ACM Research announced the delivery of its Ultra ECP ap‑p, the first commercial panel‑level electrochemical plating system designed for large‑panel fan‑out packaging. The tool, which can deposit copper, nickel, tin‑silver, and gold, features high‑speed plating paddles that enable pillar heights exceeding 300 µm and a rotating square electrical field that synchronizes with the chuck to deliver uniform deposition across pillar, bump, and redistribution‑layer processes.
The launch marks a strategic expansion into the fan‑out panel‑level packaging (FOPLP) segment, a market that is accelerating as semiconductor manufacturers shift from 300‑mm wafers to panel‑level solutions for AI and high‑bandwidth memory (HBM) chips. ACM’s CEO, Dr. David Wang, said the new tool “demonstrates our ability to deliver high‑performance horizontal panel electroplating solutions that help customers accelerate their fan‑out panel‑level packaging roadmaps while strengthening our role in the advanced packaging ecosystem.”
ACM’s Q3 2025 earnings, released on November 5, showed revenue of $269.2 million, beating the consensus estimate of $255.2 million by $14 million. The beat was driven by strong demand in the ECP and Advanced Packaging segments, which offset a decline in the legacy cleaning business. However, the company missed Non‑GAAP EPS expectations, reporting $0.36 versus the $0.54 forecast, a miss of $0.18. The miss reflects a sharp gross‑margin contraction from 51.4 % in Q3 2024 to 42.0 % in Q3 2025, driven by higher raw‑material costs, increased operating expenses, and a shift toward lower‑margin panel‑level products.
The margin compression signals pricing pressure and the cost of scaling the new panel‑level technology. While the revenue beat indicates that customers are willing to pay for the advanced capabilities of the Ultra ECP ap‑p, the company’s operating expenses rose as it invested in research, manufacturing capacity, and support for the new product line. Management noted that the margin squeeze is a short‑term effect of the strategic investment in panel‑level packaging, which is expected to generate higher margins once the product matures and volume increases.
Market reaction to the earnings was muted, with analysts focusing on the margin decline and EPS miss. The company’s guidance for fiscal 2025 remains unchanged, with revenue projected between $850 million and $950 million and a continued focus on cost discipline. Dr. Wang emphasized that ACM is pursuing a $3 billion annual revenue target, and the Ultra ECP ap‑p launch is a key component of that strategy, positioning the company to capture a larger share of the advanced packaging market.
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