10-Q
Quarterly Report
ACM Research, Inc.
ACMR
NASDAQ
CIK: 1680062
File #: 001-38273
Balance Sheet
108 line items · 2 periods
XBRL
| Item | Sep 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Current assets: | ||
Cash and cash equivalents | 333,472,000 | 182,090,000 |
Restricted cash | 1,782,000 | 1,083,000 |
Short-term time deposits (note 2) | 20,304,000 | 80,524,000 |
Short-term investments (note 15) | 20,351,000 | 21,312,000 |
Accounts receivable, net (note 4) | 370,589,000 | 283,186,000 |
Nonrelated Party | 57,849,000 | 40,065,000 |
Related Party | 1,453,000 | 2,432,000 |
Ninebell - Related Party | 1,453,000 | 2,432,000 |
Inventories, net (note 5) | 628,720,000 | 545,395,000 |
Prepaid expenses | 10,794,000 | 20,023,000 |
Total current assets | 1,445,314,000 | 1,176,110,000 |
Property, plant and equipment, net (note 6) | 250,099,000 | 201,848,000 |
Land use right, net (note 7) | 8,320,000 | 8,367,000 |
Operating lease right-of-use assets, net (note 11) | 5,680,000 | 7,026,000 |
Intangible assets, net | 2,838,000 | 2,538,000 |
Long-term time deposits (note 2) | 13,517,000 | 40,818,000 |
Deferred tax assets (note 19) | 13,400,000 | 20,271,000 |
Long-term investments (note 14) | 33,655,000 | 27,880,000 |
Ninebell - Equity investee: | 6,516,000 | 5,632,000 |
Wooil - Equity investee: | 944,000 | 1,003,000 |
Shengyi - Equity investee: | 2,594,000 | 1,693,000 |
Hefei Shixi - Equity investee: | 7,047,000 | 9,174,000 |
Company D - Equity investee: | 4,281,000 | 0 |
Equity investee: | 21,382,000 | 17,502,000 |
Waferworks - Investments accounted for using measurement alternative: | 0 | 1,412,000 |
Shengyi - Investments accounted for using measurement alternative: | 867,000 | 857,000 |
Company A - Investments accounted for using measurement alternative: | 4,281,000 | 4,236,000 |
Company B - Investments accounted for using measurement alternative: | 942,000 | 932,000 |
Company C - Investments accounted for using measurement alternative: | 1,784,000 | 0 |
Company E - Investments accounted for using measurement alternative: | 1,427,000 | 0 |
Other - Investments accounted for using measurement alternative: | 2,972,000 | 2,941,000 |
Subtotal measurement alternative - Investments accounted for using measurement alternative: | 12,273,000 | 10,378,000 |
Investments accounted for using measurement alternative: | 33,655,000 | 27,880,000 |
Other long-term assets (note 8) | 21,352,000 | 6,050,000 |
Total assets | 1,794,175,000 | 1,490,908,000 |
Liabilities and Equity | ||
Current liabilities: | ||
Short-term borrowings (note 9) | 33,795,000 | 31,335,000 |
Line of Credit, due on August 29, 2024 with an annual interest rate of 3.00% | 0 | 2,463,000 |
Line of Credit, due on September 7, 2024 with an annual interest rate of 2.87% | 0 | 5,648,000 |
Line of Credit, due on March 20, 2025 with an annual interest rate of 2.75%. | 17,136,000 | 0 |
Line of Credit, due on September 22, 2025 with an annual interest rate of 2.5%. | 5,711,000 | 0 |
Line of Credit, China Merchants Bank, due on August 7, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 8, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 9, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 14, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 17, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 20, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 21, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 22, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 24, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 27, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 29, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 30, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on September 3, 2024 with an annual interest rate of 3.00% | 0 | 1,271,000 |
Line of Credit, China Merchants Bank, due on September 5, 2024 with an annual interest rate of 3.00% | 0 | 1,270,000 |
Line of Credit, China Merchants Bank, due on September 6, 2024 with an annual interest rate of 3.00% | 0 | 1,270,000 |
Line of Credit, China Merchants Bank, due on September 10, 2024 with an annual interest rate of 3.00% | 0 | 1,270,000 |
Line of Credit, China Merchants Bank, due on September 12, 2024 with an annual interest rate of 3.00% | 0 | 1,270,000 |
Line Of Credit, China Merchants Bank, Due On February 27, 2025 With An Annual Interest Rate Of 2.60% | 1,356,000 | 0 |
Line Of Credit, China Merchants Bank, Due On February 28, 2025 With An Annual Interest Rate Of 2.60% | 1,356,000 | 0 |
Line Of Credit, China Merchants Bank, Due On March 1, 2025 With An Annual Interest Rate Of 2.60% | 1,356,000 | 0 |
Line Of Credit, China Merchants Bank, Due On March 5, 2025 With An Annual Interest Rate Of 2.60% | 1,357,000 | 0 |
Line Of Credit, China Merchants Bank, Due On March 8, 2025 With An Annual Interest Rate Of 2.60% | 1,285,000 | 0 |
Line Of Credit, China Merchants Bank, Due On August 27, 2025 With An Annual Interest Rate Of 2.60% | 1,357,000 | 0 |
Line Of Credit, China Merchants Bank, Due On September 11, 2025 With An Annual Interest Rate Of 2.60% | 1,357,000 | 0 |
Line Of Credit Due On July 12, 2024 With An Annual Interest Rate Of 6.03% | 0 | 77,000 |
Line Of Credit Due On December 15, 2024 With An Annual Interest Rate Of 4.29% | 1,524,000 | 1,544,000 |
Current portion of long-term borrowings (note 12) | 30,670,000 | 6,783,000 |
Nonrelated Party | 170,810,000 | 141,814,000 |
Related Party | 15,392,000 | 11,407,000 |
Ninebell - Related Party | 10,042,000 | 7,624,000 |
Shengyi - Related Party | 5,350,000 | 3,783,000 |
Advances from customers (note 3) | 215,678,000 | 181,368,000 |
Deferred revenue (note 3) | 10,138,000 | 3,687,000 |
Income taxes payable (note 19) | 6,796,000 | 6,401,000 |
FIN-48 payable (note 19) | 8,991,000 | 12,149,000 |
Other payables and accrued expenses (note 10) | 115,388,000 | 102,951,000 |
Current portion of operating lease liabilities (note 11) | 2,377,000 | 2,764,000 |
Total current liabilities | 610,035,000 | 500,659,000 |
Long-term borrowings (note 12) | 106,069,000 | 53,952,000 |
Long-term operating lease liabilities (note 11) | 3,303,000 | 4,262,000 |
Other long-term liabilities (note 13) | 5,685,000 | 5,873,000 |
Subsidies commenced in 2020 and prior | 789,000 | 1,107,000 |
Subsidies to SW Lingang R&D development commenced in 2021 | 3,486,000 | 3,467,000 |
Other | 1,410,000 | 1,299,000 |
Total liabilities | 725,092,000 | 564,746,000 |
Equity: | ||
Class A Common Stock | 6,000 | 6,000 |
Common Stock Class B | 1,000 | 1,000 |
Additional paid-in capital | 669,540,000 | 629,845,000 |
Retained earnings | 229,374,000 | 156,827,000 |
Statutory surplus reserve (note 22) | 30,060,000 | 30,060,000 |
ACM Research (Shanghai), Inc. ("ACM Shanghai") | 30,060,000 | 30,060,000 |
Accumulated other comprehensive loss | (40,815,000) | (49,349,000) |
Total ACM Research, Inc. stockholders’ equity | 888,166,000 | 767,390,000 |
Non-controlling interests | 180,917,000 | 158,772,000 |
Total equity | 1,069,083,000 | 926,162,000 |
Class A Common Stock - Common Stock | 6,000 | 6,000 |
Common Stock Class B - Common Stock | 1,000 | 1,000 |
Additional Paid- in Capital | 669,540,000 | 629,845,000 |
Retained Earnings | 229,374,000 | 156,827,000 |
Statutory Surplus Reserve | 30,060,000 | 30,060,000 |
Accumulated Other Comprehensive Income (Loss) | (40,815,000) | (49,349,000) |
Non-controlling Interests | 180,917,000 | 158,772,000 |
Total liabilities and equity | 1,794,175,000 | 1,490,908,000 |