Ichor Holdings, Ltd. Earnings Recaps
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.