Ichor Holdings designs and manufactures gas and chemical delivery systems and precision components used mainly in semiconductor manufacturing equipment. It reports one consolidated operating segment.
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A snapshot of what ICHOR HOLDINGS, LTD. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 29, 20230001628280-24-006527 | Feb 23, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 27, 20240001628280-25-006992 | Feb 21, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 26, 20250001652535-26-000012 | Feb 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Ichor’s operating recovery is real, but it has not yet become self-funded growth. In the fiscal second quarter ended June 26, 2026, revenue reached $294.8 million and GAAP net income turned positive at $1.0 million. Higher production volumes improved margins, while lower exit-related costs also helped comparisons. Taxes absorbed most pretax earnings, and the first half remained loss-making under GAAP. Inventory and receivables consumed cash as production expanded. June cash of $256.5 million therefore mainly reflects a completed equity offering, not cash generated by operations. Management’s August outlook anticipated further growth, but concentrated customers, short binding order visibility, trade restrictions and working-capital demands remain important dependencies. The supplied records establish these developments but contain unresolved numerical inconsistencies.
Sources: 10-K · 2025-12-26 · 10-Q · 2026-06-26 · EX-99.1 · 2026-08-03
Ichor’s systems control gases and liquids used in processes such as etching, deposition and cleaning. More than 90% of 2025 sales came from semiconductor capital equipment; Applied Materials and Lam Research together accounted for approximately 76%. Early involvement in equipment designs can secure an initial sole-source position, but not permanent exclusivity or minimum purchases. Customers can introduce competing suppliers or manufacture internally. Orders generally become binding shortly before shipment, limiting visibility despite long-standing relationships. Reported shipment destinations do not identify ultimate semiconductor demand or China exposure.
Sources: 10-K · 2025-12-26 · 10-Q · 2026-06-26
The August 3 earnings release and August 4 unaudited 10-Q cover the 13-week quarter ended June 26, 2026. Revenue was $294.784 million versus $240.285 million a year earlier, and GAAP net income was $0.998 million versus a $9.408 million loss. Gross margin improved to 13.9% from 11.3%. Management attributes the improvement to employee and factory costs growing more slowly than sales, plus prior-year severance and restructuring charges not repeating in cost of sales. First-half margins also benefited, although unfavorable product mix partly offset those gains.
First-half revenue reached $550.852 million versus $484.750 million, but GAAP net loss remained $1.471 million. The quarter’s $4.412 million tax expense absorbed most of its $5.410 million pretax income. Management cites jurisdictional earnings mix, the Singapore tax holiday ending after Q1 and the U.S. deferred-tax valuation allowance. These results do not establish a normal future tax rate. First-half adjusted profit of $17.459 million excludes stock compensation, amortization, restructuring and shutdown costs and includes positive tax adjustments—not cash refunds. Beginning in Q2, inventory impairments are no longer excluded; presented comparisons were recast. GAAP loss-period and adjusted-profit EPS also use different diluted share counts.
Sources: 10-Q · 2026-06-26 · EX-99.1 · 2026-08-03
First-half operating cash flow was negative $18.792 million, versus positive $11.469 million a year earlier. Inventory absorbed $58.913 million and receivables $34.138 million, partly financed by $43.068 million of payable growth. Management links this working-capital investment to increased production and demand. Cash capital spending fell to $14.833 million as planned Malaysia and Mexico expansions approached completion. Company-defined free cash flow—operating cash flow less cash capital expenditure—was negative $33.625 million.
The May 18 agreement initially permitted up to $200 million of gross share sales; the subsequent 10-Q confirms completion during Q2. Ichor issued 2,478,275 shares and received $195.380 million net. This single financing drove cash to $256.456 million from $98.290 million at year-end and diluted existing ownership. Intended uses included debt repayment and general corporate purposes, but only $3.125 million of first-half loan repayments was recorded. Retirement of previously held treasury shares was not a new cash buyback.
Sources: 10-Q · 2026-06-26 · EX-99.1 · 2026-08-03 · 8-K · 2026-05-18
At June 26, loan principal was $121.875 million, with separate operating lease liabilities of $33.584 million. The credit agreement matures September 26, 2030; quarter-end borrowings carried a 5.87% SOFR-based rate. The $100 million revolver was undrawn—not cash or an unconditional funding entitlement. Ichor reported covenant compliance, but actual ratios and headroom were not disclosed. Management considers cash, available credit and operating cash flow sufficient for at least 12 months and beyond; that assessment depends on business performance and continued credit access.
Sources: 10-Q · 2026-06-26
Against May 4 Q2 guidance, actual revenue fell within the $290–310 million range, but GAAP EPS of $0.03 missed the $0.10–0.20 range; adjusted EPS of $0.34 was within $0.25–0.35. On August 3, management forecast Q3 revenue of $315–345 million, GAAP EPS of $0.25–0.35 and adjusted EPS of $0.40–0.50. Adjusted guidance excludes approximately $1.9 million of amortization and $4.8 million of stock compensation plus tax effects. Management described visibility into 2027 and some delayed Q2 growth occurring early in Q3, without quantifying that interim activity. Neither statement establishes completed Q3 results or guaranteed orders.
Customer bargaining power, semiconductor investment cycles, limited suppliers, export controls, Chinese supplier substitution and tariffs can disrupt this recovery. The consolidation plan was substantially complete by June 26, but first-half plan costs of $3.210 million and separate shutdown costs remained. Inventory valuation is another exposure: 2025’s inventory decline mainly reflected impairment rather than cash recovery. Goodwill remained $335.402 million without quantified valuation headroom. Source inconsistencies in growth, minor working-capital descriptions and rounded restructuring components remain unresolved; they are not treated as additional costs or cash flows.
Sources: EX-99.1 · 2026-05-04 · EX-99.1 · 2026-08-03 · 10-K · 2025-12-26 · 10-Q · 2026-06-26
USD 947.652 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 947.652 m | 11.6% |
| 2024 | USD 849.04 m | 4.7% |
| 2023 | USD 811.12 m | — |
Consolidated revenue recognized when control of goods or services transfers, generally upon shipment.
Sources: 10-K · 2025-12-26
USD -52.781 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -52.781 m | Loss widened |
| 2024 | USD -20.82 m | Loss narrowed |
| 2023 | USD -42.985 m | — |
Consolidated net income after income tax expense; a negative value denotes a net loss.
Sources: 10-K · 2025-12-26
USD 29.886 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 29.886 m | 7.2% |
| 2024 | USD 27.88 m | -51.6% |
| 2023 | USD 57.632 m | — |
Consolidated operating cash flow after noncash adjustments and changes in operating assets and liabilities.
Sources: 10-K · 2025-12-26
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