Ichor Holdings, Ltd. Earnings Recaps
Q3 2026
Nov 4, 2026
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.
Key takeaways
- 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.
Q2 2026
Aug 5, 2026
Shares fell 5.3% after the quarter as investors reacted negatively to persistent part shortages delaying revenue recognition and the cautious tone around supply chain constraints, which cast doubt on near-term growth despite positive margin trends.
Key takeaways
- Reported revenue of $295 million, up 15% sequentially, but some expected revenue was pushed into the following week due to isolated part shortages.
- Gross margin improved by 130 basis points to 14.1%, exceeding guidance, driven by product mix and footprint realignment.
- EPS more than doubled from Q1, reaching $0.34, the highest quarterly earnings in three years.
- Management highlighted resolved supply issues but still emphasized ongoing investments to mitigate supply chain pain points, keeping some caution in outlook.
- Company capacity stands at $500 million quarterly revenue currently, with plans to expand to over $3 billion annually through targeted investments in proprietary components.
Q3 2025
Nov 4, 2025
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.
Key takeaways
- 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.