Good day, everyone. Thank you for joining us to discuss fourth quarter and fiscal year 2025 results, which we released before the US market opened today.

The release is available on our website as well as from newswire services. There is also a supplemental slide deck posted to the Investor Relations section of our website that we will reference during our prepared remarks.

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

Before we continue, please turn to slide 2. Let me remind you that remarks made during this call may include predictions, estimates, or other information that might be considered forward-looking.

These forward-looking statements represent ACM's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially.

Those risks are described under the Risk Factors and elsewhere in ACM's filings with the Securities and Exchange Commission. Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinions only as of the date of this call.

ACM is not obliged to update you on any revisions to these forward-looking statements. Certain financial results that we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation and unrealized gain or loss on short-term investments.

For our GAAP results and reconciliations between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website, and to slides 14 and 15. Also, unless otherwise noted, the following figures refer to the fourth quarter and fiscal year 2025, and comparisons are going to be with the fourth quarter and fiscal year 2024.

I will now turn the call over to David Wang. David?

Thanks, Steven. Hello, everyone, and welcome to ACM's fourth quarter and fiscal year 2025 earning conference call.

I'm pleased with our fourth quarter results, which capped off a solid year of execution. Revenue grew 9% in the fourth quarter and 15% for the full year.

We continue to execute well across our core business. We made a lot of progress with new product platforms, and we strengthen our position in China and globally.

Investment in AI and data center infrastructure is reshaping the global semiconductor demand, shifting capital toward advanced logic, memory, and advanced packaging. The industry is looking to key supplier for new technology, many of which have not yet been invented.

ACM differentiate technology portfolio has been aligned well with this high-value process steps, and now the market is coming for us for solutions. A good demonstration is recent momentum with several key global customer outside the mainland China market that were announced in today's press release.

First, we announced that we have delivered multiple single-wafer cleaning tools to Singapore facility of a Asia-based foundries customer. This marks ACM first tool installation to Singapore, a key milestone for ACM.

Second, we announced that we receiving multiple orders for our advanced packaging tool from three global customers. This include orders for multiple wafer-level advanced packaging system from a leading global OSAT customer based in Singapore, with a delivers schedule for the first quarter of 2026; a panel-level advanced packaging vacuum cleaning tool from a leading global semiconductor packaging manufacturer based outside mainland China, also schedule for deliver in the first quarter of 2026; and multiple wafer-level packaging system from a leading North America-based technology customer, with deliver schedule later this year.

Long on to our business result, please turn to slide 3. For the fourth quarter of 2025, we deliver $244 million in revenue, up for 9%.

For the year 2025, we deliver $901 million in revenue, up for 15%. Topline growth of 15% was better than growth for the overall China WFE market, which third party estimate as generally flat for 2025.

We consider this good result, especially since our 2025 revenue include very little contribution from our new products. We expect a strong product cycle in 2026 from SPM cleaning and our furnace product, as we made a very good technical progress for this new product across our customer base.

We also made a good progress with our supercritical CO2 dry, track, panel-level plating, and PECVD, which we expect to contribute small in 2026, but more in 2027 and beyond. Shipment for 2025 were $854 million versus $973 million.

Remember, 2024 shipment increased 63% over the year, we had a tough compare. We also had some shipment for new product pushed into the 2026.

Importantly, we expect 2026 shipment growth to be higher than our 2026 revenue growth. Gross margin was 41% for the fourth quarter and 44.5% for the full year.

Q4 gross margin was slightly below our long-term target range of 42 to 48%. We attribute the Q4 level to product mixing, including a few semi-critical product with a lower margin due to the competitive pressure, and also higher seasonal inventory provisions.

We expect lower gross margin to be temporary. We believe our new product ramp, combined with product design and supply chain initiative, will enable us to deliver the best product at a low cost.

There's no change to our long-term target model range of 42 to 48%. Moving on, we ended the year with a net cash of $845 million versus $259 million at the year end of 2024.

This balance sheet provides the foundation to continue our effort to develop world-class tools for the leading global semiconductor manufacturers. Before I review our product, I will provide our view on competitive dynamics in China and how we will win in this environment.

We have recently seen a flood of new local entrants to the China capital equipment industry. In many case, there are five or more player going after single-point product, all with very similar design and performance.

We believe we will compete and win in China market because, number one, we have a differentiated technology, with many product almost the best in the world; two, we have a deep portfolio of IP, with strong protection in China; and three, our local customer demand the best technology in order to compete in the global market. Now I will provide detail on product.

Please turn to slide 4. Revenue from single-wafer cleaning, Tahoe, and semi-critical cleaning tool was $626 million, up for 8% in 2025, and represent 69% of total revenue.

We now estimate our cleaning portfolio address 95% of application and process step, and we are working on developing remaining solution that will bring us to 100% in 2026. We believe ACM now has the widest coverage of cleaning tool, far more extensive as compared to all competitors.

The 8% year-over-year growth in 2025 include very little contribution from our newer cleaning line. We expect this new product, including single-wafer SPM, Tahoe, and N2 bubbling wet etch, to contribute more meaningfully to our 2026 revenue.

As industry moves to more advanced nodes, we expect increased demand for high-performance cleaning tools. The increased adoption of multiple patterning is driving higher layer counts, potentially impact yield, and is demand more cleaning steps with a higher cleaning efficiency.

We believe this plays right into ACM strengths. For example, our proprietary N2 bubbling etching technology is uniquely positioned in the market.

We are seeing broad interest for advanced 3D NAND application, where larger bubble size and the uniformity control have become more critical as industry moves to 300 layer and above. In SPM cleaning, customer are recognized advantage of our proprietary nozzle and chamber design.

We believe our platform outperforming leading competitors in small particle cleaning performance. We made a significant technical progress at the end of 2025 with our new SPM nozzle design.

We achieved 15-nanometer particle size count of under 20, which we believe is the best-in-class performance for the industry. Our unique nozzle design does not require any routine chamber DI water cleaning.

This is a big deal for customer, because it not only deliver the better cleaning environment for the chamber, but also increase uptime of our equipment. As a result, I'm pleased to report today that we have received a strong repeat order for our SPM cleaning tools from a major customer for delivering to multiple fab in 2026.

We are also seeing very strong interest for our unique SPM technology from numerous global customer, because they are not satisfied with the performance of their current plan of the record tool. Our supercritical CO2 dry tool integrate ACM proprietary cleaning IP while reducing CO2 consumption by approximately 40% as compared to their competitors.

This results in process efficiency with lower operating cost. We made a successful in-house demo for the multiple logic and memory customer at the end of 2025.

We have already received demo PO for evaluation tools from two customer for deliver in the middle of 2026, and we expect to deliver additional tools to multiple customer later this year. In mainland China alone, we estimate the incremental market opportunity for this next-generation cleaning product is nearly $1 billion US dollar.

We remain confident in our long-term objective to achieve approximately 60% of market share in China cleaning market, and we expect cleaning to outgrow the China WFE this year and in the year ahead. We estimate our market share for ECP in China is now more than 40%, and we remain confident in our long-term goal to achieve 60% or more.

Front-end tool was represent about 70% of the mixing for year, including our MAP, MAP Plus, ECP 3D, ECP G3 products. ECP back-end tool were about 30% of the mix, including our ECP AP product line.

In Q4, we deliver our first Ultra ECP APP horizontal panel-level electroplating tool to an industry-leading large-panel fabrication customer. Our customer prefer ACM—prefer a horizontal plating solution versus competitor vertical plating approach due to the much better plating film uniformity and much less cross-contamination between multiple plating chemicals.

We expect growing customer interest in our panel-level solutions as industry looks for higher throughput and lower cost to support advanced packaging solution for multiple large die size and HBM AI chips. As discussed earlier, we receive order from three global customer for both wafer-level and panel-level packaging tools.

Our furnace tool are under various stage of evaluation of many customer. Revenue from furnace was relatively small in 2025, and we expect a more meaningful contribution 2026.

We made several technical breakthrough for LPCVD and ALD and PEALD in 2025. We see good demand across multiple application, including high-temperature anneal, especially 1,350-degree version, LPCVD, ALD, and PEALD.

We believe ACM differentiate design position us to capture meaningful market share. Revenue from advanced packaging, which exclude ECP, but including service and spare, was up 45% in 2025 to $76 million and represent 8% of revenue.

This includes coater, developer, etcher, stripper, scrubber, and vacuum cleaning tools. We believe ACM's—ACM is the only company to offer full portfolio of wet process tool and world-class plating product for advanced packaging.

We think the combination is very powerful. It provide ACM with a valuable insight into the challenging of next-generation packaging as AI drives industry towards 2.5D and 3D integration.

We are making solid progress with our new track and PECVD platforms. Last September, we deliver our high-throughput 300 WPH KrF track tool for evaluation at key customer.

We expect mass production qualification in 2026 for the tool, and we anticipate this will lead to demand from additional customers, including both standalone and full integrated system in line with lithography tool. We believe our high-throughput design position this platform to compete effectively with the current supplier.

In Q4, we deliver our first Ultra Litho BK system. This milestone represent the first customer deploy of our track series following early demonstration and validation.

It also mark our entry into the display panel market, a new segment that require high-volume manufacturing and strong performance stability. We anticipate to develop our proprietary PECVD platform.

Our design has three chuck per chamber, which we believe is the only one in the world. This provides flexibility for wider range of process with the same hardware.

We feel good about our positioning as team works through the technical detail with a few tool in our Lingang mini-lab, running wafer test and customer demo wafer. We expect to ship multiple eval tools in the near term.

In summary, our innovation engine continued to drive differentiate solution across broad of our growing portfolio. As AI drives more complex semiconductor process, customer are turning to ACM as a trusted partner to help solving their increasing challenges.

Next, let me provide update on our production facility. First, on Lingang, please turn to slide 8.

Our Lingang production and R&D center is now our primary production center. The first building is in volume production, and second provides capacity for the future expansion.

Together, the two facility can support up to $3 billion in annual output. During 2025, we made a good progress on our mini-line and Lingang.

We have enhanced our process development capability, and now support on-site customer evaluation in fab-like condition. Our mini-line, including ACM tools, and tools from other player, and metrology tools, we believe the mini-line will accelerate our internal product validation, shorten R&D and qualification cycle, and strengthen collaboration with key customer as we introduce next-generation platforms.

Next, our Oregon facility, please turn to slide 9. We are accelerating investment in Oregon, with operation expect to beginning in the second half of 2026.

This facility will allow customer to evaluate our technology and to test their wafer locally, and it will serve as our initial base for production in the United States. Our global customer are encouraging by our commitment, which we believe will help them to choose ACM as a key supplier to scale production.

We remain very pleased by the success of ACM Shanghai team, which continue to be a key supplier to the semiconductor industry in Asia. ACM Shanghai has also proven to be a great source of capital and financial flexibility for ACM.

In September 2025, ACM Shanghai complete a private offering of ordinary share, generating approximately $623 million in net proceeds. In February 2026, we complete the sale of approximately 4.8 million ACM Shanghai share at RMB at 160 RMB per share, generating approximately $111 million in gross proceeds.

ACM Shanghai also has been good source of dividends in 2023, 2024, and 2025. We received dividends net of tax of $19.2 million, $28.5 million, and $29 million, respectively.

Our major ownership in ACM Shanghai remain a strategic asset. It enhance our financial flexibility and supporting disciplined execution as we continue expanding globally.

Taken together, our expanding product portfolio, increased manufacturing capacity, and strengthening capital position give us confidence in our long-term strategy. Now turn to our outlook for the full year 2026.

Please turn to slide 10. In middle January, we introduce our 2026 revenue outlook in the range of $1.08 to $1.175 billion.

This imply 25% year-over-year growth at the midpoint. We reiterate this outlook today.

Since our founding in California in 1998 and the establish of ACM Shanghai in 2005, we're building a globally competitive semiconductor equipment company, grounded in innovation and differentiated technology. Our leadership in cleaning and electroplating created a strong foundation, and we are now expanding across furnace, track, and PECVD as we broaden our multiple product portfolio.

In Asia, we are recognized as a leader in wafer cleaning and plating, and we are engaging with global customer across US and Europe. With continued progress across SPM, Tahoe, supercritical CO2 dry, furnace, track, PECVD, and panel-level packaging, we believe we are entering a new phase of product cycle that will driving sustained growth.

We have the customer, the product, the capacity, and the capital to execute our global business plan, and we remain committed to our long-term target of $4 billion in revenue. Now let me turn the call over to our CFO, Mark, who will review details of our fourth quarter and full year results.

Mark, please.

Thank you, David. Good day, everyone.

Please turn to slide 11 and 12. Unless I note otherwise, I will refer to non-GAAP financial measures, which exclude stock-based compensation, unrealized gain, loss on short-term investments.

Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. Also, unless otherwise noted, the following figures refer to the fourth quarter and full year of 2025, and comparisons are with the fourth quarter and full year of 2024.

I will now provide financial highlights. Revenue was $244 million for the fourth quarter, up 9.4%.

For the full year, revenue was $901.3 million, up 15.2%. Full-year revenue was in line with our original guidance set a year ago and slightly above the updated range announced on January 22nd.

Fourth quarter revenue for single-wafer cleaning, Tahoe, and semi-critical cleaning was $159.9 million, up 3%. For the year, this category grew by 8.1%.

Fourth quarter revenue for ECP, front-end packaging, furnace, and other technologies was $64.1 million, up 23.9%. For the year, this category grew by 32.1%.

Fourth quarter revenue for advanced packaging, excluding ECP, services, and spares, was $20.5 million, up 23.8%. For the year, this category grew by 45.3%.

I will now provide revenue mix by customer type for 2025. Starting this year, rather than disclosing specific customer names, we are now disclosing revenue by customer type once a year.

For each customer type, this includes products, services, and spare parts. We've included the mix table on slide 7 of our presentation.

For 2025, our revenue mix by customer type was split among foundry, logic, and other, 59%; memory, 27%; packaging and wafer processing, 14%. 2025, we had four 10%-plus customers, including our top customer was 16.9%, next was 13.5%, then 11.6%, and 10.2%, for an aggregate total of four customers representing 52.2% of total sales.

For 2024, we had four 10% customers, also for a total of 52.2%. Total shipments were $228 million for the fourth quarter, down 13.5%, and $854 million for the full year of 2025, down 12.2%.

David noted we had a tough compare versus a strong 2024, when shipments increased 63% year-over-year. We also did have some shipments for new products pushed into 2026.

We expect 2026 shipment growth rate to be higher than our 2026 revenue growth rate. Gross margin was 41.0% for the fourth quarter and 49.8%.

For the full year, gross margin was 44.5% versus 50.4% in 2024. Q4 gross margin was slightly below our long-term target model.

Adding to David's earlier remarks, gross margins were down 8.8 percentage points year-over-year on a quarterly basis. This was due to product mix and margin pressure concentrated in a few semi-critical products, which contributed about 5 points to the headwind, and a higher level of inventory provisions that contributed about 4 points negative impact.

David noted we expect lower gross margins to be temporary. We believe our new product ramp, combined with supply chain initiatives, will enable us to deliver the best products at a low cost, and there is no change to our long-term target model range of 42 to 48%.

For modeling purposes, we expect gross margins to be at the lower end of this longer-term target range for the first half of 2026, with an anticipated lift in the second half due in part to contribution from newer products, which generally have higher gross margins. Operating expenses were $70.6 million for the fourth quarter, up 21%.

For the full year, operating expenses were $258.4 million, up 34%. For 2025, R&D was 15.1% of sales, sales and marketing was 7.8% of sales, and G&A was 5.8% of sales.

For 2026, we plan for R&D in the 16 to 18% range, sales and marketing in the 7 to 8% range, and G&A in the 6% range. Operating income was $29.5 million for the fourth quarter versus $52.8 million.

Operating margin for Q4 '25 was 12.1% as compared to 23.6%. For the full year, operating margin was 15.9% as compared to 25.6%.

Long term, we look to grow our R&D spending in line with revenue, but we expect to show operating leverage in SG&A, with spending growth below our revenue growth level. Income tax expense was $6.6 million for the fourth quarter versus $17.3 million.

For the full year, income tax expense was $13.3 million versus $35 million in 2024. For 2026, we expect our effective tax rate in the 8 to 10% range.

Net income attributable to ACM Research was $17.3 million for the fourth quarter versus $37.7 million. For the full year, net income attributable to ACM Research was $110.2 million versus $152.2 million.

Net income per diluted share was 25 cents for the fourth quarter versus 56 cents. For the full year, net income per diluted share was $1.61 versus $2.26.

Our non-GAAP net income excluded $6.4 million of stock-based compensation expense for the fourth quarter and $33.6 million for the full year. I will now review selected balance sheet and cash flow items.

Cash, cash equivalents, restricted cash, and time deposits were $1.13 billion versus $441 million at year-end 2024. Net cash, which excludes short-term and long-term debt, was $845.5 million versus $259.1 million at year-end 2024.

$585.4 million increase in net cash for 2025 included $623 million net raised in the private offering by ACM Shanghai in 2025. Total inventory at year end was $702.6 million versus $676.4 million at the end of the third quarter.

Raw materials were $349.7 million, up $23.5 million quarter-over-quarter. We made additional strategic purchases to support production plans and to mitigate any potential supply chain risk.

Work in process was $61.4 million, up $1.9 million quarter-over-quarter. Finished goods inventory was $291.6 million, up $0.9 million quarter-over-quarter.

Finished goods inventory primarily consists of first tools under evaluation at our customer sites, along with finished goods located at ACM's facilities. Cash provided by operations was $33.9 million for the fourth quarter.

For the full year 2025, cash used by operations was about $10 million. Capital expenditures were $58 million for the full year 2025.

For the full year 2026, we expect to spend about $200 million in capital expenditures. This includes continued investments in Lingang, including the mini-line and the second production facility, fixed assets for the business, and investments in Oregon along with other items.

That concludes our prepared remarks. Now let's open the call for any questions that you may have.

Operator, please go ahead.

Hi, thanks for taking my question. I believe you gave pretty good color on shipment versus revenue growth this year.

Have a question. Since you mentioned about new products probably going to be a bigger driver this year for growth, and wonder if you can give us some color, let's say excluding the new products, what's the growth, either shipment or revenue, is expected to be excluding all the new products I think maybe I'm talking about the existing product lines in cleans, plating, et cetera?

Thank you.

Thank you, Charles. Actually, as we said, we made quite a big progress, right, in the SPM process.

Generally speaking, SPM, hotter SPM, represent 25, 30% of the cleaning market. This market in the last couple year were not much touched so much.

As I said, last 2025, we made a very good progress, and both into the special nozzle design for the high temperature and also Tahoe product. We're getting to very aggressively into this market.

Again, this is very high-margin product, and also a lot of customer, both in the mainland China, also outside China, they have suffered the particle issue with this high-temperature SPM process. We think with our proprietary design nozzle, we can control very good environment.

Therefore, can be real reduce particle size. That can be really enhance our market growth in cleaning.

Secondly, I want to say that is our N2 proprietary bubbling wet etch technology is really critical for the 3D NAND, sitting in ultra-etching process, which we believe our proprietary technology not only cover today's demand for 300 layer, we believe as people moving to 400 or even 500 layer will suffer this kind of non-uniformity of the via top or via bottom, right? We're using large bubble and size, also with our proprietary technology, we can make it very uniform large bubble distribution in a tank.

That will be real enhance the etching uniformity and from the top to the bottom for the via. We believe that's not only demand in a market in China, we also see the demand outside the global market, too.

Third one, I also mentioned that is our supercritical CO2 dry, we also made a lot of progress, right? Which is a past customer demo, we have two tools scheduled to deliver in the first or second quarter of this year, we have additional interest in coming.

Again, since the supercritical CO2 with our proprietary design, we got a cavity, our CO2 chamber is about 40% smaller, we believe that will really providing customer a 40% reduction of the consumable cost. That really also again, right, driving this product, now in the local, I call the China market, but also get into the outside China market.

With all this cleaning add together, we believe our expansion in the future, this will probably represent even in China almost billion-dollar market potential for us to get in. We're still very exciting about our continue expanding our cleaning product in the China market, plus also give us really a strong differential technology for the global market, right?

That's for cleaning. Again, for copper plating, as I mentioned, we have a full set of the cleaning product, front end, TSV, back end, advanced packaging, including also this, I call the compound semiconductor.

Plus, recent we just announce our panel horizontal plating, which we believe very, very key technology to driving for the panel-size plating. This moment, everybody using vertical copper plating for panel.

We're the first one in the world so far doing horizontal plating, right, which is our differential technology. We believe probably most likely we're the only one in the market to driving the horizontal copper plating.

This is also we see the bigger interest, not only in the China market, we see also a lot of interest coming in for us to deliver this tool. With that, all our new product in our existing cleaning, copper plating, can drive a lot of revenue this year, including next year, right?

Then, plus, as I said, our other furnace and PECVD and also track business, we are developing for last four or five year, really made a lot of technology breakthrough, too. Believe those technology get in this year target in market, and were real sustaining our next three to five-year growth.

Which you know that last three, four year, our major growth is come from cleaning and copper plating. Next few year, we see this new product coming, will definitely strengthen our high-growth profile in next few year.

We're very exciting, very try to our execution our strategy to continue grow our revenue. Charles?

Thanks, David. Maybe a question on profitability.

You reported the last year, you gave some color about this year, but I believe, if my math is right, your operating margin were compressed the last year from maybe close to 26% in '24 to 16% in '25. This year, based on what you guided about gross margin, what you guided about R&D, SG&A, doesn't look like operating margin can rebound.

Feels like operating margin probably more or less the same or even coming down a little bit depending on how the gross margin trends for the remainder of the year. Want to get some sense what's the reason for operating margin being under pressure for almost two years, and how do you plan to address this, and maybe try to expand the operating margin from here?

Thank you.

Actually, that's this way. Looking at gross margin, right, we are the probably top of the equipment company in China, right, for gross margin, right, for last few years.

As you said, Q4 of our, you expect Q4 last year, we do see our first-time gross margin is lower than our range, 42 to 48%, right? As we explaining, maybe three factor.

One is the product mixing. We have one or two product which is a semi-critical tool, do had a pressure from the competitor for pricing there.

Then next one is really our this inventory provision. We think this year, as we are new product coming, as I mentioned this three cleaning product coming, will definitely enhance our margin.

Also our inventory provision, we believe will be also greatly reduced, too. With that, we still have a confidence we're in the 42, 48% gross margin in this year or beyond.

More than that is, as you said, we put quite a bit R&D last year, right? Used to be our R&D 13 or 14%.

As this last year, we're getting to 16%. We're probably will keep that number and in the way.

Why, the next a few year, AI is driving a lot of demand for the new technology. Everybody else, first-tier company, in outside China, all people put a lot of R&D.

We continue invest that, which we know will impact a little bit our operation margin, but it's worth to spend money now. Why, I said opportunity is there, right?

A lot of customer real demand for the new technology, which I believe a lot of AI's technology today even not invented yet. It's really give ACM good opportunity with our innovation power, our differential technology development capability, we can use this AI's trend real catch a lot of new technology, and also catch the customer.

This horizontal plating is one good example, for example, right? Again, and it's worth to spend more R&D, even get a few percent of the operation margin lower, which is real long run, and we're working for the investor interest, and also will growth ACM market, and into the next few year.

Yeah. Hey, David, I might add a few things.

I think that was a good overview. Charles, I think kind of summarizing it up, we're spending into that $4 billion market opportunity.

There's a number of areas that we've been investing in that haven't scaled yet, but we expect them to scale over the next few years. It's the right thing to do to spend into that.

You're right about the operating margin for 2026 kind of comes in at the mid-teen level, similar to what it was here in 2025. You move out a few years, our target is to keep those gross margins at that target range and then grow our topline faster than our opex.

I think you can see some leverage in the out-years.

Okay. Thank you.

Thanks, Charles.

Thank you, Charles.

hi, David and Mark. Congratulations on the results.

I just have two quick questions. Number one is that, for the fourth quarter, the margin is a little bit low, and the revenue growth also is a little bit slow, and then your shipment I think declined on a year-on-year basis.

How much of that is just product mix and seasonality, and when do you think these numbers will actually start improving in 2026? Then the second question is about the $111 million US dollars you raised by selling down ACMS.

Can you shed some light as to how you would actually utilize that proceeds?

Okay. Let's answer your first question, right?

I think that you looking there, as I mentioned last couple of year, our major growth engine is from cleaning and also copper plating, right? Even in the cleaning, I said there's one important product, which is the SPM process, were not touched too much.

As I mentioned last year, end of last year, Q4 last year, we made a significant progress with this, special nozzle design. We believe our performance is outperforming and, top tier as the tool.

We see that a growth will continuously, right? Then I would say our cleaning, copper plating, in also horizontal panel continue expand, too.

That will keep momentum our cleaning market, probably today in China about 35 range, we're expanding to 50, 60%, next few year. The copper right now the 40, I still say we're try to catch the 60 and beyond market in China.

More than that is those product, differentiated product, we see the very high interest from global, top-tier customer. That's what we also reinforce our sell outside China.

That's what we I see the, impact our all boost our revenue, for our existing product. Also I want to say that is for the last five year, we are really working the differential, PECVD and track and also furnace technology, which we believe a lot of new technology we're putting in, and nobody had it before, right?

That's what really reinforce our I call the market position, and plus those tool is really with our differential technology, we put a lot of time to develop IP, develop the road map. It cost a little bit long time than, the other guys.

Now is come the moment to the market. Plus, I want to say another bigger impact is I call the improvement is last Q3, we start using Lingang mini-line, which we do not have it before.

That was really helping our internal demonstration, internal R&D, and speed. We see the bigger, impact already.

That's what we helping our tool mature before ship to customer. With all together, I want to say, this new growth and from the existing and also our new product coming, were driving ACM is real high-growth profile in the year, this year and in the next few year.

We're very confident. Plus, even I say, WFE market in China is flat, we still have we can get a high growth rate because new product coming.

Plus also, as you say, we are we are made a lot of progress in the global customer, this news announced, today. We also see a lot of interesting coming and toward differential technology from top-tier customer.

Because we have a patent has been, locked the technology already. They almost have no choice.

They have to come to us. Anyway, so that's really exciting for our technology.

We're really try to pushing all, technology real benefit international global customer for their AI challenges. Mark, please you want to add on that?

Let me add on to something before you answer his question about our Shanghai stock sales. Edison, for Q4, you probably remember last call, we mentioned that Q4 and the year, the overall year came in at the midpoint of where we started the year, maybe a little bit better.

Don't forget, we had two things: our newer products didn't kick in, very little in 2025, and then we did have a customer push out from Q4 into 2026. That was kind of those two things that hit 2024, the Q4.

When you look out to 2025, we're expecting linearity pretty similar to 20 to 2026, we're expecting our linearity to be pretty similar. The first half will be about 42, 43% of revenue, second half will be 57 to 58%.

I would kind of anticipate Q1 at about 18 to 20% of the full-year mix. Maybe, David, if you wanted to take his question, what are we going to do with the cash that we raised in or that we sold, the cash that we sold—

Sorry, Mark. Mark, can you hear me?

Yes. Yeah.

Hey, before we move on to the use of proceeds, can you also comment a little bit on what you said about, I think, some products having some pricing pressure, which I think partially account for lower margin in the fourth quarter?

There's not much to add to what I said there or what David and I both said. There were a couple of semi-critical products that had particularly low margins that hit us in Q3 and Q4.

David mentioned in the prepared remarks, he talked about the competitive situation in China. We are very focused on developing world-class tools.

We think that there was also a bigger provision in the back half of the year, we think the overall provision for 2026 probably be smaller than it was in 2025, and it'd probably be more balanced throughout the year. Okay.

Okay.

You want to touch how we using proceeds, right?

Yes.

Okay. Obviously, we have a second offering in China, right?

Those money will be real focusing on R&D again, our expansion for the manufacturing. We have a second building, we'll start decoration this year.

With that add together, probably we can manufacture $3 billion annually, and which is really give us a lot of room for manufacturing. Plus, we'll also put the money in the mini-line, as I mentioned.

This mini-line really speed up our internal R&D and debugging the tool, and also even can do the joint development with customer process, too. It's really worth spending for this money.

The proceeds we got from the sold the 1.3% from Shanghai share definitely is the major purpose for that, we're spending global customer, global marketing sell. We see that opportunity really big in a global market.

As I mentioned, we do have some differential technology might be the only solution for their AI challenges. Those product, we think, will be really gather attention from the global customer.

We have to spend the money and building the international strongly sales channel. Also, we already had a Korea manufacture base already.

However, with this geographic tariff going on, we have a real minimize the tariff impact, right? That's why we start the assembly tool in the USA.

That will be real reduce our concern or any dynamic changing for this tariff impact our revenue. Anyway, that's really what come, and our goal is very simple.

We try to working with certify all regulation and the requirement, and maximize the investor interest. We're building a global sales, global company.

That's our goal.

Okay. Thank you.

Thanks, Edison. Appreciate it.

Next question please, operator.

Hi, David. Can you hear me?

Yes, please.

Thank you. Congrats for the good results.

I want to ask about we deliver single-wafer cleaning tools to a Singapore-based foundry. What would be the potential size of shipments in terms of units or dollars this year or next year?

Next year, yeah. This is my first question.

Good very good question. Actually, we're a field tool or we're in the installation process right now, right?

Those tool, this tool will be qualify and going production, this year. With that, we definitely will introduce more of cleaning tool, and also we do have a copper plating and in the in the behind.

That's really will give us exposure of product, in in Asian market. It's it's will be real making more of I call the confidence, and and also get a high interest from other player in the Asia and the market, too.

We see this really bigger milestone and for us. Plus, we're not only look at customer only in in Singapore, and we have do have customer in Korea, and also we have customer, potential in Taiwan.

We have really confidence, we should have expanding quickly in the in Asian market. Plus, again, we also very focusing on our US market, too.

We do have advanced packaging tool PO and receiving, and which will deliver by end of this year. We saw also a lot of potential going on in US market, too.

Again, because today, all the memory, all logic, they're, they're AI driven for the advanced technology. ACM, I won't say a few good technology really needed for their production line.

We believe that's way beneficial for the customer, and also can help expansion our market global. It's great opportunity

because,

again, innovation is the key. Every every customer and every key customer, they all demand for innovation technology, which will properly fit our, strategy.

Thank you, Dr. Wang.

For Singapore business, how's the chance that we penetrate to a Singapore-based memory makers in the next few years? My second question is for advanced packaging, we are making great progress, but Taiwanese foundries and OSATs are leading the panel-level packaging for AI GPUs and ASICs.

Could you talk about our PLP progress with potential Taiwanese players? Do we have any order forecast or purchase orders from this Taiwanese potential customers?

Yeah.

Actually, we are real talking to a few key customer, right? Even the panel, large size, 515 by 510, and also we're talking about they are 310 by 310, right, which is the two version right now people try to pushing.

We have very good exposure to those customer. By the way, April 7, 8, we'll have attending the panel conference in the Taiwan.

In that conference, we'll do the keynote speaker about horizontal plating, and also our vacuum cleaning technology. It's really a lot of exciting, I want to say, interest coming in.

Also, I heard everybody say panel product or equipment, they're probably certified or all other product except plating. Plating become the bottleneck for their production expansion.

With that demand, I said, we're the only one supplying horizontal plating. You probably heard that is the one key player in Taiwan, they said they only want the horizontal plating, they don't want vertical.

Our horizontal plating perfect fit their strategy also their demand. As I said, it's really we see the big opportunity.

With our panel product, actually, we're not only try to introduce so far three product, right: panel plating, vacuum cleaning, and also the bevel. We'll develop also additional and coater, developer, wet etcher, and cleaning, all kind of wet tool we're putting in, too.

That's really what we catch this wave of the panel, I call the shift, right, for the advanced packaging. We're in the very good position, and for this coming panel advanced packaging expanding.

We're very expect and excited about this opportunity, right.

Do you know in which kind of period, quarters, it will be more clear that whether we'll have any order forecast or purchase orders for this PLP equipment? Yeah.

Let's put this way, right? We announced that we do have also PO from outside mainland China, right?

We said already. Then we'll continually expanding more, right?

Again, I want to say this year we have a confidence catch additional PO for our bevel, for our vacuum cleaning, and also for their horizontal copper plating. Probably not only in Taiwan market, we also see the opportunity in Korea, also in Singapore, by the way.

It's very exciting.

Yeah. Thank you.

Maybe I can squeeze in my last questions about some investor FAQ. ACM has disposed a small portion of stake in ACM Shanghai.

How do we think about more further stake disposal in the future? You mentioned that US international capacity build will require more fundings.

Will we dispose more stakes of ACM Shanghai in the future? Yeah.

Repeat that question again, I'm sorry. Can you repeat again?

He's asking, are we going to sell more of our ACM Shanghai

shares? All right, I see.

Okay. We sold 1.3% already, right, and which get a proceeds about $111 million.

We do have both arms to, I call, raise money. We can raise in US, we can raise in Shanghai.

We're very flexible for what way we're choosing, number one. This moment, I want to say our Shanghai stock is still, we think it's still undervalued, okay, with our growth.

We maybe consider what's the money demand and timeline, also what's the stock pricing in Shanghai, we'll decide where or when we should sell additional or not. Plus, as I said, we have several arm, we can raise the money USA.

It's quite flexible for us to raise the fund. This moment, I want to say obviously we'll continue invest more in global market, and we have no concern for those money where come from, right?

We're very confidence. Also, we have another knob, another tool we can get the money anyway.

Thank you so much. That's all my questions.

Thank you, Dr. Wang.

I'll be back to the queue. Thank you.

Great. Thank you.

Thank you.

Great. Before we conclude, I just want to give everyone a quick reminder on our upcoming investor conferences.

On March 9th, we will participate virtually in Loop Capital Markets 7th Annual Investor Conference for one-on-one meetings. On March 23rd and 24th, we will present at the 38th Annual Roth Conference in Dana Point, California.

Attendance at the conference is by invitation only. For interested investors, please contact your respective sales representative to register and schedule one-on-one meetings with the management team.

This concludes the call, and you may now disconnect. Take care.