Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 872,269	$ 757,373
Restricted cash	21,866	8,589
Short-term time deposits (note 2)	358,237	366,591
Short-term investments (note 11)	34,662	35,524
Accounts receivable, net (note 4)	526,507	504,250
Inventories, net (note 5)	737,995	702,631
Prepaid expenses and other current assets	13,352	10,567
Total current assets	2,619,353	2,436,680
Property, plant and equipment, net (note 6)	324,020	314,830
Operating lease right-of-use assets, net	17,060	17,925
Intangible assets, net	2,722	2,847
Deferred tax assets (note 15)	30,224	29,389
Long-term investments (note 10)	68,467	66,035
Other long-term assets	4,052	4,479
Total assets	3,065,898	2,872,185
Current liabilities:
Short-term borrowings (note 7)	93,981	74,041
Current portion of long-term borrowings (note 9)	13,302	35,082
Advances from customers	168,825	187,809
Deferred revenue	10,954	17,388
Income taxes payable (note 15)	24,780	991
FIN-48 payable (note 15)	28,308	27,719
Other payables and accrued expenses (note 8)	160,075	150,396
Current portion of operating lease liabilities	4,795	4,786
Total current liabilities	745,678	745,712
Long-term borrowings (note 9)	220,858	178,930
Long-term operating lease liabilities	4,125	5,069
Other long-term liabilities	11,765	11,965
Total liabilities	982,426	941,676
Commitments and contingencies (note 16)
Stockholders’ equity:
Additional paid-in capital	1,194,786	1,115,504
Retained earnings	367,735	350,428
Statutory surplus reserve (note 18)	34,164	34,164
Accumulated other comprehensive loss	(15,182)	(35,740)
Total ACM Research, Inc. stockholders’ equity	1,581,510	1,464,363
Non-controlling interests	501,962	466,146
Total equity	2,083,472	1,930,509
Total liabilities and equity	3,065,898	2,872,185
Class A Common Stock
Stockholders’ equity:
Common stock	6	6
Class B Common Stock
Stockholders’ equity:
Common stock	1	1
Related Party
Current assets:
Other receivables	870	2,500
Current liabilities:
Accounts payable	31,791	32,060
Nonrelated Party
Current assets:
Other receivables	53,595	48,655
Current liabilities:
Accounts payable	$ 208,867	$ 215,440

ACM Research, Inc. 10-Q