Ichor Holdings, Ltd.
ichorsystems.comWhat Do They Do?
Builds fluid-delivery subsystems and components for semiconductor equipment makers, and precision-manufactured components for aerospace, defense and medical customers.
10-K for FY2025, filed Feb 20, 2026
How Do They Make Money?
Customers place purchase orders for fluid-delivery systems, weldments and components, and generally pay for products after shipment under customer-specific payment terms.
10-K for FY2025, filed Feb 20, 2026Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain…View ↗
Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily…View ↗
Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable…View ↗
$947.7M
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10-K for FY2025, filed Feb 20, 2026
$947.7M ↗
Who Are Their Customers?
It sells semiconductor products primarily directly to equipment makers; aerospace and defense customers also bring recurring work and collaborate on new designs.
10-K for FY2025, filed Feb 20, 2026
Do Revenues Turn Into Profits?
No. It lost $52.8M in FY2025.
10-K for FY2025, filed Feb 20, 2026
−$39.3MView ↗
10-K for FY2025, filed Feb 20, 2026
−$52.8MView ↗
10-K for FY2025, filed Feb 20, 2026
−$6.3MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
$998KView ↗
- ▲ Now profitable
- vs −$9.4M in Q2 FY2025
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Aug 3, 2026
Issued third-quarter revenue and earnings guidance
It forecast third-quarter revenue of $315 million to $345 million and GAAP diluted EPS of $0.25 to $0.35.
Sources
8-K, filed Aug 3, 2026
Low-End Mid-Point High-End Revenue $315 million $330 million $345 million GAAP diluted EPS $0.25 $0.30 $0.35 Non-GAAP diluted EPS $0.40…View ↗
Shrinking. Revenue fell 14% in 4 years, from $1.1B in FY2021 to $947.7M in FY2025, about 4% a year.
Who Do They Compete With?
Competes with Ultra Clean Technology
10-K for FY2025, filed Feb 20, 2026The fluid delivery subsystem market is concentrated, and we face competition from Ultra Clean Technology, with additional competition from…View ↗
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