ACM Research announced that it has delivered its Ultra ECP ap‑p, the first commercial panel electroplating system, to a leading panel fabrication customer. The delivery, completed on November 16 2025, marks the transition from product development to commercial deployment.
The Ultra ECP ap‑p is a horizontal electroplating platform that supports copper, nickel, tin‑silver, and gold deposition for pillar, bump, and redistribution‑layer (RDL) processes. Its high‑speed plating paddles enable pillar heights exceeding 300 µm, addressing the demand for high‑throughput, high‑yield packaging in AI and high‑bandwidth memory applications.
The panel‑level packaging market is expanding as semiconductor manufacturers shift from 300‑mm wafers to larger panels. Market research projects the segment to grow to $15.44 billion by 2034, with a CAGR of 38.6%. ACM’s new tool positions the company to capture a share of this growth by offering a scalable, high‑performance solution for large‑panel processing.
ACM’s Q3 2025 earnings report, released on November 5 2025, showed revenue of $269.2 million—up 32% year‑over‑year—but a gross margin that fell to 42.0% from 51.4% in the prior year. Non‑GAAP earnings per share were $0.36 versus analyst expectations of $0.55, prompting a sharp market reaction. The company narrowed its 2025 revenue guidance to $875 million–$925 million. The new Ultra ECP ap‑p could help reverse margin compression by expanding ACM’s high‑margin advanced‑packaging portfolio.
Dr. David Wang, ACM’s President and CEO, said the delivery demonstrates the company’s ability to deliver high‑performance solutions that accelerate customer roadmaps and strengthen ACM’s role in the advanced‑packaging ecosystem. He highlighted the growing demand for innovative technology driven by AI and global data‑center investments.
While the delivery itself did not trigger a market reaction, the recent earnings miss and margin decline have weighed on investor sentiment. The EPS miss was driven by a 9.4‑percentage‑point drop in gross margin, largely due to higher raw‑material costs and a shift toward lower‑margin cleaning equipment. The company’s guidance reflects a cautious outlook amid these headwinds.
The Ultra ECP ap‑p represents a strategic milestone that could drive future revenue growth and improve profitability if ACM can scale the product and capture market share in the rapidly expanding panel‑level packaging segment. However, the company must address margin compression and demonstrate that the new tool can deliver the expected cost efficiencies to satisfy investors’ profitability concerns.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.