ACM Research delivered adjusted earnings per share of $0.25 for the fourth quarter, falling 36% short of the $0.39 consensus estimate. The miss reflects slower equipment sales and rising R&D expenses during the period.

EPS dropped 55% from $0.56 in Q4 last year, driven by lower capital expenditures from semiconductor customers and extended payment terms in key markets. The steep decline underscores ongoing market volatility in wafer cleaning tool demand.