Ichor Holdings 2025 Q3 Earnings Deepened Losses Amid 13.3% Revenue Growth

Ichor Holdings (ICHR) reported fiscal 2025 Q3 earnings on Nov 4, 2025, with revenue rising 13.3% to $239.30 million but net losses widening by 723.2% to $22.85 million. The results missed EPS estimates by 41.67%, while Q4 guidance projects a trough quarter with revenues between $210M–$230M.

Revenue

The total revenue of Ichor Holdings increased by 13.3% to $239.30 million in 2025 Q3, up from $211.14 million in 2024 Q3. This growth was driven by strong demand in etch and deposition markets, though non-semiconductor sectors like aerospace and defense underperformed.

Earnings/Net Income

Ichor Holdings's losses deepened to $0.67 per share in 2025 Q3 from a loss of $0.08 per share in 2024 Q3 (737.5% wider loss). Meanwhile, the company's net loss widened to $-22.85 million in 2025 Q3, representing a 723.2% increase from the $-2.78 million loss recorded in 2024 Q3. The EPS and net loss figures reflect a significant deterioration in profitability despite revenue growth.

Price Action

The stock price of Ichor Holdings has edged up 0.13% during the latest trading day, has edged down 2.28% during the most recent full trading week, and has jumped 11.75% month-to-date.

Post-Earnings Price Action Review

Despite missing EPS estimates, the stock rose 1.01% in aftermarket trading to $22.91. The price action highlights investor optimism about Q3 revenue growth and future potential, though the shares remain within their 52-week range of $13.12–$36.48. The company anticipates Q4 as a trough quarter, with stronger growth expected in the second half of 2026.

CEO Commentary

In the Q3 earnings call, CEO Phil Barros, who recently transitioned from CTO, emphasized strategic priorities to address operational challenges. He noted, “We are focused on refining our global operations footprint and accelerating internal component manufacturing to restore margin targets.” Barros adopted a cautious tone, acknowledging “short-term headwinds in non-semiconductor markets but remain confident in our long-term growth drivers, including AI and advanced packaging.” The commentary underscored a balanced approach to navigating near-term risks while investing in innovation.

Guidance

Ichor Holdings provided Q4 2025 guidance, projecting revenues between $210 million and $230 million, with gross margins expected to range between 10% and 12%. Operating expenses are anticipated to remain consistent at approximately $23.7 million. Anticipated EPS for Q4 ranges from a loss of $0.14 to a profit of $0.02, reflecting a share count of 34.5 million shares. The company reiterated confidence in a recovery in 2026, driven by semiconductor demand and operational improvements.

Additional News

1. Leadership Transition: Phil Barros, former CTO and architect of Ichor’s proprietary product strategy, became CEO, completing a leadership transition announced in August 2025.

2. Analyst Downgrade: Stifel downgraded Ichor Holdings from “Buy” to “Hold” with a reduced price target of $21, citing weak gross margins and Q4 forecast revisions.

3. Strategic Expansion: The company announced plans to invest in a new Malaysia manufacturing facility to enhance production capacity and align with long-term market demands.