ACM Research, Inc. (ACMR) shares climbed Thursday after the semiconductor equipment maker delivered 2026 guidance that topped analyst expectations, even as it slightly trimmed its near-term outlook.

The Numbers

ACM revised its 2025 revenue projection to $885-$900 million, down from the previous range of $875-$925 million. That puts the midpoint just below the consensus estimate of $904.47 million—a minor tweak that didn't spook investors.

What caught attention was the 2026 outlook: ACM expects revenue between $1.08 billion and $1.175 billion, comfortably above Wall Street's $1.05 billion forecast. That suggests management sees momentum building beyond the current year.

What Management Is Saying

Dr. David Wang, ACM's President and CEO, pointed to stronger revenue growth ahead driven by customer investments in production capacity and market share wins from the company's newer products.

He noted that customer spending on wafer fabrication equipment should remain relatively stable, with additional lift coming from ACM's single-wafer SPM cleaners, Tahoe cleaning tools, and Furnace series.

Wang also highlighted plans to accelerate investments in Oregon facilities, aligning with the broader industry push toward domestic semiconductor manufacturing.

The company plans to report fourth quarter and full year 2025 results in late February 2026.

Price Action: ACM Research shares rose 2.39% to $54.73 in premarket trading Thursday, hovering near the stock's 52-week high of $54.82.