ACM Research delivered a double beat in Q3, with revenue up 36.6% and raised FY26 guidance to 40% growth at the midpoint. Despite stellar fundamentals and strong liquidity ($1.32B vs. $148M debt), ACMR shares fell 70% from highs amid sector-wide negative sentiment. Operating margins improved 440 bps year-over-year, offsetting slight gross margin softness due to faster growth in lower-margin segments.
