Ichor Holdings Stock Earnings Reports

Ichor reported Q3 2025 revenue of $239.3M (up 13% YoY, roughly flat QoQ) and non-GAAP EPS of $0.07. Results beat the midpoint of guidance driven by customer pull-ins for etch and deposition products, but weaknesses in non-semi end markets—particularly the IMG (machining/ non‑semi aerospace & commercial space) business—reduced gross margin by ~100 bps in the quarter. Q3 gross margin was 12.1%; operating expenses were ~$23.8M. The company recorded $18.3M of restructuring charges related to consolidation and expects potential additional charges in Q4 and FY2026. Cash was $92.5M; operating cash flow was $9M; CapEx was $7.1M. Ichor refinanced its credit facility to lower borrowing costs and reduce revolver size. For Q4 2025 the company guides revenue of $210M–$230M, gross margin 10%–12%, operating expenses ~ $23.7M, and EPS between a loss of $0.14 and a profit of $0.02. Management expects Q4 to be the trough, anticipates IMG to remain at a lower run rate through year‑end with recovery beginning in Q1/Q2 2026, and sees 2026 as a transition year focused on margin improvement, ramping proprietary products and right‑sizing global operations. The long‑term target remains to outgrow WFE markets and to push gross margins toward a ~20% aspirational level via vertical integration and expansion of higher‑margin machining/product mix.