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Did Ichor Holdings beat or miss consensus estimates last quarter?

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What factors drove the changes in Ichor Holdings's revenue and profit?

What is the revenue and EPS growth rate for Ichor Holdings year over year?

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- **Revenue Growth**: Q4 2025 revenue $224 million (+12% YoY), Q1 2026 guidance $240-$260 million, signaling sequential growth through 2026.
- **Margin Expansion**: Target 15%+ gross margin by 2026H2, driven by in-sourcing, Malaysia/Mexico capacity, and component mix shift.
- **Strategic Wins**: 5th largest customer in non-semiconductor sector, with design wins translating to revenue growth outpacing semiconductor segment.
- **Financial Health**: Cash $98.3 million, debt $123 million, 2026 CapEx ~3% of revenue.


**【CEO Summary Section】**
- **Revenue Growth and Market Momentum**: Q4 2025 revenue of $224 million, up 12% YoY to $948 million. Sequential growth driven by etch/deposition intensity in advanced logic, high-bandwidth memory, and AI adoption. 2026 outlook: Q1 revenue guidance of $240-$260 million, with sequential growth expected every quarter.
- **Strategic Initiatives**: Global footprint realignment (Mexico, Malaysia expansions), in-sourcing components to improve margins. Target: Ichor-branded products to support 75% of system content by year-end, enabling Angstrom-era precision.
- **Commercial Space Growth**: 5th largest customer now in non-semiconductor sector, with design wins translating into revenue growth outpacing semiconductor segment.

**【CFO Financial Commentary】**
- **Q4 Financials**: Gross margin 11.7%, operating income $2.7 million, net income $0.01 per share. Q1 2026 guidance: Revenue $240-$260 million, gross margin 12-13%, OpEx $24 million, EPS $0.08-$0.16.
- **Balance Sheet**: Cash $98.3 million, debt $123 million, DSO 29 days, inventory turns 3.3.
- **2026 Outlook**: CapEx ~3% of revenue, moderating from 2025's 4%. Restructuring costs largely completed, with minor ongoing expenses.

**【Q&A Highlights】**
- **Demand Visibility**: 6-month visibility for 2026, with 2027 outlook aligning with customer guidance. EUV recovery expected late 2026, DRAM/NAND growth driven by AI. Share gains targeted in components, gas panels, and non-semiconductor business.
- **Gross Margin Leverage**: 2x revenue growth in gross profit, driven by Malaysia/Mexico facilities. 2026H2 margin improvement from in-sourcing, reduced machining costs. 2027 gross margin potential discussed but not quantified.
- **Commercial Space**: Sub-5% of revenue, targeting 10%+ share with accretive margins. CapEx focus on Malaysia deployment and North America realignment.


Ichor Holdings, Ltd. (ICHR) Q4 2025 Earnings Call Transcript

- **Q3 Revenue Beat**: $239 million driven by etch/deposition demand, offset by 1% margin drag from IMG underperformance.
- **Q4 Trough Guidance**: $210-230 million revenue, 10-12% gross margin, with Q1 2026 recovery.
- **Strategic Shifts**: Transitioning to product-driven business with 20%+ gross margin goal via internal manufacturing and new product ramps.
- **Operational Focus**: Meet Q4 expense targets ($23.7M), stabilize cash flow, and execute restructuring.

**【CEO Summary Section】**
- Q3 2025 revenue of $239 million exceeded expectations, driven by strong demand in etch and deposition applications. However, non-semiconductor (IMG) business underperformance reduced gross margin by 1 percentage point.
- Q4 2025 is expected to be the trough with revenue guidance of $210-230 million and gross margins of 10-12%. Recovery in Q1 2026 is anticipated.
- Strategic focus on internal component manufacturing, transitioning to a product-driven business, and expanding high-margin machining and flow control businesses.
- Long-term goal of achieving 20% gross margin through internal production ramping and new product qualifications.

**【CFO Financial Commentary】**
- Q3 non-GAAP EPS of $0.07, with GAAP net loss due to $18.3 million restructuring costs.
- Cash position of $92.5 million, refinanced credit facility, and 2026 tax rate of 15-17%.
- Q4 operating expenses expected to remain stable at $23.7 million, with focus on cost control and margin improvement.

**【Q&A Key Highlights】**
- IMG business decline due to funding delays, with recovery expected in Q1 2026.
- Internal valve system qualification for a fourth customer anticipated in Q1 2026.
- Hiring targets met in Minnesota factory, with capacity expansion plans in Malaysia and Mexico.
- 2026 strategic priorities include gross margin expansion to mid-teens and operational efficiency improvements.

Ichor Holdings, Ltd. (ICHR) Q3 2025 Earnings Call Transcript

- **Revenue beat with margin miss**: Q2 $240M revenue (18% YoY) vs. 12.5% gross margin (low end of guidance) due to machining labor shortages.
- **New product momentum**: Flow control end-user qualification and valve commercial shipments mark inflection points.
- **CEO transition**: Strategic advisor role announced amid search for successor.
- **Q3 guidance cautious**: Flat revenue vs. Q2, 12.5-13.5% gross margin range maintained.
- **Tax headwind**: $0.07 EPS impact from accelerated Pillar Two tax.

**【CEO Summary Section】**
- Q2 revenue of $240 million exceeded expectations, driven by lower-margin gas panel integration business. Gross margin of 12.5% fell short of guidance due to hiring challenges in U.S. machining operations.
- New product progress: Flow control product qualified at a key end user; valve product line secured third customer qualification with commercial shipments beginning. Next-gen products targeting broader semiconductor applications in development.
- 2025 outlook: Year-over-year revenue growth expected to outpace WFE industry (20%+ vs. 5-10% WFE growth). Gross margin expansion contingent on ramping internal component supply and reducing external sourcing costs.
- CEO succession: Jeff Andreson announced transition to strategic advisor role, with search for new CEO underway.

**【CFO Financial Commentary】**
- Q2 GAAP net income: $420 million. Non-GAAP EPS: $0.03 (vs. $0.07 expected), impacted by $3.2 million Pillar Two tax acceleration.
- Balance sheet: $92 million cash, $126 million debt (1.5x net debt ratio). 2025 CapEx ~4% of revenue ($7 million Q2, $28 million annualized).
- Q3 guidance: Revenue $225-245 million, gross margin 12.5-13.5%, operating expenses ~$23.7 million. Full year tax estimate $5.6 million.

**【Q&A Key Highlights】**
- Hiring challenges: Minnesota machining operation turnover offset hiring gains. Shift differentials and off-shift incentives being tested.
- Demand trends: NAND investment continues, but EUV builds slower than expected. Major U.S. IDM delaying CapEx.
- Tariffs: Section 232 steel/aluminum tariffs (50% duty) passed through to customers. New April 2023 rules eliminate duty drawback for non-U.S. sourced metals.
- Gross margin path: 13%+ achievable in Q3 if hiring ramp meets plan. Long-term 20%+ target remains, contingent on flow controller qualification timing.

Ichor Holdings, Ltd. (ICHR) Q2 2025 Earnings Call Transcript

- **Revenue Resilience**: Q1 up 21% YoY, driven by NAND, DRAM, and Foundry Logic strength, despite modest WFE market growth.
- **Gross Margin Recovery**: H2 2025 target of 15-16% after Q1 miss, with 25% internal component penetration vs. 5% in 2024.
- **Tariff Mitigation**: Mexico operations exempt from Section 232 tariffs, limiting impact on WFE supply chain.
- **Long-Term Vision**: 18-20% gross margin achievable with full next-gen gas panel qualification and component cost-sharing with customers.

**【CEO Business Update】**
- Q1 revenue of $244.5 million, up 21% YoY and 5% sequentially, reflecting stable demand in NAND, DRAM, and Foundry Logic segments.
- Gross margin of 12.4% fell short of expectations due to slower-than-anticipated transition to internally sourced components, resulting in higher external purchases.
- 2025 revenue growth expected to outpace overall WFE market, with H2 gross margin targeted at 15-16%.
- Internal component penetration in gas panels improved from 5% in 2024 to 25% in 2025, with long-term goal of 18-20% gross margin.

**【CFO Financial Highlights】**
- Q1 non-GAAP net income of $6.6 million, EPS of $0.12, below prior guidance due to gross margin underperformance.
- Operating expenses of $23.7 million aligned with expectations, with 2025 CapEx forecasted at 4% of revenue for global expansion.
- Cash flow from operations of $19 million, with free cash flow of $0.5 million.
- 2025 tax rate expected at 12.5%, with net interest expense of $6 million annually.

**【Key Q&A Insights】**
- **Tariff Impact**: Section 232 steel tariffs affecting U.S.-based weldment business, while Mexico operations remain exempt under USMCA.
- **Customer Demand**: Lithography business softer in Q2, offset by strength in NAND upgrades and DRAM for AI applications.
- **Component Qualifications**: 4 of 4 largest customers now qualified on all 3 major product families (valves, fittings, substrates), with 2025 qualification rate doubling 2024 levels.
- **Scotland Exit**: Refurbishment business closure reduced Q1 revenue by ~$10 million annually, with no further material impact expected.


Ichor (ICHR)-5 May 25-2025 Q1 Earnings call transcript

- **Revenue Beat & Growth Momentum**: Q4 $233M (+15% YoY), raising Q1 high end to $255M with 14%-15% gross margin.
- **Gross Margin Recovery**: 2025 target 15%-16%+ (vs. 12% Q4), driven by 25%-30% flow-through and $233M+ new product pipeline.
- **Market Leadership**: Outperforming WFE growth with NAND recovery, advanced logic intensity, and U.S. OEM mix shift.
- **Financial Strength**: Debt down 52% YoY, 1.6x net debt, and $109M cash for growth investments.

**【CEO Summary Section】**
- Q4 revenue reached $233 million, up 10% sequentially and 15% year-over-year, driven by stronger demand in etch and CVD applications.
- Gross margin headwinds in Q4 due to higher direct labor costs and training delays, but expects improvement in 2025 with proprietary component ramp-up.
- 2025 outlook: 15%-16%+ gross margin target, 25%-30% flow-through, and new product growth from high-purity valves, fittings, and next-gen gas panels.
- NAND recovery and advanced logic investments are key growth drivers, with foundry logic and DRAM remaining strong.

**【CFO Financial Commentary】**
- Q4 GAAP net income: $0.08 EPS (non-GAAP), with $233 million revenue and 12% gross margin (down 300bps YoY due to labor and inventory charges).
- Q1 2025 guidance: $235-$255 million revenue, 14%-15% gross margin, and $0.20-$0.32 EPS.
- 2025 full-year gross margin target: >16%, with 5%-7% OpEx growth and $6 million net interest expense.
- Debt reduction to $129 million (from $250M YoY), improving net debt coverage to 1.6x.

**【Q&A Key Takeaways】**
- **Gross Margin Drivers**: 45% from new products (valves, gas panels), 35% from volume growth, 20% from Q4 headwind reversal.
- **Market Mix**: Foundry logic > NAND > DRAM > gate-all-around, with litho recovery in H2 2025.
- **Capacity Utilization**: Current infrastructure supports $400+ million annualized revenue, with minimal incremental hiring needed for 2025 growth.
- **Long-Term Margin Potential**: 19%-20%+ with full proprietary component adoption and scale leverage.

Actual											0.52	0.54	0.62	0.81	0.76	0.9	0.81	0.9	0.7	0.98	1.22	0.72	0.38	0.02	0.07	-0.06	-0.09	0.05	0.12	0.08	0.12	0.03	0.07	0.01
Forecast											0.6	0.4357	0.6	0.7071	0.72	0.85	0.81	0.9105	0.9033	0.8074	0.9875	0.7205	0.275	0.0025	0.08	0.0704	0.0014	0.0291	0.1071	0.0861	0.2614	0.1429	0.1192	-0.0571
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-13.33%	+23.94%	+3.33%	+14.55%	+5.56%	+5.88%	0.00%	-1.15%	-22.51%	+21.38%	+23.54%	-0.07%	+38.18%	+700.00%	-12.50%	-185.23%	-6528.57%	+71.82%	+12.04%	-7.08%	-54.09%	-79.01%	-41.28%	+117.51%

ICHR

ICHR fundamentals

ICHR Q4 2025 Earnings

Earnings Call

You can ask Aime

ICHR

ICHR fundamentals

ICHR Q4 2025 Earnings

Earnings Call

ICHR Earnings Call Summary for Q4/20254:30 PM on Feb 9, 2026

ICHR Earnings Call Summary for Q3/20254:30 PM on Nov 3, 2025

ICHR Earnings Call Summary for Q2/20254:30 PM on Aug 4, 2025

ICHR Earnings Call Summary for Q1/20254:30 PM on May 5, 2025

ICHR Earnings Call Summary for Q4/20244:30 PM on Feb 4, 2025

You can ask Aime