We are also investing in our Oregon facility to serve as a base for customer evaluations, technology development and initial production for our global customers.” Three Months Ended March 31, GAAP Non-GAAP(1) 2025 2024 2025 2024 (dollars in thousands, except EPS)Revenue$172,347 $152,191 $172,347 $152,191 Gross margin 47.9% 52.0% 48.2% 52.5% Income from operations$25,777 $25,232 $35,594 $39,801 Net income attributable to ACM Research, Inc.$20,380 $17,433 $31,279 $34,597 Basic EPS$0.32 $0.28 $0.49 $0.56 Diluted EPS$0.30 $0.26 $0.46 $0.52 (1) Reconciliations to U.S.generally accepted accounting principles ("GAAP”) financial measures from non-GAAP financial measures are presented below under "Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc.and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.
The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures: Three Months Ended March 31, 20252024 ActualSBCOther non-operating adjustmentsAdjustedActualSBCOther non-operating adjustmentsAdjusted(GAAP)(Non-GAAP)(GAAP)(Non-GAAP) (In thousands) Revenue$172,347 $- $- $172,347 $152,191 $- $- $152,191 Cost of revenue (89,797) (529) - (89,268) (73,070) (781) - (72,289)Gross profit 82,550 (529) - 83,079 79,121 (781) - 79,902 Gross margin 47.9% 0.3% - 48.2% 52.0% 0.5% - 52.5% Operating expenses: Sales and marketing (16,343) (2,157) - (14,186) (14,173) (3,027) - (11,146)Research and development (27,503) (2,775) - (24,728) (23,918) (4,503) - (19,415)General and administrative (12,927) (4,356) - (8,571) (15,798) (6,258) - (9,540)Total operating expenses (56,773) (9,288) - (47,485) (53,889) (13,788) - (40,101)Income (loss) from operations$25,777 $(9,817)$- $35,594 $25,232 $(14,569)$- $39,801 Unrealized loss on short-term investments (1,082) - (1,082) - (2,595) - (2,595) - Net income (loss) attributable to ACM Research, Inc.$20,380 $(9,817)$(1,082)$31,279 $17,433 $(14,569)$(2,595)$34,597 Basic EPS$0.32 $0.49 $0.28 $0.56 Diluted EPS$0.30 $0.46 $0.26 $0.
Reconciliation of GAAP to Non-GAAP Financial Measures As described under "Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation ("SBC”) from the equivalent GAAP financial line items.
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