ACM Shanghai Backlog Reaches 17.1 Billion Yuan, Up 88.2% Year Over Year
Key Facts
ACM Shanghai, a subsidiary of ACM Research, had a total backlog of 17.1 billion yuan as of September 29, 2026, up 88.2% from the same period a year earlier, the company said. ACM warned that backlog may not convert into estimated revenue, making it an indicator of recorded business volume rather than realized revenue. The announcement comes as the company prepares to report its full third-quarter results. ACM reported revenue of $292.9 million in the second quarter, up 36.0% year over year. Total shipments were also $281.5 million in the quarter, up 36.4% year over year.
Shipments differ from recognized revenue: they include tools delivered and recognized as revenue during the quarter, as well as initial systems awaiting customer acceptance that may generate revenue in subsequent quarters, according to the company. Shipment growth therefore does not necessarily represent parallel growth in reported revenue. In the second quarter, ACM said ECP and advanced packaging led revenue growth, rising 168% and 153%, respectively, year over year. The company said customer evaluations and the timing of tool acceptance affect the conversion of deliveries into recognized revenue. Gross margin was 46.0% in the second quarter, compared with 48.5% in the same period of 2025.
After its second-quarter results, ACM raised its fiscal 2026 revenue guidance to $1.125 billion–$1.175 billion, from the previous range of $1.08 billion–$1.175 billion. The company said its estimates take into account international trade policy, spending scenarios for major customers, supply-chain constraints and the timing of customer acceptance for initial tools under evaluation. Management added that increased order activity gives it "good visibility into the rest of 2026." Chief Executive David Wang described the year as "an important year for new products," citing customer evaluations and product expansions across multiple platforms. Backlog alone does not mean those forecasts will be achieved, as the company tied its estimates to spending, supply and acceptance factors.
ACM announced a production order for a 510×515 mm Ultra ECP ap-p horizontal electroplating tool from an existing advanced-packaging customer in China, with delivery scheduled for the first half of 2027. It also disclosed an evaluation order for a 310×310 mm tool of the same model from a new panel-manufacturing customer in Asia, with delivery scheduled for the fourth quarter of 2026. The orders are part of the product expansion that management said includes customer evaluations and the start of commercial expansion across multiple platforms. ACM Research shares closed at $51.97 on October 27, according to EL7 data. The company is scheduled to report full third-quarter financial results before the U.S. market opens on November 5, followed by an investor call at 8:00 a.m. U.S. Eastern time.