Is ACM Research profitable in 2026?

Yes. ACM Research reported FY2025 net income of roughly $94 million on revenue of $901.3 million, up 15.2% year over year, per its Q4/FY2025 earnings release dated 2026-02-26. Q1 2026 revenue rose further to $231.3 million, up 34.2% YoY, with EPS of $0.34 beating consensus.

Could AI replace ACM Research's business?

No. ACM makes physical wafer-cleaning, plating, and packaging equipment that fabs need to build chips, not software. AI/data-center buildout is actually a tailwind: CEO David Wang said on the Q4 2025 call (2026-02-26) that AI investment is shifting demand toward advanced logic, memory, and packaging tools ACM sells.

Who is ACM Research's biggest competitor?

Its closest wafer-cleaning peers are SCREEN Holdings, Tokyo Electron, Lam Research, and Samsung's SEMES, per independent market analyses dated 2026-02-23. Applied Materials and Lam Research are larger diversified incumbents, though U.S. export controls currently exclude them from advanced Chinese fabs where ACM competes.

Is ACM Research a safe company to join in 2026?

ACM grew headcount 24.2% to 2,513 employees by December 31, 2025, with about 75% based in China, alongside record FY2025 revenue of $901.3 million. Risks include BIS Entity List status since December 2024 and a September 2025 Affiliates Rule that could pressure its China-centered supply chain.

Who owns ACM Research?

ACM Research, Inc. is a Nasdaq-listed (ACMR) U.S. Delaware corporation founded in 1998 by Dr. Hui David Wang, who remains Chairman, CEO, and President. Its Chinese operating subsidiary, ACM Research Shanghai, is separately listed on the Shanghai STAR Market, with parent ownership at about 74.5% after a September 2025 private placement.

Why did ACM Research stock swing so much in 2026?

ACM's 52-week range spanned $23.03 to $127.19, with a 50-day moving average of $92.45 versus a 200-day average of $67.14 as of 2026-07-29. The swings reflect export-control policy risk, Q1'26 margin pressure signals, and a Q2 2026 earnings report due August 5, 2026.

Semiconductor companies · United States

ACM Research

acmresearch.com ↗

Makes wafer cleaning and plating tools for chipmakers, mostly in China.

Protection under test

Assessed 30 July 2026 · Evidence as of 30 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 30 July 2026 · Checkable from August 5, 2026 · Every call on the record Checkpoint: Q2 2026 earnings call, margin trend after Q1's first pressure signal

The call

ACM Research grows fast inside a China market shielded from Western rivals by export rules, while Chinese domestic toolmakers and margin pressure test how long that shelter holds.

ACM Research sells specialized machines that clean and plate wafers (the silicon discs used to make computer chips). The company makes money because its technology works well and Chinese chip factories like SMIC have invested time learning how to use it, which makes it expensive to switch to a competitor. However, ACM's main advantage is that U.S. export rules currently ban companies like Lam Research and Applied Materials from selling similar tools to China, so ACM gets to sell there almost unopposed. Chinese companies like Naura are building their own versions, and the bigger threat is that the U.S. government could change these export rules anytime, which would let Western competitors flood into China, or tighten them further and cut off ACM's supply chain. The thing that could change everything is what the U.S. does with semiconductor trade policy in the next year or two, and whether ACM's profits start to shrink because customers are pressuring prices down.

Why

AI pressure: None apparent. AI chip demand pushes fabs to add capacity, which increases orders for ACM's cleaning and plating tools rather than threatening them. Could AI do the core job? Unlikely.

Bigger players: Naura, AMEC and other Chinese domestic toolmakers. State-backed Chinese rivals are closing the technology gap and could take qualified sockets ACM now holds at SMIC and Hua Hong. Could a giant copy it? Probably.

What protects it. Fab qualification lock-in on proprietary wet tools, plus U.S. export rules that keep Lam, Applied Materials, TEL and SCREEN out of advanced Chinese fabs.

What would change this call

Naura or AMEC announced as qualified wet-process supplier at SMIC or Hua Hong. Would show a Chinese domestic rival displacing ACM Research inside its core customer base.
BIS issues further Entity List or Affiliates Rule action against ACM Shanghai after Dec 2025 general license expiry. Would show U.S. policy tightening around ACM Research's China-based supply chain.
ACM Research Q2 2026 earnings (Aug 5, 2026) gross margin trend versus Q1 2026 'margin pressure' signal. Would show whether rising customer concentration and competition are compressing profitability.

Key numbers

FY2025 revenue $901.3M, up 15.2% YoY (2026-02-26)
Top 4 customers were 52.2% of 2025 revenue (2026-05-07)
Q1 2026 revenue $231.3M, up 34.2% YoY (2026-05-08)

Named risks

US BIS Affiliates Rule (effective Sept 30, 2025) could further restrict ACM Shanghai's supply chain access. Severity: high
Top four customers made up 52.2% of 2025 revenue, creating customer concentration exposure. Severity: medium
Q1 2026 results showed first signs of margin pressure per company's own slides. Severity: medium
Regulatory export-control moat is reversible; bilateral trade thaw could reopen China to Lam, SCREEN, TEL. Severity: high
Key customer SMIC has been on US Entity List since December 2020, exposing ACM to downstream sanctions risk. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Lam Research	contesting	Lam barred from advanced Chinese fabs by US export law but delivered stronger 3-year stock returns (321% vs ACM 269%) as of 2026-03-27
Tokyo Electron (TEL)	contesting	TEL excluded from advanced Chinese fab sales by US export controls as of 2026, ceding ground to ACM in-country
SCREEN Holdings	contesting	SCREEN also restricted from advanced Chinese fab sales under export controls, cited as direct wet-cleaning peer as of 2026-02-23
Naura	gaining on	Chinese domestic toolmaker flagged as rising competitor amid China substitution push, watched through 2026
Applied Materials	contesting	Larger diversified WFE incumbent currently excluded from advanced Chinese fab sales under US export law as of 2026

Questions people ask

Is ACM Research profitable in 2026?: Yes. ACM Research reported FY2025 net income of roughly $94 million on revenue of $901.3 million, up 15.2% year over year, per its Q4/FY2025 earnings release dated 2026-02-26. Q1 2026 revenue rose further to $231.3 million, up 34.2% YoY, with EPS of $0.34 beating consensus.
Could AI replace ACM Research's business?: No. ACM makes physical wafer-cleaning, plating, and packaging equipment that fabs need to build chips, not software. AI/data-center buildout is actually a tailwind: CEO David Wang said on the Q4 2025 call (2026-02-26) that AI investment is shifting demand toward advanced logic, memory, and packaging tools ACM sells.
Who is ACM Research's biggest competitor?: Its closest wafer-cleaning peers are SCREEN Holdings, Tokyo Electron, Lam Research, and Samsung's SEMES, per independent market analyses dated 2026-02-23. Applied Materials and Lam Research are larger diversified incumbents, though U.S. export controls currently exclude them from advanced Chinese fabs where ACM competes.
Is ACM Research a safe company to join in 2026?: ACM grew headcount 24.2% to 2,513 employees by December 31, 2025, with about 75% based in China, alongside record FY2025 revenue of $901.3 million. Risks include BIS Entity List status since December 2024 and a September 2025 Affiliates Rule that could pressure its China-centered supply chain.
Who owns ACM Research?: ACM Research, Inc. is a Nasdaq-listed (ACMR) U.S. Delaware corporation founded in 1998 by Dr. Hui David Wang, who remains Chairman, CEO, and President. Its Chinese operating subsidiary, ACM Research Shanghai, is separately listed on the Shanghai STAR Market, with parent ownership at about 74.5% after a September 2025 private placement.
Why did ACM Research stock swing so much in 2026?: ACM's 52-week range spanned $23.03 to $127.19, with a 50-day moving average of $92.45 versus a 200-day average of $67.14 as of 2026-07-29. The swings reflect export-control policy risk, Q1'26 margin pressure signals, and a Q2 2026 earnings report due August 5, 2026.

Timeline

2026-07-29Market cap ~$4.3B, shares near $78-79; Q2 2026 earnings scheduled for Aug 5, 2026
2026-05-08Q1 2026 revenue $231.3M, up 34.2% YoY, beating consensus
2026-05-07Top four customers hit 52.2% of 2025 revenue; margin pressure flagged in Q1'26 slides
2026-02-28First Singapore delivery of 300mm single-wafer cleaning systems
2026-02-26FY2025 revenue $901.3M (+15.2% YoY); FY2026 guidance $1.08B-$1.175B issued
2025-10-16BIS Affiliates Rule expanding export controls to foreign affiliates took effect Sept 30, 2025
2025-09-24ACM Shanghai private placement raised ~RMB4.5B, parent stake diluted to ~74.5%
2025-09-08Delivered first high-throughput Ultra Lith KrF track system to Chinese logic fab
2024-12-11ACM Shanghai and subsidiaries added to U.S. Commerce Department BIS Entity List
2021-11-18ACM Research Shanghai completed STAR Market IPO, raising ~RMB3.685B

Revision history

30 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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