ACM Research Inc (NASDAQ:ACMR) has announced that it has received significant orders for wafer-cleaning tools which is based on the proprietary Space Alternated Phase Shift (SAPS) technology by the Company. Also, the Company recently declared some changes within its team of executive leadership. ACM Research provides single-wafer wet cleaning equipment which is used by manufacturers of advanced semiconductors.
The orders have been received over the past eight weeks. It represents the binding purchase commitments of total $38.1 million from five existing customers. Three existing customers have already agreed to invest in multiple tools of the company. The announcement says that each purchase order will include technical specifications and will be shipped by the third quarter of this year.
According to the statement by ACM, the company believes that the tools will be accepted and their sales prices will be recognized as revenue in 2018. The customers who have given these significant orders are from China and Korea engaged in the manufacturing of 3D NAND and DRAM memory chips, logic chips, and advanced packaging.
Dr. David Wang, President and Chief Executive Officer of ACM said that these recent orders will reinforce the Company’s belief in the market momentum for their efficient and effective wafer cleaning technology. Wang stated that their advanced cleaning equipment is winning follow-on orders as existing customers construct fabs which he believes will position ACM to gain market share as the already sizable market opportunity continues to grow over the coming few years.
In July last year, the company announced achieving damage-free cleaning on patterned wafers in a mass production line of Shanghai Huali Microelectronics Corporation (HLMC) using the proprietary Timely Energized Bubble Oscillation (TEBO) megasonic cleaning technology by ACM.
Company Announces Changes In Executive Leadership
ACM announced changes in its executive leadership team. According to the announcement, Lisa Feng will now serve as the Chief Accounting Officer. She already has an experience of working in various accounting and finance roles for more than two decades. Until recently she was serving as Director of Accounting. Promotion of Fuping Chen as the Vice-President of the company is another major change in the leadership team.