Ichor (NASDAQ:ICHR) Issues Quarterly Earnings Results

Ichor (NASDAQ:ICHR) posted its earnings results on Monday. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03, FiscalAI reports. The company had revenue of $294.78 million for the quarter, compared to analysts’ expectations of $300.17 million. Ichor had a negative return on equity of 1.10% and a negative net margin of 5.28%.The firm’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period last year, the business posted $0.03 earnings per share. Ichor updated its Q3 2026 guidance to 0.400-0.500 EPS.

Here are the key takeaways from Ichor’s conference call:

• Accelerating demand outlook: Management expects sequential revenue growth of more than 10% in both Q3 and Q4, with second-half revenue at least 25% above the first half and full-year 2026 growth of at least 30% versus 2025.
• Margin expansion is progressing: Q2 gross margin reached 14.1%, exceeding guidance, while management expects approximately 100 basis points of additional improvement in each of the next two quarters. The company also expressed increased confidence in a longer-term path toward 20% gross margins.
• Q3 guidance points to continued momentum: Revenue is forecast at $315 million to $345 million, representing 12% sequential growth at the midpoint, with non-GAAP EPS guided to $0.40-$0.50.
• Capacity and internal manufacturing are being expanded: Ichor said current capacity supports approximately $500 million in quarterly revenue and that targeted investments could raise annual capacity to roughly $3 billion. Proprietary content is expected to increase from about 25% currently to approximately 35% by the end of Q4, supporting margins and supply-chain flexibility.
• Growth is consuming cash and equity issuance diluted shareholders: Inventory investments contributed to operating cash flow of negative $15.9 million in Q2, with improvement not expected until the first half of 2027. The completed $200 million ATM offering also issued 2.48 million shares, increasing liquidity but adding dilution.

Ichor Trading Up 6.6%

Shares of NASDAQ:ICHR opened at $80.23 on Tuesday. The company has a 50 day moving average of $85.71 and a 200-day moving average of $62.91. The company has a current ratio of 2.82, a quick ratio of 1.21 and a debt-to-equity ratio of 0.17. The firm has a market cap of $2.80 billion, a P/E ratio of -54.21 and a beta of 1.82. Ichor has a twelve month low of $13.12 and a twelve month high of $113.58.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Ichor in a research report on Wednesday, June 24th. Zacks Research downgraded Ichor from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. B. Riley Financial increased their price objective on Ichor from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Needham & Company LLC raised their target price on Ichor from $48.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Finally, TD Cowen lifted their target price on Ichor from $80.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.29.

Key Stories Impacting Ichor

Here are the key news stories impacting Ichor this week:

• Positive Sentiment: Ichor reported second-quarter adjusted EPS of $0.34, exceeding the $0.31 analyst consensus and rising sharply from $0.03 a year earlier. Revenue reached $294.8 million, up 15% sequentially and 24% year over year. Ichor Holdings Q2 Earnings Top Estimates
• Positive Sentiment: Management guided for third-quarter revenue of $315 million to $345 million and EPS of $0.40 to $0.50. Both ranges are above analyst expectations of approximately $313.8 million in revenue and $0.39 in EPS, supporting optimism about continued semiconductor-equipment demand. Ichor Anticipates Q3 Revenue and Gross Margin
• Positive Sentiment: The company expects second-half volumes to be at least 25% above first-half levels, while forecasting third-quarter gross margin of 14.5% to 15.5%. This suggests improving utilization and operating momentum. Ichor Announces Second-Quarter 2026 Financial Results
• Neutral Sentiment: Second-quarter GAAP gross margin was 13.9%, versus 14.1% on a non-GAAP basis. The results show improving sales but margins remain relatively modest for the business.
• Negative Sentiment: Quarterly revenue of $294.8 million was below the $300.2 million consensus estimate. Ichor also continued to report a negative net margin and negative return on equity, while its valuation remains sensitive to the semiconductor-capital-equipment cycle. Ichor Holdings Earnings Report

Insider Buying and Selling at Ichor

In other news, CFO Greg Swyt sold 19,662 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $70.42, for a total value of $1,384,598.04. Following the sale, the chief financial officer owned 60,971 shares of the company’s stock, valued at approximately $4,293,577.82. The trade was a 24.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Laura A. Black sold 20,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $75.02, for a total value of $1,500,400.00. Following the completion of the sale, the director owned 20,462 shares of the company’s stock, valued at approximately $1,535,059.24. This trade represents a 49.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 79,447 shares of company stock valued at $5,678,621. 1.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ichor

Institutional investors and hedge funds have recently bought and sold shares of the business. Invesco Ltd. grew its stake in shares of Ichor by 141.2% in the 4th quarter. Invesco Ltd. now owns 3,023,882 shares of the technology company’s stock worth $55,730,000 after purchasing an additional 1,770,425 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in Ichor during the fourth quarter worth approximately $252,000. Voloridge Investment Management LLC bought a new stake in Ichor during the fourth quarter worth approximately $545,000. Tudor Investment Corp ET AL acquired a new position in Ichor in the fourth quarter worth approximately $636,000. Finally, Numerai GP LLC grew its position in Ichor by 28.4% in the fourth quarter. Numerai GP LLC now owns 36,227 shares of the technology company’s stock worth $668,000 after buying an additional 8,019 shares during the last quarter. 94.81% of the stock is owned by institutional investors and hedge funds.

About Ichor

Ichor Holdings Ltd. is a global supplier of critical subsystems used in the fabrication of semiconductor devices. The company specializes in the design, engineering and manufacturing of gas delivery systems, vacuum pumps and abatement solutions that manage process gases and by-products in wafer-processing tools. Its modular subsystems are designed to integrate with lithography, etch, deposition and cleaning equipment, helping to ensure precise control of gas flow, pressure and purity throughout the chip-manufacturing cycle.

Founded in the mid-1980s and headquartered in Fremont, California, Ichor has expanded its footprint across Asia, Europe and North America.