ACMR - ACM Research rallies on Q2 estimates beat; reaffirms outlook

• ACM Research ( ACMR ) shares rallies +11% premarket as the Co. reported stronger-than-expected second-quarter earnings along with reaffirmed 2022 guidance.
• Revenue was $104.4M, up 93.8% Y/Y, reflecting an increase in revenue from single wafer wet cleaning tools, new products groups, particularly ECP, Furnace and other technologies category.
• Non-GAAP gross margin, which excludes stock-based compensation, was 42.4%, up from 40.5%.
• Non-GAAP operating expenses as a percent of revenue decreased to 21.4% from 29.9%.
• Non-GAAP operating income, which excludes the effect of stock-based compensation, was $22M, up from $5.7M.
• The Co. continue to expect solid growth in the 2H 2022 and beyond from its core cleaning products, the ramp of our ECP tools, and increased shipments of furnace products.
• Total shipments in the second quarter of 2022 were $112M, vs. $82M in the Q2 2021.
• Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
• Cash and equivalents plus, restricted cash and deposits were $468.9M at June 30, 2022, vs. $533.1M at March 31, 2022.
• Reaffirms Outlook: The Co. is maintaining its revenue guidance range of $365-$405M for fiscal year 2022 vs. consensus of $379.41M .
• Previously: ACM Research reports Q2 earnings beat; reaffirms FY22 guidance (Aug. 5)

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