Companies /Technology

Ichor Holdings Ltd

NASDAQ: ICHR Semiconductor Equipment & Materials
$59.09
â–² $1.47 (+2.55%) today
Markets closed · 6:44am ET

Q1 2026 Earnings

Reported May 4, 2026, 4:06pm ET · SEC source
$0.15
Beat +14.16%
EPS · est. $0.13
$256.1M
Beat +1.89%
Revenue · est. $251.3M
−9.1%
Trailing market
ICHR vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−15%−10%−5%0May 4May 5report 4:06pm ETearnings+1.3%−1.8%
−15%−10%−5%0May 4May 5earnings+1.3%−1.8%
ICHR −1.8%S&P 500 +1.3%
−15%−10%−5%0May 4May 5report 4:06pm ETearnings+2.2%−1.8%
−15%−10%−5%0May 4May 5earnings+2.2%−1.8%
ICHR −1.8%NASDAQ +2.2%
0+9%+18%+27%May 4May 12report 4:06pm ETearnings+2.8%+22.5%
0+9%+18%+27%May 4May 12earnings+2.8%+22.5%
ICHR +22.5%S&P 500 +2.8%
0+9%+18%+27%May 4May 12report 4:06pm ETearnings+5.1%+22.5%
0+9%+18%+27%May 4May 12earnings+5.1%+22.5%
ICHR +22.5%NASDAQ +5.1%
−2.80%
Day of report
+6.99%
Next session
+8.13%
One week
−7.17%
30 days

S&P 500 over the same 30 days: +1.90%.

Did ICHR Beat Earnings? Q1 2026 Results

Ichor Holdings delivered a stronger-than-expected first quarter of 2026, with revenue of $256.07 million rising 4.8% year over year and beating the consensus estimate of $251.32 million by 1.89%, while non-GAAP EPS of $0.15 cleared the $0.13 consensus by 14.16%. The cleaner result was driven largely by the fading of restructuring headwinds that had weighed heavily on Q4 2025, with restructuring charges collapsing to just $549,000 from $9.06 million in the prior quarter, allowing gross margin to recover to 12.6% GAAP and operating margin to turn positive. The company remains in a GAAP net loss position at roughly $2.47 million, though that represented a sharp improvement from Q4's $15.96 million loss. Looking ahead, management guided Q2 2026 revenue to a $300 million midpoint and non-GAAP diluted EPS of $0.25 to $0.35, citing a sustained semiconductor upcycle and accelerating customer delivery timelines; the company also recently filed a $200 million ATM shelf offering aimed primarily at repaying its term loan and positioning for further growth.

Key Takeaways
  • 15% sequential revenue increase driven by strengthening demand environment
  • Strong operational execution enabling revenue growth toward the high end of demand forecast
  • Early investments in ramping labor headcount and pre-positioning inventory
  • GAAP gross margin improved to 12.6% from 9.4% in Q4 2025 and 11.7% in Q1 2025
  • Non-GAAP operating margin expanded to 3.4% from 1.2% in Q4 2025
  • Significant reduction in restructuring charges ($549K in Q1 2026 vs $9,058K in Q4 2025)

“Within a strengthening demand environment, we are pleased to report Q1 results at the upper end of our expectations for revenues, gross margin, and earnings per share due to strong operational execution by our team.”

Ichor Holdings CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2026, Ichor expects revenue of $290 million to $310 million (midpoint $300 million), GAAP diluted EPS of $0.10 to $0.20 (midpoint $0.15), and non-GAAP diluted EPS of $0.25 to $0.35 (midpoint $0.30). The non-GAAP outlook excludes approximately $1.9 million in amortization of intangible assets and approximately $4.4 million in share-based compensation expense, plus related tax effects. Management expects a sustained industry upcycle driven by structural technology transitions and strategic capacity investments in wafer fabrication equipment, with continued gross margin expansion and significant earnings leverage as revenues ramp through 2026 and into 2027.

ICHR YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$80.0M$160.0M$240.0M$244.5M$256.1MRevenue$28.5M$32.3MGross Profit$551,733$2.1MOperating Income$-1,692,951$-2,469,000Net Income
$0$80.0M$160.0M$240.0MRevenueGross ProfitOperating IncomeNet Income

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