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ACM Research, Inc. [ACMR] has reported a net loss of $96.9 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $557.7 million
Based in FREMONT, California, ACM Research, Inc. operates in the MANUFACTURING sector.
Consolidated Statements of Comprehensive Income (Loss) - USD ($) in Millions
Income Statement [Abstract]
Revenue: $557.7M in 2023 compared to $388.8M in 2022, showing a significant increase from the previous period.
Cost of revenue amounted to $281.5M in 2023, higher than $205.2M in 2022, indicating increased operational costs.
Gross profit stood at $276.2M in 2023, a notable rise from $183.6M in 2022.
Operating expenses, including sales and marketing, research and development, and general and administrative costs, totaled $180.4M in 2023, up from $124.6M in 2022.
Income from operations was $95.8M in 2023, compared to $59.0M in 2022, reflecting improved operational efficiency.
Interest income was $8.4M in 2023, slightly lower than the $8.7M in 2022.
Income before income taxes amounted to $116.2M in 2023, up from $67.4M in 2022.
Net income for 2023 was $96.9M, a substantial increase from $50.6M in 2022.
Earnings per share for basic and diluted amounts also saw a significant increase from the previous year, with basic at $1.29 in 2023 compared to $0.66 in 2022, and diluted at $1.16 in 2023 compared to $0.59 in 2022.
Weighted average common stock outstanding used in computing per share amounts increased slightly from the previous year.
Overall, ACM Research, Inc. reported strong financial performance in 2023, with increased revenue, improved gross profit, and higher net income compared to the previous year.
Also Read: ACM Research Reaffirms 2022 Revenue Outlook and Provides Initial Outlook for 2023 Revenue
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