利的產品組合以及存貨跌價準備影響略為降低，帶動了毛利率回升。我們維持42%至48%的目標區間，並指出產品組合可能在季度間造成波動。營業費用為6,580萬美元，增加38.5%。研發費用占銷售額15%，銷售與行銷占銷售額8.3%，一般及行政費用（G&A）占銷售額5.1%。對於2026年，我們規劃研發費用占比為16%至18%，銷售與行銷占比為8%至9%，G&A占比為5%至6%。

Operating income was $41.8 million versus $35.6 million. Operating margin was 18.1% as compared to 20.7%. Long-term, we look to grow our R&D spending in line with revenue, but to show operating leverage in SG&A. Income tax expense was $3.8 million versus $2.2 million. For 2026, we expect our effective tax rate in the 8% to 10% range.

營業利益為4,180萬美元，對比3,560萬美元。營業利益率為18.1%，對比20.7%。長期而言，我們希望研發支出與營收同步成長，但在SG&A上展現營運槓桿。所得稅費用為380萬美元，對比220萬美元。對於2026年，我們預期有效稅率約在8%至10%區間。

Net income attributable to ACM Research was $24.3 million versus $31.3 million. Net income was $24.3 million versus $31.3 million. I just said that. I am -- okay. Our non-GAAP net income excluded $5.6 million in stock-based compensation expense for the first quarter.

歸屬於ACM Research的淨利為2,430萬美元，對比3,130萬美元。淨利為2,430萬美元，對比3,130萬美元。我剛剛說過了。我是——好吧。我們的非GAAP淨利在第一季排除了560萬美元的股票基礎薪酬（SBC）費用。

We anticipate SBC will increase in Q2 due to option grants related to ACM Shanghai stock that were granted in Q1. Net income per diluted share was $0.34 versus $0.46. Now on to the balance sheet and cash flow items. Cash and cash equivalents, restricted cash and time deposits were $1.25 billion at the end of the first quarter of 2026 versus $1.13 billion at the end of 2025. Net cash, which excludes short-term and long-term debt was $924.2 million at quarter end versus $844.5 million at year-end 2025.

我們預期由於與ACM上海股票相關、於第一季授予的期權授予，第二季SBC將增加。稀釋後每股淨利為0.34美元，對比0.46美元。接下來談資產負債表與現金流項目。截至2026年第一季末，現金及約當現金、受限制現金與定期存款為12.5億美元，對比2025年末的11.3億美元。淨現金（不含短期與長期負債）在季末為9.242億美元，對比2025年末的8.445億美元。

Total inventory was $738 million versus $702.6 million at year-end 2025. Raw materials were $377.9 million, up $28.3 million quarter-over-quarter. We made additional strategic purchases to support production plans and to mitigate potential supply chain risk. Work in process was $81.6 million, up $20.2 million quarter-over-quarter. Finished goods inventory was $278.4 million, down $13.1 million quarter-over-quarter.

存貨總額為7.38億美元，對比2025年末的7.026億美元。原材料為3.779億美元，較上季增加2,830萬美元。我們進行了額外的策略性採購，以支援生產計畫並降低潛在供應鏈風險。在製品為8,160萬美元，較上季增加2,020萬美元。成品存貨為2.784億美元，較上季減少1,310萬美元。

Finished goods inventory primarily consists of first tools under evaluation at our customer sites, along with finished goods located at ACM's facilities. Cash used by operations was $29.5 million. Capital expenditures were $22 million. For the full year 2026, we now expect to spend about $175 million in capital expenditures. That concludes our prepared remarks.

成品存貨主要由在客戶端進行評估的首台設備（first tools）構成，並包含位於ACM設施內的成品。營運活動使用的現金為2,950萬美元。資本支出為2,200萬美元。對於2026年全年，我們目前預期資本支出約為1.75億美元。以上為我們的準備發言。

Let's open the call for any questions that you may have. Operator, please go ahead.

接下來我們開放提問。接線員，請開始。

(Operator Instructions)

（接線員指示）

Your first question comes online with Roth Capital. Your line is now open.

第一個問題來自Roth Capital。您的線路已開通。

Can you talk about the cleaning segment and what drove the decline year-over-year in 1Q? And then how it's going to ramp up? What caused that pause? It would be helpful to understand that.

能否談談清洗（cleaning）業務，以及第一季同比下滑的原因？另外它將如何回升？造成那段停頓的原因是什麼？希望能更好地理解。

Okay. Thanks, Suji. Actually, let's put it this way. In 2025 we start to see our cleaning product has been going through the many applications, right, including those mature nodes and all the advanced nodes. So the 2025, we're still facing some difficulty and also problem, right, for those new applications.

好的。謝謝你，Suji。其實我們可以這樣說：在2025年，我們開始看到清洗產品正在經歷多種應用，對吧，包括那些成熟節點以及所有先進節點。所以在2025年，對於那些新的應用，我們仍然面臨一些困難，也有一些問題。

And with the 12 months, our problem solving with the customer, especially most important in the our Lingang production has started using. So those kind of problems actually we're mostly solving already. And that really show that is, I want to say, last whole year progress also are difficult. That's why we can see impact our Q1 revenue. However, as I said, since we're solving most of the issue, even today, our performance -- some tool performance even outpaced our leading supplier from global.

而在這12個月裡，我們與客戶一起解決問題，尤其最重要的是我們臨港（Lingang）產線開始投入使用。所以這類問題其實我們大多已經解決了。這也反映出——我想說——去年整年的進展其實也很艱難。這就是為什麼你會看到對我們第一季營收的影響。不過，正如我所說，因為我們已解決了大部分問題，即使到今天，我們的表現——某些設備的性能甚至超過全球領先供應商。

So we see that really growing for our revenue. And you can see that the first quarter, our revenue grow, revenue, I must say our shipment from the cleaning product is a 32% increase year-over-year, right? I give another picture, our project backlog increased from this first 6 months versus last 1 year, first 6 months were almost like 50% increase too for the PO receiving. So that really shows the momentum continuing. And also in my script, I specifically mentioned about this SPM process.

因此我們看到營收確實在成長。你也可以看到，第一季我們清洗產品的出貨量同比增加32%，對吧？我再提供另一個角度：我們的專案積壓（backlog）在今年前6個月相較去年前6個月，PO（採購訂單）接收量也幾乎增加了50%。這確實顯示動能在延續。另外在我的講稿中，我也特別提到這個SPM製程。

It's really our proprietary technology we are gaining customer interest, especially reach excellent results at the 15-nanoparticle size. That's really show our technology is better than the leading supplier. So we have confidence you can take significant market share in the SPM business, right? We're expecting 15 to 20 tool will deliver to the customer in Asia or in China, too. So anyway, that's, I think, the answer for you.

這是我們的專有技術，正在獲得客戶的興趣，尤其是在15奈米顆粒尺寸上取得了非常優異的結果。這確實顯示我們的技術優於領先供應商。因此我們有信心在SPM業務中取得顯著的市占率，對吧？我們預期將向亞洲或中國的客戶交付15到20台設備。總之，我想這就是對你的回答。

Very helpful color. And then, David, just kind of following through on that, with shipments expected to outpace revenue in '26, would we think that '27 should be an above trend year? I mean, obviously, you're not guiding, but just trying to understand the implications of that.

非常有幫助的補充說明。接著，David，延續這點，若預期2026年的出貨將超過營收成長，那我們是否可以認為2027年會是高於趨勢的一年？我知道你們沒有提供指引，但我想了解這樣的含意。

Well, I mean, '27 is a little bit far away, right? But I want to see that our -- let me put it this way, 2026, we gained a lot of share, I mean, a PO or the customer interest for our cleaning tool, obviously, copper plating tool, right? Copper plating, you can see grows a lot. And also, we see the interest -- people were interested in our furnace and the PECVD and track system. So I want to see that 2027, we see our new product, including, for example, copper plating for panel tools, we're getting into the revenue and shipment picture in 2027.

嗯，我是說，2027年還有點遠，對吧？但我想這樣看：在2026年，我們拿到很多市占——我是指PO或客戶對我們清洗設備的興趣，當然也包括銅電鍍設備，對吧？銅電鍍你可以看到成長很多。另外，我們也看到市場對我們的爐管（furnace）、PECVD以及塗佈顯影（track）系統的興趣。所以我想在2027年，我們會看到新產品開始貢獻營收與出貨，例如面板用的銅電鍍設備（copper plating for panel tools），我們會在2027年把它納入營收與出貨的版圖。

So as I mentioned in a couple of earnings call, with our new product sort of playing into our product line, we see a lot of bigger growth in the next few years and we are supporting ACM's multi-product strategy and continue to grow our long-term revenue.

因此，正如我在幾次法說會中提到的，隨著新產品逐步納入我們的產品線，我們預期未來幾年會有更大的成長，並支援ACM的多產品策略，持續推動長期營收成長。

Your next question comes from the line of Denis Pyatchanin with Needham & Company.

下一個問題來自Needham & Company的Denis Pyatchanin。

Just one question from us today. So it looks like the ECP, the front-end packaging, and other technologies segment has been seeing pretty sustained strength, up very significantly both year-over-year and quarter-over-quarter. Can you tell us more about what's doing well in that segment? What kind of customers are adopting, which tools? Just some more color would be great.

我們今天只有一個問題。看起來ECP、前段封裝（front-end packaging）以及其他技術這個分部呈現相當持續的強勁表現，同比與環比都大幅成長。能否多談談這個分部哪些方面表現良好？有哪些類型的客戶在採用、採用哪些設備？希望能多一些補充說明。

Yes. I want to say that this plating business has been growing a lot, right? Obviously, front end growing and also you can see HBM is also driving. And obviously, advanced packaging for all the 2.5D and application also growing and driving too. So that's really driving factor for the copper plating and also our advanced packaging wet process tool, including coater, developer, wet etcher, PR stripper and cleaning.

是的。我想說這個電鍍業務成長很多，對吧？很明顯前段在成長，同時你也看到HBM也在帶動。而且，所有2.5D等應用的先進封裝也在成長並帶動需求。所以這些是銅電鍍的主要驅動因素，也帶動我們的先進封裝濕製程設備，包括塗佈機（coater）、顯影機（developer）、濕式蝕刻機（wet etcher）、光阻去除（PR stripper）以及清洗。

Seeing no more questions in the queue, let me turn the call back to Steven Pelayo for closing remarks.

目前問題隊列中沒有更多問題，我把電話交回給Steven Pelayo作結語。

Great. Thank you. Before we conclude, I just want to give everyone a quick reminder on our upcoming investor conferences. On June 17, we will present at the 16th Annual ROTH London Conference at the Four Seasons Park Lane in London. Attendance at the conference is by invitation only.

很好，謝謝。在結束之前，我想快速提醒大家我們即將參加的投資人會議。6月17日，我們將在倫敦四季酒店Park Lane舉行的第16屆年度ROTH倫敦會議上發表。該會議僅限受邀者出席。

For interested investors, please contact your respective sales representative to register and schedule one-on-one meetings with the management team. This concludes the call, and you may now disconnect. Take care.

有興趣的投資人，請聯繫您各自的銷售代表以完成註冊，並安排與管理團隊的一對一會議。本次電話會議到此結束，您現在可以掛線。保重。