ACM Research Beats Consensus, Shares Gain After Reporting 14% Revenue Growth In Q4

• ACM Research, Inc ACMR reported fourth-quarter FY22 revenue growth of 14.1% year-on-year to $108.5 million, beating the consensus of $97.1 million.
• Revenue from Single wafer cleaning, Tahoe, and semi-critical cleaning equipment rose 20.5% Y/Y to $74.6 million.
• The revenue of ECP (front-end and packaging), furnace, and other technologies were $20.2 million, up by 3.9% Y/Y.
• Revenue from Advanced packaging (excluding ECP), services & spares decreased by 0.5% Y/Y to $13.7 million.
• The non-GAAP gross margin expanded 180 bps to 49.7%.
• Non-GAAP EPS of $0.19 beat the consensus of $0.14.
• ACM held $248 million in cash and equivalents.
• CEO David Wang said, "We delivered solid growth amidst COVID-related restrictions, supply-chain disruptions, and increased trade regulations. We believe that the pandemic is largely behind us, and we have returned to more normal operations."
• Wang continued, "Our results demonstrate the strength of ACM's multi-product portfolio and our expanding customer base. We took share with our core cleaning products, more than doubled our revenue from ECP tools, and are achieving good traction with our furnace products. We also entered two new product categories with the introduction of the Ultra PmaxTM PECVD and Ultra LithTM Track Coater/Developer tools, which we believe doubles our served addressable market." 
• Outlook: California-based ACM reiterated the FY23 revenue outlook of $515 million - $585 million, above the consensus of $511.8 million.
• ACM Research bagged a first tool order for its Ultra C SAPS-V cleaning tool from a major Europe-based global semiconductor manufacturer. The financial times of the deal remained undisclosed.
• ACMR will likely ship the tool to the prospective customer's European facility in Q4 FY23.

Price Action: ACMR shares traded higher by 4.66% at $12.14 in the premarket on the last check Friday.