ACM Research, Inc.
A US-based technology holding company generating revenue through software, consulting, and data analytics services with over $750M in cash equivalents.
A US-based technology holding company generating revenue through software, consulting, and data analytics services with over $750M in cash equivalents.
The company's rapid revenue expansion over three years suggests strong market penetration and scalability in the technology services sector; Substantial cash reserves of $757.4M provide a buffer against economic volatility and enable strategic capital allocation without immediate dilution; Diversified business segments across software, consulting, and analytics create multiple growth vectors as enterprise digital transformation spending continues to rise.
Operating cash flow turned negative at -$10.3M while non-cash adjustments of -$373.5M significantly distort true liquidity needs and may indicate aggressive accounting practices; Recent net income contraction from $131.3M in 2024 to $121.9M in 2025 could signal margin pressure or one-time charges affecting profitability trends; High accounts receivable balances of $504.2M relative to revenue growth increase exposure to collection risks and potential bad debt provisions during economic slowdowns.
ACM Research Inc. is a diversified technology holding company operating primarily in the US market with revenue streams spanning software development, IT consulting, and data analytics services. The firm leverages its portfolio of specialized subsidiaries to deliver scalable solutions across enterprise sectors including finance, healthcare, and manufacturing. With strong cash reserves exceeding $750 million, the company maintains a robust balance sheet while navigating moderate operating cash flow headwinds.
Revenue growth accelerated from $388.8M in 2022 to $901.3M in 2025, demonstrating successful market expansion despite a recent net income decline to $121.9M; The company generated substantial financing cash inflows of $742.5M while investing $390.3M in assets, suggesting active balance sheet management and potential share buybacks or debt refinancing; Operating profit margins remain healthy at 12.1% but the divergence between net income and operating cash flow warrants scrutiny regarding non-cash adjustments totaling -$373.5M.
The global technology services market is experiencing sustained demand driven by enterprise digital transformation initiatives, cloud migration projects, and artificial intelligence adoption across traditional industries. Companies in this sector benefit from recurring revenue models through software licensing but face margin compression from intense competition and rising talent acquisition costs. Regulatory scrutiny on data privacy and cybersecurity standards continues to reshape operational requirements for service providers.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $388.8M | $557.7M | $782.1M | $901.3M |
| Cost of Revenue | $205.2M | $281.5M | $390.6M | $501.2M |
| Gross Profit | $183.6M | $276.2M | $391.6M | $400.1M |
| Operating Expenses | $124.6M | $180.4M | $240.6M | $290.6M |
| Operating Income | $59.0M | $95.8M | $151.0M | $109.4M |
| R&D | $62.2M | $92.7M | $105.5M | $145.0M |
| G&A | $22.5M | $40.6M | $69.6M | $68.8M |
| Marketing | $39.9M | $47.0M | $65.4M | $76.9M |
| Stock-Based Comp | $7.7M | $27.3M | $49.6M | $33.6M |
| D&A | $5.4M | $8.1M | $6.6M | $14.4M |
| Depreciation | $4.8M | $6.9M | — | — |
| Other OpEx | $0 | $0 | $0 | $0 |
| Non-Operating Income | $8.3M | $20.4M | $15.3M | $25.8M |
| Interest Expense | $1.7M | $2.7M | — | — |
| Interest Income | $8.7M | $8.4M | $9.9M | $14.6M |
| Pre-Tax Income | $67.4M | $116.2M | $166.3M | $135.2M |
| Income Tax | $16.8M | $19.4M | $35.0M | $13.3M |
| Continuing Ops | $50.6M | $96.9M | $131.3M | $121.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $50.6M | $96.9M | $131.3M | $121.9M |
| Minority Interest | $11.3M | $19.5M | $27.6M | $27.8M |
| Net to Common | $39.3M | $77.3M | $103.6M | $94.1M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $963.8M | $1.18B | $1.48B | $2.44B |
| Cash & Equivalents | $248.0M | $182.1M | $407.4M | $757.4M |
| Marketable Securities | $20.2M | $21.3M | $19.4M | $35.5M |
| Accounts Receivable | $182.9M | $283.2M | $387.0M | $504.2M |
| Inventory | $393.2M | — | $598.0M | $702.6M |
| Prepaid Expenses | — | — | — | $10.6M |
| Other Current Assets | $119.5M | $689.5M | $71.5M | $426.3M |
| Long-Term Assets | $271.7M | $314.8M | $372.3M | $435.5M |
| PP&E (Net) | $82.9M | $201.8M | $269.3M | $314.8M |
| Operating Leases | $2.5M | $7.0M | $14.0M | $17.9M |
| LT Investments | $17.5M | $27.9M | $37.1M | $66.0M |
| Other LT Assets | $168.9M | $78.0M | $52.0M | $-9.5M |
| Total Assets | $1.24B | $1.49B | $1.86B | $2.87B |
| Current Liabilities | $396.2M | $500.7M | $641.2M | $745.7M |
| Accounts Payable | $101.7M | — | — | — |
| Current Debt | $2.3M | $6.8M | $44.5M | $35.1M |
| Current Leases | $1.4M | $2.8M | $2.1M | $4.8M |
| Deferred Revenue | $153.8M | $181.4M | $243.9M | $187.8M |
| Taxes Payable | $3.5M | $6.4M | $12.8M | $991.0K |
| Other Current Liab | $133.5M | $303.3M | $337.9M | $517.0M |
| Long-Term Liabilities | $27.1M | $64.1M | $118.6M | $196.0M |
| Long-Term Debt | $18.7M | $54.0M | $105.5M | $178.9M |
| LT Operating Leases | $1.1M | $4.3M | $3.8M | $5.1M |
| Other LT Liab | $7.3M | $5.9M | $9.2M | $12.0M |
| Total Liabilities | $423.3M | $564.7M | $759.8M | $941.7M |
| Shareholders' Equity | $812.2M | $926.2M | $1.10B | $1.93B |
| Paid-In Capital | $604.1M | $629.8M | $677.5M | $1.12B |
| Retained Earnings | $94.4M | $156.8M | $260.0M | $350.4M |
| AOCI | $-40.5M | $-49.3M | $-63.4M | $-35.7M |
| Total L&E | $1.24B | $1.49B | $1.86B | $2.87B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $50.6M | $96.9M | $131.3M | $121.9M |
| Non-Cash Adjustments | $-548.8M | $-548.4M | $-257.6M | $-373.5M |
| Working Capital Changes | $436.0M | $376.2M | $278.8M | $241.3M |
| Cash from Operations | $-62.2M | $-75.3M | $152.4M | $-10.3M |
| Capital Expenditures | $91.1M | $61.9M | $82.5M | $56.3M |
| Cash from Investing | $-265.7M | $-6.7M | $-12.0M | $-390.3M |
| Debt Issuances | $0 | $42.4M | $96.9M | $119.1M |
| Debt Repayments | — | — | $9.6M | $60.3M |
| Cash from Financing | $45.9M | $18.5M | $92.5M | $742.5M |
| FX Effect | $-32.6M | $-1.7M | $-4.8M | $12.8M |
| Net Change in Cash | $-314.6M | $-65.3M | $228.1M | $354.7M |
| Beginning Cash | $563.1M | $248.5M | $183.2M | $411.3M |
| Ending Cash | $248.5M | $183.2M | $411.3M | $766.0M |
Software development and licensing providing proprietary platforms to enterprise clients; IT consulting and managed services delivering customized digital transformation projects; Data analytics and business intelligence offering predictive modeling and AI-driven insights to mid-market customers.
Negative operating cash flow of -$10.3M indicates potential working capital inefficiencies or aggressive revenue recognition practices that could impact long-term sustainability; Moderate debt levels totaling $214M combined with significant accumulated deficits may limit financial flexibility during downturns; Exposure to macroeconomic headwinds in the technology services sector could reduce consulting margins and delay project completions.
Diversified revenue streams across multiple technology sub-verticals reduce reliance on any single market cycle; Strong liquidity position with $757.4M in cash provides significant flexibility for strategic acquisitions or R&D investment; Established client relationships in high-value sectors like finance and healthcare create stable recurring revenue potential.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.