ACM Research Shanghai Raises 2026 Guidance on Panel-Level Plating Momentum
Chinese semiconductor equipment maker posts 36% revenue growth and lifts full-year outlook as advanced packaging orders accelerate.
Strong Quarter Driven by Advanced Packaging
ACM Research (Shanghai), Inc. reported second-quarter revenue of $293 million, up 36% year-over-year, and raised its full-year 2026 revenue guidance to a range of $1.125 billion to $1.175 billion, representing 25% to 30% growth (earnings call, 2026-08-07). The company previously guided for $1.08 billion to $1.175 billion.
CEO Dr. David Wang attributed the performance to "strong execution" across the product portfolio, particularly in electrochemical plating (ECP) and advanced packaging, both of which increased more than 150% year-over-year (earnings call, 2026-08-07). Revenue from ECP, furnace, and other technologies grew 168% and represented 44% of the revenue mix, while advanced packaging revenue surged 153%.
Panel-Level Plating Orders Mark Strategic Milestone
The company announced it has received orders from two advanced packaging customers for its panel-level horizontal plating tool, addressing both 510×515 millimeter and 310×310 millimeter panel sizes. One is a production order from an existing customer in mainland China, and the second is an evaluation system for a new customer in Asia (earnings call, 2026-08-07).
Wang stated that ACM "will be among the first company to deliver horizontal panel-level plating system to multiple customers across multiple regions," calling the orders "important milestone for what we believe could become a significant long-term growth opportunity" (earnings call, 2026-08-07). The company began investing in panel-level wet process technology more than five years ago, anticipating the shift from wafer-level to panel-level packaging.
Order Book Accelerates as Product Portfolio Expands
For the first half of 2026, orders increased 105% year-over-year (earnings call, 2026-08-07). The company shipped its 2,000th electroplating chamber during the quarter, following its 500th chamber shipment in 2022 and 1,500th in 2025, demonstrating rapid installed base growth.
ACM is expanding beyond cleaning tools, which have historically been its core business. Revenue from single-wafer cleaning fell 14% to $133 million and represented 45% of total revenue (earnings call, 2026-08-07). However, Wang noted the company is on track to ship more than 20 single-wafer SPM (sulfuric acid-hydrogen peroxide mixture) tools by year-end, addressing what he estimated is about one-third of the total cleaning market where ACM has had "very little revenue today" (earnings call, 2026-08-07).
Financial Position and Global Expansion
ACM reported gross margin of 46% and operating profit margin of approximately 19% for the quarter. The company ended with gross cash of $1.4 billion and net cash of $1.0 billion, including approximately $300 million following a $150 million direct offering completed in May (earnings call, 2026-08-07).
The company cited third-party research from Frost & Sullivan estimating the global semiconductor equipment market exceeded $140 billion in 2025 and will grow to more than $200 billion by 2029, with the mainland China market exceeding $50 billion in 2025 and growing to more than $80 billion by 2029 (earnings call, 2026-08-07).
ACM expects to have more than 20 tools installed at customer sites outside mainland China by the end of 2026, including about 10 customers in five countries (earnings call, 2026-08-07). The Oregon facility remains on track for a U.S.-based demo center with multiple tools starting later this year.
This article was generated by MarginX from the earnings call on 2026-08-07. It is not investment advice.