Ichor Holdings 2025 Q2 Earnings Revenue Surges 18% Despite Widening Losses

Ichor Holdings (ICHR) reported a 18.2% year-over-year revenue increase to $240.28 million for its fiscal 2025 Q2, surpassing expectations and exceeding the midpoint of its guidance range. Despite this, the company posted a net loss of $9.41 million, or $0.28 per share, marking a 84% increase in losses compared to the prior year. The firm maintained in-line guidance for Q3 with a revenue range of $225–$245 million, though no EPS targets were provided.

Revenue
Ichor Holdings’s total revenue for the second quarter of 2025 increased by 18.2% to $240.28 million, compared to $203.23 million in the same period of 2024. This represents a strong performance and aligns with the company’s mid-point guidance range.

Earnings/Net Income
The company’s losses widened significantly in Q2 2025, with net income turning to a loss of $9.41 million, or $0.28 per share, compared to a loss of $5.11 million, or $0.15 per share, in Q2 2024. This represents an 84.0% year-over-year increase in losses. Despite non-GAAP adjustments, which showed a modest net income of $1.1 million, the GAAP results indicate a challenging earnings performance.

Price Action
The stock price of Ichor Holdings has experienced a sharp decline, falling 0.50% on the latest trading day, 33.02% over the past week, and 38.12% month-to-date. This weak price action has raised concerns among investors.

Post-Earnings Price Action Review
Following the earnings release, a strategy of buying ICHR when earnings beat and holding for 30 days underperformed significantly, delivering a -29.00% return compared to a 0.00% benchmark. The strategy’s CAGR was -6.75%, with a maximum drawdown of 0.00% and a Sharpe ratio of -0.12, highlighting its high-risk nature and lack of downside protection.

CEO Commentary
Jeff Andreson, Ichor Holdings’ CEO, expressed optimism about the company’s performance, stating that customer demand has remained steady and that the company is making progress in expanding its proprietary product portfolio. He emphasized a focus on increasing manufacturing capacity and aligning production with targeted product margins to achieve outperformance in the wafer fab equipment industry.

Guidance
For Q3 2025, Ichor Holdings has set a revenue guidance range of $225 million to $245 million. However, the company did not provide specific EPS or CAPEX targets in its official results or guidance statements.

Additional News
The additional news related to Ichor Holdings during the period includes a detailed financial report outlining both GAAP and non-GAAP results. The report highlights a $240.3 million revenue for Q2 2025, with a gross margin of 11.3% on a GAAP basis and 12.5% on a non-GAAP basis. The company also faced a net loss of $9.4 million, or $0.28 per diluted share on a GAAP basis, while non-GAAP diluted EPS reached $0.03. A conference call was scheduled to discuss the second quarter results and business outlook.