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, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of AECOM ("AECOM" or the "Company") (NYSE: ACM).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether AECOM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 11, 2026, AECOM announced its second quarter fiscal 2026 results, including, in relevant part, that quarterly operating cash flow was $4 million, down 98% year over year, and adjusted free cash flow which swung to negative $27 million.  In the accompanying earnings call, the Company's Chief Financial Officer, Gaurav Kapoor, revealed that "longer-than-anticipated claim resolution on certain projects" among other things, impacted the quarter.  Kapoor further stated these were "projects we bid in fiscal year 2019 and 2020, two projects" for two clients, and that "individual claims for these two clients have gone through the resolution process.  And we've been successful on each one of them.  But it's just been very slow and dragged out on the resolution process.  That is what has surprised us as to how long the process has taken."  Then, on May 12, 2026, AECOM filed its quarterly report on Form 10-Q, which showed that significant claims recorded in contract assets and other non-current assets were approximately $680 million as of March 31, 2026, compared with approximately $400 million as of September 30, 2025. 

Following these disclosures, AECOM's stock price fell $9.55 per share, or 12%, to close at $69.95 per share on May 12, 2026. 

Then, on August 11, 2026, AECOM reported weaker-than-expected results for the third quarter of 2026, which were impacted by a $337 million pre-tax loss related to the delayed completion of a construction management project. 

On this news, AECOM's stock price fell $6.25 per share, or 8.53%, to close at $67.05 per share on August 11, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes. 

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

NEW YORK, Aug. 25, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of AECOM (“AECOM” or the “Company”) (NYSE: ACM). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether AECOM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 11, 2026, AECOM announced its second quarter fiscal 2026 results, including, in relevant part, that quarterly operating cash flow was $4 million, down 98% year over year, and adjusted free cash flow which swung to negative $27 million. In the accompanying earnings call, the Company’s Chief Financial Officer, Gaurav Kapoor, revealed that “longer-than-anticipated claim resolution on certain projects” among other things, impacted the quarter. Kapoor further stated these were “projects we bid in fiscal year 2019 and 2020, two projects” for two clients, and that “individual claims for these two clients have gone through the resolution process. And we’ve been successful on each one of them. But it’s just been very slow and dragged out on the resolution process. That is what has surprised us as to how long the process has taken.” Then, on May 12, 2026, AECOM filed its quarterly report on Form 10-Q, which showed that significant claims recorded in contract assets and other non-current assets were approximately $680 million as of March 31, 2026, compared with approximately $400 million as of September 30, 2025. 

Following these disclosures, AECOM’s stock price fell $9.55 per share, or 12%, to close at $69.95 per share on May 12, 2026. 

Then, on August 11, 2026, AECOM reported weaker-than-expected results for the third quarter of 2026, which were impacted by a $337 million pre-tax loss related to the delayed completion of a construction management project. 

On this news, AECOM’s stock price fell $6.25 per share, or 8.53%, to close at $67.05 per share on August 11, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Key Takeaways AECOM missed on fiscal Q3 2026 earnings due to a surprise $337 million pre-tax loss. Earnings are now expected to decline 14.8% in fiscal 2026.AECOM is trading near 5-year lows with a forward P/E of 14.5. Is it cheap? AECOM (ACM - Free Report) posted a record backlog in the second quarter of 2026 but a surprise tax loss has led to big earnings cuts. This Zacks Rank #5 (Strong Sell) is now expected to see an earnings decline in 2026.

AECOM is an infrastructure professional services firm in water, environment, energy, transportation, and buildings.

The company partners with public – and private- sector clients to create solutions from advisory, planning, design and engineering to program and construction management. It operates worldwide.

AECOM Misses Big on Earnings in the Fiscal Third Quarter of 2026On Aug 10, 2026, AECOM reported its fiscal third quarter 2026 results and missed on the Zacks Consensus Estimate by $1.99. Earnings were a loss of $0.50 versus the consensus of $1.49.

The big surprise was in a $337 million pre-tax charge due to higher projected costs to complete a Construction Management project.

That project was awarded in 2019 under terms and conditions that would not be acceptable after the substantial changes AECOM implemented to its risk policies several years ago.

But the damage was done even though the backlog was up 13% to a new record driven by a record $4.2 billion in wins.

The design pipeline also increased again to a new all-time high.

Analysts Cut AECOM’s Earnings Estimates for Fiscal 2026 and 2027With that big of an earnings miss in the third quarter, it’s not a surprise that the analysts cut their fiscal 2026 earnings estimates as well.

Three estimates were cut for 2026 in the last month, pushing down the Zacks Consensus to $4.48 from $5.97. That’s an earnings decline of 14.8% as the company made $5.26 last year.

Analysts were also bearish on fiscal 2027. Four estimates were cut for next year in the last month, pushing down the Zacks Consensus Estimate to $6.05 from $6.76. However, they do have AECOM returning to earnings growth of 35% in fiscal 2027.

Here’s what it looks like on the price and consensus chart.

Image Source: Zacks Investment Research

Shares of AECOM Sink The Street didn’t like the pre-tax loss surprise so the shares sold off on the news. But they had already been falling prior to the earnings report.

Over the last year AECOM fell 46.7% and it is trading near 5-year lows.

Image Source: Zacks Investment Research

Is it cheap?

AECOM trades with a forward price-to-earnings (P/E) ratio of 14.5. A P/E ratio under 15 usually indicates a company is undervalued.

It also has a price-to-sales (P/S) ratio of 0.5. A P/S of 1.0 or less usually indicates a company has value. An investor is buying every $1.00 of sales for just $0.50.

But investors interested in AECOM might want to wait to make sure next year’s earnings turnaround is for real before buying in. Watch for positive earnings estimate revisions.

AECOM (NYSE:ACM) reported record quarterly wins and a 13% increase in backlog during its fiscal third quarter of 2026, but the infrastructure consulting company also recorded a $337 million pre-tax charge tied primarily to delays on a large Construction Management project.

Chief Executive Officer Troy Rudd said the delayed project, bid in 2019, has been affected by several factors, most notably subcontractor productivity during its final phase. AECOM now expects substantial completion near the end of the second quarter of fiscal 2027, rather than in the first quarter.

“We are disappointed with this outcome,” Rudd said, adding that the company has changed leadership and tightened risk controls since the project was bid. He said AECOM no longer pursues design-build work for public-private partnership clients in its Construction Management business because of the risks associated with that structure.

Construction Management Projects Weigh on Cash Flow The company said the charge affected net service revenue and EBITDA by $337 million and reduced earnings per share by $1.99. Cash flow included a $185 million use during the quarter related to the Construction Management projects.

AECOM has two design-build P3 projects in its Construction Management portfolio. The second project remains on track for substantial completion in the first quarter of fiscal 2027, management said. Both projects have claims associated with delays that the company said were not caused by AECOM.

Rudd said the company is pursuing “sizable claims” on the first project and cited progress in the dispute-resolution process. Chief Financial and Operations Officer Gaurav Kapoor said claims related to the two projects should remain in a range of roughly $600 million to $650 million through completion, though the amount AECOM is claiming from third parties is higher.

Management expects the projects to continue burdening cash flow through the first half of fiscal 2027. Rudd said the overall cash impact in the first two quarters of fiscal 2027 is expected to be about $500 million. Kapoor added that higher average debt balances are expected to raise interest expense by $30 million to $35 million year over year in 2027.

The company expects free cash flow of $300 million for fiscal 2026, down from its prior expectation of $400 million. Despite the project-related headwinds, AECOM generated $55 million in positive free cash flow during the third quarter.

Backlog Reaches Record High AECOM said quarterly wins drove a 1.6x book-to-burn ratio across the company and a 1.8x ratio in the Americas. Year-to-date book-to-burn was 1.4x. Backlog reached a new record, rising 13% from a year earlier.

Adjusted for one fewer working day, net service revenue in the design business increased 5%, led by 6% growth in the Americas design business and 4% growth in International. Rudd said total growth fell short of expectations because of slower-than-anticipated project starts in Construction Management and the continuing effect of conflict in the Middle East.

President Lara Poloni highlighted two large environment-business recompetes, one involving a public-sector client and one a private-sector client. She said the scope of work on both projects expanded significantly.

In the United States, Poloni said state and local clients continue to prioritize highways, bridges, transit, rail and water projects. AECOM’s U.S. water pipeline grew 30% during the quarter, while its Department of Defense pipeline also increased by about 30%.

Poloni also cited private-sector demand, particularly from data centers and hyperscale customers. In Canada, activity remained broad-based across markets and contributed to continued double-digit net service revenue growth. After quarter-end, the company won a 10-year program management role on a highway and bus-transit project, one of its largest Canadian wins to date.

International Growth and Margin Improvement International net service revenue increased 4%, with growth led by the United Kingdom and Australia. The International segment’s backlog rose 28% year over year, while adjusted operating margin was 14.3%.

Kapoor attributed the margin improvement to stronger growth in Australia, which he described as a higher-margin market; better utilization in the United Kingdom; and initial benefits from the company’s proprietary artificial intelligence strategy.

In the U.K., net service revenue growth accelerated to the high single digits, supported by water, environment and energy work, including the Great Grid Upgrade program. Australia posted double-digit growth, and its backlog rose more than 40% year over year. The Middle East remained affected by uncertainty in tourism- and hospitality-related markets, although backlog there grew at a double-digit rate and AECOM won a large Saudi Arabian rail project after the quarter ended.

Updated Fiscal 2026 Outlook AECOM updated its outlook to reflect the Construction Management charge, lower-than-expected net service revenue growth and margin performance. The company now expects fiscal 2026 net service revenue of approximately $7.3 billion, adjusted EBITDA of $950 million and adjusted EPS of $4.05 at the midpoint of its guidance ranges.

Excluding the impact of the charge for comparability, AECOM said it expects net service revenue of $7.65 billion to $7.7 billion, adjusted EBITDA of $1.29 billion and adjusted EPS of $6 at the midpoints. The company raised its expected adjusted EBITDA margin to 17.4%, from 17% previously.

Kapoor said the Americas adjusted operating margin was negative 16.1% because of the Construction Management impact. Excluding that impact, the margin was 18%, though it was affected by slower Construction Management project starts and elevated business-development spending. He said Americas margins are expected to normalize in the fourth quarter.

Looking toward fiscal 2027, Rudd said AECOM continues to expect its long-term organic growth algorithm of 5% to 8% to apply to the entire business, including Construction Management. He said Construction Management growth is expected to contribute more meaningfully in the second half of fiscal 2027 as newer awards ramp up and employees are redeployed from the two legacy projects.

About AECOM (NYSE:ACM) AECOM is a multinational infrastructure consulting firm that provides a broad range of professional technical and management services. Its core offerings include architecture and engineering design, program and construction management, environmental remediation and consulting, and operations and maintenance support. The company works across the full project lifecycle from planning and design through construction and long‑term asset management.

AECOM serves public- and private-sector clients in major built-environment markets, including transportation (roads, bridges, rail, airports), water and wastewater systems, buildings and places, energy and power, and environmental services.

Engineering firm Aecom (ACM -7.35%) stock tumbled 5.5% through 10:25 a.m. ET Tuesday after missing badly on earnings last night.

Heading into the report, analysts forecast Aecom would earn $1.51 per share in its fiscal Q3 2026. Instead, Aecom reported a $0.50 per share loss. Crazily, this came in a quarter when Aecom's revenue -- $3.6 billion -- was 80% more than the $2 billion Wall Street expected!

Image source: Getty Images.

Even $3.6 billion represented a 14% decline in revenue for Aecom year over year. Worse, the work Aecom did was unprofitable. Operating earnings ran negative, non-GAAP earnings were the $0.50 loss noted above, and GAAP results showed an even bigger net loss: $0.65 per share.

Even the good news at Aecom was kind of bad. Aecom generated positive free cash flow of $55 million in the quarter. However, this was 79% less free cash flow than the company generated a year ago.

Today's Change

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What this means for Aecom stock Aecom management blamed these results on "a $337 million pre-tax charge resulting from a higher projected cost to complete a Construction Management project."

Now, the good news is that the charge related to a contract signed in 2019 "under terms and conditions that would not be acceptable after the substantial changes the Company implemented to its risk policies several years ago." So it's not likely to repeat. The bad news is the damage is done -- and it was bad enough to turn what should have been a profitable quarter into a loss.

Going forward, management will try to recover from that seven-year-old mistake, and thinks $300 million in free cash flow this year is achievable. That still values the stock at a rich 32x price-to-free cash flow ratio, though.

For now, Aecom stock looks expensive to me.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Aecom. The Motley Fool has a disclosure policy.

August 07, 2026 05:00 ET  | Source: ACM Research, Inc.

FREMONT, Calif., Aug. 07, 2026 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its second quarter ended June 30, 2026.

“We delivered a strong second quarter, with revenue and shipments both increasing 36% year over year,” said Dr. David Wang, President and Chief Executive Officer of ACM. “Revenue growth was led by the ECP and advanced packaging categories, which grew 168% and 153%, respectively, reflecting the growing contribution of our broader product portfolio. During the quarter, we shipped our 2,000th ECP chamber, an important milestone that demonstrates the increasing adoption of our ECP technology in high-volume manufacturing of logic, memory and 3D packaging. We also delivered good profitability, and ended the quarter with $1.0 billion in net cash, providing significant financial strength to support our long-term growth strategy.”

Dr. Wang continued, “Customer demand as demonstrated by increased order activity provides us with good visibility for the remainder of 2026. We see 2026 as a ‘Big Year’ for new products as we proceed with customer evaluations and product ramps across multiple platforms, including SPM Cleaning, Track, PECVD and horizontal panel-level plating for advanced packaging. At the same time, we are expanding engagement with global customers and making solid progress at our Oregon facility. We are raising our full-year 2026 revenue outlook for 25% to 30% growth. We remain confident in our ability to outgrow the market through new product cycles, market share gains and increasing contributions from global markets as we execute toward our long-term revenue target of $4 billion.”

 Three Months Ended June 30 GAAP Non-GAAP(1)  2026   2025   2026   2025  (dollars in thousands, except EPS)Revenue$292,919  $215,372  $292,919  $215,372 Gross margin 46.0%  48.5%  46.0%  48.7%Income from operations$49,743  $31,694  $56,326  $41,464 Net income attributable to ACM Research, Inc.$88,984  $29,760  $44,516  $37,316 Basic EPS$1.31  $0.47  $0.66  $0.58 Diluted EPS$1.23  $0.44  $0.61  $0.55   Six Months Ended June 30 GAAP Non-GAAP(1)  2026   2025   2026   2025  (dollars in thousands, except EPS)Revenue$524,182  $387,719  $524,182  $387,719 Gross margin 46.1%  48.2%  46.2%  48.5%Income from operations$85,920  $57,471  $98,124  $77,058 Net income attributable to ACM Research, Inc.$106,291  $50,140  $68,484  $68,395 Basic EPS$1.59  $0.79  $1.02  $1.08 Diluted EPS$1.49  $0.74  $0.96  $1.01                  (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 attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain on short-term investments and its impact to net income attributable to non-controlling interests.

Outlook

ACM has raised its revenue guidance range to $1.125 billion to $1.175 billion for fiscal year 2026, from the prior range of $1.08 billion to $1.175 billion. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

Operating Highlights and Recent Announcements

Shipments. Total shipments in the second quarter of 2026 were $281.5 million, up 36.4% when compared to the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.Shipment of the 2,000th Electroplating Chamber. ACM shipped its 2,000th electroplating chamber, following shipment milestones of 500 chambers in 2022 and 1,500 chambers in 2025. The achievement underscores the continued commercial expansion and growing market recognition of ACM's electroplating solutions.Presented Proprietary High-Temperature SPM Cleaning Technology at SPCC 2026. ACM presented its proprietary high-temperature SPM cleaning technology at the Surface Preparation and Cleaning Conference (SPCC) 2026, showcasing particle performance of fewer than 15 particles at 15nm without requiring periodic DI water chamber cleaning. The technology is designed to improve yield and lower maintenance requirements for advanced GAA logic, DRAM and HBM applications.Expansion of the Ultra C Tahoe Wet Processing Platform. ACM has expanded its Ultra C Tahoe system into a multi-process wet processing platform, by adding advanced wet etch and monitor wafer reclaim applications for logic and memory manufacturing. The expanded platform has been adopted by leading semiconductor manufacturers, and the Tahoe Recycle application is running in volume production at customer facilities. This expanded Tahoe platform demonstrates the versatility of our hybrid architecture and its scalability for advanced semiconductor manufacturing. ACM will continue to drive world-class process performance and integrating environmental benefits into product development to help make advanced semiconductor manufacturing more efficient and sustainable.Received Orders for the Ultra ECP ap-p Tool. ACM received the first production order for one 510 × 515 mm Ultra ECP ap-p tool from an existing advanced packaging customer in mainland China, with delivery scheduled for the first half of 2027. ACM also received an evaluation order for one 310 × 310 mm tool from a new leading panel-manufacturer customer based in Asia, with delivery scheduled for the fourth quarter of 2026. Second Quarter 2026 Financial Summary

Unless otherwise noted, the following figures refer to the second quarter of 2026 and comparisons are with the second quarter of 2025.

Revenue was $292.9 million, up 36.0%, primarily driven by higher sales of ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares, partially offset by lower sales of single-wafer cleaning, Tahoe and semi-critical cleaning tools.Gross margin was 46.0% versus 48.5%. Non-GAAP gross margin, which excludes stock-based compensation, was 46.0% versus 48.7%. Gross margin was above the mid-point of ACM’s long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.Operating expenses were $84.9 million, an increase of 16.6%. Operating expenses as a percentage of revenue decreased to 29.0% from 33.8%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $78.5 million, up 23.9%. Non-GAAP operating expenses as a percentage of revenue decreased to 26.8% from 29.4%.Operating income was $49.7 million, compared to $31.7 million. Operating margin was 17.0% compared to 14.7%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $56.3 million, compared to $41.5 million. Non-GAAP operating margin, which excludes stock-based compensation, was 19.2% compared to 19.3%.Unrealized gain on short-term investments was $69.6 million, compared to an unrealized gain of $2.7 million. Unrealized gain reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.Income tax expense was $13.5 million, compared to $1.9 million. The change in tax expense primarily resulted from the tax effect of an increase in operating profit for the period.Net income attributable to ACM Research, Inc. was $89.0 million, compared to $29.8 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $44.5 million, compared to $37.3 million.Net income per diluted share attributable to ACM Research, Inc. was $1.23, compared to $0.44. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.61, compared to $0.55.Cash and cash equivalents, plus restricted cash and short-term time deposits were $1.36 billion at June 30, 2026, compared to $1.25 billion at March 31, 2026. Net cash, which excludes short-term and long-term borrowings, was $1.0 billion at June 30, 2026, compared to $924.2 million at March 31, 2026.
Conference Call Details

A conference call to discuss results will be held on Friday, August 7, 2026, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register-conf.media-server.com/register/BIc282607074af4b0895b2ed37fb7d0eb9

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com.

Use of Non-GAAP Financial Measures

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 regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

© ACM Research, Inc. Ultra C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:The Blueshirt Group Steven C. Pelayo, CFA (360) 808-5154 [email protected]  In China:The Blueshirt Group Asia Gary Dvorchak, CFA +86 (138) 1079-1480 [email protected] ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets

 June 30, 2026 December 31, 2025 (Unaudited)   (In thousands)Assets   Current assets:   Cash and cash equivalents$969,229 $757,373 Restricted cash 21,358  8,589 Short-term time deposits 365,055  366,591 Short-term investments 105,091  35,524 Accounts receivables, net 538,389  504,250 Other receivables 66,820  48,655 Inventories, net 783,119  702,631 Advances to related parties 163  2,500 Prepaid expenses and other current assets 25,554  10,567 Total current assets 2,874,778  2,436,680 Property, plant and equipment, net 384,593  314,830 Operating lease right-of-use assets, net 16,634  17,925 Intangible assets, net 2,516  2,847 Deferred tax assets 25,904  29,389 Long-term investments 89,249  66,035 Other long-term assets 5,564  4,479  Total assets$3,399,238 $2,872,185 Liabilities and Equity   Current liabilities:   Short-term borrowings$107,218 $74,041 Current portion of long-term borrowings 40,787  35,082 Related parties accounts payable 29,799  32,060 Accounts payable 220,601  215,440 Advances from customers 165,566  187,809 Deferred revenue 15,908  17,388 Income taxes payable 3,626  991 FIN-48 payable 28,908  27,719 Other payables and accrued expenses 168,944  150,396 Current portion of operating lease liability 4,907  4,786 Total current liabilities 786,264  745,712 Long-term borrowings 192,904  178,930 Long-term operating lease liability 3,503  5,069 Other long-term liabilities 11,444  11,965  Total liabilities 994,115  941,676 Commitments and contingencies    Equity:   Stockholders’ equity:   Class A Common stock 6  6 Class B Common stock 1  1 Additional paid-in capital 1,361,841  1,115,504 Retained earnings 456,719  350,428 Statutory surplus reserve 34,164  34,164 Accumulated other comprehensive loss 7,423  (35,740)Total ACM Research, Inc. stockholders’ equity 1,860,154  1,464,363 Non-controlling interests 544,969  466,146 Total equity 2,405,123  1,930,509  Total liabilities and equity$3,399,238 $2,872,185  ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025  (Unaudited) ( In thousands, except share and per share data) Revenue$292,919  $215,372  $524,182  $387,719 Cost of revenue 158,301   110,911   282,326   200,708  Gross profit 134,618   104,461   241,856   187,011 Operating expenses:       Sales and marketing 23,778   22,102   44,466   38,445 Research and development 42,254   33,817   78,803   61,320 General and administrative 18,843   16,848   32,667   29,775  Total operating expenses 84,875   72,767   155,936   129,540  Income from operations 49,743   31,694   85,920   57,471 Interest income 7,142   4,013   11,861   7,352 Interest expense (2,059)  (1,757)  (3,992)  (3,315)Realized gain on short-term investments -   54   -   54 Unrealized gain on short-term investments 69,592   2,730   68,186   1,648 Other expense, net (9,793)  (346)  (19,093)  (608)Income from equity method investments 21,097   1,773   22,846   2,725  Income before income taxes 135,722   38,161   165,728   65,327 Income tax expense (13,472)  (1,891)  (17,243)  (4,044) Net income 122,250   36,270   148,485   61,283 Less: Net income attributable to non-controlling interests 33,266   6,510   42,194   11,143  Net income attributable to ACM Research, Inc.$88,984  $29,760  $106,291  $50,140 Comprehensive income:       Net income 122,250   36,270   148,485   61,283 Foreign currency translation adjustment, net of tax of nil 30,141   3,905   57,938   5,655  Comprehensive Income 153,066   40,175   207,098   66,938 Less: Comprehensive income attributable to non-controlling interests 41,477   7,250   57,644   12,207  Comprehensive income attributable to ACM Research, Inc.$111,589  $32,925  $149,454  $54,731         Net income attributable to ACM Research, Inc. per common share:       Basic$1.31  $0.47  $1.59  $0.79 Diluted$1.23  $0.44  $1.49  $0.74         Weighted average common shares outstanding used in computing per share amounts:       Basic 67,890,917   63,968,763   66,853,350   63,620,235 Diluted 71,838,908   67,464,856   70,678,872   67,138,338  ACM RESEARCH, INC.
Total Revenue by Product Category

 Three Months Ended June 30, Six Months Ended June 30, 2026
 2025
 2026
 2025
 (Unaudited) ($ in thousand)Single wafer cleaning, Tahoe and semi-critical cleaning equipment$132,978 $154,961 $255,460 $284,530ECP (front-end and packaging), furnace and other technologies 128,546  48,016  212,785  75,646Advanced packaging (excluding ECP), services & spares 31,395  12,395  55,937  27,543Total Revenue By Product Category$292,919 $215,372 $524,182 $387,719 ACM RESEARCH, INC.
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. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share 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 June 30,  2026  2025  Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP)Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP) (In thousands)Revenue$292,919 $- $- $292,919 $215,372 $- $- $215,372 Cost of revenue (158,301) (177) -  (158,124) (110,911) (356) -  (110,555)Gross profit 134,618  (177) -  134,795  104,461  (356) -  104,817 Gross margin 46.0% 0.1% -  46.0% 48.5% 0.2% -  48.7%Operating expenses:        Sales and marketing (23,778) (1,330) -  (22,448) (22,102) (2,096) -  (20,006)Research and development (42,254) (1,532) -  (40,722) (33,817) (2,580) -  (31,237)General and administrative (18,843) (3,544) -  (15,299) (16,848) (4,738) -  (12,110)Total operating expenses (84,875) (6,406) -  (78,469) (72,767) (9,414) -  (63,353)Income (loss) from operations 49,743  (6,583) -  56,326  31,694  (9,770) -  41,464 Unrealized gain on short-term investments 69,592  -  69,592  -  2,730  -  2,730  - Less: Net income attributable to non-controlling interests 33,266  -  (18,541) 14,725  6,510  -  (516) 5,994 Net income (loss) attributable to ACM Research, Inc.$88,984 $(6,583)$51,051 $44,516 $29,760 $(9,770)$2,214 $37,316 Basic EPS$1.31   $0.66 $0.47   $0.58 Diluted EPS$1.23   $0.61 $0.44   $0.55   Six Months Ended June 30,  2026  2025  Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP)Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP) (In thousands)Revenue$524,182 $- $- $524,182 $387,719 $- $- $387,719 Cost of revenue (282,326) (525) -  (281,801) (200,708) (885) -  (199,823)Gross profit 241,856  (525) -  242,381  187,011  (885) -  187,896 Gross margin 46.1% 0.1% -  46.2% 48.2% 0.2% -  48.5%Operating expenses:        Sales and marketing (44,466) (2,822) -  (41,644) (38,445) (4,253) -  (34,192)Research and development (78,803) (3,374) -  (75,429) (61,320) (5,355) -  (55,965)General and administrative (32,667) (5,483) -  (27,184) (29,775) (9,094) -  (20,681)Total operating expenses (155,936) (11,679) -  (144,257) (129,540) (18,702) -  (110,838)Income (loss) from operations 85,920  (12,204) -  98,124  57,471  (19,587) -  77,058 Unrealized gain on short-term investments 68,186  -  68,186  -  1,648  -  1,648  - Less: Net income attributable to non-controlling interests 42,194  -  (18,175) 24,019  11,143  -  (316) 10,827 Net income (loss) attributable to ACM Research, Inc.$106,291 $(12,204)$50,011 $68,484 $50,140 $(19,587)$1,332 $68,395 Basic EPS$1.59   $1.02 $0.79   $1.08 Diluted EPS$1.49   $0.96 $0.74   $1.01 

Key Takeaways ACM Research's second-quarter revenue estimate implies 24.5% growth, while EPS is expected to decline.ACMR is benefiting from strong ECP, advanced packaging and cleaning equipment demand.Higher R&D spending and product mix could pressure ACMR's operating and gross margins. ACM Research (ACMR - Free Report) is scheduled to report second-quarter 2026 results on Aug. 7, before market open.

The Zacks Consensus Estimate for ACM Research’s second-quarter 2026 earnings is pegged at 30 cents per share, implying a year-over-year decline of 44.4%.

ACM Research’s earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters, while missing twice, the average surprise being 20.44%.

The Zacks Consensus Estimate for ACM Research’s second-quarter 2026 revenues is pegged at $268.2 million, suggesting year-over-year growth of 24.5%.

Key Factors to Note for ACM Research's Q2 EarningsACM Research's second-quarter performance is expected to have benefited from strong demand for its electrochemical plating (ECP) products. Demand for these tools is being driven by investments in high-bandwidth memory, advanced packaging and 2.5D chip packaging. In the first quarter of 2026, revenues from ECP, furnace and other technologies increased 205% year over year to $84.2 million. Continued demand for copper plating tools is likely to have supported second-quarter growth.

Strong demand for advanced packaging equipment is also likely to have aided second-quarter results. First-quarter revenues from advanced packaging, excluding ECP, increased 62% year over year. ACM Research is seeing demand for coaters, developers, wet etchers, strippers and cleaning tools used in advanced packaging. The company is gaining traction with its panel-level horizontal plating platform and expects customer evaluations to support future production orders.

The cleaning business is expected to have improved in the second quarter. In the first quarter of 2026, cleaning tool shipments increased 32% year over year. Management said that several technical issues related to new cleaning applications have largely been resolved. The company is also ramping its single-wafer SPM cleaning tool and expects to deliver 15-20 units in 2026. ACM Research's new products are expected to have supported its prospects in the second quarter. The company expects higher contributions in 2026 from its Tahoe, single-wafer SPM and vertical furnace products. These factors are likely to have boded well for ACMR’s prospects in the second quarter of 2026.

However, higher operating expenses are likely to have limited earnings growth. ACM Research expects R&D expenses to account for 16-18% of revenues in 2026 compared with 15% in the first quarter, as the company continues to invest in new products. In the first quarter of 2026, operating expenses increased 38.5%, reflecting continued investments in R&D, sales and global expansion. As a result, operating margin declined to 18.1% from 20.7% in the year-ago quarter.

Further, in the first quarter of 2026, gross margin declined year over year to 46.5% from 48.2%. Management specifically noted that product mix can cause quarterly fluctuations, meaning rapid growth in newer product categories may not translate directly into stable margin expansion. These factors could have hurt the company’s prospects in the second quarter of 2026.

What Our Model Says About ACMROur proven model does not conclusively predict an earnings beat for ACMR this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that’s not the case here.

ACMR has an Earnings ESP of 0.00% and carries a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks With Favorable CombinationHere are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Lumentum (LITE - Free Report) has an Earnings ESP of +0.46% and carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Lumentum is set to report fourth-quarter fiscal 2026 results on Aug. 11. The Zacks Consensus Estimate for Lumentum’s fourth-quarter fiscal 2026 earnings is pegged at $2.99 per share, up by 3 cents over the past 30 days, indicating a rise of 239.8% from the year-ago quarter’s reported figure.

Analog Devices (ADI - Free Report) has an Earnings ESP of +21.21% and a Zacks Rank #2 at present.

Analog Devices is slated to report third-quarter fiscal 2026 results on Aug. 19. The Zacks Consensus Estimate for Analog Devices’ third-quarter fiscal 2026 earnings is pegged at $3.33 per share, up by 4 cents over the past 30 days, indicating a rise of 62.4% from the year-ago quarter’s reported figure.

Applied Materials (AMAT - Free Report) has an Earnings ESP of +1.52% and carries a Zacks Rank #2 at present.

Applied Materials is set to report third-quarter fiscal 2026 results on Aug. 13. The Zacks Consensus Estimate for Applied Materials’ third-quarter earnings is pegged at $3.36 per share, up by a penny over the past 30 days, indicating a rise of 35.5% from the year-ago quarter’s reported figure.

Key Takeaways ACM secured eight lots on Scotland Excel's four-year engineering consultancy framework.AECOM will provide transportation, water, environmental, project and commercial management services.ACM's award expands its U.K. framework portfolio alongside recent major infrastructure appointments. AECOM (ACM - Free Report) has secured eight lots on Scotland Excel's Engineering and Technical Consultancy Framework, expanding its role in providing engineering and technical consultancy services to Scotland's local government sector.

The four-year framework offers a collaborative procurement route for 32 Scottish councils and associate members seeking design and construction consultancy expertise. Under the appointment, AECOM will deliver transportation, water, environmental design, project management and commercial management services. The latest award represents a broader role in the second-generation framework and reflects an expansion in the company's service coverage.

AECOM Adds to Growing U.K. Framework PortfolioThe expanded appointment allows AECOM to support local authorities across a wider range of engineering and technical consultancy requirements through its local teams backed by integrated expertise across the United Kingdom. The broader scope of awarded lots positions the company to participate in projects spanning multiple infrastructure and development priorities over the framework's four-year term.

The award also adds to AECOM's growing portfolio of framework appointments in the United Kingdom. Recent selections, including the preferred bidder role for Scottish Water's Enterprise Alliance and expanded positions on the country's AMP8 water framework, indicate continued opportunities for the company to participate in large-scale engineering and consultancy programs across the region.

AECOM's Expanding Pipeline Supports Long-Term VisibilityAECOM continues to build long-term revenue visibility through a combination of record backlog, a growing pipeline and sustained demand across several infrastructure markets. The company is seeing favorable opportunities in transportation, water, energy, defense, data centers and power infrastructure, while strong funding levels and consistent win rates continue to support future project activity.

In the second quarter of fiscal 2026, backlog increased 8% year over year to a record $26.2 billion, supported by a design book-to-burn ratio of 1.2x. The company also continued to build its pipeline across both the Americas and International markets, providing greater visibility into future project activity. Supported by record backlog, a growing pipeline and favorable funding trends, AECOM raised its full-year fiscal 2026 guidance for the second time this year and expects adjusted EPS and adjusted EBITDA to increase 14% and 7%, respectively, at the midpoint of the updated outlook.

ACM’s Price PerformanceAECOM stock has declined 28.1% in the year-to-date period, significantly underperforming the Zacks Engineering - R and D Services industry’s 38.9% growth. The near-term outlook remains challenged by macroeconomic uncertainty, inflationary pressures and temporary disruptions related to the prolonged U.S. federal government shutdown.

Image Source: Zacks Investment Research

However, ACM’s long-term growth outlook remains compelling, supported by strong demand across its core end markets, including transportation, water, environmental services, energy and advanced facilities.

ACM’s Zacks Rank & Key PicksAECOM currently carries a Zacks Rank #3 (Hold).

Here are some better-ranked stocks from the Construction sector:

JACOBS SOLUTNS (J - Free Report) carries a Zacks Rank #2 (Buy) at present. The company delivered a trailing four-quarter earnings surprise of 4%, on average. J stock has declined 6.6% year to date. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

The Zacks Consensus Estimate for JACOBS fiscal 2026 sales and earnings per share (EPS) indicates growth of 17.6% and 18.1%, respectively, from the prior-year levels.
 
Sterling Infrastructure, Inc. (STRL - Free Report) sports a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 32.5%, on average. STRL stock has jumped 170.3% year to date.

The Zacks Consensus Estimate for Sterling’s 2026 sales and EPS indicates growth of 59.2% and 78.8%, respectively, from the prior-year levels.

Quanta Services, Inc. (PWR - Free Report) flaunts a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 10.2%, on average. PWR stock has climbed 69.1% year to date.

The Zacks Consensus Estimate for Quanta’s 2026 sales and EPS indicates growth of 22.1% and 30.7%, respectively, from the prior-year levels.

New York, June 22, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research LLC, an equity research firm with a focus on small capitalization public companies has initiated coverage of Allied Critical Metals Inc. (CSE: ACM) (OTCQB: ACMIF) (FSE: 0VJ0). The research summary below is from a report commissioned by Allied Critical Metals Inc. and produced by Diamond Equity Research. The in-depth 40-page initiation report includes detailed information on Allied Critical Metal’s business model, services, industry overview, financials, management profile, and risks.

The full research report is available below.

Allied Critical Metals Initiation of Coverage

Highlights from the report include:

Strategic Exposure to a Structurally Tight and Geopolitically Critical Tungsten Market: Allied Critical Metals provides direct exposure to tungsten, a strategically important critical mineral increasingly essential across defense, semiconductors, aerospace, industrial tooling, energy infrastructure, and next-generation technologies. With China controlling approximately 79% of global tungsten supply and Western governments implementing restrictions on Chinese tungsten sourcing, non-Chinese supply sources are becoming increasingly valuable. The company’s Portugal-based tungsten portfolio positions ACM as a potential strategic supplier into emerging Western critical mineral supply chains amid tightening global supply conditions and rising geopolitical focus on resource security.Strategic Positioning Within European Critical Raw Materials Policy: ACM's Portuguese tungsten assets are uniquely positioned within the European Union's drive to secure domestic supplies of critical and strategic raw materials under the Critical Raw Materials Act (CRMA). Portugal is currently the European Union's largest producer of tungsten concentrate and is widely recognized as one of the few jurisdictions capable of materially increasing domestic tungsten production in the coming years. Borralha and Vila Verde therefore represent potential strategic contributors to European industrial resilience, defence supply chains and long-term resource security. This positioning has been formally recognized by idD Portugal Defence, the Portuguese public entity overseeing the nation's Defence Industry, which issued ACM a Letter of Recognition endorsing the Borralha Project as a strategic initiative of national importance and acknowledging the Company's leadership role in re-establishing tungsten production in Portugal.                                                         Borralha Represents a Large-Scale, PEA-Stage Tungsten Development Asset with Strong Economic Basis: The Borralha Tungsten Project provides ACM with a defined resource-backed development platform supported by an updated 2025 Mineral Resource Estimate of 13.0 Mt Measured & Indicated grading 0.21% WO₃ and 7.7 Mt Inferred grading 0.18% WO₃. The April 2026 PEA demonstrated robust economics across multiple pricing scenarios, including an after-tax NPV(8%) of approximately C$473 million and an IRR of 48.8% under the medium-case tungsten price assumption. Importantly, the PEA was completed using tungsten price assumptions materially below prevailing market prices. The study’s medium-case scenario was based on approximately US$1,000/mtu WO₃, while the high-case scenario used US$1,500/mtu WO₃, both of which remain substantially below recent spot prices that have exceeded US$3,000/mtu during 2026. Favourable Permitting Positioning: Borralha is one of the most advanced undeveloped tungsten projects in Europe from a permitting perspective. The Project has received a favourable Environmental Impact Declaration (DIA) from the Portuguese environmental authorities, significantly reducing permitting risk and positioning the Project to advance toward the next stages of engineering, environmental compliance and feasibility development. Santa Helena Breccia Supports Scalable Underground Mining Optionality Beyond Traditional Narrow Vein Tungsten Deposits: Borralha’s Santa Helena Breccia system materially differentiates the project from many conventional narrow-vein tungsten operations. The breccia system demonstrates widths of up to 200 meters, strike length exceeding 600 meters, and remains open at depth, supporting potential scalability through bulk underground mining methods. Wide mineralized intercepts together with localized high-grade zones support operational flexibility and potentially improved mining efficiency relative to traditional vein-restricted tungsten deposits.   Strengthened Liquidity Position Significantly Improves Near- to Medium-Term Execution Visibility: The company materially strengthened its financial position through a recently announced approximately US$40 million strategic financing and offtake package, including US$15 million of project financing for Vila Verde and a tungsten concentrate offtake agreement. ACM indicated available liquidity exceeding approximately C$45 million, providing improved funding visibility for pilot plant construction, ongoing drilling programs, metallurgical optimization, and future prefeasibility-related work. The improved balance sheet reduces near-term financing pressure and allows the company to transition from a purely exploration-focused issuer toward a project execution and development story. The financing package also represents a significant third-party validation of the quality of ACM's asset portfolio and development strategy, supporting the Company's transition from exploration and resource delineation toward project development and execution.  Portfolio Approach Provides Multiple Development Pathways: ACM benefits from a dual-asset strategy through the Borralha and Vila Verde Projects. While Borralha represents a large-scale, long-life development asset with significant resource expansion potential, Vila Verde provides a potentially lower-capital pathway toward near-term production through the planned pilot plant and processing operations. Together, the projects provide operational flexibility, diversified development timelines and multiple opportunities for value creation.Valuation: Allied Critical Metals has been valued primarily using a DCF-based NAV methodology, to which we assign a 75% weighting, complemented by a 25% weighting to a comparable company analysis. The DCF framework applies an 8.0% discount rate and assumes no terminal value. The valuation incorporates separate project-level forecasts for Borralha and Vila Verde, with Borralha treated as the company’s core long-term development asset and Vila Verde modeled as a near-term pilot plant opportunity. For Borralha, we model the 13.0 Mt M&I resource as the core operating base over an 11-year mine life, while the 7.7 Mt inferred resource is treated as a separate, lower-confidence mine-line extension optionality. For Vila Verde, we model a near-term pilot plant case with an initial throughput of 150,000 tpa over 5 years. In addition, we have incorporated a comparable company analysis, using EV/contained WO3 as the relevant market-based valuation metric for publicly listed tungsten-focused peers. On a blended basis, this approach results in an illustrative equity value of C$629.04 million, or C$3.50 per share, contingent on successful execution by the company. About Allied Critical Metals Inc.

Allied Critical Metals Inc. is a Canadian-based critical minerals development company focused on becoming a leading European supplier of tungsten and associated critical metals. Through its 100%-owned Borralha and Vila Verde Projects in northern Portugal, ACM is advancing a portfolio of strategically significant assets positioned to support European and North American supply chain security, defence requirements, energy transition technologies and advanced manufacturing industries.The Borralha Project is one of the largest undeveloped tungsten resources within the European Union and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for advancement toward feasibility and development. Vila Verde represents additional exploration upside within the same strategic jurisdiction. Tungsten has been designated a critical raw material by the United States and the European Union due to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy applications. Currently, China, Russia and North Korea account for approximately 87% of global tungsten supply and reserves, highlighting the importance of secure western sources. 

Further details regarding the Borralha Project are available in the Company's NI 43-101 Preliminary Economic Assessment Technical Report dated April 14, 2026, filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.alliedcritical.com. 

About Diamond Equity Research

Diamond Equity Research is an equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

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Disclosures:

 Diamond Equity Research LLC is being compensated by Allied Critical Metals, Inc. for producing research materials regarding Allied Critical Metals, Inc. and its securities, which is meant to subsidize the high cost of creating the reports and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 06/22/26 Allied Critical Metals, Inc. has paid us $50,000 for our company sponsored research services, which commenced 04/30/2026 and is billed annually, which could present a conflict of interest. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. Allied Critical Metals, Inc. has not paid us for non-research related services as of 06/22/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Diamond Equity Research LLC for a distinct engagement and not for this specific report is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the reports and monitoring the security, however the views in the reports reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 06/22/26 Almonty Industries, Inc. has paid us $100,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually upfront for $50,000. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. Almonty Industries, Inc. has not paid us for non-research related services as of 06/22/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Almonty Industries Inc.’s payments are disclosed as security mentioned in this report; however, they have not paid for this specific report. Additional research cash compensation may be received in future years if issuer engagements are renewed. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences.Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment.This report is based on information we consider reliable, including the subject of the report.This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided.  Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Allied Critical Metals Inc., which may not be comprehensive. Please review initiation report attached for full report disclosures.

Allied Critical Metals Initiation of Coverage