Ichor Holdings Earnings Call Transcripts
Fiscal Year 2026
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Leadership outlined a technology-driven strategy focused on cost transformation, vertical integration, and market expansion, especially in etch, deposition, and non-semi sectors. Financial targets include 15% gross margin at $250M run rate and 20% at $350M, with recent demand pull-forward and margin improvement expected.
Fiscal Year 2025
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Revenue grew 12% year-over-year to $948M in 2025, with Q4 marking the cycle trough and a strong sequential ramp expected in 2026. Gross margins are set to improve as new facilities come online, and the company anticipates outperforming industry growth benchmarks, driven by technology transitions and broad-based demand.
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Q3 revenue grew 13% year-over-year, led by etch and deposition, but gross margin was pressured by non-semi market weakness and IMG shortfalls. Guidance points to Q4 as the trough, with 2026 expected to bring growth, margin expansion, and operational improvements under new CEO leadership.
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Q2 revenue reached $240.3M, up 18% year-over-year, with gross margin at 12.5% due to hiring challenges. Guidance for Q3 is $225–$245M in revenue and 12.5–13.5% gross margin, with the second half expected to be slightly lighter. CEO succession and new product milestones were announced.
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Q1 revenue grew 21% year-over-year with gross margin below forecast due to higher external sourcing and non-Semi costs. Outlook for 2025 remains positive, with incremental gross margin improvement expected as internal component supply increases, though tariff uncertainties persist.
Fiscal Year 2024
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Q4 revenue grew 10% sequentially to $233M, with FY 2024 up 5% to $849M. Gross margin declined to 12% due to labor and inventory costs, but is expected to exceed 16% in 2025 as proprietary products ramp. Guidance for Q1 2025 revenue is $235–$255M, with improving margins.
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Critical supplier to process tool and EUV manufacturers, with growth driven by NAND, advanced packaging, and proprietary product integration. Margin expansion is targeted through insourcing and operational leverage, with a focus on outgrowing the market and diversifying the customer base.
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Q3 revenue and margins exceeded expectations, driven by proprietary product growth and strong execution. Guidance for Q4 and 2025 points to continued margin expansion, robust demand in NAND and advanced logic, and outperformance versus WFE growth.
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Q2 revenue reached $203M with improved gross margin and EPS, driven by strong demand in HBM and DRAM. Guidance points to sequential growth in H2 and a return to $250–$300M quarterly revenue in 2025, with new products and margin expansion as key drivers.