ACM Research, Inc.ACMR
ACM Research, Inc. Debt Disclosure
LONG-TERM BORROWINGS
At December 31, 2025 and 2024, long-term borrowings consisted of the following:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Loan from China Merchants Bank | $ | 9,915 | $ | 11,475 | |||||||
| Loan from Agricultural Bank of China | 42,007 | 13,020 | |||||||||
| Loans from Bank of China | 34,247 | 28,258 | |||||||||
| Loan from Bank of Shanghai | — | 13,920 | |||||||||
| Loans from China CITIC Bank | 28,460 | 27,775 | |||||||||
| Loan from China Everbright Bank | 56,807 | 55,549 | |||||||||
| Loan from Industrial and Commercial Bank of China | 42,576 | — | |||||||||
| Total borrowings | 214,012 | 149,997 | |||||||||
| Less: Current portion | (35,082) | (44,472) | |||||||||
Total long-term borrowings, net of current portion | $ | 178,930 | $ | 105,525 | |||||||
China Merchants Bank
The loan from China Merchants Bank is for the purpose of purchasing property in Lingang, Shanghai. The loan is repayable in 120 installments with the last installment due in November 2030, with an annual interest rate of 2.95%. As of December 31, 2025, the loan is pledged by the property of ACM Lingang and guaranteed by ACM Shanghai.
Agricultural Bank of China
The loan from Agricultural Bank of China is for the purpose of purchasing housing property in Lingang, Shanghai. Principal repayments shall be made in 18 installments beginning November 2025, with final maturity in April 2034 with an annual interest rate of 2.43%-2.78%.
Bank of China
The first loan from Bank of China is for the purpose of funding ACM Shanghai's general corporate operations and working capital. The loan bears interest at an annual rate of 2.62% and is payable in 6 installments, with the last installment due in June 2027. The second loan from Bank of China is for the purpose of funding ACM Shanghai project expenditures. The
loan bears interest at an annual rate of 2.52% and is payable in 6 installments, with the last installment due in August 2027. The third loan from Bank of China is for the purpose of funding ACM Shanghai's general corporate operations and working capital. The loan interest at an annual rate of 2.35% and is repayable in 6 installments, with the last installment due in June 2028.
Certain covenants for the banking facility require ACM Shanghai’s year-end outstanding interest-bearing debt not to exceed five times its annual EBITDA, and to comply with other non-financial covenants, or Bank of China has the right to suspend the facility, or request ACM Shanghai to accelerate repayment or provide credit enhancement. As of December 31, 2025, the Company was in compliance with the applicable covenants.
China CITIC Bank
The loan from China CITIC bank is for the purpose of general corporate operations. Principal repayments shall be made in 6 installments beginning January 2025, with final maturity in January 2028.The loan bears interest at an annual rate of 3.60%.
China Everbright Bank
The loans from China Everbright Bank are for the purpose of funding ACM Shanghai's general corporate operations and working capital. The first loan bears interest at annual rate of 2.15%, and is payable in 6 installments, with the last installment due in June 2027. The second loan bears interest at annual rate of 2.25%, and is payable in 3 installments, with the last installment due in March 2026. The third loan bears interest at annual rate of 2.5%, and is payable in 3 installments, with the last installment due in April 2026. The fourth loan bears interest at annual rate of 2.25% and is payable in 6 installments, with the last installment due in September 2027.
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Industrial and Commercial Bank of China
In November 2024, ACM Shanghai entered into a long-term loan facility of $42,690 from Industrial and Commercial Bank of China for the purpose of funding its working capital and drew down the full amount. Principal repayment shall be made in 6 installments beginning May 2025, with final maturity in November 2027. The loan bears interest at an annual rate of 2.25%.
Additional Long-term Borrowings Disclosures
As of December 31, 2025 and 2024, the total carrying amount of long-term loans was $214,012 and $149,997, compared with an estimated fair value of $202,706 and $141,264, respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level 2 fair value measurement). Refer to note 2 for an explanation of the fair value hierarchy structure.
Scheduled principal payments for the outstanding long-term loans, including the current portion, as of December 31, 2025 are as follows:
| Year ending December 31, | |||||
| 2026 | $ | 35,082 | |||
| 2027 | 102,253 | ||||
| 2028 | 41,332 | ||||
| 2029 | 7,767 | ||||
| 2030 | 7,656 | ||||
Thereafter | 19,922 | ||||
Total | $ | 214,012 | |||
As of December 31, 2025, the aggregate amount of unused lines of credit for short-term and long-term loans was $85,777.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2023 | Feb 28, 2024 | |
| 2019 | Mar 24, 2020 | |
| 2018 | Mar 14, 2019 | |
| 2017 | Mar 23, 2018 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.