Ichor (ICHR) Q4 2025 earnings summary

Executive summary

• Entering 2026 with strong momentum, driven by technology transitions, capacity additions, and strengthening demand in core markets.

• Sustained demand ramp fueled by adoption of gate-all-around architectures, high-bandwidth memory, and advanced packaging.

• Strategic focus on winning market share, supporting customer demand, and transitioning to a product-centric model.

• Commercial space business now represents the fifth-largest customer, with significant growth expected.

• Management expects improved gross margin and upward revenue momentum into the second half of 2026.

Financial highlights

• Q4 2025 revenue was $223.6 million, above guidance midpoint but slightly down sequentially.

• FY 2025 revenue reached $948 million, up 12% year-over-year, with non-GAAP EPS at $0.23 and GAAP EPS at $(1.54).

• Q4 2025 GAAP net loss was $16.0 million; non-GAAP net income was $0.3 million.

• Q4 gross margin was 11.7%, 70 bps above guidance midpoint; Q4 GAAP gross margin was 9.4%.

• Cash and equivalents at year-end were $98.3 million.

Outlook and guidance

• Q1 2026 revenue guidance: $240–$260 million, with non-GAAP EPS forecasted at $0.08–$0.16.

• Expect sequential revenue growth every quarter in 2026.

• Q1 gross margin expected at 12%–13%; operating expenses projected at $24 million.

• Full-year OpEx expected to increase ~5% over 2025.

• Effective tax rate for 2026 expected at 20%–25% due to geographic profit mix and Singapore status change.