Companies /Technology

Ichor Holdings Ltd

NASDAQ: ICHR Semiconductor Equipment & Materials
$59.09
â–² $1.47 (+2.55%) today
Markets closed · 5:03am ET

Q3 2025 Earnings

Reported Nov 3, 2025, 4:10pm ET · SEC source
$0.07
Miss −40.98%
EPS · est. $0.12
$239.3M
Beat +1.77%
Revenue · est. $235.1M
+10.4%
Beating market
ICHR vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−20%0+20%Nov 3Nov 4report 4:10pm ETearnings−1.3%−16.1%
−20%0+20%Nov 3Nov 4earnings−1.3%−16.1%
ICHR −16.1%S&P 500 −1.3%
−20%0+20%Nov 3Nov 4report 4:10pm ETearnings−2.3%−16.1%
−20%0+20%Nov 3Nov 4earnings−2.3%−16.1%
ICHR −16.1%NASDAQ −2.3%
−20%0+20%Nov 3Nov 11report 4:10pm ETearnings−0.0%−16.3%
−20%0+20%Nov 3Nov 11earnings−0.0%−16.3%
ICHR −16.3%S&P 500 −0.0%
−20%0+20%Nov 3Nov 11report 4:10pm ETearnings−1.6%−16.3%
−20%0+20%Nov 3Nov 11earnings−1.6%−16.3%
ICHR −16.3%NASDAQ −1.6%
−31.39%
Day of report
+6.20%
Next session
−3.28%
One week
+11.99%
30 days

S&P 500 over the same 30 days: +1.55%.

Did ICHR Beat Earnings? Q3 2025 Results

Ichor Holdings delivered a split verdict in Q3 2025, beating on revenue while falling well short on earnings, as a $17.59 million restructuring charge tied to the company's newly initiated Consolidation Restructuring Plan weighed heavily on the bottom line. Revenue of $239.30 million came in above the $235.14 million consensus estimate, rising 13.3% year-over-year on accelerating gas panel integration deliveries to primary etch and deposition customers, but GAAP EPS of $0.07 missed the $0.12 consensus by 40.98%, with GAAP gross margin collapsing to 4.6% from 13.2% a year earlier as inventory impairments and facility exit costs tied to operations in Scotland and Korea cut deep. Non-GAAP gross margin held more steadily at 12.1%, reflecting the one-time nature of the charges. Looking ahead, management guided Q4 revenue to a midpoint of $220.00 million, characterizing the quarter as a trough driven by demand pull-ins from core customers in Q3, while expressing confidence that a recovery in non-core served markets and continued etch and deposition strength would restore earnings leverage through 2026.

Key Takeaways
  • Acceleration of gas panel integration deliveries driven by strengthened customer demand for etch and deposition
  • Year-to-date revenues of $724 million representing 18% growth year-over-year, outpacing overall WFE growth
  • Further softening in other served markets pressured gross margin and profitability
  • Inventory impairment of $16.7 million related to Consolidation Restructuring Plan
  • Recovery in operating cash flow to $9.2 million from negative $7.5 million in Q2

“The customer demand environment for etch and deposition strengthened during the third quarter, resulting in an acceleration of gas panel integration deliveries and total revenues at the upper end of our expectations.”

Ichor Holdings CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Ichor expects revenue of $210–$230 million (midpoint $220 million), GAAP diluted EPS of $(0.33) to $(0.17) (midpoint $(0.25)), and non-GAAP diluted EPS of $(0.14) to $0.02 (midpoint $(0.06)). The sequential revenue decline reflects a pull-in of demand among primary etch and deposition customers during Q3. Management expects momentum to recover moving into 2026, with a robust demand environment for etch and deposition continuing and an anticipated recovery in other served markets providing gross margin tailwinds and a return to historical earnings leverage.

ICHR YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$70.0M$140.0M$210.0M$211.1M$239.3MRevenue$27.8M$11.1MGross Profit
$0$70.0M$140.0M$210.0MRevenueGross Profit

Figures from SEC filings and company reports. Not investment advice.