Ichor (ICHR) Investor presentation summary

Strategic positioning and market trends

• Focused on cost transformation, operational efficiency, and supply chain resilience to enhance competitiveness and agility.

• Well-positioned in etch and deposition, segments expected to grow at 14-16% CAGR, driven by AI and vertical scaling.

• Leveraging technology inflections such as advanced packaging and vertical scaling to drive demand for products.

• Expanded served available market (SAM) nearly 10x from 2015 to 2025 through new capabilities, products, and acquisitions.

• Strategic differentiation through innovation, vertical integration, and high-value solutions.

Product and integration strategy

• Pursuing vertical integration in gas panel components, increasing proprietary product content from ~10% to ~75%.

• Targeting leadership in gas control by advancing active process control and flow control integration.

• Product portfolio includes specialty valves, UHP valves, flow controllers, fittings, weldments, filters, seals, and substrates.

• Focused on high-value, differentiated IP and being pulled by customer demand.

Financial performance and outlook

• Q1 2026 revenue guidance at $250M (+/- $10M), with gross margin guidance of 12.5% (+/- 0.5%).

• Non-GAAP EPS guidance for Q1 2026 is $0.12 (+/- $0.04); EBITDA margin expected at ~5%.

• Near-term path to 15% gross margin by 2H 2026, driven by volume leverage, increased proprietary content, machining mix, and cost reductions.

• Long-term target model aims for 20%+ gross margin, 13%+ operating margin, and 14%+ EBITDA margin.

• Significant operating leverage expected as revenue and margin expand, with disciplined OpEx control and capital-efficient business model.