Ichor reported Q3 2025 revenues of $239 million, exceeding expectations amid strong demand in etch and deposition markets, although declining orders in non-semi sectors impacted gross margins.

• Revenues increased 13% year-over-year, driven by gains from leading-edge semiconductor customers.
• Gross margin narrowed to 12.1%, impacted by lower order rates from the IMG non-semi business, resulting in a 1 percentage point decline.
• Restructuring costs of $18.3 million were recognized, linked to the consolidation of operations and potential for additional charges ahead.
• New CEO Phil Barros emphasizes operational efficiency and development of proprietary components to navigate current market challenges.
• Outlook for Q4 reflects expected continued weakness in specific end markets, with operational focus on aligning manufacturing capacity to targeted margins.