Ultra Clean Holdings (Nasdaq: UCTT) manufactures semiconductor-equipment subsystems and components and provides precision cleaning, coating and contamination-analysis services.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 29, 20230000950170-24-027213 | Mar 6, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 27, 20240001628280-25-007865 | Feb 25, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 26, 20250001628280-26-010744 | Feb 23, 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.
Ultra Clean’s latest reported quarter shows stronger semiconductor demand and improving operating profitability, but the recovery is consuming cash. Revenue reached $644.9 million in the quarter ended June 26, 2026, and GAAP profit attributable to UCT was $8.7 million. The improvement is real, although comparison with 2025 is flattered by the absence of a large goodwill impairment. Inventory growth drove first-half operating cash outflow of $74.4 million, while purchase commitments added substantial future funding demands. Refinancing extended debt maturities and lowered interest expense, but did not remove cash-settlement obligations or borrowing restrictions. An August equity-sales program provides optional financing, not money already raised. Management forecast further growth, but concentrated customers, nonbinding orders and uncertain inventory conversion remain important qualifications.
Sources: 10-Q · 2026-06-26 · EX-99.1 · 2026-08-03 · 424B5 · 2026-08-14
Products manufactures gas and chemical delivery systems, robotics, process modules and other equipment assemblies; Services cleans, recoats and analyzes tool parts. Products supplied 87.6% of 2025 revenue. Services earns higher gross margins but requires more capital relative to sales. Qualification requirements and process expertise help retain customers, although equipment makers generally own the manufactured designs and can outsource elsewhere or bring production in-house.
Lam Research and Applied Materials accounted for 61.3% of second-quarter 2026 revenue, up from 56.0% a year earlier. Customers generally have no minimum purchase obligation, while UCT may build customized inventory against nonbinding forecasts. Management sees opportunities from AI investment and increased outsourcing, but disclosed expectations are not committed orders or quantified AI revenue.
Sources: 10-K · 2025-12-26 · 10-Q · 2026-06-26 · EX-99.1 · 2026-08-03
The August 4, 2026 Form 10-Q reported second-quarter revenue of $644.9 million, up a reported 24.3% from $518.8 million. Both comparative quarters contained 13 weeks. Management attributed growth to stronger demand, with Products benefiting from fixed-cost absorption and favorable mix. Consolidated gross margin improved to 16.1% from 15.3%, although Services margin slipped to 27.4% from 28.0% as costs outpaced sales.
GAAP operating income was $29.5 million, versus a $141.8 million loss a year earlier. The prior quarter included $151.1 million of noncash goodwill impairment, so the headline swing exaggerates the recurring improvement. UCT earned $8.7 million after noncontrolling interests in the latest quarter, but still lost $9.2 million in the first half. Lower interest expense helped; separate first-half China-related tax charges of $15.1 million on earnings distributions and $9.6 million on an ownership restructuring offset operating gains. Quarterly amounts included within those half-year charges must not be added again.
On August 3, management forecast third-quarter revenue of $700–750 million, GAAP diluted EPS of $0.67–0.87 and non-GAAP diluted EPS of $0.83–1.03. These remain forecasts in the supplied evidence. The prospective adjusted-EPS reconciliation was unavailable because geographic earnings mix and taxes could not be reliably estimated. Historical adjusted earnings also change valuation-allowance tax treatment, and adjusted EPS uses a different convertible-note dilution calculation; these are not simply cash earnings stripped of acquisition charges.
Sources: 10-Q · 2026-06-26 · EX-99.1 · 2026-08-03
First-half operating cash flow reversed from a $57.4 million inflow to a $74.4 million outflow. Inventory absorbed $238.9 million, partly offset by $104.4 million from payables. Management linked the build to higher production, but that does not establish eventual sell-through or freedom from obsolescence. Inventory reached $629.9 million, and inventory purchase commitments were approximately $971.1 million—not necessarily immediately payable liabilities. Operating cash flow already included $49.0 million of receivables-factoring proceeds; subtracting that entire amount would not establish cash flow without factoring.
Capital expenditure consumed another $25.8 million, while share repurchases used $40.0 million and capped calls cost $25.1 million. Cash fell to $255.9 million at June 26 from $311.8 million at year-end; $219.6 million was held by foreign subsidiaries. Management expected cash and operating cash flow to cover debt service, working capital and technology development for at least twelve months. That assessment remains conditional on cash generation, access to funds and continuing obligations.
Sources: 10-Q · 2026-06-26
On March 3, 2026, UCT issued $600 million of zero-regular-coupon convertible notes due March 15, 2031, including the exercised purchaser option. By June 26, the old term loan had been fully repaid and gross borrowing debt was $615.0 million, including a $15 million revolver draw. Conversion requires cash settlement of principal. Conditional repurchases or acceleration can bring cash demands forward. The $25.1 million capped calls offer limited protection above the conversion price, not protection against principal repayment; the June-end share price already exceeded their cap. If any convertibility condition is satisfied, applicable accounting standards may require reclassification of the notes' liability carrying value as current even without actual conversion, potentially materially reducing reported working capital. The stock-price test for the quarter ended June 26 did not permit holder conversion under that condition during the quarter ending September 25, 2026; the supplied record does not establish October convertibility or liability classification.
The April 23 refinancing extended the $250 million secured revolver to April 23, 2031. June-end reported availability was $230.9 million after drawings and letters of credit, not additional cash. UCT reported covenant compliance, but actual ratio headroom was undisclosed. Borrowing and capital allocation remain subject to financial covenants and contractual restrictions.
The August 14 ATM program permits up to $400 million of common-stock sales; it establishes neither completed issuance nor committed funding. Intended uses include working capital, development and capital expenditure. Acquisitions are a possible use, but no specific acquisition agreement, commitment or plan was disclosed. Actual proceeds and dilution depend on sales and prices. Agency commissions are capped at 3%, but separately negotiated principal sales can exceed that rate. UCT does not intend to pay common dividends, and its credit agreement restricts that capacity.
Sources: 8-K · 2026-02-26 · 10-Q · 2026-06-26 · 8-K · 2026-04-23 · 8-K · 2026-08-14 · 424B5 · 2026-08-14
Export controls, tariffs, Israeli workforce and logistics disruption, and sole-source suppliers can constrain production or raise costs. ERP and cybersecurity remain operational dependencies: some critical systems lack redundancy and UCT reports no backup data center. Previously identified control weaknesses were remediated at December 26, 2025, and management judged June-end disclosure controls effective; neither finding eliminates future risk. Two 2025 lawsuits were voluntarily dismissed, but the supplied disclosures do not establish closure of the separate SEC subpoena matter.
Michael Keogh succeeded Sheri Savage as CFO on August 5, confirmed in the August 6 filing. Savage’s conditional advisory employment and compensation can continue through May 1, 2027; departure from office did not immediately end all obligations. Alexander Davern joined the board effective September 28, announced September 30. May shareholder approvals increased employee-equity capacity, but authorized shares are not shares already issued.
Sources: 10-K · 2025-12-26 · 10-Q · 2026-06-26 · 424B5 · 2026-08-14 · 8-K · 2026-08-04 · 8-K · 2026-09-28 · 8-K · 2026-05-22
USD 2.054 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.054 bn | -2.1% |
| 2024 | USD 2.0976 bn | 20.9% |
| 2023 | USD 1.7345 bn | — |
Consolidated revenue from Products and Services, after intercompany eliminations.
Sources: 10-K · 2025-12-26
USD -181.2 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -181.2 m | Turned loss-making |
| 2024 | USD 23.7 m | Turned profitable |
| 2023 | USD -31.1 m | — |
Consolidated net income or loss less income attributable to noncontrolling interests.
Sources: 10-K · 2025-12-26
USD 65.6 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 65.6 m | — |
GAAP operating cash flow; includes proceeds from receivables sold under factoring arrangements.
Sources: 10-K · 2025-12-26
USD 65 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 65 m | -52.2% |
| 2023 | USD 135.9 m | — |
GAAP net cash provided by operating activities.
Sources: 10-K · 2025-12-26
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