0001628280-26-013231 | 10-K | XBRL Viewer

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COMMON STOCK (Details) - $ / shares	12 Months Ended
COMMON STOCK (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Stock Class A
Class of Stock Disclosures [Abstract]
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Number of votes for each share entitled	1
Common stock, shares issued (in shares)	60,590,017	57,938,885
Common stock, shares outstanding (in shares)	60,590,017	57,938,885
Common Stock Class A \| Common Stock
Class of Stock Disclosures [Abstract]
Exercise of stock options (in shares)	2,651,132	1,902,713	1,380,886
Common stock, shares outstanding (in shares)	60,590,017	57,938,885	56,036,172	54,655,286,000
Class B Common Stock
Class of Stock Disclosures [Abstract]
Common stock, shares authorized (in shares)	5,307,816	5,307,816
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Number of votes for each share entitled	20
Conversion of stock, converted (in shares)	1
Common stock, shares issued (in shares)	5,021,811	5,021,811
Common stock, shares outstanding (in shares)	5,021,811	5,021,811
Class B Common Stock \| Common Stock
Class of Stock Disclosures [Abstract]
Common stock, shares outstanding (in shares)	5,021,811	5,021,811	5,021,811	5,021,811,000

SUBSEQUENT EVENTS (Details) - Subsequent Event - ACM Research (Shanghai), Inc. ("ACM Shanghai")	Feb. 06, 2026 $ / shares shares	Jan. 30, 2026 shares	Feb. 06, 2026 ¥ / shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	4,801,648	4,801,648
Sale of stock (in RMD and USD per share) \| (per share)	$ 23.05		¥ 160.00

SHORT-TERM INVESTMENTS - Narrative (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 CNY (¥)	Sep. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Proceeds from sale of short-term investments (note 12)	$ 2,147	$ 8,434	$ 21,735
Realized gain from sale of short-term investments	166	1,788	9,047
Zhongjuxin Limited Company (“Zhongjuxin”)
Debt and Equity Securities, FV-NI [Line Items]
Investment in partnership								$ 4,179
Sale of investment, amount receivable	2,147	5,267		¥ 15,089	¥ 38,464
Shanghai Syncrystalline Silicon Materials Co., Ltd
Debt and Equity Securities, FV-NI [Line Items]
Investment in partnership	2,846			¥ 20,000		$ 1,423	¥ 10,000		$ 1,423
SMIC
Debt and Equity Securities, FV-NI [Line Items]
Proceeds from sale of short-term investments (note 12)	2,147	8,434	21,735
Realized gain from sale of short-term investments	$ 166	$ 1,788	$ 9,047

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	4,544	$	3,815	$	3,580
Short-term lease cost	1,614		1,790		923
Lease cost	$	6,158	$	5,605	$	4,503

Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases was as follows for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Operating cash outflow from operating leases	$	4,544	$	3,647	$	3,580

Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	5,938	$	1,781	$	8,195

Maturities of Outstanding Lease Liabilities for Operating Leases

Maturities of lease liabilities for all operating leases were as follows as of December 31, 2025:


	December 31, 2025
2026	$	4,439
2027	4,218
2028	1,040
2029	457
2030 and thereafter	142
Total lease payments	10,296
Less: Interest	(441)
Present value of lease liabilities	$	9,855

Weighted Average Remaining Lease Terms and Discount Rates for Operating Leases

The weighted average remaining lease terms and discount rates for all operating leases, excluding land-use right, were as follows as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Remaining lease term and discount rate:
Weighted average remaining lease term (years)	2.67		3.57
Weighted average discount rate	3.01	%	3.58	%

INCOME TAXES - Summary of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory tax and Rate	$ 28,390
State and local income taxes, net of federal income tax effect*	2
Foreign tax effects
Tax incentive adjustment	(24,688)
R&D deduction	(16,082)
Withholding tax	3,249
Effect of cross-border tax laws
Global intangible low-taxed income	20,925
Subpart F	2,251
Other	(123)
Tax Credits
Foreign tax credits	(10,049)
Nondeductible Items	16
Worldwide changes in unrecognized tax benefits	6,787
Share-based payment awards	(5,942)
Tax Expense / Effective Tax Rate	$ 13,299	$ 35,031	$ 19,364
Tax rate
Income tax provision at statutory rate	21.00%	21.00%	21.00%
Stock compensation		(3.00%)	(2.00%)
State and local income taxes, net of federal income tax effect*	0.00%
Foreign tax effects
Foreign rate differential		(3.30%)	(10.50%)
Foreign income taxed in US		3.70%	7.40%
Tax incentive adjustment	(18.30%)
R&D deduction	(11.90%)
Change in valuation allowance		8.80%	8.70%
Withholding tax	2.40%
Other permanent difference		0.20%	0.00%
Effect of cross-border tax laws
Global intangible low-taxed income	15.50%
Subpart F	1.70%
Other	(0.10%)
Tax Credits
Foreign tax credits	(7.40%)
Nondeductible Items	0.00%
Worldwide changes in unrecognized tax benefits	5.00%
Other
Share-based payment awards	(4.40%)
Stock compensation	(4.90%)
Non-statutory rate items	7.60%
Foreign income taxed in US	10.50%
Foreign research and development expense	(11.90%)	(6.40%)	(8.00%)
Change in valuation allowance	(12.60%)
Other permanent difference	0.10%
Effective income tax rate	9.80%	21.00%	16.60%
Mainland China
Foreign tax effects
Statutory rate differential	$ 6,225
Change in valuation allowance	1,356
Other	$ (708)
Foreign tax effects
Foreign rate differential	4.60%
Change in valuation allowance	1.00%
Other permanent difference	(0.50%)
Other foreign jurisdictions
Foreign tax effects
Statutory rate differential	$ 1,358
Foreign tax effects
Foreign rate differential	1.00%
United States
Foreign tax effects
Change in valuation allowance	$ 323
Other	$ 9
Foreign tax effects
Change in valuation allowance	0.20%
Other permanent difference	0.00%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 121,893	$ 131,269	$ 96,852
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Non-cash operating lease cost	4,544	3,815	3,580
Depreciation and amortization	16,328	9,967	8,092
Realized gain on short-term investments	(112)	(1,788)	(9,047)
Income from equity method investments	(10,290)	(423)	(9,952)
Unrealized (gain) loss on short-term investments	(17,455)	(973)	2,737
Inventory provision	15,485	2,796	575
Provision for credit losses	14,498	13,517	2,741
Deferred income taxes	(14,375)	5,286	(13,647)
Stock-based compensation	33,577	49,576	27,338
Dividends from unconsolidated affiliates	2,100	1,529	0
Others	1,309	945	(2)
Net changes in operating assets and liabilities:
Accounts receivable	(116,127)	(123,277)	(108,749)
Other receivables	(1,747)	(3,812)	(4,213)
Inventories	(108,218)	(64,135)	(164,027)
Advances to related parties (note 13)	(1,476)	1,408	890
Prepaid expenses and other current assets	(2,587)	11,911	(5,075)
Other long-term assets	(947)	0	0
Related parties accounts payable (note 13)	15,927	4,726	(3,061)
Accounts payable	67,854	1,440	42,343
Advances from customers	(60,844)	67,050	29,974
Deferred revenue	8,851	4,850	2,693
Income taxes payable	(12,096)	6,424	3,009
FIN-48 payable	8,254	7,316	5,463
Other payables and accrued expenses	27,129	23,203	21,375
Operating lease liabilities	(4,548)	(3,514)	(3,580)
Increase (Decrease) in Other Noncurrent Liabilities	2,748	3,344	(1,632)
Net cash (used in) provided by operating activities	(10,325)	152,450	(75,323)
Cash flows from investing activities:
Purchase of property and equipment	(56,283)	(82,463)	(61,876)
Purchase of intangible assets	(1,372)	(3,485)	(2,462)
Purchase of short-term investments	0	(1,391)	(18,356)
Purchase of time deposits	(389,290)	(74,730)	(26,120)
Proceeds from redemption and maturity of time deposits	54,261	166,549	79,600
Refund of deposit for land use right	686	0	0
Proceeds from sale of short-term investments (note 12)	2,147	8,434	21,735
Proceeds from disposal of long-term investments	0	0	8,242
Purchase of long-term investments	(484)	(24,873)	(7,508)
Net cash used in investing activities	(390,335)	(11,959)	(6,745)
Cash flows from financing activities:
Proceeds from short-term borrowings	87,526	33,265	31,334
Repayments of short-term borrowings	(47,332)	(32,297)	(55,068)
Proceeds from long-term borrowings	119,139	96,896	42,360
Repayments of long-term borrowings	(60,253)	(9,582)	(2,283)
Capital contribution by non-controlling shareholder	242	0	0
Proceeds from exercise of stock options	34,767	11,099	6,138
Repurchase of ACM Shanghai's shares	(6,988)	0	0
ACM Shanghai dividends	(7,578)	(6,900)	(3,951)
Proceeds from issuance of ACM Shanghai’s shares, net of issuance costs	622,964	0	0
Net cash provided by financing activities	742,487	92,481	18,530
Effect of exchange rate changes on cash, cash equivalents and restricted cash	12,825	(4,835)	(1,740)
Net increase (decrease) in cash, cash equivalents and restricted cash	354,652	228,137	(65,278)
Cash, cash equivalents and restricted cash at beginning of year	411,310	183,173	248,451
Cash, cash equivalents and restricted cash at end of year	765,962	411,310	183,173
Reconciliation of cash, cash equivalents and restricted cash in consolidated statements of cash flows:
Cash and cash equivalents	757,373	407,445	182,090
Restricted cash	8,589	3,865	1,083
Cash, cash equivalents and restricted cash	765,962	411,310	183,173
Supplemental disclosure of cash flow information:
Interest paid	6,955	4,151	2,681
Cash paid for income taxes	32,375	11,216	26,103
Prepayment for purchase of long-term investment	0	16,736	0
Purchase of intangible assets included in other long-term assets	0	641	0
Non-cash financing activities:
Cashless exercise of stock options	195	483	333
Non-cash investing activities:
Transfer of prepayment for property to property, plant, and equipment	33	3,348	0
Transfer from inventories to property, plant and equipment	3,872	0	4,379
Transfer from other non-current assets to long term investment	16,737	0	0
Purchases of property, plant and equipment through other payable and accrued expenses	25,010	29,126	33,750
Transfer from property, plant and equipment to inventory	0	918	0
Purchase of long-term investments through other payable and accrued expenses	$ 0	$ 4,729	$ 0

ACCOUNTS RECEIVABLE, NET - Summary of Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (18,347)	$ (4,830)
Provision for credit losses	(14,498)	(13,517)	$ (2,741)
Ending balance	$ (32,845)	$ (18,347)	$ (4,830)

OTHER LONG-TERM ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Assets, Noncurrent Disclosure [Abstract]
Prepayment for investment in Ninebell	$ 0	$ 16,737
Others	4,479	3,715
Total other long-term assets	$ 4,479	$ 20,452

INVENTORIES, NET

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES, NET

Inventories, net consisted of the following:


	December 31,
	2025		2024
Raw materials	$	349,663	$	224,086
Work-in-process	61,415		80,767
Finished goods	291,553		293,131
Total inventories, net	$	702,631	$	597,984

At December 31, 2025 and 2024, the value of finished goods comprised of first-tools located at customer sites for which customers are contractually obligated to take ownership upon acceptance, was $145,506 and $206,018, respectively.

The year over year net increase in raw materials was based on the Company's production plans and strategic purchases to mitigate supply chain risk and shipment.

During the years ended December 31, 2025, 2024, and 2023, the provisions for inventory recognized in cost of revenue were $15,485, $2,796, and $575, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Operating and Financial Risks (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Four Customers \| Revenue Benchmark
Concentration of Credit Risk [Abstract]
Concentration risk percentage	52.00%	52.00%
Four Customers \| Accounts Receivable
Concentration of Credit Risk [Abstract]
Concentration risk percentage	62.00%	57.00%
Three Customers \| Revenue Benchmark
Concentration of Credit Risk [Abstract]
Concentration risk percentage			46.00%
Customer One \| Revenue Benchmark
Concentration of Credit Risk [Abstract]
Concentration risk percentage	17.00%	15.00%	17.00%
Customer Two \| Revenue Benchmark
Concentration of Credit Risk [Abstract]
Concentration risk percentage	14.00%	14.00%	15.00%
Customer Three \| Revenue Benchmark
Concentration of Credit Risk [Abstract]
Concentration risk percentage	12.00%	12.00%	13.00%
Customer Four \| Revenue Benchmark
Concentration of Credit Risk [Abstract]
Concentration risk percentage	10.00%	12.00%

COMMON STOCK	12 Months Ended
COMMON STOCK	Dec. 31, 2025
Equity [Abstract]
COMMON STOCK	COMMON STOCK At December 31, 2025 and 2024, ACM was authorized to issue 150,000,000 shares of Class A common stock and 5,307,816 shares of Class B common stock, each with a par value of $0.0001. Each share of Class A common stock is entitled to one vote, and each share of Class B common stock is entitled to twenty votes and is convertible at any time into one share of Class A common stock. Shares of Class A common stock and Class B common stock are treated equally, identically and ratably with respect to any dividends declared by the Board of Directors unless the Board of Directors declares different dividends to the Class A common stock and Class B common stock by getting approval from a majority of common stockholders. During the years ended December 31, 2025, 2024 and 2023, ACM issued 2,651,132, 1,902,713 and 1,380,886 shares of Class A common stock upon option exercises by employees and non-employees, respectively At December 31, 2025 and 2024, the number of shares of Class A common stock issued and outstanding was 60,590,017 and 57,938,885, respectively. At December 31, 2025 and 2024, the number of shares of Class B common stock issued and outstanding was 5,021,811 and 5,021,811, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - Summary of Income Tax Benefit and Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
U.S. federal	$ (8,631)	$ (483)	$ (12,757)
U.S. state	(2)	(2)	(150)
Total U.S. current tax expense	(8,633)	(485)	(12,907)
Foreign	(19,632)	(29,120)	(19,696)
Total current tax expense	(28,265)	(29,605)	(32,603)
Deferred:
U.S. federal	652	(5,244)	7,316
U.S. state	0	(63)	63
Total U.S. deferred tax benefit (expense)	652	(5,307)	7,379
Foreign	14,314	(119)	5,860
Total deferred tax benefit (expense)	14,966	(5,426)	13,239
Income tax expense	$ (13,299)	$ (35,031)	$ (19,364)

REVENUE FROM CONTRACTS WITH CUSTOMERS - Revenues Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from amounts included in contract liabilities at the beginning of the year	$ 153,858	$ 124,069	$ 97,370

OTHER LONG-TERM ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Other Assets, Noncurrent Disclosure [Abstract]

Other Long-term Assets

Other long-term assets consisted of the following:


	December 31,
	2025		2024
Prepayment for investment in Ninebell	$	—	$	16,737
Others	4,479		3,715
Total other long-term assets	$	4,479	$	20,452

LEASES - Maturities of Operating Leases Outstanding Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 4,439
2027	4,218
2028	1,040
2029	457
2030 and thereafter	142
Total lease payments	10,296
Less: Interest	(441)
Present value of lease liabilities	$ 9,855

LEASES - Operating Lease Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash outflow from operating leases	$ 4,544	$ 3,647	$ 3,580
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 5,938	$ 1,781	$ 8,195

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Share Option Activities

The following table summarizes the ACM’s employee share option activities:


	Number of Option Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2024	8,851,595	$	6.18	$	10.84			5.81 years
Granted	255,000	18.35		25.53
Exercised	(2,344,035)	3.23		6.56		$	52,606
Forfeited/cancelled	(135,131)	15.21		23.39
Outstanding at December 31, 2025	6,627,429	7.50		$	12.66	$	177,514	5.59 years
Vested and exercisable at December 31, 2025	4,669,104	6.64		$	11.94	$	128,455	5.02 years

The following table summarizes the Company's non-employee share option activities:


	Number of Option Shares (1)	Weighted Average Grant Date Fair Value (1)		Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2024	784,132	$	0.52	$	1.68			2.12 years
Exercised	(307,097)	0.25		0.84		$	9,490
Forfeited/cancelled	(94,152)	0.49		1.81
Outstanding at December 31, 2025	382,883	0.74		$	2.32	$	14,215	1.63 years
Vested and exercisable at December 31, 2025	382,883	0.74		2.32		$	14,215	1.63 years

The following table summarizes the ACM Shanghai 2023 Subsidiary Stock Option Plan’s stock option activities:


	Number of Option Shares in ACM Shanghai	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2024	11,604,310	$	9.01	$	7.00			2.48 years
Exercised	(2,822,710)	7.78		6.97		$	23,638
Forfeited/cancelled	(630,700)	8.24		6.97


Outstanding at December 31, 2025	8,150,900	9.08	$	6.97	$	144,090	0.98 years
Vested and exercisable at December 31, 2025	2,448,750	9.08	6.97		$	43,289	0.00 years

Assumptions Used to Determine Fair Value of Options Granted

The fair value of options granted to employees is estimated on the grant date using the Black-Scholes valuation model with the following assumptions:


	Year ended December 31,
	2025		2024		2023
Fair value of common stock(1)	$24.33-$32.95		$18.67-$31.92		$11.85-$17.23
Expected term in years(2)	5.50-6.25		5.50-6.25		5.50-6.25
Volatility(3)	82.78%-83.59%		83.85%-85.48%		84.95%-86.45%
Risk-free interest rate(4)	3.90-4.25%		3.80-4.49%		4.16-4.69%
Expected dividend(5)	0	%	0	%	0	%

(1)Fair value of Class A common stock value was the closing market price of the Class A common stock on the grant date.

(2)Expected term of share options is based on the average of the vesting period and the contractual term for each grant.

(3)Volatility is calculated based on the historical volatility of ACM in the period equal to the expected term of each grant.

(4)Risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the share options in effect at the time of grant.

(5)Expected dividend is assumed to be 0% as ACM has no history or expectation of paying a dividend on its common stock.

The fair value of options granted to employees is estimated on the grant date using the Black-Scholes valuation with following assumptions:


	Year Ended December 31, 2024		Year Ended December 31, 2023
Fair value of common stock(1)	$4.93-$6.89		$14.87
Expected term in years(2)	1.50-4.50		1.50-4.50
Volatility(3)	45.92%-56.18%		60.00%-60.60%
Risk-free interest rate(4)	1.50%-2.75%		1.50%-2.75%
Expected dividend (5)	—	%	—	%

(1) Equal to closing value on the grant date.

(2) Expected term of share options is based on the average of the vesting period and the contractual term for each grant.

(3) Volatility is calculated based on the historical volatility of ACM in the period equal to the expected term of each grant.

(4) Risk-free interest rate is based on the yields of RMB deposit in mainland China with maturities similar to the expected term of the share options in effect at the time of grant.

(5) Expected dividend is assumed to be 0% as the impact is adjusted on the value of share of common stock.

Components of Stock-based Compensation Expense

The following table summarizes the components of stock-based compensation expense included in the consolidated statements of comprehensive income:


	Year Ended December 31,
	2025		2024		2023

Cost of revenue	$	1,343	$	2,385	$	1,406
Sales and marketing expense	6,629		10,552		5,684
Research and development expense	8,783		14,112		8,459
General and administrative expense	16,822		22,527		11,789
Total stock-based compensation expense	$	33,577	$	49,576	$	27,338

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment, Net (Details)	Dec. 31, 2025
Buildings and plants
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	30 years
Furniture and fixtures
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	5 years
Minimum \| Computer and office equipment
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	3 years
Minimum \| Electronic equipment
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	3 years
Minimum \| Manufacturing equipment
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	5 years
Minimum \| Transportation equipment
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	4 years
Maximum \| Computer and office equipment
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	5 years
Maximum \| Electronic equipment
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	5 years
Maximum \| Manufacturing equipment
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	10 years
Maximum \| Transportation equipment
Property, Plant and Equipment, Net [Abstract]
Estimated useful lives	5 years

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2022
Income Taxes [Line Items]
Foreign rate differential		(3.30%)	(10.50%)
Net operating loss carryforwards subject to annual limitation ownership change	$ 2,030
Unrecognized tax benefits	20,905	$ 16,774	$ 13,026		$ 8,448
Accrued income tax penalties	7,094	2,973
Unrecognized tax benefits that would impact effective tax rate	20,770
Undistributed earnings of foreign subsidiaries	343,266
PRC \| Mainland China
Income Taxes [Line Items]
Valuation allowance	2,182	20,209
Operating loss carryforwards	17,863	30,481
PRC \| South Korea
Income Taxes [Line Items]
Valuation allowance	840	515
Operating loss carryforwards	$ 3,816	2,339
PRC \| Maximum
Income Taxes [Line Items]
Foreign corporate tax rate	25.00%
U.S. Federal
Income Taxes [Line Items]
Valuation allowance	$ 5,789	5,467
Operating loss carryforwards	1,056	2,030	3,121
U.S. State
Income Taxes [Line Items]
Valuation allowance	593	295
Operating loss carryforwards	$ 7,364	$ 929	$ 593
ACM Research (Shanghai), Inc. ("ACM Shanghai")
Income Taxes [Line Items]
Foreign rate differential	15.00%	15.00%
ACM Research (Shanghai), Inc. ("ACM Shanghai") \| PRC
Income Taxes [Line Items]
Foreign corporate tax rate	25.00%
Foreign rate differential				15.00%

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company assesses revenues based upon the nature or type of goods or services it provides and the geographic location of the customer facility. The following tables present disaggregated revenue information:


	Year Ended December 31,
	2025		2024		2023
Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment	$	625,964	$	578,887	$	403,851
ECP (front-end and packaging), Furnace and Other Technologies	199,551		151,057		103,356
Advanced Packaging (excluding ECP), Services & Spares	75,794		52,174		50,516
Total revenue by product category	$	901,309	$	782,118	$	557,723

For the years ended December 31, 2025 and 2024, substantially all revenue was derived from customers in mainland China, and therefore, no geographical segment information is presented.

Contract liabilities balances were as follows as of:


	December 31
	2025		2024
Advances from customers	$	187,809	$	243,949
Deferred revenue	17,388		8,537
Total contract liabilities	$	205,197	$	252,486

During the year ended December 31, 2025, advances from customers decreased by $56,140 primarily due to more revenue recognized upon acceptance of first tools by customers than the payments made by customers for first tools.

Below are revenues recognized from amounts included in contract liabilities at the beginning of the year:


	Year Ended December 31,
	2025				2024		2023
Revenue recognized from amounts included in contract liabilities at the beginning of the year	$	153,858	$	124,069	$	124,069	$	97,370

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Cash and Cash Equivalents

The following table presents cash and cash equivalents, according to jurisdiction as of December 31, 2025 and 2024:


	December 31,
	2025		2024
United States	$	107,184	$	56,308
Mainland China	228,777		94,701
China Hong Kong	421,104		255,853
South Korea	241		516
Singapore	67		67
Total	$	757,373	$	407,445

Estimated Useful Lives of Property, Plant and Equipment

Estimated useful lives of assets are as follows:


Buildings and plants			30 years
Computer and office equipment			3 to 5 years
Furniture and fixtures			5 years
Leasehold improvements			shorter of lease term or estimated useful life
Electronic equipment			3 to 5 years
Manufacturing equipment			5 to 10 years
Transportation equipment			4 to 5 years

Warranty Obligations

The following table shows changes in the Company’s warranty obligations for the years ended December 31, 2025, 2024 and 2023, respectively.


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	12,710	$	9,834	$	8,780
Additions	13,550		11,460		7,969
Utilized	(7,156)		(8,584)		(6,915)
Balance at end of period	$	19,104	$	12,710	$	9,834

Basic and Diluted Net Income per Common Share

Basic and diluted net income per share of common stock is calculated as follows:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income	$	121,893	$	131,269	$	96,852
Less: Net income attributable to non-controlling interests	27,815		27,642		19,503
Net income available to common stockholders, basic	94,078		103,627		77,349
Less: Dilutive effect arising from stock-based awards by ACM Shanghai	1,929		2,227		1,841
Net income available to common stockholders, diluted	$	92,149	$	101,400	$	75,508
Weighted average shares outstanding, basic	64,184,776		62,212,569		60,164,670
Effect of dilutive securities	3,127,117		4,024,855		4,705,873
Weighted average shares outstanding, diluted	67,311,893		66,237,424		64,870,543

Net income per share of common stock:
Basic	$	1.47	$	1.67	$	1.29
Diluted	$	1.37	$	1.53	$	1.16

Carrying Value of Borrowings

Assets and liabilities measured at fair value on a recurring basis:


	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
As of December 31, 2025
Assets
Cash and cash equivalents	$	84,627	$	—	$	—	$	84,627
Short-term investments	35,524		—		—		35,524
Available-for-sale debt securities	—		—		9,703		9,703
	$	120,151	$	—	$	9,703	$	129,854

As of December 31, 2024
Assets
Cash and cash equivalents	$	50,967	$	—	$	—	$	50,967
Short-term investments	19,373		—		—		19,373
Available-for-sale debt securities	—		—		5,366		5,366
	$	70,340	$	—	$	5,366	$	75,706

LONG-TERM BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

Long-Term Debt, by Current and Noncurrent [Abstract]

Long-Term Borrowings

At December 31, 2025 and 2024, long-term borrowings consisted of the following:


	December 31,
	2025		2024
Loan from China Merchants Bank	$	9,915	$	11,475
Loan from Agricultural Bank of China	42,007		13,020
Loans from Bank of China	34,247		28,258
Loan from Bank of Shanghai	—		13,920
Loans from China CITIC Bank	28,460		27,775
Loan from China Everbright Bank	56,807		55,549
Loan from Industrial and Commercial Bank of China	42,576		—
Total borrowings	214,012		149,997
Less: Current portion	(35,082)		(44,472)
Total long-term borrowings, net of current portion	$	178,930	$	105,525

Principal Payments for Outstanding Long-Term Loans

Scheduled principal payments for the outstanding long-term loans, including the current portion, as of December 31, 2025 are as follows:


Year ending December 31,
2026	$	35,082
2027	102,253
2028	41,332
2029	7,767
2030	7,656
Thereafter	19,922
Total	$	214,012

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

INCOME TAXES - Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
U.S.
Federal	$ 2,574
State and local	(10)
Total U.S.	2,564
Foreign
Total foreign	29,811
Cash paid for income taxes	32,375	$ 11,216	$ 26,103
Mainland China
Foreign
Total foreign	29,792
Other foreign jurisdictions
Foreign
Total foreign	$ 19

STOCK-BASED COMPENSATION - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-based Compensation Expense [Abstract]
Share-based compensation expense	$ 33,577	$ 49,576	$ 27,338
Cost of revenue
Stock-based Compensation Expense [Abstract]
Share-based compensation expense	1,343	2,385	1,406
Sales and marketing expense
Stock-based Compensation Expense [Abstract]
Share-based compensation expense	6,629	10,552	5,684
Research and development expense
Stock-based Compensation Expense [Abstract]
Share-based compensation expense	8,783	14,112	8,459
General and administrative expense
Stock-based Compensation Expense [Abstract]
Share-based compensation expense	$ 16,822	$ 22,527	$ 11,789

LEASES - Narrative (Details)	12 Months Ended
LEASES - Narrative (Details)	Dec. 31, 2025 renewalOption
Leases [Abstract]
Number of renewal options	1
Lease term	50 years

DESCRIPTION OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Direct or Indirect Interests of Subsidiaries

The Company has direct or indirect interests in the following subsidiaries:


	Place and date of incorporation	Principal Activities	Effective interest held as at December 31,
Name of subsidiaries			2025		2024
ACM Research (Shanghai), Inc. ("ACM Shanghai")	Mainland China, May 2005	Principal operating subsidiary	74.6	%	81.5	%
ACM Research (Wuxi), Inc. ("ACM Wuxi")	Mainland China, July 2011	Sales and services	74.6	%	81.5	%
CleanChip Technologies Limited ("CleanChip")	Hong Kong, June 2017	Trading partner between ACM Shanghai and its customers	74.6	%	81.5	%
ACM Research Korea CO., LTD. ("ACM Korea")	Republic of Korea ("South Korea"), December 2017	Sales, marketing, R&D, production	74.6	%	81.5	%
ACM Research (Lingang), Inc. ("ACM Lingang") (1)	Mainland China, March 2019	Management of production activities	74.6	%	81.5	%
ACM Research (CA), Inc. ("ACM California")	USA, April 2019	Procurement for ACM Shanghai	74.6	%	81.5	%
ACM Research (Cayman), Inc.	Cayman Islands, April 2019	Administrative function (inactive)	100.0	%	100.0	%
ACM Research (Singapore) PTE. Ltd. ("ACM Singapore")	Singapore, August 2021	Sales, marketing, business development	100.0	%	100.0	%
ACM Research (Beijing), Inc. ("ACM Beijing")	Mainland China, February 2022	Sales and services	74.6	%	81.5	%
Hanguk ACM CO., LTD	South Korea, March 2022	Sales, services, business development	100.0	%	100.0	%
Yusheng Micro Semiconductor (Shanghai) Co., Ltd.	Mainland China, June 2023	Business development	74.6	%	81.5	%
ACM-Wooil Microelectronics (Shanghai) Co., Ltd.	Mainland China, June 2023	Component development and production	54.5	%	59.0	%
ACM Research (Chengdu), Inc. ("ACM Chengdu")	Mainland China, December 2024	Sales and services	74.6	%	81.5	%
Shengyi Micro Semiconductor (Shanghai) Co., Ltd.	Mainland China, December 2024	Business development	63.4	%	69.3	%

(1) ACM Research (Lingang) Inc. is the English name referred to by its Chinese language name, Shengwei Research (Shanghai), Inc., or ACM Shengwei in prior filings. ACM Research (Lingang), Inc. and Shengwei Research (Shanghai), Inc. refer to the same entity.

LONG-TERM BORROWINGS - Narrative (Details) $ in Thousands	1 Months Ended			12 Months Ended
LONG-TERM BORROWINGS - Narrative (Details) $ in Thousands	Jan. 31, 2025 investor	Nov. 30, 2024 USD ($) investor	Apr. 30, 2024 installment	Dec. 31, 2025 USD ($) installment	Dec. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Total borrowings \| $				$ 214,012	$ 149,997
Long-term borrowings \| $				202,706	141,264
Line of credit facility, remaining borrowing capacity \| $				$ 85,777
Loan from China Merchants Bank
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment				120
Interest rate during period				2.95%
Total borrowings \| $				$ 9,915	11,475
Loan from Agricultural Bank of China
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment			18
Total borrowings \| $				$ 42,007	13,020
Loan from Agricultural Bank of China \| Minimum
Line of Credit Facility [Line Items]
Interest rate during period				2.43%
Loan from Agricultural Bank of China \| Maximum
Line of Credit Facility [Line Items]
Interest rate during period				2.78%
Loans from Bank of China
Line of Credit Facility [Line Items]
Total borrowings \| $				$ 34,247	28,258
Loans from Bank of China \| Loan 1
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment				6
Interest rate during period				2.62%
Loans from Bank of China \| Loan 2
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment				6
Interest rate during period				2.52%
Loans from Bank of China \| Loan 3
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment				6
Interest rate during period				2.35%
Loans from China CITIC Bank
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| investor	6
Interest rate during period	3.60%
Total borrowings \| $				$ 28,460	27,775
Everbright Bank \| Loan 1
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment				6
Interest rate during period				2.15%
Everbright Bank \| Loan 2
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment				3
Interest rate during period				2.25%
Everbright Bank \| Loan 3
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment				3
Interest rate during period				2.50%
Everbright Bank \| Loan Four
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| installment				6
Interest rate during period				2.25%
Loan from Industrial and Commercial Bank of China
Line of Credit Facility [Line Items]
Number of installments for loan repayable \| investor		6
Interest rate during period		2.25%
Maximum borrowing capacity \| $		$ 42,690
Total borrowings \| $				$ 42,576	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Government Subsidies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Government Subsidies [Abstract]
Subsidies recognized as reductions of relevant expenses	$ 7,958	$ 462	$ 1,740
Subsidies recognized as other income	$ 1,388	$ 2,018	$ 533

Consolidated Statement of Changes in Stockholders' Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue Information


	Year Ended December 31,
	2025		2024		2023
Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment	$	625,964	$	578,887	$	403,851
ECP (front-end and packaging), Furnace and Other Technologies	199,551		151,057		103,356
Advanced Packaging (excluding ECP), Services & Spares	75,794		52,174		50,516
Total revenue by product category	$	901,309	$	782,118	$	557,723

Accounts Receivables and Contract Liabilities

Contract liabilities balances were as follows as of:


	December 31
	2025		2024
Advances from customers	$	187,809	$	243,949
Deferred revenue	17,388		8,537
Total contract liabilities	$	205,197	$	252,486

Below are revenues recognized from amounts included in contract liabilities at the beginning of the year:


	Year Ended December 31,
	2025				2024		2023
Revenue recognized from amounts included in contract liabilities at the beginning of the year	$	153,858	$	124,069	$	124,069	$	97,370

INCOME TAXES - Summary of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carry forwards (offshore)	$ 2,968	$ 8,106
Net operating loss carry forwards (U.S.) and credit	10,152	8,653
Deferred revenue (offshore)	3,179	6,428
Accruals (U.S.)	480	212
Reserves and other (offshore)	11,333	6,631
Stock-based compensation (U.S.)	3,209	2,974
Stock-based compensation (offshore)	13,594	10,325
Lease liability	1,681	1,157
Total gross deferred tax assets	46,596	44,486
Less: valuation allowance	(9,454)	(26,516)
Total deferred tax assets	37,142	17,970
Deferred tax liabilities:
Property and equipment	(1,615)	(1,190)
Equity investments and unrealized gain on short-term investments	(6,138)	(1,999)
Total deferred tax liabilities	(7,753)	(3,189)
Deferred tax assets, net	$ 29,389	$ 14,781

LONG-TERM INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-Term Investments [Abstract]
Dividends from equity investee	$ 2,100	$ 1,529	$ 0

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cost of revenue, related party	$ 501,242	$ 390,564	$ 281,508
Related Party
Cost of revenue, related party	$ 62,498	$ 39,313	$ 31,240

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Charles Pappis [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 20, 2025, Charles Pappis , a member of the Board of Directors of ACM Research, adopted a Rule 10b5-1 trading arrangement (the “Pappis Plan”) that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The Pappis Plan allows for the contemporaneous exercise of options and sale of up to 10,000 shares of Class A Common Stock, at specific market prices, commencing on March 3, 2026, and continuing until (i) all such options are exercised and the underlying shares are sold, (ii) March 3, 2027, or (iii) such date that the Pappis Plan is otherwise terminated according to its terms, whichever comes first.
Name	Charles Pappis
Title	a member of the Board of Directors of ACM Research
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 20, 2025
Expiration Date	March 3, 2027
Arrangement Duration	468 days
Aggregate Available	10,000
Lisa Feng [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 2, 2025, Lisa Feng, Chief Financial Officer of ACM Shanghai, t, adopted a Rule 10b5-1 trading arrangement (the “Feng Plan”) that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The Feng Plan allows for the contemporaneous exercise of options and sale of up to 30,000 shares of Class A Common Stock, at specific market prices, commencing on March 5, 2026, and continuing until (i) all such options are exercised and the underlying shares are sold, (ii) March 4, 2027, or (iii) such date that the Feng Plan is otherwise terminated according to its terms, whichever comes first.
Name	Lisa Feng
Title	Chief Financial Officer of ACM Shanghai
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2, 2025
Expiration Date	March 4, 2027
Arrangement Duration	457 days
Aggregate Available	30,000
Tracy Liu [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 4, 2025, Tracy Liu , a member of the Board of Directors of ACM Research, adopted a Rule 10b5-1 trading arrangement (the “Liu Plan”) that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The Liu Plan allows for the contemporaneous exercise of options and sale of up to 60,000 shares of Class A Common Stock, at specific market prices, commencing on March 10, 2026, and continuing until (i) all such options are exercised and the underlying shares are sold, (ii) December 15, 2026, or (iii) such date that the Liu Plan is otherwise terminated according to its terms, whichever comes first.
Name	Tracy Liu
Title	member of the Board of Directors of ACM Research
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 4, 2025
Expiration Date	December 15, 2026
Arrangement Duration	376 days
Aggregate Available	60,000

LONG-TERM INVESTMENTS - Available-for-Sale Debt Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Amortized Cost	$ 7,269	$ 4,939
Estimated fair value	$ 9,703	$ 5,366

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

OTHER PAYABLES AND ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

OTHER PAYABLES AND ACCRUED EXPENSES

At December 31, 2025 and 2024, other payables and accrued expenses consisted of the following:


	December 31,
	2025		2024
Accrued commissions	$	26,931	$	20,180
Accrued warranty	19,104		12,710
Accrued payroll	24,830		21,677
Accrued machine sales fees	13,341		8,840
Accrued Lingang construction fees	24,258		28,103
Individual income tax payable	19,552		11,975
Payable for investments	4,838		4,729
Others	17,542		13,443
Total	$	150,396	$	121,657

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue (note 3)	$ 901,309	$ 782,118	$ 557,723
Cost of revenue	(501,242)	(390,564)	(281,508)
Gross profit	400,067	391,554	276,215
Operating expenses:
Sales and marketing expenses	(76,899)	(65,447)	(47,019)
General and administrative expenses	(68,750)	(69,636)	(40,648)
Loss from operations	109,429	150,998	95,839
Equity in earnings of consolidated subsidiaries and equity method investees	10,290	423	9,952
Interest income	14,639	9,935	8,354
Interest expense	(6,955)	(4,151)	(2,681)
Other (expense) income, net	(9,832)	6,334	(1,558)
Income before income taxes	135,192	166,300	116,216
Income tax expense	(13,299)	(35,031)	(19,364)
Net income attributable to ACM Research, Inc.	94,078	103,627	77,349
Net income	94,078	103,627	77,349
Foreign currency translation adjustment, net of tax	33,335	(15,728)	(10,617)
Comprehensive income attributable to ACM Research, Inc.	121,710	89,604	68,546
Parent Company
Income Statement [Abstract]
Revenue (note 3)	7,704	2,576	6,354
Cost of revenue	(4,590)	(132)	(4,336)
Gross profit	3,114	2,444	2,018
Operating expenses:
Sales and marketing expenses	(9,461)	(6,909)	(4,715)
General and administrative expenses	(13,218)	(10,331)	(7,840)
Loss from operations	(19,565)	(14,796)	(10,537)
Equity in earnings of consolidated subsidiaries and equity method investees	85,129	87,916	73,707
Interest income	3,428	2,094	799
Interest expense	(1,443)	(560)	(66)
Other (expense) income, net	34,526	34,684	18,476
Income before income taxes	102,075	109,338	82,379
Income tax expense	(7,997)	(5,711)	(5,030)
Net income attributable to ACM Research, Inc.	94,078	103,627	77,349
Net income	94,078	103,627	77,349
Foreign currency translation adjustment, net of tax	25,848	(14,373)	(8,803)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax	1,784	350	0
Comprehensive income attributable to ACM Research, Inc.	$ 121,710	$ 89,604	$ 68,546

ACCOUNTS RECEIVABLE, NET - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Accounts receivable	$ 537,095	$ 405,392
Less: Allowance for credit losses	(32,845)	(18,347)
Account receivables, net	$ 504,250	$ 387,045

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Long-Lived Assets by Geographic Region

Long-lived assets by geographic region as of the years ended were as follows:


	December 31,
	2025		2024
Long-lived assets by geography:
Mainland China	$	321,748	$	287,892
South Korea	8,868		10,358
United States	9,465		8,973
Total	$	340,081	$	307,223

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Components of Income Before Income Tax

The following represent the U.S. and foreign components of income before income tax for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
U.S	$	16,777	$	21,282	$	10,420
Foreign	118,415		145,018		105,796
Income before income taxes	$	135,192	$	166,300	$	116,216

Components of Income Tax Benefit (Expense)

The following represent components of the income tax benefit (expense) for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Current:
U.S. federal	$	(8,631)	$	(483)	$	(12,757)
U.S. state	(2)		(2)		(150)
Total U.S. current tax expense	(8,633)		(485)		(12,907)
Foreign	(19,632)		(29,120)		(19,696)
Total current tax expense	(28,265)		(29,605)		(32,603)
Deferred:
U.S. federal	652		(5,244)		7,316
U.S. state	—		(63)		63
Total U.S. deferred tax benefit (expense)	652		(5,307)		7,379
Foreign	14,314		(119)		5,860
Total deferred tax benefit (expense)	14,966		(5,426)		13,239
Total income tax expense	$	(13,299)	$	(35,031)	$	(19,364)

Effective Income Tax Rate

Income tax expense for the years ended December 31, 2025, 2024 and 2023 differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income as a result of the following:


	Year Ended December 31,
	2025		2024		2023
Effective tax rate reconciliation:
Income tax provision at statutory rate	21.0	%	21.0	%	21.0	%
Stock compensation	(4.9)		(3.0)		(2.0)
Foreign rate differential	7.6		(3.3)		(10.5)
Foreign income taxed in US	10.5		3.7		7.4
Foreign research and development expense	(11.9)		(6.4)		(8.0)
Change in valuation allowance	(12.6)		8.8		8.7
Other permanent difference	0.1		0.2		—
Effective income tax rate	9.8	%	21.0	%	16.6	%

A reconciliation of the federal statutory income tax rate to the effective income tax rate for the year ended December 31, 2025 is as follows:


	Year Ended December 31,
	2025
	Amount		Tax rate
U.S. federal statutory tax and Rate	$	28,390	21.0	%
State and local income taxes, net of federal income tax effect*	2		—
Foreign tax effects
China
Statutory rate differential	6,225		4.6
Tax incentive adjustment	(24,688)		(18.3)
R&D deduction	(16,082)		(11.9)
Change in valuation allowance	1,356		1.0
Withholding tax	3,249		2.4
Other	(708)		(0.5)
Other foreign jurisdictions	1,358		1.0
Enactment of new tax laws
Effect of cross-border tax laws
Global intangible low-taxed income	20,925		15.5
Subpart F	2,251		1.7
Other	(123)		(0.1)
Tax Credits
Foreign tax credits	(10,049)		(7.4)
Change in valuation allowance	323		0.2
Nondeductible Items	16		—
Worldwide changes in unrecognized tax benefits	6,787		5.0
Other
Share-based payment awards	(5,942)		(4.4)
Other	9		—
Tax Expense / Effective Tax Rate	$	13,299	9.8	%

*In 2025, state and local income taxes in California comprise the majority of the domestic and state and local income taxes, net of the federal income tax effect category.

Deferred Tax Assets

Tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets at December 31, 2025 and 2024 are presented below:


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carry forwards (offshore)	$	2,968	$	8,106
Net operating loss carry forwards (U.S.) and credit	10,152		8,653
Deferred revenue (offshore)	3,179		6,428
Accruals (U.S.)	480		212
Reserves and other (offshore)	11,333		6,631
Stock-based compensation (U.S.)	3,209		2,974
Stock-based compensation (offshore)	13,594		10,325
Lease liability	1,681		1,157
Total gross deferred tax assets	46,596		44,486
Less: valuation allowance	(9,454)		(26,516)
Total deferred tax assets	37,142		17,970
Deferred tax liabilities:
Property and equipment	(1,615)		(1,190)
Equity investments and unrealized gain on short-term investments	(6,138)		(1,999)
Total deferred tax liabilities	(7,753)		(3,189)
Deferred tax assets, net	$	29,389	$	14,781

Aggregate Changes in Balance of Gross Unrecognized Tax Benefits

Tax positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The aggregate

changes in the balance of gross unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	16,774	$	13,026	$	8,448
Increase of unrecognized tax benefits related to current year	4,132		2,308		4,379
Increase of unrecognized tax benefits taken in prior years	—		6,871		199
Reductions for tax positions related to prior years	(1)		(5,431)		-
Ending balance	$	20,905	$	16,774	$	13,026

Schedule of Cash Flow, Supplemental Disclosures

Cash income taxes paid by the Company were as follows:


	Year Ended December 31, 2025
U.S.
Federal	$	2,574
State and local	(10)
Total U.S.	2,564
Foreign
China	29,792
Others	19
Total foreign	29,811
Total cash paid	$	32,375

LEASES - Operating Leases Discount Rate And Weighted Average Remaining Term (Details)	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Description [Abstract]
Weighted average remaining lease term (years)	2 years 8 months 1 day	3 years 6 months 25 days
Weighted average discount rate	3.01%	3.58%

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 757,373	$ 407,445
Restricted cash	8,589	3,865
Short-term time deposits (note 2)	366,591	17,277
Short-term investments (note 12)	35,524	19,373
Accounts receivable, net (note 4)	504,250	387,045
Inventories, net (note 5)	702,631	597,984
Prepaid expenses and other current assets	10,567	7,507
Total current assets	2,436,680	1,483,379
Property, plant and equipment, net (note 6)	314,830	269,272
Operating lease right-of-use assets, net (note 19)	17,925	14,038
Intangible assets, net	2,847	3,461
Long-term time deposits (note 2)	0	13,275
Deferred tax assets (note 16)	29,389	14,781
Long-term investments (note 11)	66,035	37,063
Other long-term assets (note 7)	4,479	20,452
Total assets	2,872,185	1,855,721
Current liabilities:
Short-term borrowings (note 8)	74,041	32,814
Current portion of long-term borrowings (note 10)	35,082	44,472
Advances from customers	187,809	243,949
Deferred revenue	17,388	8,537
Income taxes payable (note 16)	991	12,779
FIN-48 payable (note 16)	27,719	19,466
Other payables and accrued expenses (note 9)	150,396	121,657
Current portion of operating lease liabilities	4,786	2,132
Total current liabilities	745,712	641,233
Long-term borrowings (note 10)	178,930	105,525
Long-term operating lease liabilities	5,069	3,840
Other long-term liabilities	11,965	9,217
Total liabilities	941,676	759,815
Commitments and contingencies (note 18)
Equity:
Additional paid-in capital	1,115,504	677,476
Retained earnings	350,428	260,000
Statutory surplus reserve (note 2)	34,164	30,514
Accumulated other comprehensive loss	(35,740)	(63,372)
Total ACM Research, Inc. stockholders’ equity	1,464,363	904,625
Non-controlling interests	466,146	191,281
Total equity	1,930,509	1,095,906
Total liabilities and equity	2,872,185	1,855,721
Nonrelated Party
Current assets:
Other receivables	48,655	41,859
Current liabilities:
Accounts payable	215,440	139,294
Related Party
Current assets:
Other receivables	2,500	1,024
Current liabilities:
Accounts payable	32,060	16,133
Class A Common Stock
Equity:
Common stock	6	6
Class B Common Stock
Equity:
Common stock	$ 1	$ 1

LONG-TERM BORROWINGS

12 Months Ended

Dec. 31, 2025

Long-Term Debt, by Current and Noncurrent [Abstract]

LONG-TERM BORROWINGS

At December 31, 2025 and 2024, long-term borrowings consisted of the following:


	December 31,
	2025		2024
Loan from China Merchants Bank	$	9,915	$	11,475
Loan from Agricultural Bank of China	42,007		13,020
Loans from Bank of China	34,247		28,258
Loan from Bank of Shanghai	—		13,920
Loans from China CITIC Bank	28,460		27,775
Loan from China Everbright Bank	56,807		55,549
Loan from Industrial and Commercial Bank of China	42,576		—
Total borrowings	214,012		149,997
Less: Current portion	(35,082)		(44,472)
Total long-term borrowings, net of current portion	$	178,930	$	105,525

China Merchants Bank

The loan from China Merchants Bank is for the purpose of purchasing property in Lingang, Shanghai. The loan is repayable in 120 installments with the last installment due in November 2030, with an annual interest rate of 2.95%. As of December 31, 2025, the loan is pledged by the property of ACM Lingang and guaranteed by ACM Shanghai.

Agricultural Bank of China

The loan from Agricultural Bank of China is for the purpose of purchasing housing property in Lingang, Shanghai. Principal repayments shall be made in 18 installments beginning November 2025, with final maturity in April 2034 with an annual interest rate of 2.43%-2.78%.

Bank of China

The first loan from Bank of China is for the purpose of funding ACM Shanghai's general corporate operations and working capital. The loan bears interest at an annual rate of 2.62% and is payable in 6 installments, with the last installment due in June 2027. The second loan from Bank of China is for the purpose of funding ACM Shanghai project expenditures. The

loan bears interest at an annual rate of 2.52% and is payable in 6 installments, with the last installment due in August 2027. The third loan from Bank of China is for the purpose of funding ACM Shanghai's general corporate operations and working capital. The loan interest at an annual rate of 2.35% and is repayable in 6 installments, with the last installment due in June 2028.

Certain covenants for the banking facility require ACM Shanghai’s year-end outstanding interest-bearing debt not to exceed five times its annual EBITDA, and to comply with other non-financial covenants, or Bank of China has the right to suspend the facility, or request ACM Shanghai to accelerate repayment or provide credit enhancement. As of December 31, 2025, the Company was in compliance with the applicable covenants.

China CITIC Bank

The loan from China CITIC bank is for the purpose of general corporate operations. Principal repayments shall be made in 6 installments beginning January 2025, with final maturity in January 2028.The loan bears interest at an annual rate of 3.60%.

China Everbright Bank

The loans from China Everbright Bank are for the purpose of funding ACM Shanghai's general corporate operations and working capital. The first loan bears interest at annual rate of 2.15%, and is payable in 6 installments, with the last installment due in June 2027. The second loan bears interest at annual rate of 2.25%, and is payable in 3 installments, with the last installment due in March 2026. The third loan bears interest at annual rate of 2.5%, and is payable in 3 installments, with the last installment due in April 2026. The fourth loan bears interest at annual rate of 2.25% and is payable in 6 installments, with the last installment due in September 2027.

Industrial and Commercial Bank of China

In November 2024, ACM Shanghai entered into a long-term loan facility of $42,690 from Industrial and Commercial Bank of China for the purpose of funding its working capital and drew down the full amount. Principal repayment shall be made in 6 installments beginning May 2025, with final maturity in November 2027. The loan bears interest at an annual rate of 2.25%.

Additional Long-term Borrowings Disclosures

As of December 31, 2025 and 2024, the total carrying amount of long-term loans was $214,012 and $149,997, compared with an estimated fair value of $202,706 and $141,264, respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level 2 fair value measurement). Refer to note 2 for an explanation of the fair value hierarchy structure.

Scheduled principal payments for the outstanding long-term loans, including the current portion, as of December 31, 2025 are as follows:


Year ending December 31,
2026	$	35,082
2027	102,253
2028	41,332
2029	7,767
2030	7,656
Thereafter	19,922
Total	$	214,012

As of December 31, 2025, the aggregate amount of unused lines of credit for short-term and long-term loans was $85,777.

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company leases space under non-cancelable operating leases for several office and manufacturing locations. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions.

Most leases include one or more options to renew. The Company regularly evaluates the renewal options, and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term.

The Company’s leases also include a right to use state-owned land in mainland China with lease terms of 50 years expiring in 2070, for which an upfront lump-sum payment was made during the year ended December 31, 2022.

The components of lease expense were as follows:


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	4,544	$	3,815	$	3,580
Short-term lease cost	1,614		1,790		923
Lease cost	$	6,158	$	5,605	$	4,503

Supplemental cash flow information related to operating leases was as follows for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Operating cash outflow from operating leases	$	4,544	$	3,647	$	3,580

Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	5,938	$	1,781	$	8,195

Maturities of lease liabilities for all operating leases were as follows as of December 31, 2025:


	December 31, 2025
2026	$	4,439
2027	4,218
2028	1,040
2029	457
2030 and thereafter	142
Total lease payments	10,296
Less: Interest	(441)
Present value of lease liabilities	$	9,855

The weighted average remaining lease terms and discount rates for all operating leases, excluding land-use right, were as follows as of December 31, 2025 and 2024:


	December 31,
	2025		2024
Remaining lease term and discount rate:
Weighted average remaining lease term (years)	2.67		3.57
Weighted average discount rate	3.01	%	3.58	%

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:


	December 31,
	2025		2024
Accounts receivable	$	537,095	$	405,392
Less: Allowance for credit losses	(32,845)		(18,347)
Total	$	504,250	$	387,045


	December 31,
	2025		2024
Allowance for credit losses, at beginning of the year	$	(18,347)	$	(4,830)
Provision for credit loss	(14,498)		(13,517)
Allowance for credit losses, at the end of the year	$	(32,845)	$	(18,347)

SHORT-TERM INVESTMENTS - Summary of Unrealized Gain (Loss) on Trading Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) recognized during the reporting period on short-term investment still held at December 31	$ 17,455	$ 973	$ (2,737)
Net realized gains on short-term investment sold during the year	166	1,788	9,047
Total net gains recognized at December 31 on short-term investment	$ 17,621	$ 2,761	$ 6,310

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY BALANCES AND TRANSACTIONS

Ninebell

Ninebell is an equity investee of ACM (note 11) and is the Company’s principal supplier of robotic delivery system subassemblies used in single-wafer cleaning equipment. The Company purchases equipment from Ninebell for production in the ordinary course of business. The Company pays for a portion of the equipment in advance and is obligated to pay the remaining amounts upon receipt of the product.

Shengyi

Shengyi is an equity investee of ACM Shanghai (note 11) and is one of the Company’s component suppliers in mainland China. The Company purchases components from Shengyi for production in the ordinary course of business. The Company incurs a service fee related to installation and hook-up fees which is recorded within cost of revenue on the Company’s consolidated statements of comprehensive income. The Company pays for a portion of the raw materials in advance and is obligated to pay the remaining amount upon receipt of the product.

All related party outstanding balances are short-term in nature and are expected to be settled in cash.

The following tables represent major related party balances and transactions as of December 31, 2025 and 2024:


	December 31,
Advances to related party	2025		2024
Ninebell	$	163	$	1,024
Shengyi	2,337		—
Total	$	2,500	$	1,024


	December 31,
Accounts payable	2025		2024
Ninebell	$	20,353	$	10,830
Shengyi	11,707		5,303
Total	$	32,060	$	16,133


	Year Ended December 31,
Purchases of materials	2025		2024		2023
Ninebell	$	64,919	$	53,792	$	42,737
Shengyi	15,173		6,794		5,006
Total	$	80,092	$	60,586	$	47,743


	Year Ended December 31,
Service fees charged by	2025		2024		2023
Shengyi	$	2,799	$	595	$	820
Total	$	2,799	$	595	$	820

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Employee Benefit Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Defined contribution plan, cost	$ 20,496	$ 15,312	$ 11,618

OTHER LONG-TERM ASSETS

12 Months Ended

Dec. 31, 2025

Other Assets, Noncurrent Disclosure [Abstract]

OTHER LONG-TERM ASSETS

Other long-term assets consisted of the following:


	December 31,
	2025		2024
Prepayment for investment in Ninebell	$	—	$	16,737
Others	4,479		3,715
Total other long-term assets	$	4,479	$	20,452

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment, Net, by Type [Abstract]
Property, plant and equipment, gross	$ 353,594	$ 294,154
Construction in progress	28,396	97,916
Less: Total accumulated depreciation	(38,764)	(24,882)
Total property, plant and equipment, net	314,830	269,272
Buildings and plants
Property, Plant and Equipment, Net, by Type [Abstract]
Property, plant and equipment, gross	229,731	139,311
Land
Property, Plant and Equipment, Net, by Type [Abstract]
Property, plant and equipment, gross	2,099	2,099
Manufacturing equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property, plant and equipment, gross	70,680	37,038
Computer and office equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property, plant and equipment, gross	9,339	5,815
Transportation equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Property, plant and equipment, gross	693	396
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Property, plant and equipment, gross	$ 12,656	$ 11,579

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Time Deposits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Deposits Assets [Line Items]
Short-term and long-term time deposits	$ 25,128	$ 17,277	¥ 341,463	¥ 13,275
Minimum
Deposits Assets [Line Items]
Time deposits, interest rate	1.20%
Maximum
Deposits Assets [Line Items]
Time deposits, interest rate		3.75%

SHORT-TERM BORROWINGS	12 Months Ended
SHORT-TERM BORROWINGS	Dec. 31, 2025
Debt Disclosure [Abstract]
SHORT-TERM BORROWINGS	SHORT-TERM BORROWINGS Short-term borrowings as of December 31, 2025 and 2024 amounted to $74,041 and $32,814, respectively, which consisted of RMB denominated borrowings made by the Company’s subsidiaries from financial institutions in mainland China and were repayable within one year. As of December 31, 2025 and 2024, the weighted average interest rates for the outstanding borrowings were 2.48% and 2.82%, respectively. As of December 31, 2025, the Company was in compliance with the applicable covenants. The Company's short-term borrowings of $14,239 from Bank of China have certain covenants which require ACM Shanghai’s year-end outstanding interest-bearing debt not to exceed five times of its annual EBITDA, and to comply with other non-financial covenants; otherwise, Bank of China has the right to suspend the facility, or request ACM Shanghai to accelerate repayment or provide credit enhancement.

STOCK-BASED COMPENSATION - Share Option Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Option
Number of Option Share [Roll Forward]
Outstanding, beginning of period (in shares)	8,851,595
Granted (in shares)	(255,000)
Exercised (in shares)	(2,344,035)
Forfeited/cancelled (in shares)	(135,131)
Outstanding, end of period (in shares)	6,627,429	8,851,595
Vested and exercisable (in shares)	4,669,104
Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 6.18
Granted (in dollars per share)	18.35	$ 15.31	$ 10.38
Exercised (in dollars per share)	3.23
Forfeited/cancelled (in dollars per share)	15.21
Outstanding at end of period (in dollars per share)	7.50	6.18
Vested and exercisable (in dollars per share)	6.64
Weighted Average Exercise Price [Abstract]
Outstanding, beginning of period (in dollars per share)	10.84
Granted (in dollars per share)	25.53
Exercised (in dollars per share)	6.56
Forfeited/cancelled (in dollars per share)	23.39
Outstanding, end of period (in dollars per share)	12.66	$ 10.84
Vested and exercisable (in dollars per share)	$ 11.94
Aggregate Intrinsic Value (In thousands)
Aggregate intrinsic value beginning balance	$ 177,514
Exercised	52,606	$ 35,675	$ 15,457
Aggregate intrinsic value ending balance
Vested and exercisable	$ 128,455
Weighted Average Remaining Contractual Term	5 years 7 months 2 days	5 years 9 months 21 days
Vested and exercisable (in years)	5 years 7 days
Unrecognized employee stock-based compensation expense	$ 15,178
Cost not yet recognized	2 years 4 months 24 days
Vested, fair value	$ 31,002	$ 26,137	18,378
Option \| ACM Research (Shanghai), Inc. ("ACM Shanghai") \| 2019 Stock Option Incentive Plan
Aggregate Intrinsic Value (In thousands)
Aggregate intrinsic value beginning balance	0	25,946	31,144
Aggregate intrinsic value ending balance	25,946	31,144
Vested, fair value	$ 0	$ 0	$ 99
Option \| ACM Research (Shanghai), Inc. ("ACM Shanghai") \| 2023 Stock Option Incentive Plan
Number of Option Share [Roll Forward]
Outstanding, beginning of period (in shares)	11,604,310
Granted (in shares)	(2,822,710)
Forfeited/cancelled (in shares)	(630,700)
Outstanding, end of period (in shares)	8,150,900	11,604,310
Vested and exercisable (in shares)	2,448,750
Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 9.01
Granted (in dollars per share)	7.78	$ 6.04	$ 9.49
Forfeited/cancelled (in dollars per share)	8.24
Outstanding at end of period (in dollars per share)	9.08	9.01
Vested and exercisable (in dollars per share)	9.08
Weighted Average Exercise Price [Abstract]
Outstanding, beginning of period (in dollars per share)	7.00
Exercised (in dollars per share)	6.97
Forfeited/cancelled (in dollars per share)	6.97
Outstanding, end of period (in dollars per share)	6.97	$ 7.00
Vested and exercisable (in dollars per share)	$ 6.97
Aggregate Intrinsic Value (In thousands)
Aggregate intrinsic value beginning balance	$ 144,090
Exercised	23,638	$ 0	$ 0
Aggregate intrinsic value ending balance
Vested and exercisable	$ 43,289
Weighted Average Remaining Contractual Term	11 months 23 days	2 years 5 months 23 days
Vested and exercisable (in years)	0 years
Non-Employee Option
Number of Option Share [Roll Forward]
Outstanding, beginning of period (in shares)	784,132
Exercised (in shares)	(307,097)
Forfeited/cancelled (in shares)	(94,152)
Outstanding, end of period (in shares)	382,883	784,132
Vested and exercisable (in shares)	382,883
Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 0.52
Exercised (in dollars per share)	0.25
Forfeited/cancelled (in dollars per share)	0.49
Outstanding at end of period (in dollars per share)	0.74	$ 0.52
Vested and exercisable (in dollars per share)	0.74
Weighted Average Exercise Price [Abstract]
Outstanding, beginning of period (in dollars per share)	1.68
Exercised (in dollars per share)	0.84
Forfeited/cancelled (in dollars per share)	1.81
Outstanding, end of period (in dollars per share)	2.32	$ 1.68
Vested and exercisable (in dollars per share)	$ 2.32
Aggregate Intrinsic Value (In thousands)
Aggregate intrinsic value beginning balance	$ 14,215
Exercised	9,490	$ 7,901	3,796
Aggregate intrinsic value ending balance
Vested and exercisable	$ 14,215
Weighted Average Remaining Contractual Term	1 year 7 months 17 days	2 years 1 month 13 days
Vested and exercisable (in years)	1 year 7 months 17 days
Vested, fair value	$ 285	$ 408	479
Non-Employee Option \| ACM Research (Shanghai), Inc. ("ACM Shanghai")
Aggregate Intrinsic Value (In thousands)
Unrecognized employee stock-based compensation expense	25,583
Vested, fair value	$ 43,475	$ 21,748	$ 0

LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Long-Term Investments [Abstract]

Long-Term Investments

The Company's long-term investments consist of the following:


	December 31,
	2025		2024
Equity-method investments
Ninebell Co., Ltd (“Ninebell”)	31,310		7,862
Hefei Shixi Chanheng Integrated Circuit Industry Venture Capital Fund Partnership (LP) (“Hefei Shixi”)	5,335		4,798
Shengyi Semiconductor Technology Co., Ltd. ("Shengyi")	4,411		2,775
Company A	4,269		4,173
Wooil Flucon Co., ("Wooil")	893		936
Subtotal	46,218		20,544
Equity investments without readily determinable fair value using the measurement alternative	10,114		11,153
Available-for-sale debt investments	9,703		5,366
Total long-term investments	$	66,035	$	37,063

Equity Method Investments

The Company’s details for equity-method investees are as follows:


Equity investee:	Initial investment dates	Investment entity	Percent ownership by ACM and subsidiaries		Investment purchase price
Ninebell (1)	September 2017	ACM	20.0	%	$	1,200
Ninebell (2)	January 2025	ACM Shanghai	20.0	%	$	16,737
Wooil (3)	August 2022	ACM Singapore	20.0	%	$	1,000
Shengyi (4)	June 2019	ACM Shanghai	14.0	%	$	109
Hefei Shixi (5)	September 2019	ACM Shanghai	10.0	%	RMB 30,000 ($4,200)
Company A (6)	February 2024	ACM Shanghai	14.3	%	RMB 30,000 ($4,230)

(1) Ninebell is a South Korea company that is one of the Company’s principal materials suppliers. On September 6, 2017, ACM and Ninebell entered into an ordinary share purchase agreement, effective as of September 11, 2017, pursuant to which Ninebell issued to ACM ordinary shares representing 20% of Ninebell’s post-closing equity for a purchase price of $1,200, and a common stock purchase agreement, effective as of September 11, 2017, pursuant to which ACM issued 400,002 shares of Class A common stock to Ninebell for a purchase price of $1,000 at $2.50 per share.

(2) On April 22, 2024, ACM Shanghai entered into an investment agreement with Ninebell to invest $16,737 which represented 20% of Ninebell’s total equity interest. As of December 31, 2024, ACM Shanghai pre-paid the consideration of $16,737 to Ninebell, which is recorded in other long-term assets (note 7) in the consolidated balance sheets. The share certification was issued in January 2025. After the share purchase transaction closed, the Company owned 36.2% equity interests of Ninebell. Subsequent to the Private Offering in September 2025, the Company's equity interests in Ninebell has decreased to 34.9%.

(3) In August 2022, ACM Singapore and Wooil entered into an agreement pursuant to which Wooil, in September 2022, issued to ACM Singapore shares representing 20% of Wooil’s post-closing equity for a purchase price of $1,000.

(4) Shengyi is based in Wuxi, China and is one of the Company’s component suppliers. In June 2019, ACM Shanghai and Shengyi entered into an agreement pursuant to which Shengyi issued to ACM Shanghai shares representing 14% of Shengyi’s post-closing equity for a purchase price of $109. The investment in Shengyi is accounted for under the equity method. In September 2023, the Company invested an additional RMB-6,100 ($900) to Shengyi. As the additional investment is not in substance common stock, the Company accounted for the additional investment in Shengyi using a measurement alternative.

(5) In September 2019, ACM Shanghai entered into a Partnership Agreement with six other investors, as limited partners, and Beijing Shixi Qingliu Investment Co., Ltd., as general partner and manager, with respect to the formation of Hefei Shixi Chanheng Integrated Circuit Industry Venture Capital Fund Partnership (LP), a Chinese limited partnership based in Hefei, China. The investment represents 10% of the partnership’s total subscribed capital.

(6) On January 19, 2024, ACM Shanghai entered into a limited partnership agreement with Company A for an ownership interest of 14.3%.

Debt Securities, Available-for-Sale

The following table summarizes the amortized cost and estimated fair value of the Company’s available-for-sale debt investments as of December 31, 2025 and 2024.


As of December 31,	Amortized Cost		Estimated fair value
2025	$	7,269	$	9,703
2024	$	4,939	$	5,366

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Short-Term Debt [Line Items]
Short-term borrowings (note 8)	$ 74,041	$ 32,814
Short-term debt, weighted average interest rate, at point in time	2.48%	2.82%
Borrowings From Bank Of China
Short-Term Debt [Line Items]
Short-term borrowings (note 8)	$ 14,239

LONG-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2025

Long-Term Investments [Abstract]

LONG-TERM INVESTMENTS

The Company's long-term investments consist of the following:


	December 31,
	2025		2024
Equity-method investments
Ninebell Co., Ltd (“Ninebell”)	31,310		7,862
Hefei Shixi Chanheng Integrated Circuit Industry Venture Capital Fund Partnership (LP) (“Hefei Shixi”)	5,335		4,798
Shengyi Semiconductor Technology Co., Ltd. ("Shengyi")	4,411		2,775
Company A	4,269		4,173
Wooil Flucon Co., ("Wooil")	893		936
Subtotal	46,218		20,544
Equity investments without readily determinable fair value using the measurement alternative	10,114		11,153
Available-for-sale debt investments	9,703		5,366
Total long-term investments	$	66,035	$	37,063

Equity method investments

For the years ended December 31, 2025, 2024, and 2023, the Company received $2,100, $1,529, and nil dividends from equity investees, respectively.

The Company’s details for equity-method investees are as follows:


Equity investee:	Initial investment dates	Investment entity	Percent ownership by ACM and subsidiaries		Investment purchase price
Ninebell (1)	September 2017	ACM	20.0	%	$	1,200
Ninebell (2)	January 2025	ACM Shanghai	20.0	%	$	16,737
Wooil (3)	August 2022	ACM Singapore	20.0	%	$	1,000
Shengyi (4)	June 2019	ACM Shanghai	14.0	%	$	109
Hefei Shixi (5)	September 2019	ACM Shanghai	10.0	%	RMB 30,000 ($4,200)
Company A (6)	February 2024	ACM Shanghai	14.3	%	RMB 30,000 ($4,230)

(6) On January 19, 2024, ACM Shanghai entered into a limited partnership agreement with Company A for an ownership interest of 14.3%.

Available-for-sale debt investments

The available-for-sale debt investments are investments in preferred shares that are redeemable at the Company’s option with no contractual maturity date, which are measured at fair value.

The following table summarizes the amortized cost and estimated fair value of the Company’s available-for-sale debt investments as of December 31, 2025 and 2024.


As of December 31,	Amortized Cost		Estimated fair value
2025	$	7,269	$	9,703
2024	$	4,939	$	5,366

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The following represent the U.S. and foreign components of income before income tax for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
U.S	$	16,777	$	21,282	$	10,420
Foreign	118,415		145,018		105,796
Income before income taxes	$	135,192	$	166,300	$	116,216

The following represent components of the income tax benefit (expense) for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Current:
U.S. federal	$	(8,631)	$	(483)	$	(12,757)
U.S. state	(2)		(2)		(150)
Total U.S. current tax expense	(8,633)		(485)		(12,907)
Foreign	(19,632)		(29,120)		(19,696)
Total current tax expense	(28,265)		(29,605)		(32,603)
Deferred:
U.S. federal	652		(5,244)		7,316
U.S. state	—		(63)		63
Total U.S. deferred tax benefit (expense)	652		(5,307)		7,379
Foreign	14,314		(119)		5,860
Total deferred tax benefit (expense)	14,966		(5,426)		13,239
Total income tax expense	$	(13,299)	$	(35,031)	$	(19,364)

The Company’s effective tax rate differs from statutory rates of 21% for U.S. federal income tax purposes and 25% for mainland China income tax purposes due to the effects of the valuation allowance and certain permanent differences as they pertain to book-tax differences in employee stock-based compensation and non-U.S. research and development expense. A new requirement to capitalize and amortize previously deductible research and experimental expenses resulting from a change in Section 174 made by the Tax Cuts and Jobs Act of 2017 (the “TCJA”) became effective on January 1, 2022. Under the TCJA, the Company is required to capitalize, and subsequently amortize R&D expenses over fifteen years for research activities conducted outside of the U.S. The capitalization of overseas R&D expenses resulted in a significant increase in the Company’s global intangible low-taxed income inclusion beginning in 2022. The enactment of the One, Big, Beautiful, Bill Act, signed into law in July 2025, repeals the mandatory capitalization requirement for domestic R&D expenses for tax years beginning after December 31, 2025. However, the capitalization requirement for research activities conducted outside of the U.S remains unchanged.

Pursuant to the Corporate Income Tax Law of mainland China, all of the Company’s mainland China subsidiaries are liable to mainland China Corporate Income Taxes at a rate of 25%, except for ACM Shanghai and ACM Lingang. According to Guoshuihan 2009 No. 203, an entity certified as an “advanced and new technology enterprise” is entitled to a preferential income tax rate of 15%. ACM Shanghai was certified as an “advanced and new technology enterprise” in 2012 and again in 2016, 2018, 2021 and 2024, effective until December 31, 2026. Certain entities which meet requirements according to the Policy of the Lingang New area in China (Shanghai) Pilot Free Trade Zone are entitled to a preferential income tax rate of 15%. ACM Lingang was certified for this in 2021, and this preferential income tax rate was valid from January 1, 2020 until December 31, 2024.ACM Lingang’s tax is expected to be exempt for first two profitable years after net operating loss utilization and half of the statutory tax rate for the next three years. The provision for mainland China corporate income tax for ACM Shanghai is calculated by applying the income tax rate of 15% for the years ended December 31, 2025, 2024 and 2023 .


	Year Ended December 31,
	2025		2024		2023
Effective tax rate reconciliation:
Income tax provision at statutory rate	21.0	%	21.0	%	21.0	%
Stock compensation	(4.9)		(3.0)		(2.0)
Foreign rate differential	7.6		(3.3)		(10.5)
Foreign income taxed in US	10.5		3.7		7.4
Foreign research and development expense	(11.9)		(6.4)		(8.0)
Change in valuation allowance	(12.6)		8.8		8.7
Other permanent difference	0.1		0.2		—
Effective income tax rate	9.8	%	21.0	%	16.6	%

A reconciliation of the federal statutory income tax rate to the effective income tax rate for the year ended December 31, 2025 is as follows:


	Year Ended December 31,
	2025
	Amount		Tax rate
U.S. federal statutory tax and Rate	$	28,390	21.0	%
State and local income taxes, net of federal income tax effect*	2		—
Foreign tax effects
China
Statutory rate differential	6,225		4.6
Tax incentive adjustment	(24,688)		(18.3)
R&D deduction	(16,082)		(11.9)
Change in valuation allowance	1,356		1.0
Withholding tax	3,249		2.4
Other	(708)		(0.5)
Other foreign jurisdictions	1,358		1.0
Enactment of new tax laws
Effect of cross-border tax laws
Global intangible low-taxed income	20,925		15.5
Subpart F	2,251		1.7
Other	(123)		(0.1)
Tax Credits
Foreign tax credits	(10,049)		(7.4)
Change in valuation allowance	323		0.2
Nondeductible Items	16		—
Worldwide changes in unrecognized tax benefits	6,787		5.0
Other
Share-based payment awards	(5,942)		(4.4)
Other	9		—
Tax Expense / Effective Tax Rate	$	13,299	9.8	%

*In 2025, state and local income taxes in California comprise the majority of the domestic and state and local income taxes, net of the federal income tax effect category.

Tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets at December 31, 2025 and 2024 are presented below:


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carry forwards (offshore)	$	2,968	$	8,106
Net operating loss carry forwards (U.S.) and credit	10,152		8,653
Deferred revenue (offshore)	3,179		6,428
Accruals (U.S.)	480		212
Reserves and other (offshore)	11,333		6,631
Stock-based compensation (U.S.)	3,209		2,974
Stock-based compensation (offshore)	13,594		10,325
Lease liability	1,681		1,157
Total gross deferred tax assets	46,596		44,486
Less: valuation allowance	(9,454)		(26,516)
Total deferred tax assets	37,142		17,970
Deferred tax liabilities:
Property and equipment	(1,615)		(1,190)
Equity investments and unrealized gain on short-term investments	(6,138)		(1,999)
Total deferred tax liabilities	(7,753)		(3,189)
Deferred tax assets, net	$	29,389	$	14,781

The Company considers all available evidence to determine whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become realizable. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carry-forward periods), and projected taxable income in assessing the realizability of deferred tax assets. In making such judgments, significant weight is given to evidence that can be objectively verified. Based on all available evidence, a partial valuation allowance has been established against some net deferred tax assets as of December 31, 2025 and 2024, based on estimates of recoverability. In order to fully realize the deferred tax assets, the Company must generate sufficient taxable income in future periods before the expiration of the deferred tax assets governed by the tax code.

As of December 31, 2025 and 2024, the Company had valuation allowances, respectively, of $5,789 and $5,467 for U.S. federal purposes, $593 and $295 for U.S. state purposes and $2,182 and $20,209 for mainland China income tax purposes, and $840 and $515 for Korea income tax purposes.

As of December 31, 2025, the Company had operating loss carryforward amounts, or NOLs, of $1,056 for U.S. federal income tax purposes and $7,364 for U.S. state income tax purposes. As of December 31, 2024, the Company had NOLs, of $2,030 for U.S. federal income tax purposes and $929 for U.S. state income tax purposes. As of December 31, 2023, the Company had NOLs of $3,121 for U.S. federal income tax purposes and $593 for U.S. state income tax purposes.

As of December 31, 2025 and 2024, the Company had NOLs, respectively, $17,863 and $30,481 for mainland China income tax purposes and $3,816 and $2,339 for South Korea income tax purposes. Such losses begin expiring in 2037, 2032, 2028 and 2037 for U.S. federal, U.S. state, mainland China, and South Korea income tax purposes, respectively.

Under provisions of the U.S. Internal Revenue Code (the “IRC”), a limitation applies to the use of the U.S. net operating loss and credit carry-forwards that would be applicable if ACM experiences an “ownership change,” as defined in IRC Section 382. ACM conducted an analysis of its stock ownership under IRC Section 382 and $2,030 of the net operating loss carryforwards are subject to annual limitation as a result of the ownership change in 2017. The net operating loss carryforwards are not expected to expire before utilization.

changes in the balance of gross unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	16,774	$	13,026	$	8,448
Increase of unrecognized tax benefits related to current year	4,132		2,308		4,379
Increase of unrecognized tax benefits taken in prior years	—		6,871		199
Reductions for tax positions related to prior years	(1)		(5,431)		-
Ending balance	$	20,905	$	16,774	$	13,026

The Company is subject to taxation in the United States, state, and foreign jurisdictions. All tax returns will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss or credits. Certain tax years are subject to foreign income tax examinations by tax authorities until the statute of limitations expire.

The Company had $20,905 and $16,774 of unrecognized tax benefits as of December 31, 2025 and 2024, respectively.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2025 and 2024, respectively, the Company had $7,094 and $2,973 of accrued penalties and interest related to uncertain tax positions, all of which was recognized in the Company’s consolidated statements of comprehensive income for the year then ended. The amount of the unrecognized tax benefit that, if recognized, would impact the effective tax rate was $20,770 as of December 31, 2025. There were no ongoing examinations by taxing authorities as of December 31, 2025 or 2024.

Prior to the TCJA, the Company asserted that all unremitted earnings of its foreign subsidiaries were considered indefinitely reinvested. As a result of the TCJA, the Company reported and paid U.S. tax on the majority of its previously unremitted foreign earnings, and repatriations of foreign earnings will generally be free of U.S. federal tax, but may incur other taxes such as withholding or state taxes. As of December 31, 2025, the Company has not made a provision for U.S. or additional foreign withholding taxes on approximately $343,266 of undistributed earnings of its foreign subsidiaries that is indefinitely reinvested. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances.

Cash income taxes paid by the Company were as follows:


	Year Ended December 31, 2025
U.S.
Federal	$	2,574
State and local	(10)
Total U.S.	2,564
Foreign
China	29,792
Others	19
Total foreign	29,811
Total cash paid	$	32,375

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company leases offices and manufacturing locations under non-cancelable operating lease agreements. As of December 31, 2025, the Company had $2,063 of open commitments to construction contracts. Covenants in ACM Lingang’s Grant Contract for State-owned Construction Land Use Right in Shanghai City (Category of R&D Headquarters and Industrial Projects) with the China (Shanghai) Pilot Free Trade Zone Lingang Special Area Administration require, among other things, that ACM Lingang pay liquidated damages in the event that within 7 years after the land use right was obtained in July 2020, the Company does not (i) generate a minimum specified amount of annual sales of products manufactured on the granted land or (ii) pay to mainland China at least RMB 157.6 million ($22,000) in annual total taxes (including value-added taxes, corporate income tax, personal income taxes, urban maintenance and construction taxes, education surcharges, stamp taxes, and vehicle and shipping taxes) as a result of operations in connection with the granted land. Legal Matters In the normal course of business, the Company is subject to contingencies, including legal proceedings, investigations, and environmental claims arising out of the normal course of business that relate to a wide range of matters, including among others, contracts breach liability. The Company records accruals for such contingencies based upon the assessment of the probability of occurrence and, where determinable, an estimate of the liability. Management may consider many factors in making these assessments including past history, scientific evidence and the specifics of each matter. Some of these contingencies involve claims that are subject to substantial uncertainties and un-estimable damages. In 2025, ACM's subsidiary, ACM Korea, received inquiries from the Seoul Customs Office ("SCO") regarding certain goods produced and shipped by ACM Korea to overseas markets. As of December 31, 2025, the SCO has completed its investigation and has issued a fine to ACM Korea, which ACM Korea paid and has formally appealed. The matter has been formally transferred to a regional prosecutor’s office in Korea, and is currently pending review and next steps, if any. The investigation is on-going and remains in its preliminary stages, and as such, this matter is subject to uncertainties and further developments as it proceeds. Although the Company cannot predict the outcome of this, or any other related governmental inquiries or proceedings that may occur, the Company does not believe at this time it will have a material effect on its consolidated financial condition or results of operations. The Company’s management has evaluated all other proceedings and claims that existed as of December 31, 2025. In the opinion of management, except with respect to the ACM Korea customs matter described above, no provision for liability nor disclosure was required as of December 31, 2025 related to any claim against the Company because: (a) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. As of December 31, 2025, the Company had no material outstanding legal proceedings.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

The following represents condensed unconsolidated financial information of ACM Research only as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023:

CONDENSED BALANCE SHEETS


	December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	96,184	$	54,764
Account receivables, net	84		2
Due from intercompany	8,457		6,554
Other receivables	11,595		8,938
Prepaid expenses and other current assets	417		479
Total current assets	116,737		70,737
Deferred tax assets	5,246		4,610
Property, plant and equipment, net	8,482		7,990
Investment in consolidated subsidiaries and equity method investees	1,376,596		844,507
Total assets	$	1,507,061	$	927,844

Liabilities and Stockholders’ Equity
Short-term borrowings	$	28,346	$	13,882
Accounts payable	709		391
Other payables and accrued expenses	10,456		8,098
Income taxes payable	240		—
FIN-48 payable	2,833		848
Total current liabilities	42,584		23,219
Long-term borrowings	114		—
Total liabilities	42,698		23,219
Total stockholders’ equity	1,464,363		904,625
Total liabilities and stockholders' equity	$	1,507,061	$	927,844

Condensed Statements of Operations

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2025		2024		2023
Revenue	$	7,704	$	2,576	$	6,354
Cost of revenue	(4,590)		(132)		(4,336)
Gross profit	3,114		2,444		2,018
Operating expenses:
Sales and marketing expenses	(9,461)		(6,909)		(4,715)
General and administrative expenses	(13,218)		(10,331)		(7,840)
Loss from operations	(19,565)		(14,796)		(10,537)
Equity in earnings of consolidated subsidiaries and equity method investees	85,129		87,916		73,707
Interest income, net	3,428		2,094		799
Interest expense, net	(1,443)		(560)		(66)
Other income, net	34,526		34,684		18,476
Income before income taxes	102,075		109,338		82,379
Income tax expense	(7,997)		(5,711)		(5,030)
Net income	94,078		103,627		77,349
Foreign currency translation adjustment, net of tax	25,848		(14,373)		(8,803)
Unrealized gain on available-for-sale investments, net of tax	1,784		350		—
Comprehensive income attributable to ACM Research, Inc.	$	121,710	$	89,604	$	68,546

Condensed Statements of Cash Flows

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2025		2024		2023
Net cash (used in) provided by operating activities	$	7,555	$	15,285	$	1,489
Net cash used in investing activities	(724)		(7,889)		(149)
Net cash provided by financing activities	34,589		5,752		16,423
Net increase (decrease) in cash and cash equivalents	41,420		13,148		17,763
Cash and cash equivalents, beginning of year	54,764		41,616		23,853
Cash and cash equivalents, end of year	$	96,184	$	54,764	$	41,616

REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Advances from customers	$ (60,844)	$ 67,050	$ 29,974
First-Tools
Disaggregation of Revenue [Line Items]
Advances from customers	$ (56,140)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregated Revenue Information [Abstract]
Revenues	$ 901,309	$ 782,118	$ 557,723
Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment
Disaggregated Revenue Information [Abstract]
Revenues	625,964	578,887	403,851
ECP (front-end and packaging), Furnace and Other Technologies
Disaggregated Revenue Information [Abstract]
Revenues	199,551	151,057	103,356
Advanced Packaging (excluding ECP), Services & Spares
Disaggregated Revenue Information [Abstract]
Revenues	$ 75,794	$ 52,174	$ 50,516

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

INVENTORIES, NET (Details) - USD ($) $ in Thousands	12 Months Ended
INVENTORIES, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Inventory [Abstract]
Raw materials	$ 349,663	$ 224,086
Work-in-process	61,415	80,767
Finished goods	291,553	293,131
Total inventories, net	702,631	597,984
Inventory write-down	15,485	2,796	$ 575
First-Tools, Customer Ownership
Inventory [Abstract]
Finished goods	$ 145,506	$ 206,018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Net Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Statutory surplus reserve (note 2)	$ 34,164	$ 30,514

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	December 31,
	2025		2024
Buildings and plants	$	229,731	$	139,311
Land	2,099		2,099
Manufacturing equipment	70,680		37,038
Computer and office equipment	9,339		5,815
Transportation equipment	693		396
Leasehold improvements	12,656		11,579
Construction in progress	28,396		97,916
Total cost	353,594		294,154
Less: Total accumulated depreciation	(38,764)		(24,882)
Total property, plant and equipment, net	$	314,830	$	269,272

REVENUE FROM CONTRACTS WITH CUSTOMERS - Accounts Receivables and Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Advances from customers	$ 187,809	$ 243,949
Deferred revenue	17,388	8,537
Total contract liabilities	$ 205,197	$ 252,486

SHORT-TERM INVESTMENTS - Summary of Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Cost	$ 17,076	$ 17,731
Market value	$ 35,524	$ 19,373

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Location	Shanghai, China
Auditor Firm ID	1408

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn January 30, 2026, ACM Shanghai issued a notice to the Shanghai Stock Exchange that ACM Research intended to sell up to 4,801,648 shares of ACM Shanghai through an inquiry-based share transfer plan. On February 6, 2026, ACM Shanghai notified the Shanghai Stock Exchange that ACM Research sold 4,801,648 shares of ACM Shanghai at a price of RMB 160.00 (approximately $23.05) per share.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements include the accounts of ACM (ACM Research) and its subsidiaries, including ACM Shanghai and its subsidiaries. ACM’s subsidiaries are those entities in which ACM, directly and indirectly, controls more than a majority of the voting power. All significant intercompany transactions and balances have been eliminated upon consolidation. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Certain reclassifications have been made to the amounts for prior years to conform to the current year’s presentation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. The Company’s significant accounting estimates and assumptions include, but are not limited to, those used for revenue recognition and deferred revenue, stock-based compensation arrangements, uncertain tax positions, warranty liabilities, allowance for credit losses and inventory provision.

Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates and assumptions.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and bank deposits that are unrestricted as to withdrawal and use, and highly liquid investments with an original maturity date of three months or less at the date of purchase. At times, cash deposits may exceed government-insured limits.

The following table presents cash and cash equivalents, according to jurisdiction as of December 31, 2025 and 2024:


	December 31,
	2025		2024
United States	$	107,184	$	56,308
Mainland China	228,777		94,701
China Hong Kong	421,104		255,853
South Korea	241		516
Singapore	67		67
Total	$	757,373	$	407,445

Cash held in the U.S. exceeds the Federal Deposit Insurance Corporation (“FDIC”) insurance limits and is subject to risk of loss. No losses have been experienced to date.

Cash amounts at the banks in mainland China are subject to a series of risk control regulatory standards from mainland China bank regulatory authorities. ACM’s subsidiaries in mainland China are required to obtain approval from the State Administration of Foreign Exchange (“SAFE”) to transfer funds into or out of mainland China. SAFE requires a valid agreement to approve the transfers, which are processed through a bank. Other than these mainland China foreign exchange restrictions, ACM’s subsidiaries in mainland China are not subject to any mainland China restrictions and limitations on its ability to transfer funds to ACM Research or among our other subsidiaries. However, cash held by ACM’s subsidiaries in mainland China exceeds applicable insurance limits and is subject to risk of loss, although no such losses have been experienced to date.

ACM California periodically procures goods and services on behalf of ACM Shanghai. For these transactions, ACM Shanghai makes cash payments to ACM California in accordance with applicable transfer pricing arrangements. For the years ended December 31, 2025, 2024 and 2023, cash payments from ACM Shanghai to ACM California for the procurement of goods and services were $13,683, $21,285, and $42,517, respectively. ACM California periodically

borrows funds for working capital advances from its direct parent, CleanChip. ACM California repays or renews these intercompany loans in accordance with their terms.

For sales through CleanChip and ACM Research, a certain amount of sales or advance payments from customer proceeds is repatriated back to ACM Shanghai in accordance with applicable transfer pricing arrangements in the ordinary course of business. ACM Research provides support for tools under warranty to certain customers located in the U.S., Europe and other regions outside of mainland China on behalf of ACM Shanghai. For these transactions, ACM Shanghai makes cash payments to ACM Research in accordance with applicable transfer pricing arrangements.

Cash held in Hong Kong exceeds the Hong Kong Deposit Insurance Corporation insurance limits, and the cash held in the United States exceeds the United States Deposit Insurance Corporation insurance limits and therefore, cash in these locations is subject to risk of loss. No losses have been experienced to date. There are no additional restrictions for the transfer of cash from bank accounts in the U.S., South Korea, Singapore and Hong Kong.

For the years ended December 31, 2025, 2024 and 2023, after deduction of withholding tax, ACM Shanghai paid $29,238, $28,480, and $19,200 in dividends to ACM Research, respectively.

For the years ended December 31, 2025, 2024 and 2023, with the exception of sales and services-related transfer-pricing payments in the ordinary course of business, and dividends paid by ACM Shanghai to the stockholders of ACM Shanghai (including ACM Research), no transfers, or distributions have been made between ACM Research and its subsidiaries, including ACM Shanghai, or to holders of ACM Research Class A common stock.

Time Deposits

Time deposits are denominated in Chinese Renminbi (“RMB”) and U.S. dollars and deposited with banks in mainland China with fixed terms and interest rates which cannot be withdrawn before maturity, and are presented as short-term deposits and long-term deposits in the consolidated financial statements based on their expected time of collection. They are also subject to the risk control regulatory standards described above upon maturity.

As of December 31, 2025 the Company had time deposits denominated in RMB of 341,463 and denominated in U.S. dollars of $25,128, respectively. As of December 31, 2024, the Company had time deposits denominated in RMB of 13,275 and denominated in U.S. Dollar of $17,277, respectively. Time deposits held as of December 31, 2025 had interest rates of 1.2% to 3.75% and mature between April and December 2026.

Restricted Cash

As of December 31, 2025 and 2024, all of the Company's restricted cash was held by financial institutions located in mainland China, Hong Kong and South Korea, and mainly represents cash secured to guarantee delivery of tools.

Accounts Receivable, Net

In determining the amount of the allowance for credit losses, the Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. The Company considers historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers.

Inventories, Net

Inventories consist of raw materials (including consumable supplies such as spare parts), work-in-process and finished goods. Inventories are stated at the lower of cost or net realizable value (NRV). Cost is primarily determined by using the weighted average cost method for raw materials, which make up the majority of the cost of work-in-process and finished goods. At the end of each reporting period, the Company performs a recoverability assessment. Inventory write-downs are recorded in cost of goods sold for excess, slow-moving or obsolete inventories, as well as for any inventories where the estimated NRV is less than cost.

Property, Plant and Equipment, Net

Property, plant and equipment are recorded at cost less accumulated depreciation. Depreciation begins when the asset is placed in service and is calculated by using the straight-line method over the estimated useful life of an asset (or, if shorter, over the lease term). Betterments or renewals are capitalized when incurred.

Estimated useful lives of assets are as follows:


Buildings and plants			30 years
Computer and office equipment			3 to 5 years
Furniture and fixtures			5 years
Leasehold improvements			shorter of lease term or estimated useful life
Electronic equipment			3 to 5 years
Manufacturing equipment			5 to 10 years
Transportation equipment			4 to 5 years

Expenditures for maintenance and repairs that neither materially add to the value of the property nor appreciably prolong the life of the property are charged to expense as incurred. Upon retirement or sale of an asset, the cost of the asset and the related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is credited or charged to income.

Impairment of Long-Lived Assets

Long-lived assets are evaluated for impairment whenever events or changes in circumstance indicate that the carrying value of the assets may not be fully recoverable or that the useful life of the assets is shorter than the Company had originally estimated. When these events or changes occur, the Company evaluates the impairment of the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Company recognizes an impairment loss based on the excess of the carrying value over the fair value.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When readily determinable, the Company uses the implicit rate at lease commencement in determining the present value of lease payments. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has also elected the practical expedient for the short-term lease exemption for contracts with lease terms of 12 months or less.

Revenue Recognition

The Company derives revenue principally from the sale of semiconductor capital equipment, or tools. Revenue from contracts with customers is recognized using the following five steps pursuant ASC Topic 606, Revenue from Contracts with Customers:

1.Identify the contract(s) with a customer;

2.Identify the performance obligations in the contract;

3.Determine the transaction price;

4.Allocate the transaction price to the performance obligations in the contract; and

5.Recognize revenue when (or as) the entity satisfies a performance obligation.

Identify the contract(s) with a customer. The Company generally considers approved sales contracts, provided it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collection is probable. Collectability is assessed based on management’s assessment of the customer’s creditworthiness, historical payment experience, as well as other relevant factors.

Identify the performance obligations in the contract. Performance obligations are accounted for separately if they are distinct. A good or service is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and the good or service is distinct in the context of the contract. The Company’s performance obligations include sales of tools and spare parts. In addition, customer contracts can contain provisions for installation, training, and other items which have been deemed immaterial in the context of the contract.

Determine the transaction price. The transaction price for the Company’s contracts with customers generally does not include variable consideration.

Allocate the transaction price to the performance obligations in the contract. For contracts that contain multiple performance obligations, primarily those that include multiple tools, or spare parts sold together with tools, the Company allocates the transaction price to the performance obligations on a relative standalone selling price basis. The Company recognizes contract liabilities associated with unsatisfied performance obligations, based on the stand-alone observable selling prices or using an expected cost-plus-margin approach when a stand-alone selling price is not directly observable, and recognizes revenue as the related performance obligations are satisfied.

Recognize revenue when, or as, a performance obligation is satisfied. The Company recognizes revenue from tools at a point in time, when the Company has satisfied its performance obligation. The Company’s sales arrangements do not include a general right of return. For shipments made to a customer that has not previously accepted a specific type of tool (“first tools”), revenues are recognized when the tools are accepted by the customer. For shipments made to a customer that have previously accepted a specific type of tool ("repeat shipment"), revenues are recognized upon shipment or delivery as the Company can objectively demonstrate that the tools meet all the required customer specifications. Revenue from spare parts are recognized when the customer has received the parts.

The Company’s warranties provide assurance that its products will function as expected and in accordance with certain specifications. The Company’s warranties are intended to safeguard the customer against existing defects and do not provide any incremental service to the customer. They are not separate performance obligations and are accounted for under FASB ASC Topic 460, Guarantees.

For sales of tools, payment terms and conditions vary by customer and are based on the billing schedule established in the Company’s contracts with customers, but the contract generally requires advanced payments for a portion of the transaction price prior to delivery and payment of the remaining transaction price after the tools are accepted by customers; therefore, the Company has determined that its contracts do not include a significant financing component. For sales of spare parts, the contract generally requires payment within 30 days after receipt. Contract liabilities include advances from customers and deferred revenue. Payments received from customers prior to the transfer of control of the tools are recorded as advances from customers. Payments received from customers related to the allocated transaction price for the unsatisfied performance obligations are recorded as deferred revenue.

Cost of Revenue

Cost of revenue primarily consists of direct materials, comprised principally of parts used in assembling equipment, direct labor, including salaries and other labor related expenses attributable to the Company’s manufacturing department; allocated overhead cost and inventory provision.

Research and Development Costs

Research and development costs relating to the development of new products and processes, significant improvements to existing products to achieve new features and the development of new tools for evaluation by customers during the product demonstration process, are expensed as incurred.

Warranty

The Company generally provides a standard assurance type warranty ranging from 12 to 36 months and covering replacement of its product during the warranty period. The Company accounts for the estimated warranty costs at the time revenue is recognized. Warranty obligations are estimated by historical failure rates and associated replacement costs. Warranty obligations are included in other payables and accrued expenses in the consolidated balance sheets. The following table shows changes in the Company’s warranty obligations for the years ended December 31, 2025, 2024 and 2023, respectively.


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	12,710	$	9,834	$	8,780
Additions	13,550		11,460		7,969
Utilized	(7,156)		(8,584)		(6,915)
Balance at end of period	$	19,104	$	12,710	$	9,834

Employee Benefit Expenses

The Company has a defined contribution 401(k) plan for eligible employees in the U.S. Eligible employees have the option to participate in the plan beginning on their date of hire. Under the terms of the plan, employees may make voluntary contributions as a percentage of their compensation or a flat dollar amount.

All eligible employees of the Company’s mainland China subsidiaries are entitled to staff welfare benefits including medical care, welfare grants, unemployment insurance and pension benefits through a mainland China government-mandated multi-employer defined contribution plan. The Company’s mainland China subsidiaries are required to accrue for these benefits based on certain percentages of the qualified employees’ salaries, and are required to make contributions to the plans out of the amounts accrued. The Company has no further payment obligations once the contributions have been paid. Total contributions by the Company for such employee benefits were $20,496, $15,312, and $11,618 for the years ended December 31, 2025, 2024 and 2023, respectively.

Government Subsidies

ACM Shanghai has received several government grants. The government subsidies of operating nature with no further conditions to be met are recorded as income in the consolidated statements of comprehensive income when received. The government grants that contain certain operating conditions, and require a government due diligence process to confirm completion, are deferred and recorded as other long-term liabilities when received, and are recognized in the consolidated statements of comprehensive income as follows:

•Government subsidies relating to current expenses are recorded as reductions of those expenses in the periods in which the current expenses are recorded. For the years ended December 31, 2025, 2024 and 2023, related government subsidies recognized as reductions of relevant expenses in the consolidated statements of comprehensive income were $7,958, $462 and $1,740, respectively.

•Government subsidies related to depreciable assets are credited to income over the useful lives of the related assets for which the grant was received. As of December 31, 2025 and 2024, all of the Company’s other long-term liabilities represent unearned government subsidies.

•Government subsidies related to VAT reduction are credited to income in the period received. For the years ended December 31, 2025, 2024 and 2023, related government subsidies recognized as other income in the consolidated statements of comprehensive income were $1,388, $2,018, and $533, respectively.

Stock-based Compensation

ACM and ACM Shanghai grant stock options to employees and non-employee consultants and directors and account for those stock-based awards in accordance with FASB ASC Topic 718, Compensation – Stock Compensation.

Stock-based awards granted to employees and non-employee consultants and directors are measured at the fair value of the awards on the grant date. Forfeitures are estimated at the date of grant. The fair value of stock options is determined using the Black-Scholes valuation model when there are service and performance conditions attached or the Monte Carlo valuation model when there is a market condition attached. Stock-based compensation is charged to the category of operating expense corresponding to the service function of the employees and non-employee consultants and directors. For awards granted with no vesting condition, compensation expenses are recognized immediately on the grant date. The Company has elected to recognize share-based compensation on a straight-line basis for awards with graded vesting that vest based solely on a service condition. The Company uses the accelerated method for all awards granted based on service conditions and performance conditions, and only if performance conditions are considered probable to be satisfied.

Income Taxes

The Company accounts for income taxes using the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable values.

In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made.

Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax.

Basic and Diluted Net Income per Share of Common Stock

Basic and diluted net income per share of common stock is calculated as follows:


	Year Ended December 31,
	2025		2024		2023
Numerator:
Net income	$	121,893	$	131,269	$	96,852
Less: Net income attributable to non-controlling interests	27,815		27,642		19,503
Net income available to common stockholders, basic	94,078		103,627		77,349
Less: Dilutive effect arising from stock-based awards by ACM Shanghai	1,929		2,227		1,841
Net income available to common stockholders, diluted	$	92,149	$	101,400	$	75,508
Weighted average shares outstanding, basic	64,184,776		62,212,569		60,164,670
Effect of dilutive securities	3,127,117		4,024,855		4,705,873
Weighted average shares outstanding, diluted	67,311,893		66,237,424		64,870,543

Net income per share of common stock:
Basic	$	1.47	$	1.67	$	1.29
Diluted	$	1.37	$	1.53	$	1.16

Basic and diluted net income per share of common stock are presented in accordance with ASC topic 260, Earnings per Share (“ASC 260”) using the two-class method, which allocates undistributed earnings to common stock and any participating securities according to dividend rights and participation rights on a proportionate basis. Under the two-class method, basic net income per share of common stock is computed by dividing the sum of distributed and undistributed earnings attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. ACM did not have any participating securities outstanding during the years ended December 31, 2025, 2024, and 2023.

ACM Research is authorized to issue Class A and Class B common stock. The two classes of common stock are substantially identical in all material respects, except for voting rights. The net income per share of common stock attributable to each class is the same under the “two-class” method. As such, the two classes of common stock have been presented on a combined basis in the consolidated statements of comprehensive income and in the above computation of net income per share of common stock.

Diluted net income per share of common stock reflects the potential dilution from securities, such as stock options that could share in ACM Research’s earnings. Certain potentially dilutive securities were excluded from the net income per share calculation because the impact would be anti-dilutive. The number of potentially dilutive shares that were not included in the calculation of diluted net income per share in the periods presented where their inclusion would be anti-dilutive were 658,796, 1,511,335 and 3,651,337 for the years ended December 31, 2025, 2024 and 2023, respectively.

Comprehensive Income

The Company applies FASB ASC Topic 220, Comprehensive Income, which establishes standards for the reporting and display of comprehensive income, requiring its components to be reported in a financial statement with the same prominence as other financial statements. The Company’s comprehensive income includes net income, foreign currency translation adjustments, and unrealized gain on investments in available-for-sale debt securities and is presented in the consolidated statements of comprehensive income.

Restricted Net Assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant statutory laws and regulations of mainland China permit payments of dividends by the Company’s mainland China subsidiaries only out of its retained earnings, if any, as determined in accordance with accounting standards and regulations of mainland China. The results of operations reflected in the consolidated financial statements

prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s mainland China subsidiaries. The Company has not previously declared or paid any cash dividend or dividend in kind and has no plan to declare or pay any dividends in the near future.

Under laws and regulations of mainland China, there are restrictions on the Company’s mainland China subsidiaries with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Amounts of net assets restricted include paid-in capital, additional paid-in capital, and statutory surplus reserve of the Company’s mainland China subsidiaries totaling $1,675,187 as of December 31, 2025. Therefore, in accordance with Rules 504 and 4.08(e)(3) of Regulation S-X, the condensed parent company only financial statements as of December 31, 2025 and 2024, and for each of the three years ended December 31, 2025 are disclosed in note 20.

Furthermore, cash transfers from the Company’s mainland China subsidiaries to its subsidiaries outside of China are subject to mainland China government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the mainland China subsidiaries to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

Statutory Surplus Reserve

The income of ACM’s mainland China subsidiaries is distributable to their shareholders after transfers to reserves as required under relevant mainland China laws and regulations and the subsidiaries’ Articles of Association. As stipulated by the relevant laws and regulations in mainland China, mainland China subsidiaries are required to maintain reserves, including reserves for statutory surpluses and public welfare funds that are not distributable to shareholders. A mainland China subsidiary’s appropriations to the reserves are approved by its board of directors. At least 10% of annual statutory after-tax profits, as determined in accordance with mainland China accounting standards and regulations, is required to be allocated to the statutory surplus reserves. If the cumulative total of the statutory surplus reserves reaches 50% of a mainland China subsidiary’s registered capital, any further appropriation is optional.

Statutory surplus reserves may be used to offset accumulated losses or to increase the registered capital of a mainland China subsidiary, subject to approval from the relevant mainland China authorities, and are not available for dividend distribution to the subsidiary’s shareholders. The mainland China subsidiaries are prohibited from distributing dividends unless any losses from prior years have been offset. Except for offsetting prior years’ losses, however, statutory surplus reserves must be maintained at a minimum of 25% of share capital after such usage. ACM Shanghai estimated a statutory surplus reserve of $34,164 and $30,514 based on an accumulated profit as of December 31, 2025 and 2024, respectively, which is included in the statutory surplus reserve in the consolidated balance sheets.

Noncontrolling Interests

A noncontrolling interest is recognized to reflect the portion of subsidiaries’ equity which is not attributable, directly or indirectly, to ACM Research. Consolidated net income on the consolidated statements of comprehensive income includes the net income attributable to noncontrolling interests. The cumulative results of operations attributable to noncontrolling interests are recorded as “noncontrolling interests” in the Company’s consolidated balance sheets.

Financial Instruments

The Company periodically invests in equity and debt securities, and maintains an investment portfolio of various holdings, types, and maturities. For equity investments that do not have a readily determinable fair value, the Company classifies them as long-term investments, and records them using either: 1) the measurement alternative which measures the equity investments at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes; or 2) the equity method whereby the Company recognizes its proportional share of the income or loss from the equity method investment. The equity method is utilized when the equity investments are common stock or in substance common stock, and the Company does not have the ability to control the investee but is deemed to have the ability to exercise significant influence over the investee’s operating or financial policies. For equity investments that have a readily determinable fair value, the Company classifies them as short-term investments, and records them at fair market value on a recurring basis based upon quoted market prices. Realized and unrealized gains and losses resulting from application of the measurement alternative, the impact of the application of the equity method to the Company’s equity investments, and recognition of

changes in fair market value, as applicable, are recognized as Other (expense) income, net in the consolidated statements of comprehensive income.

The Company recognized nil, nil, and $1,415 (upward adjustment) resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer for its long-term investments accounted for using measurement alternatives on the consolidated statements of comprehensive income for the years ended December 31, 2025, 2024, and 2023, respectively. The Company did not recognize any unrealized losses (downward adjustments) resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer for its long-term investments accounted for using measurement alternatives during the years ended December 31, 2025, 2024, and 2023, respectively.

The Company’s investments in debt securities have been classified and accounted for as available-for-sale. The Company classifies its debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Unrealized gains and losses on debt securities classified as available-for-sale are recognized in accumulated other comprehensive income in the consolidated balance sheets.

Fair Value Measurement

The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value. The level of an asset or liability in the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities with sufficient volume and frequency of transactions.

Level 2: Valuations based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active for identical assets or liabilities, or model-derived valuations techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Valuations based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities and based on non-binding, broker-provided price quotes and may not have been corroborated by observable market data.

The Company’s financial instruments primarily include its cash, cash equivalents, restricted cash, short term and long term time deposits, short-term and long-term investments, other receivables, accounts receivable, accounts payable, and short-term and long-term borrowings. The estimated fair value of cash and cash equivalents, restricted cash, short-term time deposits, accounts receivable, other receivables, accounts payable, and short-term borrowings approximate their respective carrying value due to the short period of time to their maturities. The carrying amounts of long-term time deposits approximate their fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities.

All transfers between fair value hierarchy levels are recognized by the Company at the end of each reporting period. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value

measurement in its entirety, requires judgment and considers factors specific to the investment. The inputs or methodology

used for valuing financial instruments are not necessarily an indication of the risks associated with investment in those instruments.

Assets and liabilities measured at fair value on a recurring basis:


	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
As of December 31, 2025
Assets
Cash and cash equivalents	$	84,627	$	—	$	—	$	84,627
Short-term investments	35,524		—		—		35,524
Available-for-sale debt securities	—		—		9,703		9,703
	$	120,151	$	—	$	9,703	$	129,854

As of December 31, 2024
Assets
Cash and cash equivalents	$	50,967	$	—	$	—	$	50,967
Short-term investments	19,373		—		—		19,373
Available-for-sale debt securities	—		—		5,366		5,366
	$	70,340	$	—	$	5,366	$	75,706

The Company did not have any assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2025 and 2024. Refer to note 10 for fair value information related to the Company’s outstanding long-term borrowings as of December 31, 2025 and 2024.

Operating and Financial Risks

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents, restricted cash, time deposits, and accounts receivable. The Company deposits and invests its cash with financial institutions that management believes are creditworthy.

The Company is potentially subject to concentrations of credit risks in its revenue and accounts receivable.

•Revenue concentration. During 2025, four customers accounted for approximately 17%, 14%, 12% and 10% of the Company's revenue, respectively, and in aggregate 52%. During 2024, four customers accounted for approximately 15%, 14%, 12%, and 12% of the Company's revenue, respectively, and in aggregate 52%. During 2023, three customers accounted for approximately 17%, 15% and 13% of the Company's revenue, respectively, and in aggregate 46%.

•Accounts receivable concentration. As of December 31, 2025 and 2024, four customers accounted for 62% and four customers accounted for 57%, respectively, of the Company’s accounts receivables. The Company believes that the accounts receivable balances due from these customers do not represent a significant credit risk based on past collection experience.

Interest Rate Risk

As of December 31, 2025 and 2024, the balance of the Company’s short term bank borrowings (note 8) were scheduled to mature at various dates within the following year and thus exposed the Company to modest interest rate risk. The Company is exposed to interest rate risk related to its long-term borrowings (note 10), and as certain long-term borrowings carry a fixed interest rate, the Company may be exposed to the fair value interest rate risk.

Liquidity Risk

The Company’s working capital at December 31, 2025 and 2024 was sufficient to meet its then-current requirements. The Company may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions the Company decides to pursue. In the long run, the Company intends to rely primarily on cash flows from operations and additional borrowings from financial institutions in order to meet its cash needs. If those sources are insufficient to meet cash requirements, the Company may seek to issue additional debt or equity.

Country Risk

The Company has significant investments in mainland China. The operating results of the Company may be adversely affected either directly or indirectly by changes in the political and social conditions in mainland China, by changes in mainland China government policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation, and export controls enacted by the U.S., Japan, and the Netherlands to restrict the sale of certain technology to mainland China, among other things.

Foreign Currency Risk and Translation

The Company’s consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency, while the functional currency of ACM’s subsidiaries in mainland China and South Korea are the RMB, and the Korean Won, respectively. Changes in the relative values of the U.S. dollar, RMB,and Korean Won affect the Company’s reported levels of revenues and profitability as the results of its operations are translated from RMB and Korean Won into U.S. dollars for reporting purposes. Since the Company has not engaged in any hedging activities, it cannot predict the impact of future exchange rate fluctuations on the results of its operations, and it may experience economic losses as a result of foreign currency exchange rate fluctuations.

Transactions of ACM’s subsidiaries involving foreign currencies are recorded in functional currency according to the rate of exchange prevailing on the date when the transaction occurs. The ending balances of the Company’s foreign currency accounts are converted into functional currency using the rate of exchange prevailing at the end of each reporting period. Net gains and losses resulting from foreign exchange fluctuations as marked to market at year-end are included in the consolidated statements of comprehensive income.

In accordance with FASB ASC Topic 830, Foreign Currency Matters, the Company translates assets and liabilities into U.S. dollars from RMB or Korean Won using the rate of exchange prevailing at the applicable balance sheet date and the consolidated statements of comprehensive income and consolidated statements of cash flows are translated at an average rate during the reporting period. Adjustments resulting from the translation are recorded in stockholders’ equity as part of accumulated other comprehensive income.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The Company adopted ASU No. 2023-09 as of December 31, 2025 on a prospective basis. The adoption did not have a material impact on the Company’s financial position, results of operations and cash flows.

Recently issued accounting pronouncements not yet adopted

In December 2024, the FASB issued ASU 2024-03: Income Statement--Reporting Comprehensive Income--Expense Disaggregation Disclosures (Subtopic 220-40), which requires additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. This ASU should be applied prospectively with the option to apply the standard retrospectively. The Company is currently evaluating the provisions of this ASU.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides entities with a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable

and supportable forecasts as part of estimating expected credit losses. ASU 2025-05 is effective for public companies for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently in the process of evaluating the disclosure impact.

In December 2025, the FASB issued ASU 2025-10 – Government Grants which establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in International Accounting Standard 20 "Accounting for Government Grants and Disclosure of Government Assistance". This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2028 and interim reporting periods within those annual periods. This ASU may be applied prospectively or retrospectively to any or all periods presented in the Company’s consolidated financial statements. Early adoption of this ASU is permitted. The Company is currently evaluating the impact that the adoption of this ASU may have on its consolidated financial statements.

LONG-TERM BORROWINGS - Summary of Long Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Total borrowings	$ 214,012	$ 149,997
Less: Current portion	(35,082)	(44,472)
Long-term borrowings (note 10)	178,930	105,525
Loan from China Merchants Bank
Line of Credit Facility [Line Items]
Total borrowings	9,915	11,475
Loan from Agricultural Bank of China
Line of Credit Facility [Line Items]
Total borrowings	42,007	13,020
Loans from Bank of China
Line of Credit Facility [Line Items]
Total borrowings	34,247	28,258
Loan from Bank of Shanghai
Line of Credit Facility [Line Items]
Total borrowings	0	13,920
Loans from China CITIC Bank
Line of Credit Facility [Line Items]
Total borrowings	28,460	27,775
Loan from China Everbright Bank
Line of Credit Facility [Line Items]
Total borrowings	56,807	55,549
Loan from Industrial and Commercial Bank of China
Line of Credit Facility [Line Items]
Total borrowings	$ 42,576	$ 0

INCOME TAXES - Summary of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Aggregate Changes in Balance of Gross Unrecognized Tax Benefits [Abstract]
Beginning balance	$ 16,774	$ 13,026	$ 8,448
Increase of unrecognized tax benefits taken in prior years	0	6,871	199
Increase of unrecognized tax benefits related to current year	4,132	2,308	4,379
Reductions for tax positions related to prior years	(1)	(5,431)	0
Ending balance	$ 20,905	$ 16,774	$ 13,026

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

SHORT-TERM INVESTMENTS

Pursuant to a Share Purchase Agreement dated August 2023, ACM Shanghai acquired shares of Zhongjuxin Limited Company (“Zhongjuxin”) in September 2023 with amount of $4,179. The shares held by ACM Shanghai are restricted for sale for a minimum period of twelve months. Zhongjuxin completed it STAR IPO in September 2023. The investments were partially-disposed by ACM Shanghai and net proceeds of RMB 38,464 ($5,267) were received during the year ended December 31, 2024. The investments were fully-disposed by ACM Shanghai and net proceeds of RMB 15,089 ($2,147) were received during the year ended December 31, 2025.

Pursuant to a Share Purchase Agreement dated January 2024, ACM Shanghai acquired shares of Shanghai Syncrystalline Silicon Materials Co., Ltd. (“Syncrystalline”) in February 2024 with amount of RMB 10 million ($1,423). The shares held by ACM Shanghai are restricted for sale for a minimum period of twelve months. Syncrystalline completed its STAR IPO in February 2024. As of December 31, 2025, the Company's total investment costs in Syncrystalline were RMB 20 million ($2,846), including RMB 10 million ($1,423) invested by ACM Shanghai in 2021 and RMB 10 million ($1,423) invested by ACM Shanghai in February 2024.

The components of short-term investments were as follows:


	December 31,
	2025		2024
Short-term investments listed in Shanghai Stock Exchange
Cost	$	17,076	$	17,731
Market value	35,524		19,373

For the years ended December 31, 2025, 2024 and 2023, the net gains recognized on short-term investments were as follows:


	Year ended December 31
	2025		2024		2023
Unrealized gains (losses) recognized during the reporting period on short-term investment still held at December 31	$	17,455	$	973	$	(2,737)
Net realized gains on short-term investment sold during the year	166		1,788		9,047
Total net gains recognized at December 31 on short-term investment	$	17,621	$	2,761	$	6,310

For the years ended December 31, 2025, 2024 and 2023, the Company received proceeds of $2,147, $8,434 and $21,735 from the sale of short-term investments, respectively, including realized gains of $166, $1,788 and $9,047, respectively.

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reporting segments \| segment	1
Geographic Areas, Long-Lived Assets [Abstract]
Long-lived assets	$ 340,081	$ 307,223
Mainland China
Geographic Areas, Long-Lived Assets [Abstract]
Long-lived assets	321,748	287,892
South Korea
Geographic Areas, Long-Lived Assets [Abstract]
Long-lived assets	8,868	10,358
United States
Geographic Areas, Long-Lived Assets [Abstract]
Long-lived assets	$ 9,465	$ 8,973

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 4,544	$ 3,815	$ 3,580
Short-term lease cost	1,614	1,790	923
Lease cost	$ 6,158	$ 5,605	$ 4,503

INVENTORIES, NET (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

Inventories, net consisted of the following:


	December 31,
	2025		2024
Raw materials	$	349,663	$	224,086
Work-in-process	61,415		80,767
Finished goods	291,553		293,131
Total inventories, net	$	702,631	$	597,984

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalent [Abstract]
Cash, cash equivalents and restricted cash and time deposits	$ 757,373	$ 407,445
ACM Shanghai
Cash and Cash Equivalent [Abstract]
Cash payments for procurement of goods and services	13,683	21,285	$ 42,517
Payments of ordinary dividends, common stock	29,238	28,480	$ 19,200
United States
Cash and Cash Equivalent [Abstract]
Cash, cash equivalents and restricted cash and time deposits	107,184	56,308
Mainland China
Cash and Cash Equivalent [Abstract]
Cash, cash equivalents and restricted cash and time deposits	228,777	94,701
China Hong Kong
Cash and Cash Equivalent [Abstract]
Cash, cash equivalents and restricted cash and time deposits	421,104	255,853
South Korea
Cash and Cash Equivalent [Abstract]
Cash, cash equivalents and restricted cash and time deposits	241	516
Singapore
Cash and Cash Equivalent [Abstract]
Cash, cash equivalents and restricted cash and time deposits	$ 67	$ 67

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Reclassifications

Certain reclassifications have been made to the amounts for prior years to conform to the current year’s presentation.

Use of Estimates

Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates and assumptions.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Cash held in the U.S. exceeds the Federal Deposit Insurance Corporation (“FDIC”) insurance limits and is subject to risk of loss. No losses have been experienced to date.

Restricted Cash

Time Deposits

Accounts Receivable, Net

Inventories, Net

Property, Plant and Equipment, Net

Estimated useful lives of assets are as follows:


Buildings and plants			30 years
Computer and office equipment			3 to 5 years
Furniture and fixtures			5 years
Leasehold improvements			shorter of lease term or estimated useful life
Electronic equipment			3 to 5 years
Manufacturing equipment			5 to 10 years
Transportation equipment			4 to 5 years

Impairment of Long-Lived Assets

Leases

Revenue Recognition

1.Identify the contract(s) with a customer;

2.Identify the performance obligations in the contract;

3.Determine the transaction price;

4.Allocate the transaction price to the performance obligations in the contract; and

5.Recognize revenue when (or as) the entity satisfies a performance obligation.

Determine the transaction price. The transaction price for the Company’s contracts with customers generally does not include variable consideration.

Cost of Revenue

Research and Development Costs

Warranty

Employee Benefit Expenses

Government Subsidies

Stock-based Compensation

Income Taxes

Basic and Diluted Net Income per Common Share

Comprehensive Income

Restricted Net Assets

Statutory Surplus Reserve

Noncontrolling interests

Noncontrolling Interests

Financial Instruments

changes in fair market value, as applicable, are recognized as Other (expense) income, net in the consolidated statements of comprehensive income.

Fair Value Measurement

Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities with sufficient volume and frequency of transactions.

measurement in its entirety, requires judgment and considers factors specific to the investment. The inputs or methodology

used for valuing financial instruments are not necessarily an indication of the risks associated with investment in those instruments.

Operating and Financial Risks

Concentrations of Credit Risk

The Company is potentially subject to concentrations of credit risks in its revenue and accounts receivable.

Interest Rate Risk

Liquidity Risk

Country Risk

Foreign Currency Risk and Translation

Recently Adopted Accounting Pronouncements and Recently issued accounting pronouncements not yet adopted

Recently Adopted Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Net cash (used in) provided by operating activities	$ (10,325)	$ 152,450	$ (75,323)
Net cash used in investing activities	(390,335)	(11,959)	(6,745)
Net cash provided by financing activities	742,487	92,481	18,530
Net increase (decrease) in cash, cash equivalents and restricted cash	354,652	228,137	(65,278)
Cash, cash equivalents and restricted cash at beginning of year	411,310	183,173	248,451
Cash, cash equivalents and restricted cash at end of year	765,962	411,310	183,173
Parent Company
Statement of Cash Flows [Abstract]
Net cash (used in) provided by operating activities	7,555	15,285	1,489
Net cash used in investing activities	(724)	(7,889)	(149)
Net cash provided by financing activities	34,589	5,752	16,423
Net increase (decrease) in cash, cash equivalents and restricted cash	41,420	13,148	17,763
Cash, cash equivalents and restricted cash at beginning of year	54,764	41,616	23,853
Cash, cash equivalents and restricted cash at end of year	$ 96,184	$ 54,764	$ 41,616

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consisted of the following:


	December 31,
	2025		2024
Buildings and plants	$	229,731	$	139,311
Land	2,099		2,099
Manufacturing equipment	70,680		37,038
Computer and office equipment	9,339		5,815
Transportation equipment	693		396
Leasehold improvements	12,656		11,579
Construction in progress	28,396		97,916
Total cost	353,594		294,154
Less: Total accumulated depreciation	(38,764)		(24,882)
Total property, plant and equipment, net	$	314,830	$	269,272

Depreciation expense was $14,405, $6,573, and $6,912 for the years ended December 31, 2025, 2024, and 2023, respectively.

As of December 31, 2025, building and plants includes $35,539 for the Lingang housing property which is pledged as security for loans from the China Merchants Bank (note 10).

Construction in progress primarily reflects costs incurred for certain facilities located in ACM Shanghai's Lingang Development and Production Center.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Statutory Surplus Reserve (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Statutory surplus reserve (note 2)	$ 34,164	$ 30,514
ACM Research (Shanghai), Inc. ("ACM Shanghai")
Accumulated Other Comprehensive Income (Loss) [Line Items]
Statutory surplus reserve (note 2)	34,164	$ 30,514
Mainland China Subsidiaries
Accumulated Other Comprehensive Income (Loss) [Line Items]
Statutory surplus reserve (note 2)	$ 1,675,187

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Related Party Balances and Transactions

The following tables represent major related party balances and transactions as of December 31, 2025 and 2024:


	December 31,
Advances to related party	2025		2024
Ninebell	$	163	$	1,024
Shengyi	2,337		—
Total	$	2,500	$	1,024


	December 31,
Accounts payable	2025		2024
Ninebell	$	20,353	$	10,830
Shengyi	11,707		5,303
Total	$	32,060	$	16,133


	Year Ended December 31,
Purchases of materials	2025		2024		2023
Ninebell	$	64,919	$	53,792	$	42,737
Shengyi	15,173		6,794		5,006
Total	$	80,092	$	60,586	$	47,743


	Year Ended December 31,
Service fees charged by	2025		2024		2023
Shengyi	$	2,799	$	595	$	820
Total	$	2,799	$	595	$	820

PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 14,405	$ 6,573	$ 6,912
Property, plant and equipment, gross	353,594	294,154
Buildings and plants
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	229,731	$ 139,311
ACM Lingang \| Buildings and plants
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 35,539

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue (note 3)	$ 901,309	$ 782,118	$ 557,723
Cost of revenue, including cost of revenue from related parties of $62,498, $39,313, and $31,240 for the years ended December 31, 2025, 2024, and 2023, respectively (note 13)	501,242	390,564	281,508
Gross profit	400,067	391,554	276,215
Operating expenses:
Sales and marketing	76,899	65,447	47,019
Research and development	144,989	105,473	92,709
General and administrative	68,750	69,636	40,648
Total operating expenses	290,638	240,556	180,376
Loss from operations	109,429	150,998	95,839
Interest income	14,639	9,935	8,354
Interest expense	(6,955)	(4,151)	(2,681)
Realized gain from sale of short-term investments	166	1,788	9,047
Unrealized gain (loss) on short-term investments	17,455	973	(2,737)
Other (expense) income, net	(9,832)	6,334	(1,558)
Income from equity method investments	10,290	423	9,952
Income before income taxes	135,192	166,300	116,216
Income tax expense (note 16)	(13,299)	(35,031)	(19,364)
Net income	121,893	131,269	96,852
Less: Net income attributable to non-controlling interests	27,815	27,642	19,503
Net income attributable to ACM Research, Inc.	94,078	103,627	77,349
Comprehensive income:
Net income	121,893	131,269	96,852
Foreign currency translation adjustment, net of tax	33,335	(15,728)	(10,617)
Unrealized gain on available-for-sale investments, net of tax	2,391	428	0
Comprehensive income	157,619	115,969	86,235
Less: Comprehensive income attributable to non-controlling interests	35,909	26,365	17,689
Comprehensive income attributable to ACM Research, Inc.	$ 121,710	$ 89,604	$ 68,546
Net income per common stock (note 2):
Basic (in dollars per share)	$ 1.47	$ 1.67	$ 1.29
Diluted (in dollars per share)	$ 1.37	$ 1.53	$ 1.16
Weighted average common stock outstanding used in computing per share amounts (note 2):
Basic (in shares)	64,184,776	62,212,569	60,164,670
Diluted (in shares)	67,311,893	66,237,424	64,870,543

INCOME TAXES - Summary of Income Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S	$ 16,777	$ 21,282	$ 10,420
Foreign	118,415	145,018	105,796
Income before income taxes	$ 135,192	$ 166,300	$ 116,216

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

LONG-TERM INVESTMENTS - Equity-Method Investees (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Sep. 30, 2025	Dec. 31, 2024 USD ($)	Apr. 22, 2024 USD ($)	Jan. 19, 2024	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CNY (¥)	Aug. 17, 2022 USD ($)	Sep. 30, 2019	Jun. 27, 2019 USD ($)	Sep. 11, 2017 USD ($) $ / shares shares
Long-Term Investment [Line Items]
Investment - equity method	$ 46,218			$ 20,544
Prepayment for investment in Ninebell	0			16,737
Ninebell Co., Ltd (“Ninebell”)
Long-Term Investment [Line Items]
Ownership percentage					20.00%							20.00%
Investment - equity method	$ 31,310			7,862
Equity method investment, aggregate cost												$ 1,200
Ninebell Co., Ltd (“Ninebell”) \| Common Stock Class A
Long-Term Investment [Line Items]
Ownership percentage	20.00%	20.00%
Investment - equity method	$ 1,200
Equity method investment, aggregate cost												$ 1,000
Shares issued (in shares) \| shares												400,002
Shares issued (in dollars per share) \| $ / shares												$ 2.50
Ninebell Co., Ltd (“Ninebell”) \| Common Stock Class A
Long-Term Investment [Line Items]
Ownership percentage	20.00%	20.00%
Investment - equity method	$ 16,737
Wooil Flucon Co., ("Wooil")
Long-Term Investment [Line Items]
Ownership percentage									20.00%
Investment - equity method	$ 893			936					$ 1,000
Wooil Flucon Co., ("Wooil") \| Common Stock Class A
Long-Term Investment [Line Items]
Ownership percentage	20.00%	20.00%
Investment - equity method	$ 1,000
Shengyi Semiconductor Technology Co., Ltd. ("Shengyi")
Long-Term Investment [Line Items]
Ownership percentage											14.00%
Investment - equity method	$ 4,411			2,775			$ 900	¥ 6,100			$ 109
Shengyi Semiconductor Technology Co., Ltd. ("Shengyi") \| Common Stock Class A
Long-Term Investment [Line Items]
Ownership percentage	14.00%	14.00%
Investment - equity method	$ 109
Hefei Shixi Chanheng Integrated Circuit Industry Venture Capital Fund Partnership (LP) (“Hefei Shixi”)
Long-Term Investment [Line Items]
Ownership percentage										10.00%
Investment - equity method	$ 5,335			4,798
Hefei Shixi Chanheng Integrated Circuit Industry Venture Capital Fund Partnership (LP) (“Hefei Shixi”) \| Common Stock Class A
Long-Term Investment [Line Items]
Ownership percentage	10.00%	10.00%
Investment - equity method	$ 4,200	¥ 30,000
Company A
Long-Term Investment [Line Items]
Ownership percentage						14.30%
Investment - equity method	$ 4,269			4,173
Company A \| Common Stock Class A
Long-Term Investment [Line Items]
Ownership percentage	14.30%	14.30%
Investment - equity method	$ 4,230	¥ 30,000
Ninebell - ACM Shanghai
Long-Term Investment [Line Items]
Ownership percentage	34.90%	34.90%	36.20%
Investment - equity method					$ 16,737
Prepayment for investment in Ninebell				$ 16,737

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Upward price adjustment	$ 0	$ 0	$ 1,415

LONG-TERM BORROWINGS - Summary of Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Long-Term Debt, by Current and Noncurrent [Abstract]
2026	$ 35,082
2027	102,253
2028	41,332
2029	7,767
2030	7,656
Thereafter	19,922
Total borrowings	$ 214,012	$ 149,997

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Components of Short-Term Investments

The components of short-term investments were as follows:


	December 31,
	2025		2024
Short-term investments listed in Shanghai Stock Exchange
Cost	$	17,076	$	17,731
Market value	35,524		19,373

Unrealized Gain (Loss) on Investments

For the years ended December 31, 2025, 2024 and 2023, the net gains recognized on short-term investments were as follows:


	Year ended December 31
	2025		2024		2023
Unrealized gains (losses) recognized during the reporting period on short-term investment still held at December 31	$	17,455	$	973	$	(2,737)
Net realized gains on short-term investment sold during the year	166		1,788		9,047
Total net gains recognized at December 31 on short-term investment	$	17,621	$	2,761	$	6,310

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 757,373	$ 407,445	$ 182,090
Account receivables, net	504,250	387,045
Prepaid expenses and other current assets	10,567	7,507
Total current assets	2,436,680	1,483,379
Property, plant and equipment, net (note 6)	314,830	269,272
Deferred tax assets (note 16)	29,389	14,781
Total assets	2,872,185	1,855,721
Liabilities and Equity
Short-term borrowings (note 8)	74,041	32,814
Income taxes payable	991	12,779
FIN-48 payable	27,719	19,466
Total current liabilities	745,712	641,233
Long-term borrowings (note 10)	178,930	105,525
Total liabilities	941,676	759,815
Total equity	1,930,509	1,095,906	$ 926,162	$ 812,171
Total liabilities and equity	2,872,185	1,855,721
Related Party
Current assets:
Other receivables	2,500	1,024
Liabilities and Equity
Accounts payable	32,060	16,133
Nonrelated Party
Current assets:
Other receivables	48,655	41,859
Liabilities and Equity
Accounts payable	215,440	139,294
Parent Company
Current assets:
Cash and cash equivalents	96,184	54,764
Account receivables, net	84	2
Prepaid expenses and other current assets	417	479
Total current assets	116,737	70,737
Property, plant and equipment, net (note 6)	5,246	4,610
Deferred tax assets (note 16)	8,482	7,990
Investment in consolidated subsidiaries and equity method investees	1,376,596	844,507
Total assets	1,507,061	927,844
Liabilities and Equity
Short-term borrowings (note 8)	28,346	13,882
Accounts payable	709	391
Other payables and accrued expenses	10,456	8,098
Income taxes payable	240	0
FIN-48 payable	2,833	848
Total current liabilities	42,584	23,219
Long-term borrowings (note 10)	114	0
Total liabilities	42,698	23,219
Total equity	1,464,363	904,625
Total liabilities and equity	1,507,061	927,844
Parent Company \| Related Party
Current assets:
Other receivables	8,457	6,554
Parent Company \| Nonrelated Party
Current assets:
Other receivables	$ 11,595	$ 8,938

OTHER PAYABLES AND ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Other Payables and Accrued Expenses

At December 31, 2025 and 2024, other payables and accrued expenses consisted of the following:


	December 31,
	2025		2024
Accrued commissions	$	26,931	$	20,180
Accrued warranty	19,104		12,710
Accrued payroll	24,830		21,677
Accrued machine sales fees	13,341		8,840
Accrued Lingang construction fees	24,258		28,103
Individual income tax payable	19,552		11,975
Payable for investments	4,838		4,729
Others	17,542		13,443
Total	$	150,396	$	121,657

DESCRIPTION OF BUSINESS - Summary Of Subsidiaries (Details)	Dec. 31, 2025	Dec. 31, 2024
ACM Research (Shanghai), Inc. ("ACM Shanghai")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
ACM Research (Wuxi), Inc. ("ACM Wuxi")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
CleanChip Technologies Limited ("CleanChip")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
ACM Research Korea CO., LTD. ("ACM Korea")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
ACM Research ( Lingang), Inc. ("ACM Lingang")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
ACM Research (CA), Inc. ("ACM California")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
ACM Research (Cayman), Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	100.00%	100.00%
ACM Research (Singapore) PTE. Ltd. ("ACM Singapore")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	100.00%	100.00%
ACM Research (Beijing), Inc. ("ACM Beijing")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
Hanguk ACM CO., LTD
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	100.00%	100.00%
Yusheng Micro Semiconductor (Shanghai) Co., Ltd.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
ACM-Wooil Microelectronics (Shanghai) Co., Ltd.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	54.50%	59.00%
ACM Research (Chengdu), Inc. ("ACM Chengdu")
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	74.60%	81.50%
Shengyi Micro Semiconductor (Shanghai) Co., Ltd.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Effective interest held	63.40%	69.30%

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable

Accounts receivable, net consisted of the following:


	December 31,
	2025		2024
Accounts receivable	$	537,095	$	405,392
Less: Allowance for credit losses	(32,845)		(18,347)
Total	$	504,250	$	387,045


	December 31,
	2025		2024
Allowance for credit losses, at beginning of the year	$	(18,347)	$	(4,830)
Provision for credit loss	(14,498)		(13,517)
Allowance for credit losses, at the end of the year	$	(32,845)	$	(18,347)

RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Cost of revenue, related party	$ 501,242	$ 390,564	$ 281,508
Related Party
Related Party Transaction [Line Items]
Other receivables	2,500	1,024
Accounts payable	32,060	16,133
Purchases of materials	80,092	60,586	47,743
Cost of revenue, related party	62,498	39,313	31,240
Related Party \| Ninebell
Related Party Transaction [Line Items]
Other receivables	163	1,024
Accounts payable	20,353	10,830
Purchases of materials	64,919	53,792	42,737
Related Party \| Shengyi
Related Party Transaction [Line Items]
Other receivables	2,337	0
Accounts payable	11,707	5,303
Purchases of materials	15,173	6,794	5,006
Cost of revenue, related party	$ 2,799	$ 595	$ 820

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Subparagraph (SX 210.4-08(k)(2))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in consolidated subsidiaries and equity method investees” and the subsidiaries’ losses and gains as “Equity in earnings of consolidated subsidiaries and equity method investees” on the condensed statements of comprehensive income. Certain information and footnote disclosures generally included in the financial statements prepared in accordance with GAAP have been condensed or omitted. The footnote disclosure contains supplemental information relating to the operations of ACM separately.

ACM Shanghai paid a dividend to ACM Research during the years ended December 31, 2025, 2024, and 2023 (note 2).

Except for long-term obligations, or guarantees, and a loan borrowed by ACM Inc. from China CITIC Bank (note 10), ACM does not have significant capital or other commitments, as of December 31, 2025 or 2024.

The following represents condensed unconsolidated financial information of ACM Research only as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023:

CONDENSED BALANCE SHEETS


	December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	96,184	$	54,764
Account receivables, net	84		2
Due from intercompany	8,457		6,554
Other receivables	11,595		8,938
Prepaid expenses and other current assets	417		479
Total current assets	116,737		70,737
Deferred tax assets	5,246		4,610
Property, plant and equipment, net	8,482		7,990
Investment in consolidated subsidiaries and equity method investees	1,376,596		844,507
Total assets	$	1,507,061	$	927,844

Liabilities and Stockholders’ Equity
Short-term borrowings	$	28,346	$	13,882
Accounts payable	709		391
Other payables and accrued expenses	10,456		8,098
Income taxes payable	240		—
FIN-48 payable	2,833		848
Total current liabilities	42,584		23,219
Long-term borrowings	114		—
Total liabilities	42,698		23,219
Total stockholders’ equity	1,464,363		904,625
Total liabilities and stockholders' equity	$	1,507,061	$	927,844

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2025		2024		2023
Revenue	$	7,704	$	2,576	$	6,354
Cost of revenue	(4,590)		(132)		(4,336)
Gross profit	3,114		2,444		2,018
Operating expenses:
Sales and marketing expenses	(9,461)		(6,909)		(4,715)
General and administrative expenses	(13,218)		(10,331)		(7,840)
Loss from operations	(19,565)		(14,796)		(10,537)
Equity in earnings of consolidated subsidiaries and equity method investees	85,129		87,916		73,707
Interest income, net	3,428		2,094		799
Interest expense, net	(1,443)		(560)		(66)
Other income, net	34,526		34,684		18,476
Income before income taxes	102,075		109,338		82,379
Income tax expense	(7,997)		(5,711)		(5,030)
Net income	94,078		103,627		77,349
Foreign currency translation adjustment, net of tax	25,848		(14,373)		(8,803)
Unrealized gain on available-for-sale investments, net of tax	1,784		350		—
Comprehensive income attributable to ACM Research, Inc.	$	121,710	$	89,604	$	68,546

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2025		2024		2023
Net cash (used in) provided by operating activities	$	7,555	$	15,285	$	1,489
Net cash used in investing activities	(724)		(7,889)		(149)
Net cash provided by financing activities	34,589		5,752		16,423
Net increase (decrease) in cash and cash equivalents	41,420		13,148		17,763
Cash and cash equivalents, beginning of year	54,764		41,616		23,853
Cash and cash equivalents, end of year	$	96,184	$	54,764	$	41,616

OTHER PAYABLES AND ACCRUED EXPENSES - Other Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued commissions	$ 26,931	$ 20,180
Accrued warranty	19,104	12,710	$ 9,834	$ 8,780
Accrued payroll	24,830	21,677
Accrued machine sales fees	13,341	8,840
Accrued Lingang construction fees	24,258	28,103
Individual income tax payable	19,552	11,975
Payable for investments	4,838	4,729
Others	17,542	13,443
Other payables and accrued expenses (note 9)	$ 150,396	$ 121,657

LONG-TERM INVESTMENTS - Schedule of Long Term Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CNY (¥)	Aug. 17, 2022 USD ($)	Jun. 27, 2019 USD ($)
Long-Term Investment [Line Items]
Investment - equity method	$ 46,218	$ 20,544
Equity investments without readily determinable fair value using the measurement alternative	10,114	11,153
Available-for-sale debt investments	9,703	5,366
Long-term investments (note 11)	66,035	37,063
Ninebell Co., Ltd (“Ninebell”)
Long-Term Investment [Line Items]
Investment - equity method	31,310	7,862
Hefei Shixi Chanheng Integrated Circuit Industry Venture Capital Fund Partnership (LP) (“Hefei Shixi”)
Long-Term Investment [Line Items]
Investment - equity method	5,335	4,798
Shengyi Semiconductor Technology Co., Ltd. ("Shengyi")
Long-Term Investment [Line Items]
Investment - equity method	4,411	2,775	$ 900	¥ 6,100		$ 109
Company A
Long-Term Investment [Line Items]
Investment - equity method	4,269	4,173
Wooil Flucon Co., ("Wooil")
Long-Term Investment [Line Items]
Investment - equity method	$ 893	$ 936			$ 1,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financial Liabilities Fair Value Disclosure [Abstract]
Cash and cash equivalents	$ 84,627	$ 50,967
Short-term investments	35,524	19,373
Available-for-sale debt securities	9,703	5,366
Assets	129,854	75,706
Quoted Prices in Active Markets for Identical Liabilities (Level 1)
Financial Liabilities Fair Value Disclosure [Abstract]
Cash and cash equivalents	84,627	50,967
Short-term investments	35,524	19,373
Available-for-sale debt securities	0	0
Assets	120,151	70,340
Significant Other Observable Inputs (Level 2)
Financial Liabilities Fair Value Disclosure [Abstract]
Cash and cash equivalents	0	0
Short-term investments	0	0
Available-for-sale debt securities	0	0
Assets	0	0
Significant Unobservable Inputs (Level 3)
Financial Liabilities Fair Value Disclosure [Abstract]
Cash and cash equivalents	0	0
Short-term investments	0	0
Available-for-sale debt securities	9,703	5,366
Assets	$ 9,703	$ 5,366

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company identifies operating segments according to how the business activities are managed and evaluated. The Company’s chief operating decision maker (“CODM”) has been identified as ACM’s Chief Executive Officer. The

Company's operating segments include ACM Research and ACM Shanghai. As the Company is engaged in the development, manufacture and sale of capital equipment to global semiconductor manufacturers, and each of the operating segments share similar economic and other qualitative characteristics, the results of the Company’s operating segments are aggregated into one reportable segment.

The CODM assesses financial performance for the Company and decides how to allocate resources based on consolidated revenue, gross margin and income from operations. The CODM considers forecasts and actual results on a regular basis when assessing the operating results and making resource decisions.

Significant expenses within income from operations, as well as within net income, include consolidated cost of revenue, sales and marketing, research and development, and general and administrative, and which are each separately presented in the Company’s consolidated statements of comprehensive income. Other segment items within net income include interest income, interest expense, income from equity method investments and other (expense) income, net, which are each separately presented on the Company’s consolidated statements of comprehensive income. The measure of segment assets is reported on the consolidated balance sheets as total assets.

Revenue by geographic location is determined by the location of customers’ facilities to which products were shipped. Long-lived assets consist primarily of property, plant and equipment, and right-of-use assets and are attributed to the geographic location in which the respective asset is located. Long-lived assets by geographic region as of the years ended were as follows:


	December 31,
	2025		2024
Long-lived assets by geography:
Mainland China	$	321,748	$	287,892
South Korea	8,868		10,358
United States	9,465		8,973
Total	$	340,081	$	307,223

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Class A	Common Stock Class B	Common Stock Common Stock Class A	Common Stock Common Stock Class B	Additional Paid- in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Statutory Surplus Reserve	Accumulated Other Comprehensive (Loss)	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022					54,655,286,000	5,021,811,000
Beginning balance at Dec. 31, 2022	$ 812,171	$ (1,769)			$ 5	$ 1	$ 604,089	$ 94,426	$ (1,769)	$ 16,881	$ (40,546)	$ 137,315
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	96,852							77,349				19,503
Appropriation to statutory surplus reserves	0							(13,179)		13,179
Foreign currency translation adjustment	(10,617)										(8,803)	(1,814)
Exercise of stock options (in shares)					1,380,886
Exercise of stock options	6,138				$ 1		2,303					3,834
Stock-based compensation	27,338						23,453					3,885
ACM Shanghai dividends	(3,951)											(3,951)
Unrealized gain on available-for-sale investments, net of tax	0
Ending balance (in shares) at Dec. 31, 2023					56,036,172	5,021,811
Ending balance at Dec. 31, 2023	926,162				$ 6	$ 1	629,845	156,827		30,060	(49,349)	158,772
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	131,269							103,627				27,642
Appropriation to statutory surplus reserves	0							(454)		454
Foreign currency translation adjustment	(15,728)										(14,373)	(1,355)
Exercise of stock options (in shares)					1,902,713
Exercise of stock options	11,099						5,990					5,109
Stock-based compensation	49,576						41,641					7,935
ACM Shanghai dividends	(6,900)											(6,900)
Unrealized gain on available-for-sale investments, net of tax	428										350	78
Ending balance (in shares) at Dec. 31, 2024			57,938,885	5,021,811	57,938,885	5,021,811
Ending balance at Dec. 31, 2024	1,095,906				$ 6	$ 1	677,476	260,000		30,514	(63,372)	191,281
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	121,893							94,078				27,815
Appropriation to statutory surplus reserves	0							(3,650)		3,650
Repurchase of ACM Shanghai's shares	(6,988)						(4,759)					(2,229)
Issuance of shares by ACM Shanghai	622,964						390,170					232,794
Foreign currency translation adjustment	33,335										25,848	7,487
Exercise of stock options (in shares)					2,651,132
Exercise of stock options	34,767						24,770					9,997
Stock-based compensation	33,577						27,847					5,730
Capital contribution by non-controlling shareholder	242											242
ACM Shanghai dividends	(7,578)											(7,578)
Unrealized gain on available-for-sale investments, net of tax	2,391										1,784	607
Ending balance (in shares) at Dec. 31, 2025			60,590,017	5,021,811	60,590,017	5,021,811
Ending balance at Dec. 31, 2025	$ 1,930,509				$ 6	$ 1	$ 1,115,504	$ 350,428		$ 34,164	$ (35,740)	$ 466,146

STOCK-BASED COMPENSATION - Assumptions Used to Determine Fair Value of Share Options Granted (Details) - Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Outstanding intrinsic value	$ 177,514
Service Period Based
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk free interest rate, minimum (as a percent)	3.90%	3.80%	4.16%
Risk free interest rate, maximum (as a percent)	4.25%	4.49%	4.69%
Expected dividend rate (as a percent)	0.00%	0.00%	0.00%
Service Period Based \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of common share (in dollars per share)	$ 24.33	$ 18.67	$ 11.85
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 6 months
Expected volatility rate (as a percent)	82.78%	83.85%	84.95%
Service Period Based \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of common share (in dollars per share)	$ 32.95	$ 31.92	$ 17.23
Expected term (in years)	6 years 3 months	6 years 3 months	6 years 3 months
Expected volatility rate (as a percent)	83.59%	85.48%	86.45%
2023 Stock Option Incentive Plan \| ACM Research (Shanghai), Inc. ("ACM Shanghai")
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of common share (in dollars per share)			$ 14.87
Expected volatility rate, minimum (as a percent)		45.92%	60.00%
Expected volatility rate, maximum (as a percent)		56.18%	60.60%
Risk free interest rate, minimum (as a percent)		1.50%	1.50%
Risk free interest rate, maximum (as a percent)		2.75%	2.75%
Expected dividend rate (as a percent)	0.00%	0.00%	0.00%
Outstanding intrinsic value	$ 144,090
2023 Stock Option Incentive Plan \| Minimum \| ACM Research (Shanghai), Inc. ("ACM Shanghai")
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of common share (in dollars per share)		$ 4.93
Expected term (in years)		1 year 6 months	1 year 6 months
2023 Stock Option Incentive Plan \| Maximum \| ACM Research (Shanghai), Inc. ("ACM Shanghai")
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Fair value of common share (in dollars per share)		$ 6.89
Expected term (in years)		4 years 6 months	4 years 6 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Warranty Obligations [Roll Forward]
Balance at beginning of period	$ 12,710	$ 9,834	$ 8,780
Additions	13,550	11,460	7,969
Utilized	(7,156)	(8,584)	(6,915)
Balance at end of period	$ 19,104	$ 12,710	$ 9,834
Minimum
Standard Product Warranty Disclosure [Abstract]
Standard assurance type warranty period	12 months
Maximum
Standard Product Warranty Disclosure [Abstract]
Standard assurance type warranty period	36 months

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws. Identifying and assessing cybersecurity risk is integrated into our overall risk management systems and processes. Cybersecurity risks related to our business, technical operations, privacy and compliance issues are identified and addressed through a multi-faceted approach including third party assessments, internal IT Audit, IT security, governance, risk and compliance reviews. To defend, detect and respond to cybersecurity incidents, we, among other things: conduct proactive privacy and cybersecurity reviews of systems and applications, audit applicable data policies, perform penetration testing using external third-party tools and techniques to test security controls, conduct employee training, monitor emerging laws and regulations related to data protection and information security and implement appropriate changes. As part of our risk management process, we conduct application security assessments, vulnerability management, penetration testing, security audits, and ongoing risk assessments. We also maintain a variety of incident response plans that are utilized when incidents are detected. We require employees with access to information systems, including all corporate employees, to undertake data protection and cybersecurity training and compliance programs. We describe whether and how risks from cybersecurity threats are reasonably likely to materially affect us, including our financial performance and results of operations, under the heading “Breaches of our cybersecurity systems could degrade our ability to conduct our business operations and deliver products to our customers, result in data losses and the theft of our intellectual property, damage our reputation, and require us to incur significant additional costs to maintain the security of our networks and data” in Item 1A, “Risk Factors” of Part I of this report.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws. Identifying and assessing cybersecurity risk is integrated into our overall risk management systems and processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity is an important part of our risk management processes.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is responsible for the oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Members of the Audit Committee receive reports of any breaches or developments regarding matters of cybersecurity.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk management and strategy processes are overseen by leaders from our Information Security, Product Security, Compliance and Legal teams. Key individuals have an average of over 15 years of prior work experience in various roles involving information technology, including security, auditing, compliance, systems and programming. These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan, and report directly or indirectly to the Audit Committee on any appropriate items.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Audit Committee and Board members may also engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Our cybersecurity risk management and strategy processes are overseen by leaders from our Information Security, Product Security, Compliance and Legal teams. Key individuals have an average of over 15 years of prior work experience in various roles involving information technology, including security, auditing, compliance, systems and programming. These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan, and report directly or indirectly to the Audit Committee on any appropriate items.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Key individuals have an average of over 15 years of prior work experience in various roles involving information technology, including security, auditing, compliance, systems and programming.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	These individuals are informed about, and monitor the prevention, mitigation, detection and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan, and report directly or indirectly to the Audit Committee on any appropriate items.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and Diluted Net Income per Common Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) class $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Numerator [Abstract]
Net income	$ 121,893	$ 131,269	$ 96,852
Less: Net income attributable to non-controlling interests	27,815	27,642	19,503
Net income available to common stockholders, basic	94,078	103,627	77,349
Less: Dilutive effect arising from stock-based awards by ACM Shanghai	1,929	2,227	1,841
Net income available to common stockholders, diluted	$ 92,149	$ 101,400	$ 75,508
Weighted average shares outstanding, basic (in shares) \| shares	64,184,776	62,212,569	60,164,670
Effect of dilutive securities (in shares) \| shares	3,127,117	4,024,855	4,705,873
Weighted average shares outstanding, diluted (in shares) \| shares	67,311,893	66,237,424	64,870,543
Net income per share of common stock:
Basic (in dollars per share) \| $ / shares	$ 1.47	$ 1.67	$ 1.29
Diluted (in dollars per share) \| $ / shares	$ 1.37	$ 1.53	$ 1.16
Classes of common stock outstanding \| class	2
Antidilutive securities excluded from computation of earnings per share, amount \| shares	658,796	1,511,335	3,651,337

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 25, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38273
Entity Registrant Name	ACM Research, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3290283
Entity Address, Address Line One	42307 Osgood Road, Suite I
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94539
City Area Code	510
Local Phone Number	445-3700
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	ACMR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,371.2
Documents Incorporated by Reference	Documents Incorporated By Reference The registrant intends to file a proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2025. Portions of such proxy statement are incorporated by reference in Part III of this report.
Entity Central Index Key	0001680062
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,705,783
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,021,811

DESCRIPTION OF BUSINESS

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS

ACM Research, Inc. (“ACM” or “ACM Research”) and its subsidiaries (collectively with ACM, the “Company”) develop, manufacture and sell capital equipment, or tools to the global semiconductor industry.

The Company has direct or indirect interests in the following subsidiaries:


	Place and date of incorporation	Principal Activities	Effective interest held as at December 31,
Name of subsidiaries			2025		2024
ACM Research (Shanghai), Inc. ("ACM Shanghai")	Mainland China, May 2005	Principal operating subsidiary	74.6	%	81.5	%
ACM Research (Wuxi), Inc. ("ACM Wuxi")	Mainland China, July 2011	Sales and services	74.6	%	81.5	%
CleanChip Technologies Limited ("CleanChip")	Hong Kong, June 2017	Trading partner between ACM Shanghai and its customers	74.6	%	81.5	%
ACM Research Korea CO., LTD. ("ACM Korea")	Republic of Korea ("South Korea"), December 2017	Sales, marketing, R&D, production	74.6	%	81.5	%
ACM Research (Lingang), Inc. ("ACM Lingang") (1)	Mainland China, March 2019	Management of production activities	74.6	%	81.5	%
ACM Research (CA), Inc. ("ACM California")	USA, April 2019	Procurement for ACM Shanghai	74.6	%	81.5	%
ACM Research (Cayman), Inc.	Cayman Islands, April 2019	Administrative function (inactive)	100.0	%	100.0	%
ACM Research (Singapore) PTE. Ltd. ("ACM Singapore")	Singapore, August 2021	Sales, marketing, business development	100.0	%	100.0	%
ACM Research (Beijing), Inc. ("ACM Beijing")	Mainland China, February 2022	Sales and services	74.6	%	81.5	%
Hanguk ACM CO., LTD	South Korea, March 2022	Sales, services, business development	100.0	%	100.0	%
Yusheng Micro Semiconductor (Shanghai) Co., Ltd.	Mainland China, June 2023	Business development	74.6	%	81.5	%
ACM-Wooil Microelectronics (Shanghai) Co., Ltd.	Mainland China, June 2023	Component development and production	54.5	%	59.0	%
ACM Research (Chengdu), Inc. ("ACM Chengdu")	Mainland China, December 2024	Sales and services	74.6	%	81.5	%
Shengyi Micro Semiconductor (Shanghai) Co., Ltd.	Mainland China, December 2024	Business development	63.4	%	69.3	%

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company’s stock-based compensation consists of employee and non-employee awards issued under its 2016 Omnibus Incentive Plan. The vesting condition may consist of service period conditions or certain performance conditions, as determined by the Board of Directors.

Employee Awards

The following table summarizes the ACM’s employee share option activities:


	Number of Option Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2024	8,851,595	$	6.18	$	10.84			5.81 years
Granted	255,000	18.35		25.53
Exercised	(2,344,035)	3.23		6.56		$	52,606
Forfeited/cancelled	(135,131)	15.21		23.39
Outstanding at December 31, 2025	6,627,429	7.50		$	12.66	$	177,514	5.59 years
Vested and exercisable at December 31, 2025	4,669,104	6.64		$	11.94	$	128,455	5.02 years

As of December 31, 2025, $15,178 of total unrecognized employee stock-based compensation expense, net of estimated forfeitures, related to stock-based awards for ACM was expected to be recognized over a weighted-average period of 2.4 years.

The weighted average grant date fair value of options granted during the years ended December 31, 2025, 2024 and 2023 were $18.35, $15.31, and $10.38, respectively.

The aggregate intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $52,606, $35,675, and $15,457, respectively.

The aggregate fair value of the share-based awards vested during the years ended December 31, 2025, 2024 and 2023 were $31,002, $26,137 and $18,378, respectively.

The fair value of options granted to employees is estimated on the grant date using the Black-Scholes valuation model with the following assumptions:


	Year ended December 31,
	2025		2024		2023
Fair value of common stock(1)	$24.33-$32.95		$18.67-$31.92		$11.85-$17.23
Expected term in years(2)	5.50-6.25		5.50-6.25		5.50-6.25
Volatility(3)	82.78%-83.59%		83.85%-85.48%		84.95%-86.45%
Risk-free interest rate(4)	3.90-4.25%		3.80-4.49%		4.16-4.69%
Expected dividend(5)	0	%	0	%	0	%

(1)Fair value of Class A common stock value was the closing market price of the Class A common stock on the grant date.

(2)Expected term of share options is based on the average of the vesting period and the contractual term for each grant.

(3)Volatility is calculated based on the historical volatility of ACM in the period equal to the expected term of each grant.

(4)Risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the share options in effect at the time of grant.

(5)Expected dividend is assumed to be 0% as ACM has no history or expectation of paying a dividend on its common stock.

Non-employee Award

The following table summarizes the Company's non-employee share option activities:


	Number of Option Shares (1)	Weighted Average Grant Date Fair Value (1)		Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2024	784,132	$	0.52	$	1.68			2.12 years
Exercised	(307,097)	0.25		0.84		$	9,490
Forfeited/cancelled	(94,152)	0.49		1.81
Outstanding at December 31, 2025	382,883	0.74		$	2.32	$	14,215	1.63 years
Vested and exercisable at December 31, 2025	382,883	0.74		2.32		$	14,215	1.63 years

As of December 31, 2025, all of the non-employee share options were fully-vested. The aggregate intrinsic value of options exercised in the years ended December 31, 2025, 2024 and 2023 were $9,490, $7,901, and $3,796, respectively. The aggregate fair value of the share-based awards vested during the years ended December 31, 2025, 2024 and 2023 were $285, $408, and $479, respectively.

2019 Subsidiary Stock Option Plan

In January 2020, ACM Shanghai adopted a 2019 Stock Option Incentive Plan (the “2019 Subsidiary Stock Option Plan”) that provides for, among other incentives, the granting to officers, directors, employees of options to purchase shares of ACM Shanghai’s common stock. The vesting conditions consist of service periods conditions and performance conditions related to certain earning targets determined by the Board of Directors of ACM Shanghai.

There were no options outstanding under the 2019 Subsidiary Stock Option Plan as of December 31, 2024 and no activity thereafter.

The aggregate fair value of the share-based awards vested during the years ended December 31, 2025, 2024, and 2023 were nil, nil, and $99, respectively.

The aggregate intrinsic value of options exercised in the years ended December 31, 2025 and 2024 and 2023 was nil, $25,946 and $31,144, respectively. There were nil options outstanding and exercisable as of December 31, 2025.

2023 Subsidiary Stock Option Plan

In June 2023, ACM Shanghai adopted a 2023 Stock Option Incentive Plan ( the "2023 Subsidiary Stock Option Plan”) that provides for, among other incentives, the granting to officers, directors, employees of options to purchase shares of ACM Shanghai’s common stock. The vesting conditions consist of service periods conditions and performance conditions related to certain sales and research and development progress targets determined by the Board of Directors of ACM Shanghai.

The following table summarizes the ACM Shanghai 2023 Subsidiary Stock Option Plan’s stock option activities:


	Number of Option Shares in ACM Shanghai	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Aggregate Intrinsic Value (In thousands)		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2024	11,604,310	$	9.01	$	7.00			2.48 years
Exercised	(2,822,710)	7.78		6.97		$	23,638
Forfeited/cancelled	(630,700)	8.24		6.97


Outstanding at December 31, 2025	8,150,900	9.08	$	6.97	$	144,090	0.98 years
Vested and exercisable at December 31, 2025	2,448,750	9.08	6.97		$	43,289	0.00 years

No options were granted under ACM Shanghai 2023 Option Plan during the year ended December 31, 2025.

The weighted average grant date fair value of options granted during the years ended December 31, 2024 and 2023 were $6.04 and $9.49, respectively.

The aggregate intrinsic value of options exercised during the years ended December 31, 2025 was $23,638. No options were exercised under the 2023 Subsidiary Stock Option Plan during 2024 and 2023. The aggregate fair value of the share-based awards vested during the years ended December 31, 2025, 2024 and 2023 were $43,475, $21,748, and nil, respectively.

The fair value of options granted to employees is estimated on the grant date using the Black-Scholes valuation with following assumptions:


	Year Ended December 31, 2024		Year Ended December 31, 2023
Fair value of common stock(1)	$4.93-$6.89		$14.87
Expected term in years(2)	1.50-4.50		1.50-4.50
Volatility(3)	45.92%-56.18%		60.00%-60.60%
Risk-free interest rate(4)	1.50%-2.75%		1.50%-2.75%
Expected dividend (5)	—	%	—	%

(1) Equal to closing value on the grant date.

(2) Expected term of share options is based on the average of the vesting period and the contractual term for each grant.

(3) Volatility is calculated based on the historical volatility of ACM in the period equal to the expected term of each grant.

(4) Risk-free interest rate is based on the yields of RMB deposit in mainland China with maturities similar to the expected term of the share options in effect at the time of grant.

(5) Expected dividend is assumed to be 0% as the impact is adjusted on the value of share of common stock.

As of December 31, 2025, $25,583 of total unrecognized employee stock-based compensation expense, net of estimated forfeitures, related to ACM Shanghai stock-based awards were expected to be recognized over a weighted-average period of 0.98 years .

Total Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense included in the consolidated statements of comprehensive income:


	Year Ended December 31,
	2025		2024		2023

Cost of revenue	$	1,343	$	2,385	$	1,406
Sales and marketing expense	6,629		10,552		5,684
Research and development expense	8,783		14,112		8,459
General and administrative expense	16,822		22,527		11,789
Total stock-based compensation expense	$	33,577	$	49,576	$	27,338

COMMITMENTS AND CONTINGENCIES (Details) - 12 months ended Dec. 31, 2025 $ in Thousands, ¥ in Millions	USD ($)	CNY (¥)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 2,063
Annual total taxes	$ 22,000	¥ 157.6