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Ichor (ICHR) investor relations material
Ichor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Q3 2025 revenue reached $239.3 million, up 13.3% year-over-year and above guidance midpoint, driven by strong etch and deposition demand, but offset by weakness in non-semi markets and IMG business.
Year-to-date revenue was $724 million, reflecting 18% year-over-year growth, outpacing wafer fab equipment market growth.
Q3 GAAP net loss was $22.9 million (EPS: $(0.67)), while non-GAAP net income was $2.3 million (EPS: $0.07), after adjusting for restructuring and other non-recurring items.
Phil Barrows was named CEO, signaling a strategic focus on proprietary products and operational execution for future growth.
The company initiated a Consolidation Restructuring Plan in Q3 2025, resulting in significant inventory and asset impairment charges.
Financial highlights
Q3 2025 gross margin was 4.6% GAAP and 12.1% non-GAAP, down from 13.2% GAAP and 13.6% non-GAAP in Q3 2024, impacted by $16.7 million in inventory write-offs.
Operating income was $5.1 million non-GAAP, but GAAP operating loss was $19.4 million due to restructuring; Q3 included $18.3 million in restructuring costs.
Cash and equivalents at quarter-end were $92.5 million, with $9 million generated from operations in Q3 and $20.7 million year-to-date.
Capital expenditures were $7.1 million in Q3 and $32.9 million year-to-date.
Net debt coverage ratio was 1.5x, and the term loan balance remained at $125 million.
Outlook and guidance
Q4 2025 revenue is guided at $210–$230 million, with gross margin expected between 10%–12%.
Q4 EPS guidance ranges from a loss of $0.14 to a profit of $0.02 non-GAAP, and $(0.33) to $(0.17) GAAP, with a share count of 34.5 million.
Full-year non-GAAP tax expense is expected at $5.6 million; 2026 effective tax rate projected at 15%–17%.
Management anticipates Q4 to be the trough, with recovery and margin expansion expected in 2026 as new products ramp and market conditions improve.
Restructuring plan is expected to be substantially complete by end of 2026, with additional expenses possible.
Details on Q3 restructuring plan impact
Q4 revenue dip and 2026 momentum drivers
Role of other markets in future gross margin?
What specific actions for 2026 margin improvement?
Timeline for new proprietary product revenue impact?
What's driving IMG recovery and its timing?
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Q4 20253 Feb, 2026
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Frequently asked questions
Ichor Holdings Ltd designs, engineers, and manufactures fluid delivery subsystems and components used in semiconductor capital equipment. The company supports advanced wafer processing through its offerings in gas and chemical delivery systems. It is headquartered in Fremont, California, and its shares are listed on the NASDAQ.
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