Ichor’s shares fell 0.8% after earnings, a broadly flat reaction. Revenue and margins rose, while management’s outlook still reflects supply-chain constraints in high-end etch and deposition; Q4 is expected to grow sequentially, but the call did not remove those constraints.
- Q3 revenue was $329 million, up 12% sequentially and 37% year over year.
- Gross margin reached 16%, up 190 basis points from Q2 and above the high end of expectations; incremental gross margin was 33%.
- Management expects Q4 sequential growth in revenue, gross margin and EPS, and roughly 30% revenue growth for full-year 2026.
- Supply constraints in high-end etch and deposition are incorporated into the outlook; management put second-half growth at 24% at the midpoint versus the first half.
- Proprietary content in gas systems rose to more than 30% in Q3 from 25% in Q2; the company remains on track for about 35% exiting Q4.
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