Shares of ACM Research Inc. (NASDAQ: ACMR), a leading supplier of wafer processing solutions for the semiconductor industry, soared 15.84% on November 7, 2024, fueled by the company's impressive third-quarter 2024 financial results and a major breakthrough in its cleaning technology for advanced chip manufacturing.

For the three months ended September 30, 2024, ACM Research reported non-GAAP earnings of $0.63 per diluted share, surpassing analysts' consensus estimate of $0.37. Revenues for the quarter stood at $203.98 million, beating expectations of $191.18 million. Backed by the strong performance, the company raised its full-year 2024 revenue guidance to a range of $725 million to $745 million, up from the previous outlook of $695 million to $735 million.

Alongside the robust financial results, ACM Research announced a significant performance breakthrough for its flagship Ultra C Tahoe Cleaning tool used in front-end semiconductor manufacturing. The upgraded tool now achieves the cleaning performance of standalone single-wafer cleaning tools on low-to-medium temperature sulfuric peroxide mix (SPM) processes while reducing chemical consumption by up to 75%.

The company's patented hybrid architecture combines batch wafer processing and single wafer cleaning chambers, delivering enhanced cleaning performance, high throughput, and process flexibility. This breakthrough positions ACM Research to capture a larger share of the SPM cleaning market, particularly in middle and low-temperature applications estimated to account for around 20% of the total clean market.