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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _____________
Commission file number: 001-38273
image1.jpg
ACM Research, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware94-3290283
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
42307 Osgood Road, Suite I
Fremont, California
94539
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (510) 445-3700
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on which Registered
Class A Common Stock, $0.0001 par valueACMRThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þAccelerated filero
Non-accelerated filer oSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
ClassNumber of Shares Outstanding
Class A Common Stock, $0.0001 par value
56,986,777 shares outstanding as of May 3, 2024
Class B Common Stock, $0.0001 par value
5,021,811 shares outstanding as of May 3, 2024


TABLE OF CONTENTS
Item 3.
Item 4.
Item 5.
ACM Research, Inc., or ACM Research, is a Delaware corporation founded in California in 1998 to supply capital equipment developed for the global semiconductor industry. Since 2005, ACM Research has conducted its business operations principally through its subsidiary ACM Research (Shanghai), Inc., or ACM Shanghai, a limited liability corporation formed by ACM Research in the People’s Republic of China, or mainland China, in 2005. Unless the context requires otherwise, references in this report to “our company,” “our,” “us,” “we” and similar terms refer to ACM Research, Inc. and its subsidiaries, including ACM Shanghai, collectively.

We conduct a substantial majority of our product development, manufacturing, support and services in mainland China through ACM Shanghai. We are not a mainland China operating company, and we do not conduct our operations in mainland China through the use of a variable interest entity or any other structure designed for the purpose of avoiding mainland China legal restrictions on direct foreign investments in mainland China-based companies. For a description of certain matters relating to our operations in mainland China, including our corporate structure, the movement of cash throughout our organization, certain audit and regulatory matters, and risks associated therewith, please see “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report, the disclosure at the forefront of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Risk Factors included therein, as referenced or updated by the disclosure included in “Part II. Item 1A—Risk Factors” in this report.
For purposes of this report, certain amounts in Renminbi, or RMB, have been translated into U.S. dollars solely for the convenience of the reader. The translations have been made based on the conversion rates published by the State Administration of Foreign Exchange of the People’s Republic of China.
SAPS, TEBO, ULTRA C, ULTRA Fn, Ultra ECP, Ultra ECP map, and Ultra ECP ap are trademarks of ACM Research. For convenience, these trademarks appear in this report without ™ symbols, but that practice does not mean that ACM Research will not assert, to the fullest extent under applicable law, ACM Research’s rights to the trademarks. This report also contains other companies’ trademarks, registered marks and trade names, which are the property of those companies.
2

FORWARD-LOOKING STATEMENTS AND STATISTICAL DATA
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this report regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties and other factors, including those described or incorporated by reference in “Item 1A. Risk Factors” of Part II of this report, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
The information included under the heading “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Overview,” of Part I of this report contains statistical data and estimates, including forecasts, that are based on information provided by Gartner, Inc., or Gartner, in “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 4Q23 Update” (December 2023), or the Gartner Report. The Gartner Report represents research opinions or viewpoints that are published, as part of a syndicated subscription service, by Gartner and are not representations of fact. The Gartner Report speaks as of its original publication date (and not as of the date of this report), and the opinions expressed in the Gartner Report are subject to change without notice. While we are not aware of any misstatements regarding any of the data presented from the Gartner Report, estimates, and in particular forecasts, involve numerous assumptions and are subject to risks and uncertainties, as well as change based on various factors, that could cause results to differ materially from those expressed in the data presented below.
Any forward-looking statement made by us in this report speaks only as of the date on which it is made. Except as required by law, we assume no obligation to update these statements publicly or to update the reasons actual results could differ materially from those anticipated in these statements, even if new information becomes available in the future.
You should read this report, and the documents that we reference in this report and have filed as exhibits to this report, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
3

PART I.    FINANCIAL INFORMATION
Item 1.    Financial Statements
ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)

March 31,
2024
December 31,
2023
Assets
(Unaudited)
Current assets:
Cash and cash equivalents (note 2)$211,305 $182,090 
Restricted cash808 1,083 
Short-term time deposits (note 2)48,364 80,524 
Short-term investments (note 15)18,648 21,312 
Accounts receivable, net (note 4)296,371 283,186 
Other receivables51,316 40,065 
Inventories, net (note 5)581,140 545,395 
Advances to related party (note 16)1,338 2,432 
Prepaid expenses20,066 20,023 
            Total current assets1,229,356 1,176,110 
Property, plant and equipment, net (note 6)218,822 201,848 
Land use right, net (note 7)8,305 8,367 
Operating lease right-of-use assets, net (note 11)6,498 7,026 
Intangible assets, net2,803 2,538 
Long-term time deposits (note 2)27,841 40,818 
Deferred tax assets (note 19)21,360 20,271 
Long-term investments (note 14)31,293 27,880 
Other long-term assets (note 8)10,471 6,050 
                        Total assets$1,556,749 $1,490,908 
Liabilities and Equity
Current liabilities:
Short-term borrowings (note 9)$54,706 $31,335 
Current portion of long-term borrowings (note 12)6,549 6,783 
Related party accounts payable (note 16)16,243 11,407 
Accounts payable135,499 141,814 
Advances from customers (note 3)182,547 181,368 
Deferred revenue (note 3)4,405 3,687 
Income taxes payable (note 19)11,403 6,401 
FIN-48 payable (note 19)12,131 12,149 
Other payables and accrued expenses (note 10)107,098 102,951 
Current portion of operating lease liabilities (note 11)2,668 2,764 
            Total current liabilities533,249 500,659 
Long-term borrowings (note 12)53,408 53,952 
Long-term operating lease liabilities (note 11)3,830 4,262 
Other long-term liabilities (note 13)5,469 5,873 
                       Total liabilities595,956 564,746 
Commitments and contingencies (note 21)
Equity:
Stockholders’ equity:
Class A Common stock (note 17)6 6 
Class B Common stock (note 17)1 1 
Additional paid-in capital646,800 629,845 
Retained earnings174,260 156,827 
Statutory surplus reserve (note 22)30,060 30,060 
Accumulated other comprehensive loss(54,925)(49,349)
Total ACM Research, Inc. stockholders’ equity796,202 767,390 
Non-controlling interests164,591 158,772 
Total equity960,793 926,162 
               Total liabilities and equity$1,556,749 $1,490,908 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

ACM RESEARCH, INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31,
20242023
Revenue (note 3)$152,191 $74,256 
Cost of revenue, including cost of revenue from related parties of $15.1 million and $18.4 million for the three months ended March 31, 2024 and 2023, respectively (note 16)
73,070 34,270 
        Gross profit79,121 39,986 
Operating expenses:
    Sales and marketing14,173 9,337 
    Research and development23,918 14,029 
    General and administrative15,798 7,758 
              Total operating expenses53,889 31,124 
Income from operations25,232 8,862 
Interest income1,774 1,785 
Interest expense(783)(695)
Realized gain from sale of short-term investments (note 15)273 3,994 
Unrealized loss on short-term investments (note 15)(2,595)(654)
Other income (expense), net3,080 (1,418)
Loss from equity method investments (note 14)(520)(32)
Income before income taxes26,461 11,842 
Income tax expense (note 19)(4,369)(2,879)
Net income22,092 8,963 
Less: Net income attributable to non-controlling interests4,659 1,818 
Net income attributable to ACM Research, Inc.$17,433 $7,145 
Comprehensive income:
Net income22,092 8,963 
Foreign currency translation adjustment, net of tax(6,829)9,423 
Comprehensive income15,263 18,386 
Less: Comprehensive income attributable to non-controlling interests3,406 3,462 
Comprehensive income attributable to ACM Research, Inc.$11,857 $14,924 
Net income attributable to ACM Research, Inc. per share of common stock (note 2):
Basic$0.28 $0.12 
Diluted$0.26 $0.11 
Weighted average shares of common stock outstanding used in computing per share amounts (note 2):
Basic61,367,18459,736,764
Diluted66,242,32165,058,777
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

ACM RESEARCH, INC.
Condensed Consolidated Statements of Changes in Equity
For the Three Months Ended March 31, 2024 and 2023
(In thousands, except share and per share data)
(Unaudited)
Common
 Stock Class A
Common
 Stock Class B
Shares
Amount
Shares
AmountAdditional Paid-
in Capital
Retained
Earnings
Statutory
Surplus
Reserve
Accumulated
Other
Comprehensive
Income (Loss)
Non-controlling
Interests
Total
Equity
Balance at December 31, 202254,655,286$5 5,021,811$1 $604,089 $94,426 $16,881 $(40,546)$137,315 $812,171 
Cumulative effect of change in accounting principle under ASC 326, net of tax--(1,769) (1,769)
Net income--7,145 — 1,818 8,963 
Foreign currency translation adjustment --7,778 1,645 9,423 
Exercise of stock options 163,069-241 241 
Stock-based compensation --2,068 2,068 
Balance at March 31, 202354,818,355$5 5,021,811$1 $606,398 $99,802 $16,881 $(32,768)$140,778 $831,097 

 Common
Stock Class A
 Common
Stock Class B
SharesAmountShares AmountAdditional Paid-
in Capital
Retained
Earnings
Statutory Surplus
Reserve
Accumulated
 Other
Comprehensive
Loss
 Non-controlling
Interests
Total
Equity
Balance at December 31, 202356,036,172$6 5,021,811$1 $629,845 $156,827 $30,060 $(49,349)$158,772 $926,162 
Net income--17,433 4,659 22,092 
Foreign currency translation adjustment --(5,576)(1,253)(6,829)
Exercise of stock options 950,605- 4,799 - 4,799 
Stock-based compensation 12,156 2,413 14,569 
Balance at March 31, 202456,986,777$6 5,021,811$1 $646,800 $174,260 $30,060 $(54,925)$164,591 $960,793 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

ACM RESEARCH, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31,
20242023
Cash flows from operating activities:
Net income $22,092 $8,963 
Adjustments to reconcile net income from operations to net cash used in operating activities
    Non-cash operating lease cost973 488 
   Depreciation and amortization2,518 1,714 
   Realized gain on short-term investments(273)(3,994)
   Loss from equity method investments520 32 
   Unrealized loss on short-term investments2,595 654 
   Inventory provision1,025 306 
   Provision for credit losses1,171 298 
   Deferred income taxes(1,129)(6,294)
   Stock-based compensation14,569 2,068 
   Net changes in operating assets and liabilities:
       Accounts receivable(15,286)(2,452)
       Other receivables(11,580)(5,423)
       Inventories(38,574)(80,248)
      Advances to related party (note 16)1,094 1,016 
       Prepaid expenses(141)(3,362)
       Related party accounts payable (note 16)4,836 3,886 
       Accounts payable(5,553)13,250 
       Advances from customers2,182 25,857 
       Deferred revenue4,892 3,407 
       Income taxes payable5,009 6,683 
       FIN-48 payable(19)88 
        Other payables and accrued expenses807 1,327 
Operating lease liabilities(973)(488)
       Other long-term liabilities(404)1,730 
    Net cash used in operating activities
(9,649)(30,494)
Cash flows from investing activities:
Purchase of property and equipment$(25,419)(14,895)
Purchase of intangible assets(668)(155)
Purchase of short-term investments (note 15)(1,409)(728)
Purchase of time deposits(45,270)(14,120)
Proceeds from maturity of time deposits90,445 67,955 
Proceeds from sale of short-term investments (note 15) 11,072 
Purchase of long-term investments (note 14)(5,988) 
Dividends from unconsolidated affiliates600  
Net cash provided by investing activities12,291 49,129 
Cash flows from financing activities:
Proceeds from short-term borrowings23,530  
Repayments of short-term borrowings(287)$ 
Repayments of long-term borrowings(1,193)(1,696)
Proceeds from exercise of stock options4,799 241 
Net cash provided by (used in) financing activities26,849 (1,455)
Effect of exchange rate changes on cash, cash equivalents and restricted cash$(551)$(4,784)
Net increase in cash, cash equivalents and restricted cash$28,940 $12,396 
Cash, cash equivalents and restricted cash at beginning of period183,173 248,451 
Cash, cash equivalents and restricted cash at end of period$212,113 $260,847 
Supplemental disclosure of cash flow information:
       Interest paid, net of capitalized interest$783 $695 
       Cash paid for income taxes$ $2,874 
Reconciliation of cash, cash equivalents and restricted cash in consolidated statements of cash flows:
       Cash and cash equivalents$211,305 $260,387 
       Restricted cash808 460 
       Cash, cash equivalents and restricted cash$212,113 $260,847 
 Non-cash financing activities:
Cashless exercise of stock options$140 $47 
Non-cash investing activities:
Proceeds from sale of short-term investments included in other receivables$3,167 $ 
Transfer from inventory to property, plant and equipment$ $4,557 
Transfer of prepayment for property to property, plant, and equipment$5,320 $161 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
NOTE 1 – DESCRIPTION OF BUSINESS

ACM Research, Inc. (“ACM” or “ACM Research”) and its subsidiaries (collectively with ACM, the “Company”) develop, manufacture and sell capital equipment to the global semiconductor industry.
ACM was incorporated in California in 1998, and it initially focused on developing tools for manufacturing process steps involving the integration of ultra low-K materials and copper. The Company’s early efforts focused on stress-free copper-polishing technology, and it sold tools based on that technology in the early 2000s.
In 2006, the Company established its operational center in Shanghai in the People’s Republic of China (“mainland China”), where it operates through ACM’s subsidiary, ACM Research (Shanghai), Inc. (“ACM Shanghai”). ACM Shanghai was formed to help establish and build relationships with integrated circuit manufacturers in mainland China, and the Company initially financed its Shanghai operations in part through sales of non-controlling equity interests in ACM Shanghai.

In 2007, the Company began to focus its development efforts on single-wafer wet-cleaning solutions for the front-end chip fabrication process. The Company introduced its SAPS megasonic technology, which can be applied in wet wafer cleaning at numerous steps during the chip fabrication process, in 2009. It introduced its TEBO technology, which can be applied at numerous steps during the fabrication of small node two-dimensional conventional and three-dimensional patterned wafers, in March 2016. The Company has designed its equipment models for SAPS and TEBO solutions using a modular configuration that enables it to create a wet-cleaning tool meeting the specific requirements of a customer, while using pre-existing designs for chamber, electrical, chemical delivery and other modules. In 2018, the Company introduced its Ultra-C Tahoe wafer cleaning tool, which can deliver high cleaning performance with significantly less sulfuric acid than typically consumed by conventional high-temperature single-wafer cleaning tools. In 2020, the Company introduced a range of semi-critical cleaning systems, extending its products to support additional less demanding but still important production steps to semiconductor manufacturers.

Based on its electro-chemical plating (“ECP”) technology, the Company introduced in 2019 its Ultra ECP ap, or “Advanced Packaging,” tool for bumping, or applying copper, tin and nickel to semiconductor wafers at the die-level, and its Ultra ECP map, or “Multi-Anode Partial Plating,” tool to deliver advanced electrochemical copper plating for copper interconnect applications in front-end wafer fabrication processes. In 2022, the Company added two major new product categories with the introduction of the Ultra Pmax™ PECVD and Ultra Track tools. The Company also offers a range of custom-made equipment, including cleaning, coaters and developers, to back-end wafer assembly and packaging factories, principally in mainland China.
In November 2016, ACM re-domesticated from California to Delaware pursuant to a merger in which ACM Research, Inc., a California corporation, was merged into a newly formed, wholly-owned Delaware subsidiary, also named ACM Research, Inc.
In November 2021, ACM Shanghai completed its STAR Listing and STAR IPO and its shares began trading on the STAR Market. In the STAR IPO, ACM Shanghai issued 43,355,753 shares, representing 10% of the total 433,557,100 shares outstanding after the issuance. The shares were issued at a public offering price of RMB 85.00 per share, and the net proceeds of the STAR IPO, after issuance costs, totaled $545,512. Upon completion of the STAR IPO, ACM owned 82.5% of the outstanding ACM Shanghai shares. However, in May 2023, ACM's ownership declined to 82.1% due to the exercise of 2,150,309 stock options related to ACM Shanghai shares.

8

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
The Company has direct or indirect interests in the following subsidiaries:
Effective interest held as at
Name of subsidiariesPlace and date of incorporation Principal Activities March 31,
2024
December 31,
2023
ACM Research (Shanghai), Inc. ("ACM Shanghai")Mainland China, May 2005 Principal operating subsidiary 82.1 %82.1 %
ACM Research (Wuxi), Inc. ("ACM Wuxi")Mainland China, July 2011 Sales and services 82.1 %82.1 %
CleanChip Technologies Limited ("CleanChip")Hong Kong, June 2017 Trading partner between ACM Shanghai and its customers 82.1 %82.1 %
ACM Research Korea CO., LTD.Korea, December 2017 Sales, marketing, R&D, production 82.1 %82.1 %
ACM Research ( Lingang), Inc. ("ACM Lingang") (1) Mainland China, March 2019 Management of production activities 82.1 %82.1 %
ACM Research (CA), Inc. ("ACM California")USA, April 2019 Procurement for ACM Shanghai 82.1 %82.1 %
ACM Research (Cayman), Inc.Cayman Islands, April 2019 Administrative function (inactive) 100.0 %100.0 %
ACM Research (Singapore) PTE. Ltd. ("ACM Singapore")Singapore, August 2021 Sales, marketing, business development 100.0 %100.0 %
ACM Research (Beijing), Inc. ("ACM Beijing")Mainland China, February 2022 Sales, marketing, business development 82.1 %82.1 %
Hanguk ACM CO., LTDKorea, March 2022 Sales, services, business development 100.0 %100.0 %
Yusheng Micro Semiconductor (Shanghai) Co., Ltd.Mainland China, June 2023 Business development 82.1 %82.1 %
ACM-Wooil Microelectronics (Shanghai) Co., Ltd.Mainland China, June 2023 Component development and production 59.4 %59.4 %
(1) ACM Research (Lingang) Inc. is the English name referred to by its Chinese language name Shengwei Research (Shanghai), Inc., or ACM Shengwei in prior filings. ACM Research (Lingang), Inc. and Shengwei Research (Shanghai), Inc. refer to the same entity.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The Company’s condensed consolidated financial statements include the accounts of ACM and its subsidiaries. ACM’s subsidiaries are those entities in which ACM, directly or indirectly, controls a majority of the voting power. All significant intercompany transactions and balances have been eliminated upon consolidation.
The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the historical consolidated financial statements of the
9

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
Company for the year ended December 31, 2023 included in ACM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
The accompanying condensed consolidated financial statements are unaudited. In the opinion of management, these unaudited condensed consolidated financial statements of the Company reflect all adjustments that are necessary for a fair presentation of the Company’s financial position and results of operations. Such adjustments are of a normal recurring nature, unless otherwise noted. The balance sheet as of March 31, 2024 and the results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any future period.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date and the reported revenues and expenses during the reported period in the condensed consolidated financial statements and accompanying notes. The Company’s significant accounting estimates and assumptions include, but are not limited to, those used for revenue recognition and deferred revenue, the valuation and recognition of fair value of certain short-term investments and long-term investments, stock-based compensation arrangements, realization of deferred tax assets, assessment for impairment of long-lived assets and long-term investments, allowance for credit losses, inventory valuation, useful lives of property, plant and equipment and useful lives of intangible assets.
Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates and assumptions.
Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, bank deposits that are unrestricted as to withdrawal and use, and highly liquid investments with an original maturity date of three months or less at the date of purchase. At times, cash deposits may exceed government-insured limits.
The following table presents cash and cash equivalents, according to jurisdiction as of March 31, 2024 and December 31, 2023:
March 31,
2024
December 31,
2023
United States$45,179 $43,614 
Mainland China101,590 70,418 
China Hong Kong 63,401 64,057 
Korea1,068 3,934 
Singapore67 67 
Total$211,305 $182,090 
The amounts in mainland China do not include short-term and long-term time deposits which totaled $76,205 and $121,342 at March 31, 2024 and December 31, 2023, respectively.
Cash held in the U.S. exceeds the Federal Deposit Insurance Corporation insurance limits and is subject to risk of loss. No losses have been experienced to date.
Cash amounts held in mainland China are subject to a series of risk control regulatory standards from mainland China bank regulatory authorities. ACM’s subsidiaries in mainland China are required to obtain approval from the State Administration of Foreign Exchange (“SAFE”) to transfer funds into or out of mainland China. SAFE requires a valid agreement to approve the transfers, which are processed through a bank. Other than these mainland China foreign exchange restrictions, ACM’s subsidiaries in mainland China are not subject to any restrictions and limitations on its ability to transfer funds to
10

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
ACM or among our other subsidiaries. However, cash held in mainland China does exceed applicable insurance limits and is subject to risk of loss, although no such losses have been experienced to date.

ACM California periodically procures goods and services on behalf of ACM Shanghai. For these transactions, ACM Shanghai makes cash payments to ACM California in accordance with applicable transfer pricing arrangements. For the three months ended March 31, 2024 and 2023, cash payments from ACM Shanghai to ACM California for the procurement of goods and services was $4,648 and $10,931, respectively. ACM California periodically borrows funds for working capital advances from its direct parent, CleanChip. ACM California repays or renews these intercompany loans in accordance with their terms.

For sales through CleanChip and ACM Research, a certain amount of sales or advanced payments from customers is repatriated back to ACM Shanghai in accordance with applicable transfer pricing arrangements in the ordinary course of business. ACM Research provides services to certain customers located in the U.S., Europe and other regions outside of mainland China to support the evaluation of first tools and provide support for tools under warranty on behalf of ACM Shanghai. For these transactions, ACM Shanghai makes cash payments to ACM Research in accordance with applicable transfer pricing arrangements.

Amounts held in Korea exceed the Korea Deposit Insurance Corporation insurance limits and is subject to risk of loss. No losses have been experienced to date. There is no additional restriction for the transfer of cash from bank accounts in the U.S., Korea, Singapore and Hong Kong.

For the three months ended March 31, 2024 and 2023, with the exception of sales and services-related transfer-pricing payments in the ordinary course of business, no transfers, or distributions have been made between ACM Research and its subsidiaries, including ACM Shanghai, or to holders of ACM Research Class A common stock.
Time Deposits
Time deposits are deposited with banks in mainland China with fixed terms and interest rates which cannot be withdrawn before maturity, and are presented as short-term deposits and long-term deposits in the condensed consolidated financial statements based on their expected time of collection. They are also subject to the risk control regulatory standards described above upon maturity.
11

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)

At March 31, 2024 and December 31, 2023, time deposits consisted of the following:
March 31,
2024
December 31,
2023
Deposit in China Merchant Bank which matured on January 29, 2024 with an annual interest rate of 2.85%
$ $29,797 
Deposit in Bank of Ningbo which matured on February 17, 2024 with an annual interest rate of 2.85%
$ $44,630 
Deposit in Shanghai Pudong Development Bank which matures on October 20, 2025 with an annual interest rate of 3.10%
$7,361 $7,322 
Deposit in Shanghai Pudong Development Bank which matures on November 14, 2025 with an annual interest rate of 3.10%
$4,407 $7,307 
Deposit in Shanghai Pudong Development Bank which matures on December 8, 2025 with an annual interest rate of 3.10%
$ $4,376 
Deposit in Shanghai Pudong Development Bank which matures on December 15, 2025 with an annual interest rate of 3.10%
$1,465 $4,373 
Deposit in Shanghai Pudong Development Bank which matures on December 30, 2025 with an annual interest rate of 3.10%
$ $2,912 
Deposit in China Industrial Bank which matures on January 3, 2026 with an annual interest rate of 3.15%
$14,608 $14,528 
Deposit in China Everbright Bank which matures on December 5, 2024 with an annual interest rate of 5.38%
$ $3,079 
Deposit in China Everbright Bank which matures on May 22, 2024 with an annual interest rate of 5.28%
$3,057 $3,018 
Deposit in China Everbright Bank which matured on April 5, 2024 with an annual interest rate of 5.33%
$3,037 $ 
Deposit in China Merchant Bank, Lujiazui Branch which matures on May 27, 2024 with an annual interest rate of 1.85%
$14,090 $ 
Deposit in China Merchant Bank, Huaihai Branch which matures on May 27, 2024 with an annual interest rate of 1.85%
$14,090 $ 
Deposit in Bank of Ningbo which matures on September 11, 2024 with an annual interest rate of 1.50%
$14,090 $ 
$76,205 $121,342 
For the three months ended March 31, 2024 and 2023, interest income related to time deposits was $624 and $975, respectively.
Financial Instruments

The Company periodically invests in equity securities, and maintains an investment portfolio of various holdings, types, and maturities. For equity investments that do not have a readily determinable fair value, the Company classified them as long-term investments, and records them using either: 1) the measurement alternative which measures the equity investments at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes; or 2) the equity method whereby the Company recognizes its proportional share of the income or loss from the equity method investment. The equity method is utilized when the equity investments are common stock or in substance common stock, and the Company does not have the ability to control the investee but is deemed to have the ability to exercise significant influence over the investee’s operating or financial policies. For equity investments that have a readily determinable fair value, the Company classified them as short-term investments, and records them at fair market value on a recurring basis based upon quoted market prices. Realized and unrealized gains and losses resulting from application of the measurement alternative, the impact of the application of the equity method to the Company’s equity investments, and recognition of
12

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
changes in fair market value, as applicable, are recognized as non-operating income (expenses), net in the condensed consolidated statements of comprehensive income.

The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value. The level of an asset or liability in the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities with sufficient volume and frequency of transactions.

Level 2: Valuations based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active for identical assets or liabilities, or model-derived valuations techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Valuations based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities and based on non-binding, broker-provided price quotes and may not have been corroborated by observable market data.

The Company’s primary financial instruments include its cash, cash equivalents, short term and long term deposits, restricted cash, short-term and long-term investments, other receivables, accounts receivable, accounts payable, and short-term and long-term borrowings. The estimated fair value of cash and cash equivalents, short-term time deposits, accounts receivable, other receivables, accounts payable, and short-term borrowings approximates their carrying value due to the short period of time to their maturities.

All transfers between fair value hierarchy levels are recognized by the Company at the end of each reporting period. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value
measurement in its entirety, requires judgment and considers factors specific to the investment. The inputs or methodology
used for valuing financial instruments are not necessarily an indication of the risks associated with investment in those instruments.

Assets and liabilities measured at fair value on a recurring basis:
13

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
Quoted Prices in Active Markets for Identical Liabilities (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
As of March 31, 2024:
Assets
     Cash and cash equivalents$36,509 $ $ $36,509 
     Short-term investments18,648   18,648 
$55,157 $ $ $55,157 
As of December 31, 2023:
Assets
     Cash and cash equivalents$37,518 $ $ $37,518 
     Short-term investments21,312   21,312 
$58,830 $ $ $58,830 

Assets and liabilities measured at fair value on a non-recurring basis:

 Quoted Prices in Active Markets for Identical Liabilities (Level 1)  Significant Other Observable Inputs (Level 2)  Significant Unobservable Inputs (Level 3)  Total
 As of December 31, 2023:
 Assets
Investments accounted for using measurement alternative
$ $ $10,378 $10,378 
$ $ $10,378 $10,378 

The Company did not have any assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2024, and the Company did not recognize any unrealized gains (upward adjustments) or unrealized losses (downward adjustments) resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer for its long-term investments accounted for using measurement alternatives during the three months ended March 31, 2024 and 2023.

Refer to Note 12 for fair value information related to the Company’s outstanding long-term borrowings as of March 31, 2024 and December 31, 2023.
14

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
Basic and Diluted Net Income per Share of Common Stock
Basic and diluted net income per share of common stock are calculated as follows:
Three Months Ended March 31,
20242023
Numerator:
       Net income$22,092 $8,963 
       Less: Net income attributable to non-controlling interests4,659 1,818 
Net income available to common stockholders, basic$17,433 $7,145 
       Less: Dilutive effect arising from stock-based awards by ACM Shanghai354 93 
Net income available to common stockholders, diluted$17,079 $7,052 
Weighted average shares outstanding, basic61,367,18459,736,764
       Effect of dilutive securities4,875,1375,322,013
       Weighted average shares outstanding, diluted66,242,32165,058,777
Net income per share of common stock:
Basic$0.28 $0.12 
Diluted$0.26 $0.11 

Basic and diluted net income per share of common stock is presented using the two-class method, which allocates undistributed earnings to common stock and any participating securities according to dividend rights and participation rights on a proportionate basis. Under the two-class method, basic net income per share of common stock is computed by dividing the sum of distributed and undistributed earnings attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. ACM Research did not have any participating securities outstanding during the three months ended March 31, 2024 and 2023.
ACM Research has been authorized to issue Class A and Class B common stock since redomesticating in Delaware in November 2016. The two classes of common stock are substantially identical in all material respects, except for voting rights. Since ACM Research did not declare any cash dividends during the three months ended March 31, 2024 or 2023, the net income per share of common stock attributable to each class is the same under the “two-class” method. As such, the two classes of common stock have been presented on a combined basis in the condensed consolidated statements of comprehensive income and in the above computation of net income per share of common stock.

Diluted net income per share of common stock reflects the potential dilution from securities, such as stock options that could share in ACM Research’s earnings. Certain potential dilutive securities were excluded from the net income per share calculation because the impact would be anti-dilutive. The number of potentially dilutive shares that were not included in the calculation of diluted net income per share in the periods presented where their inclusion would be anti-dilutive were 728,575 and 1,967,685 stock options for the three months ended March 31, 2024 and 2023, respectively.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents, time deposits, and accounts receivable. The Company deposits and invests its cash and cash equivalents and time deposits with financial institutions that management believes are creditworthy.
The Company is potentially subject to concentrations of credit risks in its revenue and accounts receivable. For the three months ended March 31, 2024 and 2023, two customers accounted for 55.9% and four customers accounted for 59.7% of revenue, respectively.
15

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
As of March 31, 2024 and December 31, 2023, four customers accounted for 56.2% and four customers accounted for 59.1%, respectively, of the Company’s accounts receivables. The Company believes that the receivable balances from these largest customers do not represent a significant credit risk based on past collection experience.
Recently issued accounting pronouncements not yet adopted

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company is currently evaluating the provisions of this ASU and expect to adopt it for the year ending December 31, 2024.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Retrospective application is permitted. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the provisions of this ASU.
NOTE 3 – REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company assesses revenues based upon the nature or type of goods or services it provides and the geographic location of the customer facility. The following tables present disaggregated revenue information:
Three Months Ended March 31,
20242023
Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment$109,470 $36,614 
ECP (front-end and packaging), Furnace and Other Technologies25,800 26,598 
Advanced Packaging (excluding ECP), Services & Spares16,921 11,044 
Total Revenue by Product Category$152,191 $74,256 
Three Months Ended March 31,
20242023
Mainland China$152,135 $72,458 
Other regions56 1,798 
$152,191 $74,256 
Below are the accounts receivables and contract liabilities balances as of:
March 31,
2024
December 31,
2023
      Accounts receivable296,371 283,186 
      Advances from customers182,547 181,368 
       Deferred revenue4,405 3,687 
16

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
During the three months ended March 31, 2024, advances from customers increased by $1.2 million, due to an increase of payments made by customers for first tools under evaluation, offset by a decrease in customer pre-payments for tools prior to delivery.
Below are revenues recognized from amounts included in contract liabilities at the beginning of the year:
Three Months Ended March 31,
20242023
Revenue recognized from amounts included in contract liabilities at the beginning of the year$29,188 $15,212 
NOTE 4 – ACCOUNTS RECEIVABLE

At March 31, 2024 and December 31, 2023, accounts receivable consisted of the following:
March 31,
2024
December 31,
2023
Accounts receivable$302,372 $288,016 
Less: Allowance for credit losses(6,001)(4,830)
$296,371 $283,186 
The $13.2 million increase in accounts receivable for the first three months of 2024 corresponds to a $77.9 million increase in revenue for the same period.
The movement of the allowance for credit losses for the three months ended March 31, 2024 is as follows:

Allowance for credit losses, before tax, as of January 1
Provision for credit losses
Allowance for credit losses, before tax, as of March 31
March 31,
2024
$(4,830)
(1,171)
$(6,001)
The Company assesses collectability by reviewing accounts receivable on a general basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers.
17

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
NOTE 5 – INVENTORIES

At March 31, 2024 and December 31, 2023, inventories consisted of the following:
March 31,
2024
December 31,
2023
Raw materials$256,332 $235,062 
Work-in-process61,871 81,438 
Finished goods262,937 228,895 
Total inventory$581,140 $545,395 

At March 31, 2024 and December 31, 2023, the value of finished goods inventory of which were first-tools at customer physical locations for which customers were contractually obligated to take ownership upon acceptance totaled $163,484 and $123,390, respectively.

The $21,270 increase in raw materials at March 31, 2024 compared to December 31, 2023 was due to additional purchase of supplies to support a higher level of expected total shipments for the next several quarters, and to reduce the risk of supply chain delays to meet anticipated customer demand for the Company’s products.

The $34,042 increase in finished goods inventory at March 31, 2024 compared to December 31, 2023 reflects a higher value of first-tools under evaluation by existing or prospective customers, due to shipments made, net of customer acceptances during the period.

The Company’s products each require a certain degree of customization, and the substantial majority of the work-in-process inventory and finished goods inventory is built to meet a specific customer order for a repeat shipment or a first tool shipment. At the end of each period, the Company assesses the status of each item in work-in-process and finished goods inventory. The Company recognizes a loss or impairment if in management’s judgement the inventory cannot be sold or used for production, if it has been damaged or should be considered as obsolete, or if the net realizable value is lower than the cost.

At the end of each period, the Company also assesses the status of its raw materials. The Company recognizes a loss or impairment for any raw materials aged more than three years. The three-year aging is based on the Company’s assessment of technology change, its requirement to maintain stock for warranty coverage, and other factors.
During the three months ended March 31, 2024 and 2023, provision for inventory of $1,025 and $306 were recognized in cost of revenue, respectively. Write-downs were due to an internal assessment that certain inventory could not be sold or used for production due to damage or obsolescence.
18

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET
At March 31, 2024 and December 31, 2023, property, plant and equipment consisted of the following:
March 31,
2024
December 31,
2023
Buildings and plants$82,933 $83,109 
Manufacturing equipment16,702 16,556 
Office equipment5,061 4,953 
Transportation equipment402 404 
Leasehold improvement7,961 7,889 
Total cost113,059 112,911 
Less: Total accumulated depreciation and amortization(19,531)(17,503)
Construction in progress125,294 106,440 
Total property, plant and equipment, net$218,822 $201,848 

Depreciation expense for the three months ended March 31, 2024 and 2023 was $2,475 and $1,714, respectively. Buildings and plants represent Lingang housing property owned by ACM Liangang at a value of RMB 249,746 ($35,189), and facilities for the new headquarters of ACM Shanghai ("Zhangjiang New Building") at a value of RMB 338,848 ($47,744), as of March 31, 2024. The Lingang housing property is pledged as security for loans from China Merchants Bank (Note 12).

Construction in progress primarily reflects costs incurred related to the construction of ACM Shanghai’s Lingang development and production center, and is scheduled to begin production in the second half of 2024.
NOTE 7 – LAND USE RIGHT, NET
A summary of land use right is as follows:
March 31,
2024
December 31,
2023
Land use right purchase amount$8,977 $8,996 
Less: accumulated amortization(672)(629)
Land use right, net$8,305 $8,367 
The amortization for the three months ended March 31, 2024 and 2023 was $43 and $50, respectively.
The annual amortization of land use right is as follows:
Year ending December 31,
remainder of 2024$135 
2025180 
2026180 
2027180 
2028180 
2029 and thereafter7,450 
Total$8,305 
19

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
NOTE 8 – OTHER LONG-TERM ASSETS

At March 31, 2024 and December 31, 2023, other long-term assets consisted of the following:
March 31,
2024
December 31,
2023
Prepayments for property, plant and equipment$7,690 $3,380 
Lease deposits867 834 
Security deposit for land use right695 696 
Others1,219 1,140 
Total other long-term assets$10,471 $6,050 

20

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
NOTE 9 – SHORT-TERM BORROWINGS

At March 31, 2024 and December 31, 2023, short-term borrowings consisted of the following:
March 31,
2024
December 31,
2023
Line of credit up to RMB 150,000 from China Everbright Bank,
1)due on August 29, 2024 with an annual interest rate of 3.00%.
2,459 2,463 
Line of credit up to RMB 40,000 from Bank of China,
1)due on September 7, 2024 with an annual interest rate of 2.87%.
5,640 5,648 
Line of credit up to RMB 200,000 from China Merchants Bank,
1)due on August 7, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
2)due on August 8, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
3)due on August 9, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
4)due on August 14, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
5)due on August 17, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
6)due on August 20, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
7)due on August 21, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
8)due on August 22, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
9)due on August 24, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
10)due on August 27, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
11)due on August 29, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
12)due on August 30, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
13)due on September 3, 2024 with an annual interest rate of 3.00%.
1,269 1,271 
14)due on September 5, 2024 with an annual interest rate of 3.00%.
1,269 1,270 
15)due on September 6, 2024 with an annual interest rate of 3.00%.
1,269 1,270 
16)due on September 10, 2024 with an annual interest rate of 3.00%.
1,269 1,270 
17)due on September 12, 2024 with an annual interest rate of 3.00%.
1,269 1,270 
18)due on February 27, 2025 with an annual interest rate of 2.60%.
1,340  
19)due on February 28, 2025 with an annual interest rate of 2.60%.
1,340  
20)due on March 1, 2025 with an annual interest rate of 2.60%.
1,340  
21)due on March 5, 2025 with an annual interest rate of 2.60%.
1,340  
22)due on March 8, 2025 with an annual interest rate of 2.60%.
1,270  
Line of credit up to RMB 120,000 from Bank of China,
1)due on March 20, 2025 with an annual interest rate of 2.75%.
16,921  
Line of credit up to KRW 500,000 from Industrial Bank of Korea,
1)due on July 12, 2024 with an annual interest rate of 6.03%.
 77 
Line of credit up to KRW 2,000,000 from Industrial Bank of Korea,
1)due on December 15, 2024 with an annual interest rate of 4.27%.
1,483 1,544 
Total $54,706 $31,335 
For the three months ended March 31, 2024 and 2023, interest expense related to short-term borrowings amounted to $213 and $490, respectively.
21

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
NOTE 10 – OTHER PAYABLES AND ACCRUED EXPENSES

At March 31, 2024 and December 31, 2023, other payables and accrued expenses consisted of the following:
March 31,
2024
December 31,
2023
Accrued commissions$15,932 $15,572 
Accrued warranty11,339 9,834 
Accrued payroll16,550 14,840 
Accrued professional fees113 696 
Accrued machine testing fees1,863 1,762 
Accrued machine sales fees4,942 6,010 
Accrued Lingang construction fees33,546 33,729 
Others22,813 20,508 
Total$107,098 $102,951 
NOTE 11 – LEASES

The Company leases space under non-cancelable operating leases for several offices and manufacturing locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions.
Most leases include one or more options to renew. The Company regularly evaluates the renewal options, and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term.
The components of lease expense were as follows:
Three Months Ended March 31,
20242023
Operating lease cost$973 $488 
Short-term lease cost321 282 
Total lease cost$1,294 $770 
Supplemental cash flow information related to operating leases was as follows:
Three Months Ended March 31,
20242023
     Operating cash outflow from operating leases$973 $488 
    Operating lease right-of-use assets obtained in exchange for new operating lease liabilities$80 $6,592 
22

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
As of March 31, 2024, maturities of outstanding lease liabilities for all operating leases were as follows:
December 31,
remainder of 2024$2,370 
20251,800 
20261,215 
20271,148 
2028 and thereafter595 
Total lease payments$7,128 
Less: Interest(630)
Present value of lease liabilities$6,498 
The weighted average remaining lease terms and discount rates for all operating leases were as follows:
March 31,
2024
December 31,
2023
Remaining lease term and discount rate:
Weighted average remaining lease term (years)3.373.44
Weighted average discount rate3.87 %3.91 %
NOTE 12 – LONG-TERM BORROWINGS

At March 31, 2024 and December 31, 2023, long-term borrowings consisted of the following:
March 31,
2024
December 31,
2023
Loan from China Merchants Bank$12,919 $13,362 
Loans from Bank of China4,759 5,013 
Loan from Bank of Shanghai14,101 14,120 
Loan from China CITIC Bank28,178 28,240 
Less: Current portion(6,549)(6,783)
Total$53,408 $53,952 
The loan from China Merchants Bank is for the purpose of purchasing housing property in Lingang, Shanghai. The loan is repayable in 120 total installments with the last installment due in November 2030, with an annual interest rate of 3.95%. The loan is pledged by the property of ACM Lingang and guaranteed by ACM Shanghai.
Two loans from Bank of China are for the purpose of funding ACM Shanghai project expenditures. The loans bear interest at an annual rate of 2.6% and are repayable in 6 installments, with the last installments due in June 2024 and September 2024, respectively.
The loan from Bank of Shanghai is for the purpose of funding ACM Shanghai project expenditures. The loan bears interest at an annual rate of 2.85%, and will be fully repaid in April 2025.
The first loan from China CITIC Bank is for the purpose of funding ACM Shanghai project expenditures. The loan bears interest at an annual rate of 3.1% and is repayable in 4 installments, with the last installment due in August 2025.
The second loan from China CITIC bank is for the purpose of funding ACM's general corporate expenses and working
capital. The loan bears interest at an annual rate of 4.50% payable quarterly, and the principal amount is repayable in 4
23

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
installments, with the last installment due in December 2025.

As of March 31, 2024 and December 31, 2023, the total carrying amount of long-term loans was $59,957 and $60,735, compared with an estimated fair value of $56,409 and $56,462, respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level 2 fair value measurement). Refer to Note 2 for an explanation of the fair value hierarchy structure.
Scheduled principal payments for the outstanding long-term loan, including the current portion, as of March 31, 2024 are as follows:
Year ending December 31
remainder of 2024$6,120 
202543,993 
20261,851 
20271,925 
20282,003 
Thereafter4,065 
$59,957 
For the three months ended March 31, 2024 and 2023, respectively, interest related to long-term borrowings of $570 and $189 was incurred, and all of them were charged to interest expenses.
NOTE 13 – OTHER LONG-TERM LIABILITIES

Other long-term liabilities represent government subsidies received from mainland China governmental authorities for development and commercialization of certain technology but not yet recognized. At March 31, 2024 and December 31, 2023, other long-term liabilities consisted of the following unearned government subsidies:
March 31, 2024December 31, 2023
Subsidies to Stress Free Polishing project, commenced in 2008 and 2017$189 $475 
Subsidies to other cleaning tools, commenced in 2020647 632 
Subsidies to SW Lingang R&D development in 20213,454 3,467 
Other1,179 1,299 
Total$5,469 $5,873 
NOTE 14 – LONG-TERM INVESTMENTS
On January 12, 2024, ACM Shanghai entered into an investment agreement with Company C to invest RMB 12,500 ($1,760), which represented 0.3% of the Company C's total equity interest. Since there is no readily determinable fair value, the Company measures the investments at measurement alternative.
On January 19, 2024, ACM Shanghai entered into a limited partnership agreement with Company D to invest RMB 30,000 ($4,230), which represented 16.7% of the partnership's total equity interest. The investment in the limited partnership with Company D is accounted for under the equity method in accordance with ASC323-30-S99-1.
24

ACM RESEARCH, INC.
Notes to the Condensed Consolidated Financial Statements
(In thousands, except share, percentage and per share data)
Equity investee:Initial investment datesInvestment entityPercent ownership by ACM and subsidiariesInvestment purchase price
Ninebell Co., Ltd. ("Ninebell")September 2017ACM20.0%$1,200 
Shengyi Semiconductor Technology Co., Ltd. ("Shengyi")June 2019ACM Shanghai14.0%$109 
Hefei Shixi Chanheng Integrated Circuit Industry Venture Capital FundPartnership (LP) (“Hefei Shixi”)September 2019ACM Shanghai10.0%
RMB 30,000 ($4,200)
Wooil Flucon Co. ("Wooil")August 2022ACM Singapore20.0%$1,000 
Company DFebruary 2024ACM Shanghai16.7%
RMB 30,000 ($4,230)
Investments accounted for using measurement alternative:
Waferworks (Shanghai) Co., Ltd. (“Waferworks”)October 2021ACM Shanghai0.3%$1,568 
Company ASeptember 2023ACM Shanghai4.4%
RMB 30,000 ($4,200)
ShengyiSeptember 2023ACM Shanghai1.0%
RMB 6,100 ($860)
Company BNovember 2023ACM Shanghai1.4%
RMB 6,600 ($930)
Company CFebruary 2024ACM Shanghai5.0%
RMB 12,500 ($1,760)