ACMR - Earnings call 3 2023 | ACM Research, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the ACM Research Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Gary Dvorchak. Please go ahead.

Gary Thomas Dvorchak

good and Operator, you, day, everyone. Thank for results, which you joining U.S. us XXXX quarter third discuss we to Thank released the before market opened today. from The as on available Newswire as release Services. our is well website slide deck that website reference There's also will a posted the of we remarks. Investor prepared our in during our section supplemental

McKechnie; today subsidiary, the Feng, CFO our operating On me CEO, David Lisa are the call Wang; and Dr. Shanghai. ACM our with our CFO, Mark of

this Slide considered Before include for call statements we during turn Remarks information may be to estimates might X. represent continue, forward-looking. other or judgment the future. predictions, made please forward-looking ACM's that current These

to elsewhere and to Securities the ACM's Exchange they ACM's subject risks forward-looking filings Commission. under Those of will the short-term stock-based on we and an However, place a not of reflect Please which ACM and these to could this on opinions any results and cause call. described on uncertainties as basis, which not non-GAAP on date only differ on compensation to undue in unrealized forward-looking call Certain this materially. investments. statements, actual reliance results financial of update risks provide loss with revisions that the are are you be these do Factors that Risk statements. excludes obliged is

IR to begin should For David, turn With our the GAAP our to our Slide call who the David of to refer you release, let ahead. Wang, will and reconciliations earnings is that, between amounts, results now Slide on go section X. and website, non-GAAP me which posted over with GAAP XX. and

David Wang

Quarter to Conference welcome and to Please Earnings everyone, XXXX Slide Call. X. Hello, ACM Research turn Gary. Third Thanks,

million, same revenue margin XX%. up For XX%. up was operating a was quarter Gross $XXX record $XXX.X the million, the year. was margin and Shipments third XX.X% were last from XX% quarter,

attribute customers the our months, the nodes new in decline gain share global outperformance is market We and X and healthy light for revenue to by penetration we in and first new WFE general the a mature of spending. market For grew of XX%. China. This in products

other We trading semiconductor etch early are benefit capacity with expansion us of remains China's to semiconductor on Let devices. its strong China. and position, investment are This be between to positioned believe further in China's end of and power me we capacity as capability. we believe mature creates of due and We in a market. share well us, in devices solid. WFE driver The differentiated driver to XX-nanometer, increase we China these, believe domestic multiproduct stage China investment capacity nodes will and and effort pair boost node chips. continue which to and in market ramp a for EV We consumption mature production EV its domestic continued the see reduce the win power semiconductor of a to growth our nodes, to plan, China market touch devices still investment portfolio. technology, for mature goal domestic XX-nanometer, our is market for for in intensifies we believe investment gap each beginning due

dry supercritical product then and and bench cleaning, turn line, last In few products, introduced XX% semi-critical Single-wafer introduced COX grew and please we to X. in ramping XX% In temperature year, cleaning high tools. began Tahoe our introduced we QX, and Slide our advanced years, auto and cleaning Moving to including and last tool. we QX SBM the year-to-date. semi-critical

for chiplets XD and This meet packaging quarter, removal Ultra introduced we to advanced v structures. C the flux vacuum our cleaning tool other requirements

one applications. China going portfolio and of first step both of devices in primarily ECP, technology some We key the our advanced believe this to our and category the be the product memory quarter in manufacturer, cycle Chinese and ACM all in cleaning product was major QX node process furnace. broadest will XX% other effort forward. year-to-date. portfolios international we in furnace which nodes received already We have and delivered mature from in the order play has ECP tool grew cleaning this product logic our nearly in Growth role contribution a among X% by XX% new for industry, driven expect first of in development with from covering XXXX.

anneal category including multiple excluding customers, on at proposal the of service silicon tool furnace, the set that packaging, key more full customer in ECB, and production and as nitride a We continue and Advanced advanced QX wet parts. good and product, advanced but X.XD as our make industry etchers, grew and up that wet spare as LPCVD and and new scrubber, in PECVD such packaging platforms. progress fan-out packaging for including XD both poly, performance sites. and spare developer, for looks is stripper we of to GPT. become ALD offers on range innovations drive important sales plating new on including to ACM XX% includes such Finishing Our packaging evaluation and Track and and applications and will higher customer This with in high-temperature tool. AI believe effort and under only PR is XX% are furnace tools, services a coder, year-to-date.

and active major tool. a plan to are PECVD customer will Track winner furnace platforms tool proprietary our design site. customer, the this believe We with and at to with discussions the new cleaning, line, China. requirements progress the our proprietary in key next-generation of Similar higher evaluation architecture to tool outside have We of customer, year. make believe our our technology we more deliver and lithography report good them Track product in Track our plating, with tools with we meet that evaluation throughput will I'm pleased China both and

Slide the on customer, Moving X. to please turn

used the semiconductor customers, internationally. on believe tools progress China make by both inside are all we China, to In continue near We manufacturers. and now ACM

and sales teams working the lines our deployment are customer our of to of expand each service base. growing major product across Our

of also are a we full customers, good entrants. number current our seeing new to addition funded In

done a good for with has our customers. products traction team job gaining of Our these

As will construction of objective production, rooms evaluation. Ultra believe this our and for We believe to C b global Production is shipped commitment in initial market. make and new we to new China, to Korea, Slide we To tests a first a attract function. order other support manufacturer date. have installation regions. hope relationships plans at we customers, is and making ACM our in a shipments We will We cleaning sales the and customer with started demonstrates will R&D progress and the evaluation X our the customers. positions our to the land ongoing production an enhances bevel relationship, key This tool, manufacturer. major cleaning brand we product of turn for this clean tool. second a ago, and announced improve labs, SAPS weeks evaluation address customers, our including noted believe from commitment our to already to strong center to year prior acceptance X in the be this large us demand Furthermore, delivered semiconductor X. SAPS on be we another China a are the tool to growth customer global XXX expansion And etch to their tool other tool result process. customers. in deepening purchased opportunities facilities, U.S. we as the wafer Korea later our scale the increased global Korean our from announced factory tools, tools. reflecting backside Ultra In on ACM's XXXX. And this expected tool now major Please our quarter additional backside Lingang expected have employees bevel cleaning customer's with In for this we support continue Europe, early SI initiatives, year the In a year. have etcher is cleaning this In with combines order of support key to in to teams about The complete the more U.S. X C a development facility facility this we early for until early are to and European-based nearly U.S. these small morning purchase a this Korea XXXX. new administration, begin and the as calls, we than build which

the demonstration year international activity resource another parts we Oregon offer for early Korea U.S., in and in base our R&D in to Asia. Europe, region. the customers to will Our In leased in this to and other also the and support add service the facility of support customer capability U.S.,

in Slide XXXX, for Lingang facility, $XX XXXX. and expect for U.S. year Shanghai, we the million turn now and spend continued CapEx. As Korea ACM will for full X. to our This the investment in about our reminder, for our headquarters investment outlook a provide I new our remodeling includes Please to

in outlook in $XXX range versus million million our to million the updating of among acceptance first are together We range prior other chain assessment expected $XXX outlook of for various $XXX reflects, of to field. the our management's supply evaluation spending tools things, customers, continued million. policy scenario XXXX our range trade to international be of from with The current revenue key impact and under the the of $XXX constraints, of timing

please? to turn of me results. Mark, our our CFO, review third call will who over quarter let details Now the Mark,

Mark McKechnie

XX.X%. cleaning, with cleaning otherwise, for to short-term you, figures stock-based quarter. measures quarter following provide Unless unrealized earnings highlights of to Revenue Also, I'll measures, loss was $XXX.X measures up million, are quarter release. unless to Tahoe, for non-GAAP semi-critical Thank XX.X%. $XXX and turn third were Reconciliation otherwise the included comparable the these and the of now and investments. noted, $XXX.X XX. was Slide I comparisons financial up I refer third day, note which Please of on David. Total GAAP Good third non-GAAP compensation is will Revenue shipments single-wafer million, XX%. everyone. exclude to our financial million, the XXXX. XXXX in up refer

the This versus period. For ECP and the spares prior and packaging, $XX.X other up the XXXX. XX.X%. was XX.X% million, million, period. for category excluding Revenue X XX.X% grew was category first year up X.X% months X months of furnace of this the advanced Revenue ECP, grew XXXX, for by year for prior by $XX.X first services, technologies versus

exchange months primarily and XX%. up fluctuations XX.X% XX.X%. prior was rate. for X specific impact margins margin normal range by from margin first XXXX, XX.X%, gross grew mix, Gross was of The the XX% lines, in to this to This year increase dollar in For from expected to period. due category of versus the our exceeded product renminbi improved favorable favorable product gross U.S. a a the

we income items. capital review million, the $XXX.X $XXX.X the gross year ACM between support rate continue up quarter. sheet included was margin from sales expect higher We was that still the in the gains $XX.X Cash, full activities items cash, second at product our as up such for Recall The $XX.X million were short-term now million. full of from due new $XXX.X was was income XX.X%, equivalents, from diluted million non-GAAP We versus selected Section and to $X.XX. to million expense it are of deposits the to was XX% Capital per Code, year U.S. to increase the gain and $XXX was raw volume, onetime of of income earnings. $XX.X was and cash driven of million, $XXX.X quarter. Research and attributable Operating time range. million. $XX.X the impacts. million, and $XX.X change remains for a mix activities. margins our share tax from result Internal currency but of period-to-period product was by versus Income as expenditures recorded to million a million. for in prepared from a a Recall million. XXX expenses down be million, Revenue to up million, from finished in inventory in $XX.X This post-COVID concludes rate $XX.X goods G&A R&D, materials, Year-to-date marketing, were at quarter. and the of travel due up $XX.X Operating million. the elevated. from new for third customer million realized million. the I'll and up restricted from million, sale work expect $XXX.X factors Net balance $XX.X were a $X.X Operating in That million quarter, tax effective split variety costs Total sales the XX.X%. in $X.X $X.XX, Net were quarter, second vary end of tax at inventory realized end that $XX.X boost expenditures process, the remarks. was investments

let's questions Now may have. that for you open Operator, the go any ahead. call please

Operator

take & will of We Company. the question from question Needham the Instructions] our [Operator comes -- line from Charles Shi first first

Yu Shi

question. for the in into see largely QX. very Congrats what Q-on-Q going question on I shipment terms you the shipment a Thanks. to flat posted have first Or really shipment. the dynamics new you QX here. make a on shipment the strong strong want looks results. figures? of like be first you going That's QX behind I figure you'll or Do number to see understand The for my QX? what's record just

David Wang

actually, customer. cleaning, latest also, have now and furnace. really have And in new product Charles. shipment product number a our plating, the and And with the is indicated we the Okay, our new also got cover

shipments. it number certain the I And there customers, think this in Mark, that's obviously, add will shipment. But will the want and policy I reason And be our there's maybe be also, a good some anything say, components. line, I some for you growth. year continue our call shipments also, very supporting may the we shipment there production And impact timeline. think may also statement? our anyway, we to their driving still QX the whole on think

Mark McKechnie

tool. shipments, shipments, we're with shipments David on quarter it's as the noted, mean anticipating I first quarter. the big don't we're it's not a revenue, guide QX. for Yes. think David. I in and shipments the repeat Yes. Yes, No, certainly also but increase specifically We thanks, by sequentially pleased in

Yu Shi

may just I hear you because pausing, have have thinking heard you which a mention correct? be think that Did Is on I Thanks. about comment? QX follow-up customers it, want Also I an to comment QX or impact may the I certain shipment. Thanks.

David Wang

and don't Well, line not our II that right, certain shipment specifically delivery, have on there year, -- Yes. a for just looking said I I see their center ready, customers, and the quarter, mean do can I/Phase That's a production deliver. We whole delay. field caused is they phased I'm the not some something we for right? and Phase

Yu Shi

related it's just export want to sure I Okay, -- make so to so not anything etc.? controls,

David Wang

control our moment, order right, receive export have rule, this we restriction, Anyway, I also the call of there. order, at we selection. any other rule follow there's Actually, export Whatever the ship. control all and do we No. cannot far, both also follow it U.S. it there, product, so our And the for in not because we I component call

Yu Shi

you I for receiving to first What Thanks. shipped application of other that the believe. wonder, the can it. a Maybe Thanks. was that what the question was I Got remind semiconductor what's Or on customer? evaluation the evaluation? me. status from second shipping, PO from you -- a that Congrats from first for? manufacturer set U.S. us evaluation another this

David Wang

we order do progress repeat tool offer have megasonic delivered We receive are And for better order, using to the much customer making offer grow to chemistry. this customer. made we and they happy with we're requirement, especially a of even and future Actually, last we diluted cleaning and also performance. looking obviously, quite measure we a right? efficiency year. does R&D progress new is Great. first a their orders, the and product because cleaning, And our Actually, lot make we a this X ship

a this You tool make for their to process. looking contribution can are for chemical. bigger the consumption see They

Yu Shi

the the you Thanks. for the of shipped second? closure since Yes. Any expected first already evaluation timeline

David Wang

X we're or repeat tool. Yes. well, R&D I like close another think evaluation to One it. one to There mean -- I are right? the just things, is order is

we For sign-off our final qualification the I the We second X-year to think X can it finish. years. R&D close the revenue. very tool and it's But are we tool, call for

close. very are We

Operator

We and of question [Operator will next from Suji Capital. question our comes ROTH of -- take the Desilva the line Instructions]

Sujeeva De Silva

the progress color target you said trending about seems gross Congrats here. consistently. specific lines. It gross margin, improving margin were you like something the for Any on there? on product Mark, the above

get any to update wanted Just there.

Mark McKechnie

Yes. differentiated we there line. -- of really product by mix we out cost But products were and Suji, won't of downs. had good it kind break a some

a We point. this also foreign XX% got but with Obviously, that our XX% target changing to we're little bit exchange. tailwind not of we're at from pleased level,

Sujeeva De Silva

that chip burgeoning mentioned a U.S. for the a you how be might Is AI you in chips on exciting I sense big give chip foundries are global AI controls David. versus And could GPT of that that vendors. the of a the prepared some there's opportunity you be Because AI Can servicing China there for guys. there? then semis noticed market us Clearly, import/export market? products those remarks, very

David Wang

too. that Yes. mean about I China we're is And only global our this in for still that. advanced market, about say a talking really product mean right? for tool is but talk not packaging. talking. market, the And in plating, we packaging, we Well, general, for I real there's moment the most copper also China, this in we mature mostly products In see and

we're GPT. which for only not more be in spread also market, tool As out AI market for looking which is advanced our is the plating more global China mature I be copper said, to to for a node, sales more looking also in and

Sujeeva De Silva

is the that And color, cleaning on vacuum tool. last Appreciate I David. question have Okay.

functionality that an chiplets. talk curious that That's really that's incremental new if you advanced chiplets. you there of an opportunity. I've was packaging that have? is mentioned You I a about Or growth area? just driver Is heard the first guys the time element

David Wang

product, new our come that new requirements see We out. Yes.

our labs. inside of kinds flux major flux getting vacuum really this whole can selling that both product in also status. hard That's the lot product add on have at grow, water to the and are it We're revenue package gap. a of our advanced clean they With or there's portfolio. to other, because for are to or finishing, chiplet the look the are call going those looking chip other really all market and see time nodes for have advanced industry gap flux. there's nodes. commitment, there's of gaps this you very We the You well. When clean I for again, cause booster mature -- a another the packaging, more vacuum Those of and chemical

Operator

[Operator will line Instructions] the question, Schwab from our next take the comes of from Capital. We Christian and question Craig-Hallum

Christian Schwab

Mark, can the you walk on year versus guidance revenue is for topline on the high original takes why guidance puts the just and low your end? us through end your the near

Mark McKechnie

Actually, -- can David, that? do take I want you Yes. And probably to

David Wang

pure are You first.

take can that. I it You first. will answer

Mark McKechnie

Yes, Okay. that the then. Christian, for and ahead I'll question. go thanks take

our that, whole we versus was as less kind the you down on does here things beginning China flat. some if XX%. despite it of like Still but market market couple readers, a year. I necessarily market, about China on the is, the our be expected little not year-to-date from would just is revenue data, but than say a we're a had up based of the nodes, I'd anticipated. year-on-year third-party great mature first there's may think think sound say market spending I strong overall of the

XX%. Our midpoint up is outlook of our

is our and product new contributing. cycles activity Our customer

and of we bit of end, get have on a for I'd our some last third revenue due seen is more year customers next say And customers David now. thing we're their I to there. at digestion kind David, certain tools be still those we'll tools We get of tools or maybe slight facilities, a been just they're kind with Either where delay, products. is mean liked just talked or their did, to a X-quarter of a pleased just customers saw growth. for delay. those, lot also, the have add? to almost where that number a timing Christian, of installed, to I to things working little thing The The is things anything them get but higher a we about shipments our a X point to bigger right obviously deployed. of large shipped have may this to stand first newer year. of would the a Kind combination new think this

David Wang

on fine, add don't mean perfect. That's to I I anything have Yes. that.

Christian Schwab

be as of And to TAM expect down? aggregate you calendar you specifically what again? guys inside the cause to outperform growth the to China be flat, look you China TAM would to be once then to in XXXX, would And up,

David Wang

quite the have up, the also China. had XX is power furnace stage look Okay. product, data to year third-party market, customer feel Expanding in the probably of I year, next End middle next good the continue for XX, our And question. new expansion, furnace at especially early a you or rapidly year of market EV of have right? for because the year, X is And think and year the customers. Good we we'll Actually, And then product. also grow. XX, last End a devices China capacity customers. the mature mentioned. still the in we with I also, we as this China

that revenue XX%, product. in products. come outside to also And plus, for other the saving only We'll I real has acid. see have a for new SOX new cleaning for XXXX. believe product. XX%, saving high we Also, other and from single only the compared see contribution offering SPM plus equipment We will Tahoe LPCVD, our cleaning Also, We only tool mentioned year not Tahoe. our this also our multiple tool. Tahoe customers, We traction larger anneal, our that revolutionary for for sulfuric orders see next see there's our ALD their Tahoe repeat And probably mean to year is tool. mentioned the process we their this domestic, we real also is from Also not big memory so customer I China there China. interest in customer. environment-friendly cash free

see also become up materialized. that more we populating of international And are will pick products there to to penetration probably we Mark, cleaning, And on sales. even tool in still Ultra and And we advanced further I our next I product. that probably rapidly. for so my those, tool, growing XXXX, for customer And is plating and proving, see the evaluation say I mean also Bench a to we should But international mention on that cleaning their cleaning year, announced those continue just to for been backside From to will general, grow PECVDs the our other than for using want has that's U.S.. our tool mention will I another with in are bevel you product, backside and in I indication, another one cleaning Track X revenue. and system is be our that's cleaning they will customer, the we add growing And our booster also XXXX factor. model view that contribution mature this the in one the copper lot cleaning, last go same I to see as that? XXXX. bench we the forward and cleaning mentioned, anything more, XXXX. our too. make see for getting moving customer want market today the one, the we also for Next And still have a China,

Mark McKechnie

it, had to last us in do would face-to-face meeting it. days. We international for to Yes, post-COVID, a that can see Thanks. it that think And conference opportunity. next while. we might think a about, international interesting pretty a clear customer X And international X year, talk Yes. meaningful. be you about we U.S., year. mean, few one is things Europe, hit as Taiwan I had And of that's we David, in I conference good it's week building a here. more more the actually is these There's sales was mean Christian, good, regions. from there's it No, Korea, David. to our next year you say markets, but our pretty first thing even teams lot here it in But I activity

Christian Schwab

going that. as front. made have the lot new States a customer the a But for if customer a of and sounds in could in that but addition could how but And with out Korea. Oregon, you idea in give over customer Thanks the substantial time? or be expanding to you've both inside like 'XX Not 'XX, Korean facility mentioned we United one on think an of I about more the on, couple can then customers that that, international It opportunities of ask maybe us we front, just question over tools also things with time. selling product the of to you

with Now you last Korea? talking do opportunities historical of expansion base you about the your think you inside can customer customer are of expand -- Korea? Or just in That's my question. Thanks.

David Wang

to with customer, with historic them. through customer, products And but we cleaning additional major Korean step customer. With product fully only in international our to our in customers. on process collaboration our Europe, the a and we the are show almost have our offer the side. also -- differentiated Thank and cover regarding including them. the adding about work customer customer, order the I really right, call really we attraction for customer the relationship we with we for we same said, as customers we've cleaning, research new And will XX%, will we that's our And is Well, let's our the repeat for can U.S. actually, you. Okay. talk Plus, in customer. And customer. in again, closer collaboration got base not

also customers the want are We plus, this I have a in mention working in our revenue remains. from XX% took, probably add not of are lot XX% global in other strategy. of cleaning advanced and in and script. also goal long right tool future, And already our We only in segments also working historic the and also That's with right? still, plating customer with Mainland want working customer. our Singapore. only where still actively didn't Korea we the one copper also goal And and China, come run more all our China other products Obviously, now. we with from including come future are ACM-made cleaning or we of products revenue for customers development we in to Again,

Operator

Instructions] line take from Morgan And please [Operator comes next Stanley. Chan the Charlie We will from by. of -- stand question the question our

Charlie Chan

memory memory. all, memory. about for first customers the high-end potentially of Meaning customers. you can question all, with for the know my potential tool what of of tool the have Thanks. some Can to this module? you is progress what supply do adoption First to to exposure HBM explain your for is the us for memory you (inaudible) the secondly, And your kind HBM. We

David Wang

Yes.

we're and right advanced portfolio, our working only Also, all That's also for cleaning. building the trying building capacity Charlie, Okay, the for spread we're more working but real customer, faster Korean closely the as customers put other putting really qualify we have the our to say we And local it's they're customer. cannot in all I have products we products, our new now customer probably more meet engineers and effort with response growing become multiple We're them. HBM. And tell not the in customer a we technology a X And too in supporting group and than now. effort for with and working the internationally. have XXX said, really have I have for we their this also requirements, and R&D Korea. the detail, closer to and market. for products production and I'd for also continuously get the the Korea, R&D to in

Charlie Chan

jump. very big question know the jump trend, it's pretty a a but next a Even explained The R&D customer still big there's Mark. OpEx of is very, activity, David. new I quarter. still lot Thanks, you the expense, Understood. Okay. previous but versus for

how So And one-off norm quarter those we as of are much like OpEx? increases the that post-COVID XX million use per USD new the travel? future should for

Mark McKechnie

We've and companies, that the side public sales on question. Yes. marketing. We're the obviously Thanks investing public our for stocks. R&D in OpEx got X and

There quarter. even I in a is, the expenses quick expect renminbi. know, up yes, as the lot mean be level, I bit a little the would answer think I next you to new are to OpEx maybe of our actually

so little would the Third renminbi to rate, in be the -- things new we the general, about at that's strengthened right actually OpEx Charlie. quarter, quarter the that But a bit. moved run on anticipate

Charlie Chan

when with into strong increased by pretty with the the OpEx ratio, are pretty high we fourth OpEx right? like revenue, like ratio. shipment strong? shipments? It justify correlates quarter the we because third seems it's quarter, Can OpEx Because very calculate Okay. that that seems like more shipment Is OpEx

Mark McKechnie

a Charlie. a our -- level correlation out our Yes. There's correlation don't shipment to course but specifically, of don't and break we there's OpEx. there, I it

Charlie Chan

future more R&D you Okay. the for your And think associated need much to lines? in invest R&D the or I your do also, the How you (inaudible). new know AFRS that already current introduced or (inaudible) R&D, of line to peak spending -- you (inaudible)

David Wang

Yes.

Let maybe me that jump and can on Mark more. add

Actually, spending about new as especially spending, was we Our products. X so still our good into right? XX%, more at IPO and our number have one. investment Furnace Plus, boosting to years after a general we major right? R&D or China And a you look is started started R&D effort. market, ago, in X ago is years

doing and for customer And also really is People or very XXX, Track. well to Especially, the we building will qualification into technology new new tool. also even about X this I to a in mention The get look architecture their want XXX-WPH Track. next-generation talk of First high-throughput. the big plus next proprietary international. high market system innovation the also the with aiming throughput And And our is as years the in to and X, we opportunity Track for ALD us market grabbing in and PECVD owners, very at plus, Track. plus PECVD the and our China.

is system I'll call we Our that Track be for are it the ready market. competitive market. And second very this player in to planning

range As I XX%, probably will be much that's with we not And I that, have keeping. XX%, we but probably then revenue think percentage-wise, see the forward. changing,

making the we putting We're becomes XD a our maintain new R&D into copper and also say market there. also product advanced Copper important. plating cleaning, existing becomes, and the line. advanced recent chiplet, In important still I very plating more see effort can also in product lot that also we their see do money and we the cleaning years, the Especially This copper should this megasonic our for products. for even of products, put plating You existing Plus, R&D new is tool into rapidly. existing technology. more grow become cleaning. both the production copper

Mark McKechnie

And around brass Yes. said, behind David But R&D if said what say. look expected XX% you before, kind of tacks we've Charlie, but sales. Hey, one general, and We last see the at, bit I'd the we thing of this sales and should and leverage operating side. a way built. our model got little year. this in the is some that's G&A on operating marketing

Charlie Chan

at enough. years? the Fair Okay, you. sort the for comments. of Thanks coming for will XX% R&D keep Thank Okay. intensity the of so couple

Operator

Instructions] no further questions. [Operator to seems be There Apologies.

Shi have & come One from the We question follow-up through. you And have of from a line a that's please. Needham Company. question Charles moment

Yu Shi

go just Thanks not to you're question. follow-up about what China down down know back want you and my peers. seeing whole? said the I probably China see the market at And just but for and market. market the strong. Q-on-Q was like commentary kind you land QX quarter-on-quarter? taking U.S. know do there? of seems from overall think looking kind you market the explain you was data Thanks. year-on-year can will It China overall you're year-on-year, I'm holding year-on-year? I are David to China where a why you be or comment, but expecting the exactly they don't of Mark, overall What relatively as reader I why curious to market here, I your your

David Wang

whole data, maybe, add holders have Well, don't Actually, the of on data. not right? let market We're me that Charles. we

market However, we I'd the At quarterly published, moment yet. you people I semi people But this I we reports less But And year banker other for whole don't other what the general base. another expecting flat partners. published year, know is investment also like think at good But the globally end I next is year percent good here. of see XX% probably is or And We a flat. probably our China see say what was number think than look see recent real and few year see would probably a we results. for probably even still back. customer new year this the on say down, this with still should I our the over. say, this maintain. almost next see -- a But year, real we last 'XX I they 'XX, about say time, say probably talk even is flat won't global expansion another everybody us we year. somebody And margin year and is downturn

Mark McKechnie

where same by as big don't at and tea is know add driven There's was that of how a David, see we that try of of public of on team we players. to that kind well, look QX Investor were what if of had for at a of market, you look own well. mean one a Relations we Yes. I Hard on And semi-cap exactly mind, QX some it. third our we lot some hard at as overall it's -- don't that read anything that. names, at look in But we little if of And a kind to kind bit again, ramp this look sequentially. at companies you look data to lot And David, look you the business, for and leaves to as so parties. pretty it's add I of we our pay to by. leading lithography know wanted uptick pulled a you the probably I'll some to at maybe us of right? encouraged big we some about But companies If kind attention hopefully the a indicator. the together

David Wang

mean is tool the right The capital indication say software right? in ship. think are That's semiconductor year's they almost you got are that I We'll an tool China, definitely spending companies that driving those right I normally the software really or tools in advanced are for double, another see first. demand right, China. buying, that. this Yes. the especially, Look revenue to at

Operator

further Wang for you. seems no would Thank closing to questions. There to remarks. be like back to I David hand

David Wang

Thank your all you, Operator. today's for participating call Thank and supporting. you for on

we close, events. to our mention Investor going Gary Before Relations upcoming Gary, please? is

Gary Thomas Dvorchak

David. Thanks,

in Annual UBS XX New a Craig-Hallum to Attendance we'll XX, Conference XX, November also XXth Select at On City. Before present on ROTH conferences. On conclude, in just City. at on reminder November Technology I the in York New York CEO November Alpha the in by is XXth Annual give finally, quick at the we'll our present Scottsdale, City. the conferences want New Conference York XX Summit we'll we'll the From Conference, everyone we investor Annual the upcoming present to And invitation present at XX, Arizona. at Global only. December Technology

contact with concludes call. team. one-on-one For please This to schedule interested sales your our investors, meetings the and management register respective representative

You now may disconnect.

Operator

today's call. conference participating. Thank concludes This for you

You may now disconnect.

ACM Research (ACMR) 7 Nov 232023 Q3 Earnings call transcript