ACM Research Is Growing Fast, But Cash Flow Still Lags

ACM Research delivers strong revenue growth and improved customer diversification, but operational risks and margin volatility persist.

Q2 revenue rose 36% to $292.9M, with advanced packaging and ECP technologies driving expansion and reducing reliance on single customers.

Gross margin remains within target at 46%, yet inventory buildup and negative operating cash flow highlight ongoing execution challenges.

The Hold rating remains appropriate until ACMR demonstrates consistent mid-40s margins, improved cash conversion, and reduced inventory risk.

ACM Research, Inc. ( ACMR ) is at a point where things could really go either way.

The company has grown revenue fast and done a lot to lower its risk from relying too much on just This article was written by Motti Sapir 1.47K Followers Follow With over 15 years of experience in the markets and a degree in economics, I focus on breaking down companies with clarity and discipline.

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