ACMR - ACM Research says Q1 revenue hit by COVID restrictions in Shanghai

ACM Research (NASDAQ:ACMR) on Thursday said it expects Q1 revenue to be significantly below its prior internal plan as a result of operational limitations due to COVID-19-related restrictions in Shanghai. ACMR believes the impact of the curbs will be temporary, with some revenue being deferred from Q1 until later in the year. ACMR maintained its 2022 revenue outlook of $365M-405M. COVID-related restrictions in Shanghai are impacting employee access to and logistics activities of ACMR's offices and production facilities in the Pudong district of Shanghai. This has limited ACMR's ability to ship finished products to customers and to produce new products. Spot lockdowns in mid-March led to a closure of ACMR's administrative and R&D offices in Zhangjiang in the Pudong district. A subsequent lockdown of the entire Pudong region was imposed in late Mar., which impacted the operation of ACMR's Chuansha production facility. ACMR currently anticipates the restrictions will be lifted

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ACM Research says Q1 revenue hit by COVID restrictions in Shanghai