ACM Research

Balance sheet strength is a key offset. As of March 31, 2026, cash, restricted cash and short-term time deposits totaled about 1.25 billion dollars and net cash was approximately 924 million dollars.

Borrowings were about 328 million dollars, implying ample liquidity and optionality even as TTM free cash flow is negative from working-capital absorption and capex.

Non-controlling interest is substantial due to the majority-owned ACM Shanghai subsidiary; investors should recognize that a portion of the consolidated cash and earnings belongs to minority holders.