Ichor Holdings, Ltd. Q2 2026 Earnings Recap

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.