Supplemental Investor Presentation

Earnings Release - Second Quarter 2022

August 5, 2022

Forward-LookingStatements. Information presented below under "Q2 2022 Summary" with respect to new product introductions, under "2022 Outlook" with respect to revenue projected to be generated in 2022, under "Shanghai Manufacturing Facilities" with respect to expected commencement of production in Lingang, under "Innovative Product Introductions Expanding SAM" with respect to increasing ACM's serviceable available market ("SAM"), and under "Internal Longer-term Working Target of $1B" with respect to revenue targets are forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from ACM's expectations based on a number of risks and uncertainties, including but not limited to the following, any of which could be exacerbated even further by the continuing COVID-19 outbreak in China and globally, including the extent and effect of the Shanghai COVID-19 lockdown: anticipated customer orders or identified market opportunities may not grow or develop as anticipated; customer orders already received may be postponed or canceled; suppliers may not be able to meet ACM's demands on a timely basis; volatile global economic, market, industry and other conditions could result in sharply lower demand for products containing semiconductors and for ACM's products and in disruption of capital and credit markets; ACM's failure to successfully manage its operations; and trade regulations, currency fluctuations, political instability and war may materially adversely affect ACM due to its substantial non-U.S. customer and supplier base and its substantial non-U.S. manufacturing operations. ACM cannot guarantee any future results, levels of activity, performance or achievements. The industry in which ACM operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in ACM Research, Inc.'s public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and its subsequently filed Quarterly Reports on Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading "Risk Factors." ACM expressly disclaims any obligation to update forward-looking statements after the date of this presentation.

Market Data. Information presented below under "Investment Highlights" concerning ACM's total addressable market presents a forecast based on information provided by Gartner, Inc. in its report "Forecast: Semiconductor Wafer Fab Manufacturing Equipment (Including Wafer-Level Packaging), Worldwide, 4Q21 Update" (December 2021). You are cautioned not to rely on or give undue weight to this information. The Gartner report represents research opinions or viewpoints that are published, as part of a syndicated subscription service, by Gartner and are not representations of fact. The Gartner report speaks as of its original publication date (and not as of the date of this presentation), and the opinions expressed in the Gartner report are subject to change without notice. While ACM is not aware of any misstatements regarding the information provided in the Gartner report, it has not independently verified the accuracy or completeness of that information, which involves numerous assumptions and is subject to risks and uncertainties, as well as change based on various factors, that could cause results to differ materially from the forecast presented. The industry in which ACM operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in ACM Research, Inc.'s public filings with the Securities and Exchange Commission, as described above.

Note Regarding Presentation of Non-GAAPFinancial Measures. Information presented below under "Q2 2022 Summary", and "Q2 2022 Financial Results" includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934, including non-GAAP gross margin, non-GAAP operating loss, non-GAAP basic and diluted EPS, and non-GAAP gross profit. These supplemental measures exclude the impact of stock-based compensation, non-cash change in fair value of financial liabilities and unrealized gain on trading securities, which ACM does not believe are indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included under "Q2 2022 GAAP and Non-GAAP Reconciliation" below as well as in ACM's second quarter 2022 earnings release dated August 5, 2022, which (a) has been furnished to the Securities and Exchange Commission and can be viewed at https://ir.acmrcsh.com/static-files/03d03961-b749-4918-a177-c3ad88b874bfand (b) has been posted at, and can be downloaded from, the "Investors" content area at ACM's website, https://ir.acmrcsh.com/news-releases/news-release-details/acm-research-reports-second-quarter-2022-results.

Company References. As used in these "ACM Shanghai" refers to ACM Research (Shangahi), Inc. and "ACM" refers to ACM Research, Inc. and its subsidiaries, including ACM Shanghai.

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Q2 2022 Summary

Q2 2022 Financial Results

• $104.4 million revenue (up 93.8% from Q2 2021); total shipments of $112 million
• 42.3% GAAP gross margin (versus 40.2% in Q2 2021)
• 42.4% non-GAAP gross margin (versus 40.5% in Q2 2021)
• $20.0 million GAAP operating income (19.2% of revenue)
• $22.0 million non-GAAP operating income (21.1% of revenue)
• $0.18 diluted GAAP earnings per share (versus 0.10 in Q2 2021)
• $0.22 diluted non-GAAP earnings per share (versus 0.06 in Q2 2021)

Key Operational Updates

• Chuansha factory recovered to normal operations after Shanghai COVID restrictions were lifted
• Shipped 13 completed tools that were previously scheduled for delivery in Q1
• Delivered two cleaning tools to a major U.S. customer
• Introduced a post-CMP cleaning tool for silicon and SiC wafer substrate manufacturing
• On track to introduce 2 new product categories in 2H' 22
• Appointed U.S. audit firm, Armanino LLP, for fiscal 2022

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