Latest news with #Ichor
Business Wire
3 days ago
- Business
- Business Wire
Kirby McInerney LLP is Investigating Potential Shareholder Claims Against Ichor Holdings, Inc. (ICHR)
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against Ichor Holdings, Inc. ('Ichor' or the 'Company') (NASDAQ:ICHR). The firm's ongoing investigation concerns whether Ichor and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [Click here to learn more about the investigation ] On May 5, 2025, Ichor released its first quarter 2025 financial results, missing EPS and revenue consensus estimates and reporting gross margin of 12.4%, below the forecasted midpoint of 14.5%. The Company explained 'In Q1, our strategy did not materialize into the margin flow through we anticipated, essentially because we ended up purchasing far more external supply than we had forecasted.' On this news, the price of Ichor shares declined by $4.84 per share, or approximately 23%, from $20.84 per share on May 5, 2025, to close at $16.00 on May 6, 2025. If you purchased or otherwise acquired Ichor securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@ or fill out the contact form below to discuss your rights or interests with respect to these matters without any cost to you. Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
08-05-2025
- Business
- Business Wire
Securities Fraud Investigation Into Ichor Holdings, Ltd. (ICHR) Announced – Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm
LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Ichor Holdings, Ltd. ('Ichor' or the 'Company') (NASDAQ: ICHR) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON ICHOR HOLDINGS, LTD. (ICHR), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On May 5, 2025, Ichor released its first quarter 2025 financial results, missing EPS and revenue consensus estimates and reporting gross margin of 12.4%, below the forecasted midpoint of 14.5%. The Company explained, 'In Q1, our strategy did not materialize into the margin flow through we anticipated, essentially because we ended up purchasing far more external supply than we had forecasted.' On this news, Ichor's stock price fell $4.84, or 23.2%, to close at $16.00 per share on May 6, 2025, thereby injuring investors. Contact Us To Participate or Learn More: If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us. Charles Linehan, Esq., Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles California 90067 Email: shareholders@ Telephone: 310-201-9150 (Toll-Free: 888-773-9224) Visit our website at Follow us for updates on LinkedIn, Twitter, or Facebook. Whistleblower Notice Persons with non-public information regarding Ichor should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@ About Glancy Prongay & Murray LLP Glancy Prongay & Murray LLP ('GPM') is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. GPM has been consistently ranked in the Top 50 Securities Class Action Settlements by ISS Securities Class Action Services. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Yahoo
05-05-2025
- Business
- Yahoo
Ichor Holdings, Ltd. Announces First Quarter 2025 Financial Results
FREMONT, Calif., May 05, 2025--(BUSINESS WIRE)--Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, today announced first quarter 2025 financial results. First quarter 2025 highlights: Revenues of $244.5 million; Gross margin of 11.7% on a GAAP basis and 12.4% on a non‑GAAP basis; and Earnings (loss) per share of $(0.13) on a GAAP basis and $0.12 on a non-GAAP basis. "The overall spending environment for semiconductor wafer fab equipment continues to be quite healthy as we enter 2025, with demand signals remaining relatively consistent across our primary served markets," commented Jeff Andreson, Ichor's CEO. "That said, the policy uncertainty playing out in Washington is beginning to challenge the clarity of demand visibility through the year, leading us to take a more conservative view for the second quarter. As we step back and view the year as a whole, at this time we anticipate revenue volumes will be reasonably balanced between the first half and second half – indicating Ichor's revenue growth profile continues to exceed expectations for overall industry growth in 2025. Within that revenue profile, we expect to drive meaningful gross margin improvement as we progress through 2025, as we mature the processes integrating our internal component supply into our high-volume gas panel manufacturing operations." Q1 2025 Q4 2024 Q1 2024 (dollars in thousands, except per share amounts) U.S. GAAP Financial Results: Net sales $ 244,465 $ 233,291 $ 201,383 Gross margin 11.7 % 11.6 % 11.4 % Operating margin (0.5 )% (0.5 )% (1.9 )% Net loss $ (4,559 ) $ (3,943 ) $ (8,989 ) Diluted EPS $ (0.13 ) $ (0.12 ) $ (0.30 ) Q1 2025 Q4 2024 Q1 2024 (dollars in thousands, except per share amounts) Non-GAAP Financial Results: Gross margin 12.4 % 12.0 % 12.2 % Operating margin 2.7 % 2.4 % 1.2 % Net income (loss) $ 4,236 $ 2,761 $ (2,712 ) Diluted EPS $ 0.12 $ 0.08 $ (0.09 ) U.S. GAAP Financial Results Overview For the first quarter of 2025, revenue was $244.5 million, net loss was $(4.6) million, and net loss per diluted share ("diluted EPS") was $(0.13). This compares to revenue of $233.3 million and $201.4 million, net loss of $(3.9) million and $(9.0) million, and diluted EPS of $(0.12) and $(0.30), for the fourth quarter of 2024 and first quarter of 2024, respectively. Non-GAAP Financial Results Overview For the first quarter of 2025, non-GAAP net income was $4.2 million and non-GAAP diluted EPS was $0.12. This compares to non-GAAP net income (loss) of $2.8 million and $(2.7) million, and non-GAAP diluted EPS of $0.08 and $(0.09), for the fourth quarter of 2024 and first quarter of 2024, respectively. Second Quarter 2025 Financial Outlook For the second quarter of 2025, we expect the following: Low-End Mid-Point High-End Revenue $225 million $235 million $245 million GAAP diluted EPS $(0.06) $(0.01) $0.04 Non-GAAP diluted EPS $0.10 $0.16 $0.22 This outlook for non‑GAAP diluted EPS excludes amortization of intangible assets of approximately $2.1 million and share-based compensation expense of approximately $4.8 million, as well as the related income tax effects. Non-GAAP diluted EPS should be considered in addition to, but not as a substitute for, our financial information presented in accordance with GAAP. Balance Sheet and Cash Flow Results We ended the first quarter of 2025 with cash and cash equivalents of $109.3 million, an increase of $0.6 million from the prior year ended December 27, 2024. The increase was primarily due to net cash provided by operating activities of $19.0 million and net cash received from share-based compensation of $2.0 million, partially offset by capital expenditures of $18.5 million and net payments on our credit facilities of $1.9 million. Our cash provided by operating activities of $19.0 million for the first quarter of 2025 consisted of net non-cash charges of $12.5 million, consisting primarily of depreciation and amortization of $8.1 million and share-based compensation expense of $4.1 million, and a decrease in our net operating assets and liabilities of $11.0 million, partially offset by net loss of $4.6 million. The decrease in our net operating assets and liabilities of $11.0 million during the first quarter of 2025 was primarily due to an increase in accounts payable of $14.3 million and a decrease in accounts receivable of $6.8 million, partially offset by an increase in inventories of $13.4 million. Use of Non-GAAP Financial Results In addition to U.S. GAAP ("GAAP") results, this press release also contains non-GAAP financial results, including non‑GAAP gross profit, non‑GAAP operating income, non‑GAAP net income (loss), non‑GAAP diluted EPS, and free cash flow. Management uses non-GAAP metrics to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors' ability to view our results from management's perspective. Non-GAAP gross profit, operating income, and net income are defined as: gross profit, operating income (loss), or net income (loss), respectively, excluding (1) amortization of intangible assets, share-based compensation expense, and discrete or infrequent charges and gains that are outside of normal business operations, including transaction-related costs, contract and legal settlement gains and losses, facility shutdown costs, and severance costs associated with reduction-in-force programs, to the extent they are present in gross profit, operating income (loss), and net income (loss), respectively; and (2) the tax impacts associated with these non-GAAP adjustments, as well as non-recurring discrete tax items, including the impact of deferred tax asset valuation allowances. All non-GAAP adjustments are presented on a gross basis; the related income tax effects, including current and deferred income tax expense, are included in the adjustment line under the heading "Tax adjustments related to non-GAAP adjustments." Non-GAAP diluted EPS is defined as non-GAAP net income divided by weighted average diluted ordinary shares outstanding during the period. Non-GAAP gross margin and non-GAAP operating margin are defined as non-GAAP gross profit and non-GAAP operating income, respectively, divided by net sales. Free cash flow is defined as cash provided by or used in operating activities, less capital expenditures. Tables showing these metrics on a GAAP and non-GAAP basis, with reconciliation footnotes thereto, are included at the end of this press release. Non-GAAP results have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for our results reported under GAAP. Other companies may calculate non-GAAP results differently or may use other measures to evaluate their performance, both of which could reduce the usefulness of our non-GAAP results as a tool for comparison. Because of these limitations, you should consider non-GAAP results alongside other financial performance measures and results presented in accordance with GAAP. In addition, in evaluating non-GAAP results, you should be aware that in the future we will incur expenses such as those that are the subject of adjustments in deriving non-GAAP results, and you should not infer from our presentation of non-GAAP results that our future results will not be affected by these expenses or other discrete or infrequent charges and gains that are outside of normal business operations. Conference Call We will conduct a conference call to discuss our first quarter 2025 results and business outlook today at 1:30 p.m. PT. To listen to a live webcast of the call, please visit our investor relations website at or go to the live link at To listen via telephone, please call (877) 407‑0989 (domestic) or +1 (201) 389‑0921 (international), conference ID: 13752948. After the call, an on-demand replay will be available at the same webcast link. About Ichor We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical. Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also provide precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products. We are headquartered in Fremont, CA. We use a 52- or 53-week fiscal year ending on the last Friday in December. The three-month periods ended March 28, 2025, December 27, 2024, and March 29, 2024 were each 13 weeks. References to the first quarter of 2025, fourth quarter of 2024, and first quarter of 2024 relate to the three-month periods then ended. Our fiscal years ended December 26, 2025 and December 27, 2024 are each 52 weeks. References to 2025 and 2024 relate to the fiscal years then ended. Safe Harbor Statement Certain statements in this release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "anticipate," "believe," "contemplate," "designed," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "outlook," "plan," "predict," "project," "see," "seek," "target," "would" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Examples of forward-looking statements include, but are not limited to, statements regarding our outlook for our second fiscal quarter of 2025, statements regarding the current business environment, revenue levels in 2025 and beyond, manufacturers' investment in water fabrication equipment, our investment in research and development of new products, acquiring new business, and company and industry growth and performance in 2025 and beyond, as well as any other statement that does not directly relate to any historical fact. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to: geopolitical, economic and market conditions, including high inflation, changes to trade, fiscal and monetary policy, high interest rates, currency fluctuations, challenges in the supply chain and any disruptions in the global economy as a result of the conflicts in Ukraine and the Middle East; dependence on expenditures by manufacturers and cyclical downturns in the semiconductor capital equipment industry; reliance on a very small number of original equipment manufacturers ("OEMs") for a significant portion of sales; negotiating leverage held by our customers; competitiveness and rapid evolution of the industries in which we participate; keeping pace with developments in the industries we serve and with technological innovation generally; designing, developing and introducing new products that are accepted by original equipment manufacturers in order to retain our existing customers and obtain new customers; managing our manufacturing and procurement process effectively; defects in our products that could damage our reputation, decrease market acceptance and result in potentially costly litigation; and our dependence on a limited number of suppliers. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission (the "SEC"), including other risks, relevant factors, and uncertainties identified in the "Risk Factors" section of our Annual Report on Form 10‑K for the year ended December 27, 2024 and any other periodic reports that we may file with the SEC. All forward-looking statements in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. We undertake no obligation to update or revise any forward-looking statements contained herein, whether as a result of actual results, changes in our expectations, future events or developments, or otherwise, except as required by law. Source: Ichor Holdings, Ltd. ICHOR HOLDINGS, LTD. Consolidated Balance Sheets (in thousands, except share and per share amounts) (unaudited) March 28, 2025 December 27, 2024 March 29, 2024 Assets Current assets: Cash and cash equivalents $ 109,281 $ 108,669 $ 102,124 Accounts receivable, net 79,859 86,619 73,371 Inventories 263,454 250,102 240,679 Prepaid expenses and other current assets 7,240 7,230 5,047 Total current assets 459,834 452,620 421,221 Property and equipment, net 103,372 94,867 92,792 Operating lease right-of-use assets 42,232 44,461 37,202 Other noncurrent assets 15,066 15,182 12,621 Deferred tax assets, net 4,069 4,316 3,008 Intangible assets, net 46,638 48,716 55,142 Goodwill 335,402 335,402 335,402 Total assets $ 1,006,613 $ 995,564 $ 957,388 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 102,532 $ 91,719 $ 61,320 Accrued liabilities 17,326 15,992 15,452 Other current liabilities 10,149 8,965 7,051 Current portion of long-term debt 7,500 7,500 7,500 Current portion of lease liabilities 11,409 11,494 9,926 Total current liabilities 148,916 135,670 101,249 Long-term debt, less current portion, net 119,264 121,023 124,424 Lease liabilities, less current portion 31,632 34,189 28,339 Deferred tax liabilities, net 1,555 1,555 1,169 Other non-current liabilities 4,885 4,791 4,975 Total liabilities 306,252 297,228 260,156 Shareholders' equity: Preferred shares ($0.0001 par value; 20,000,000 shares authorized; zero shares issued and outstanding) — — — Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 34,113,204, 33,859,542, and 33,467,846 shares outstanding, respectively; 38,550,643, 38,296,981, and 37,905,285 shares issued, respectively) 3 3 3 Additional paid in capital 612,644 606,060 593,125 Treasury shares at cost (4,437,439 shares) (91,578 ) (91,578 ) (91,578 ) Retained earnings 179,292 183,851 195,682 Total shareholders' equity 700,361 698,336 697,232 Total liabilities and shareholders' equity $ 1,006,613 $ 995,564 $ 957,388 ICHOR HOLDINGS, LTD. Consolidated Statement of Operations (in thousands, except share and per share amounts) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 Net sales $ 244,465 $ 233,291 $ 201,383 Cost of sales 215,943 206,299 178,389 Gross profit 28,522 26,992 22,994 Operating expenses: Research and development 5,874 5,850 5,370 Selling, general, and administrative 21,742 20,131 19,219 Amortization of intangible assets 2,078 2,263 2,146 Total operating expenses 29,694 28,244 26,735 Operating loss (1,172 ) (1,252 ) (3,741 ) Interest expense, net 1,646 1,674 4,096 Other expense, net 81 272 239 Loss before income taxes (2,899 ) (3,198 ) (8,076 ) Income tax expense 1,660 745 913 Net loss $ (4,559 ) $ (3,943 ) $ (8,989 ) Net loss per share: Basic $ (0.13 ) $ (0.12 ) $ (0.30 ) Diluted $ (0.13 ) $ (0.12 ) $ (0.30 ) Shares used to compute Net loss per share: Basic 33,998,364 33,780,298 30,010,971 Diluted 33,998,364 33,780,298 30,010,971 ICHOR HOLDINGS, LTD. Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 Cash flows from operating activities: Net loss $ (4,559 ) $ (3,943 ) $ (8,989 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 8,058 7,976 7,556 Share-based compensation 4,123 4,591 2,375 Deferred income taxes 247 (564 ) 140 Amortization of debt issuance costs 116 116 116 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net 6,760 (2,469 ) (6,650 ) Inventories (13,352 ) (10,743 ) 5,206 Prepaid expenses and other assets 2,837 (717 ) 1,735 Accounts payable 14,307 6,364 3,405 Accrued liabilities 1,804 (1,916 ) 1,020 Other liabilities (1,364 ) (1,183 ) (1,110 ) Net cash provided by (used in) operating activities 18,977 (2,488 ) 4,804 Cash flows from investing activities: Capital expenditures (18,481 ) (4,398 ) (4,490 ) Net cash used in investing activities (18,481 ) (4,398 ) (4,490 ) Cash flows from financing activities: Issuance of ordinary shares, net of fees — — 136,738 Issuance of ordinary shares under share-based compensation plans 4,004 2,201 3,335 Employees' taxes paid upon vesting of restricted share units (2,013 ) (1,218 ) (1,343 ) Repayments on revolving credit facility — — (115,000 ) Repayments on term loan (1,875 ) (1,875 ) (1,875 ) Net cash provided by (used in) financing activities 116 (892 ) 21,855 Net increase (decrease) in cash 612 (7,778 ) 22,169 Cash at beginning of period 108,669 116,447 79,955 Cash at end of period $ 109,281 $ 108,669 $ 102,124 Supplemental disclosures of cash flow information: Cash paid during the period for interest $ 2,251 $ 2,449 $ 4,833 Cash paid during the period for taxes, net of refunds $ 560 $ 1,529 $ 702 Supplemental disclosures of non-cash activities: Capital expenditures included in accounts payable $ 1,467 $ 4,961 $ 267 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 11,747 $ 2,810 ICHOR HOLDINGS, LTD. Reconciliation of U.S. GAAP Gross Profit to Non-GAAP Gross Profit (dollars in thousands) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 U.S. GAAP gross profit $ 28,522 $ 26,992 $ 22,994 Non-GAAP adjustments: Share-based compensation 707 912 776 Other (1) 1,087 — 748 Non-GAAP gross profit $ 30,316 $ 27,904 $ 24,518 U.S. GAAP gross margin 11.7 % 11.6 % 11.4 % Non-GAAP gross margin 12.4 % 12.0 % 12.2 % (1) Represents severance costs associated with our global reduction-in-force programs. Additionally, the first quarter of 2025 includes severance costs incurred in connection with the planned exit from our Scotland operations. ICHOR HOLDINGS, LTD. Reconciliation of U.S. GAAP Operating Loss to Non-GAAP Operating Income (dollars in thousands) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 U.S. GAAP operating loss $ (1,172 ) $ (1,252 ) $ (3,741 ) Non-GAAP adjustments: Amortization of intangible assets 2,078 2,263 2,146 Share-based compensation 4,123 4,591 2,375 Transaction-related costs (1) — — 785 Other (2) 1,546 — 867 Non-GAAP operating income $ 6,575 $ 5,602 $ 2,432 U.S. GAAP operating margin (0.5 )% (0.5 )% (1.9 )% Non-GAAP operating margin 2.7 % 2.4 % 1.2 % (1) Represents transaction-related costs incurred in connection with our acquisitions pipeline. (2) Represents severance costs associated with our global reduction-in-force programs. Additionally, the first quarter of 2025 includes severance costs incurred in connection with the planned exit from our Scotland operations. ICHOR HOLDINGS, LTD. Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Income (Loss) (in thousands, except share and per share amounts) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 U.S. GAAP net loss $ (4,559 ) $ (3,943 ) $ (8,989 ) Non-GAAP adjustments: Amortization of intangible assets 2,078 2,263 2,146 Share-based compensation 4,123 4,591 2,375 Transaction-related costs (1) — — 785 Other (2) 1,546 — 867 Tax adjustments related to non-GAAP adjustments (3) 711 (150 ) 104 Tax expense from valuation allowance (4) 337 — — Non-GAAP net income (loss) $ 4,236 $ 2,761 $ (2,712 ) U.S. GAAP diluted EPS $ (0.13 ) $ (0.12 ) $ (0.30 ) Non-GAAP diluted EPS $ 0.12 $ 0.08 $ (0.09 ) Shares used to compute non-GAAP diluted EPS 34,206,989 34,025,666 30,010,971 (1) Represents transaction-related costs incurred in connection with our acquisitions pipeline. (2) Represents severance costs associated with our global reduction-in-force programs. Additionally, the first quarter of 2025 includes severance costs incurred in connection with the planned exit from our Scotland operations. (3) Adjusts GAAP income tax expense for the impact of our non-GAAP adjustments, which are presented on a gross basis. (4) During the first quarter of 2025, we recorded a valuation allowance against the deferred tax assets from of Scotland and Korea operations. ICHOR HOLDINGS, LTD. Reconciliation of U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow (in thousands) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 Net cash provided by (used in) operating activities $ 18,977 $ (2,488 ) $ 4,804 Capital expenditures (18,481 ) (4,398 ) (4,490 ) Free cash flow $ 496 $ (6,886 ) $ 314 View source version on Contacts Greg Swyt, CFO 510-897-5200Claire McAdams, IR & Strategic Initiatives 530-265-9899ir@ Sign in to access your portfolio
Business Wire
05-05-2025
- Business
- Business Wire
Ichor Holdings, Ltd. Announces First Quarter 2025 Financial Results
FREMONT, Calif.--(BUSINESS WIRE)--Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, today announced first quarter 2025 financial results. First quarter 2025 highlights: Revenues of $244.5 million; Gross margin of 11.7% on a GAAP basis and 12.4% on a non‑GAAP basis; and Earnings (loss) per share of $(0.13) on a GAAP basis and $0.12 on a non-GAAP basis. 'The overall spending environment for semiconductor wafer fab equipment continues to be quite healthy as we enter 2025, with demand signals remaining relatively consistent across our primary served markets,' commented Jeff Andreson, Ichor's CEO. 'That said, the policy uncertainty playing out in Washington is beginning to challenge the clarity of demand visibility through the year, leading us to take a more conservative view for the second quarter. As we step back and view the year as a whole, at this time we anticipate revenue volumes will be reasonably balanced between the first half and second half – indicating Ichor's revenue growth profile continues to exceed expectations for overall industry growth in 2025. Within that revenue profile, we expect to drive meaningful gross margin improvement as we progress through 2025, as we mature the processes integrating our internal component supply into our high-volume gas panel manufacturing operations.' Q1 2025 Q4 2024 Q1 2024 (dollars in thousands, except per share amounts) Non-GAAP Financial Results: Gross margin 12.4 % 12.0 % 12.2 % Operating margin 2.7 % 2.4 % 1.2 % Net income (loss) $ 4,236 $ 2,761 $ (2,712 ) Diluted EPS $ 0.12 $ 0.08 $ (0.09 ) Expand U.S. GAAP Financial Results Overview Expand For the first quarter of 2025, revenue was $244.5 million, net loss was $(4.6) million, and net loss per diluted share ('diluted EPS') was $(0.13). This compares to revenue of $233.3 million and $201.4 million, net loss of $(3.9) million and $(9.0) million, and diluted EPS of $(0.12) and $(0.30), for the fourth quarter of 2024 and first quarter of 2024, respectively. Non-GAAP Financial Results Overview Expand For the first quarter of 2025, non-GAAP net income was $4.2 million and non-GAAP diluted EPS was $0.12. This compares to non-GAAP net income (loss) of $2.8 million and $(2.7) million, and non-GAAP diluted EPS of $0.08 and $(0.09), for the fourth quarter of 2024 and first quarter of 2024, respectively. Second Quarter 2025 Financial Outlook Expand For the second quarter of 2025, we expect the following: This outlook for non‑GAAP diluted EPS excludes amortization of intangible assets of approximately $2.1 million and share-based compensation expense of approximately $4.8 million, as well as the related income tax effects. Non-GAAP diluted EPS should be considered in addition to, but not as a substitute for, our financial information presented in accordance with GAAP. Balance Sheet and Cash Flow Results Expand We ended the first quarter of 2025 with cash and cash equivalents of $109.3 million, an increase of $0.6 million from the prior year ended December 27, 2024. The increase was primarily due to net cash provided by operating activities of $19.0 million and net cash received from share-based compensation of $2.0 million, partially offset by capital expenditures of $18.5 million and net payments on our credit facilities of $1.9 million. Our cash provided by operating activities of $19.0 million for the first quarter of 2025 consisted of net non-cash charges of $12.5 million, consisting primarily of depreciation and amortization of $8.1 million and share-based compensation expense of $4.1 million, and a decrease in our net operating assets and liabilities of $11.0 million, partially offset by net loss of $4.6 million. The decrease in our net operating assets and liabilities of $11.0 million during the first quarter of 2025 was primarily due to an increase in accounts payable of $14.3 million and a decrease in accounts receivable of $6.8 million, partially offset by an increase in inventories of $13.4 million. In addition to U.S. GAAP ("GAAP") results, this press release also contains non-GAAP financial results, including non‑GAAP gross profit, non‑GAAP operating income, non‑GAAP net income (loss), non‑GAAP diluted EPS, and free cash flow. Management uses non-GAAP metrics to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors' ability to view our results from management's perspective. Non-GAAP gross profit, operating income, and net income are defined as: gross profit, operating income (loss), or net income (loss), respectively, excluding (1) amortization of intangible assets, share-based compensation expense, and discrete or infrequent charges and gains that are outside of normal business operations, including transaction-related costs, contract and legal settlement gains and losses, facility shutdown costs, and severance costs associated with reduction-in-force programs, to the extent they are present in gross profit, operating income (loss), and net income (loss), respectively; and (2) the tax impacts associated with these non-GAAP adjustments, as well as non-recurring discrete tax items, including the impact of deferred tax asset valuation allowances. All non-GAAP adjustments are presented on a gross basis; the related income tax effects, including current and deferred income tax expense, are included in the adjustment line under the heading "Tax adjustments related to non-GAAP adjustments." Non-GAAP diluted EPS is defined as non-GAAP net income divided by weighted average diluted ordinary shares outstanding during the period. Non-GAAP gross margin and non-GAAP operating margin are defined as non-GAAP gross profit and non-GAAP operating income, respectively, divided by net sales. Free cash flow is defined as cash provided by or used in operating activities, less capital expenditures. Tables showing these metrics on a GAAP and non-GAAP basis, with reconciliation footnotes thereto, are included at the end of this press release. Non-GAAP results have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for our results reported under GAAP. Other companies may calculate non-GAAP results differently or may use other measures to evaluate their performance, both of which could reduce the usefulness of our non-GAAP results as a tool for comparison. Because of these limitations, you should consider non-GAAP results alongside other financial performance measures and results presented in accordance with GAAP. In addition, in evaluating non-GAAP results, you should be aware that in the future we will incur expenses such as those that are the subject of adjustments in deriving non-GAAP results, and you should not infer from our presentation of non-GAAP results that our future results will not be affected by these expenses or other discrete or infrequent charges and gains that are outside of normal business operations. Conference Call Expand We will conduct a conference call to discuss our first quarter 2025 results and business outlook today at 1:30 p.m. PT. To listen to a live webcast of the call, please visit our investor relations website at or go to the live link at To listen via telephone, please call (877) 407‑0989 (domestic) or +1 (201) 389‑0921 (international), conference ID: 13752948. After the call, an on-demand replay will be available at the same webcast link. We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical. Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also provide precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products. We are headquartered in Fremont, CA. We use a 52- or 53-week fiscal year ending on the last Friday in December. The three-month periods ended March 28, 2025, December 27, 2024, and March 29, 2024 were each 13 weeks. References to the first quarter of 2025, fourth quarter of 2024, and first quarter of 2024 relate to the three-month periods then ended. Our fiscal years ended December 26, 2025 and December 27, 2024 are each 52 weeks. References to 2025 and 2024 relate to the fiscal years then ended. Safe Harbor Statement Expand Certain statements in this release are 'forward-looking statements' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words 'anticipate,' 'believe,' 'contemplate,' 'designed,' 'estimate,' 'expect,' 'forecast,' 'goal,' 'guidance,' 'intend,' 'may,' 'outlook,' 'plan,' 'predict,' 'project,' 'see,' 'seek,' 'target,' 'would' and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Examples of forward-looking statements include, but are not limited to, statements regarding our outlook for our second fiscal quarter of 2025, statements regarding the current business environment, revenue levels in 2025 and beyond, manufacturers' investment in water fabrication equipment, our investment in research and development of new products, acquiring new business, and company and industry growth and performance in 2025 and beyond, as well as any other statement that does not directly relate to any historical fact. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to: geopolitical, economic and market conditions, including high inflation, changes to trade, fiscal and monetary policy, high interest rates, currency fluctuations, challenges in the supply chain and any disruptions in the global economy as a result of the conflicts in Ukraine and the Middle East; dependence on expenditures by manufacturers and cyclical downturns in the semiconductor capital equipment industry; reliance on a very small number of original equipment manufacturers ('OEMs') for a significant portion of sales; negotiating leverage held by our customers; competitiveness and rapid evolution of the industries in which we participate; keeping pace with developments in the industries we serve and with technological innovation generally; designing, developing and introducing new products that are accepted by original equipment manufacturers in order to retain our existing customers and obtain new customers; managing our manufacturing and procurement process effectively; defects in our products that could damage our reputation, decrease market acceptance and result in potentially costly litigation; and our dependence on a limited number of suppliers. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission (the 'SEC'), including other risks, relevant factors, and uncertainties identified in the 'Risk Factors' section of our Annual Report on Form 10‑K for the year ended December 27, 2024 and any other periodic reports that we may file with the SEC. All forward-looking statements in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. We undertake no obligation to update or revise any forward-looking statements contained herein, whether as a result of actual results, changes in our expectations, future events or developments, or otherwise, except as required by law. Source: Ichor Holdings, Ltd. ICHOR HOLDINGS, LTD. Consolidated Balance Sheets (in thousands, except share and per share amounts) (unaudited) March 28, 2025 2024 March 29, 2024 Assets Current assets: Cash and cash equivalents $ 109,281 $ 108,669 $ 102,124 Accounts receivable, net 79,859 86,619 73,371 Inventories 263,454 250,102 240,679 Prepaid expenses and other current assets 7,240 7,230 5,047 Total current assets 459,834 452,620 421,221 Property and equipment, net 103,372 94,867 92,792 Operating lease right-of-use assets 42,232 44,461 37,202 Other noncurrent assets 15,066 15,182 12,621 Deferred tax assets, net 4,069 4,316 3,008 Intangible assets, net 46,638 48,716 55,142 Goodwill 335,402 335,402 335,402 Total assets $ 1,006,613 $ 995,564 $ 957,388 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 102,532 $ 91,719 $ 61,320 Accrued liabilities 17,326 15,992 15,452 Other current liabilities 10,149 8,965 7,051 Current portion of long-term debt 7,500 7,500 7,500 Current portion of lease liabilities 11,409 11,494 9,926 Total current liabilities 148,916 135,670 101,249 Long-term debt, less current portion, net 119,264 121,023 124,424 Lease liabilities, less current portion 31,632 34,189 28,339 Deferred tax liabilities, net 1,555 1,555 1,169 Other non-current liabilities 4,885 4,791 4,975 Total liabilities 306,252 297,228 260,156 Shareholders' equity: Preferred shares ($0.0001 par value; 20,000,000 shares authorized; zero shares issued and outstanding) — — — Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 34,113,204, 33,859,542, and 33,467,846 shares outstanding, respectively; 38,550,643, 38,296,981, and 37,905,285 shares issued, respectively) 3 3 3 Additional paid in capital 612,644 606,060 593,125 Treasury shares at cost (4,437,439 shares) (91,578 ) (91,578 ) (91,578 ) Retained earnings 179,292 183,851 195,682 Total shareholders' equity 700,361 698,336 697,232 Total liabilities and shareholders' equity $ 1,006,613 $ 995,564 $ 957,388 Expand ICHOR HOLDINGS, LTD. Consolidated Statement of Operations (in thousands, except share and per share amounts) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 Net sales $ 244,465 $ 233,291 $ 201,383 Cost of sales 215,943 206,299 178,389 Gross profit 28,522 26,992 22,994 Operating expenses: Research and development 5,874 5,850 5,370 Selling, general, and administrative 21,742 20,131 19,219 Amortization of intangible assets 2,078 2,263 2,146 Total operating expenses 29,694 28,244 26,735 Operating loss (1,172 ) (1,252 ) (3,741 ) Interest expense, net 1,646 1,674 4,096 Other expense, net 81 272 239 Loss before income taxes (2,899 ) (3,198 ) (8,076 ) Income tax expense 1,660 745 913 Net loss $ (4,559 ) $ (3,943 ) $ (8,989 ) Net loss per share: Basic $ (0.13 ) $ (0.12 ) $ (0.30 ) Diluted $ (0.13 ) $ (0.12 ) $ (0.30 ) Shares used to compute Net loss per share: Basic 33,998,364 33,780,298 30,010,971 Diluted 33,998,364 33,780,298 30,010,971 Expand ICHOR HOLDINGS, LTD. Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 Cash flows from operating activities: Net loss $ (4,559 ) $ (3,943 ) $ (8,989 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 8,058 7,976 7,556 Share-based compensation 4,123 4,591 2,375 Deferred income taxes 247 (564 ) 140 Amortization of debt issuance costs 116 116 116 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net 6,760 (2,469 ) (6,650 ) Inventories (13,352 ) (10,743 ) 5,206 Prepaid expenses and other assets 2,837 (717 ) 1,735 Accounts payable 14,307 6,364 3,405 Accrued liabilities 1,804 (1,916 ) 1,020 Other liabilities (1,364 ) (1,183 ) (1,110 ) Net cash provided by (used in) operating activities 18,977 (2,488 ) 4,804 Cash flows from investing activities: Capital expenditures (18,481 ) (4,398 ) (4,490 ) Net cash used in investing activities (18,481 ) (4,398 ) (4,490 ) Cash flows from financing activities: Issuance of ordinary shares, net of fees — — 136,738 Issuance of ordinary shares under share-based compensation plans 4,004 2,201 3,335 Employees' taxes paid upon vesting of restricted share units (2,013 ) (1,218 ) (1,343 ) Repayments on revolving credit facility — — (115,000 ) Repayments on term loan (1,875 ) (1,875 ) (1,875 ) Net cash provided by (used in) financing activities 116 (892 ) 21,855 Net increase (decrease) in cash 612 (7,778 ) 22,169 Cash at beginning of period 108,669 116,447 79,955 Cash at end of period $ 109,281 $ 108,669 $ 102,124 Supplemental disclosures of cash flow information: Cash paid during the period for interest $ 2,251 $ 2,449 $ 4,833 Cash paid during the period for taxes, net of refunds $ 560 $ 1,529 $ 702 Supplemental disclosures of non-cash activities: Capital expenditures included in accounts payable $ 1,467 $ 4,961 $ 267 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 11,747 $ 2,810 Expand ICHOR HOLDINGS, LTD. (dollars in thousands) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 U.S. GAAP gross profit $ 28,522 $ 26,992 $ 22,994 Non-GAAP adjustments: Share-based compensation 707 912 776 Other (1) 1,087 — 748 Non-GAAP gross profit $ 30,316 $ 27,904 $ 24,518 U.S. GAAP gross margin 11.7 % 11.6 % 11.4 % Non-GAAP gross margin 12.4 % 12.0 % 12.2 % Expand (1) Represents severance costs associated with our global reduction-in-force programs. Additionally, the first quarter of 2025 includes severance costs incurred in connection with the planned exit from our Scotland operations. Expand ICHOR HOLDINGS, LTD. (dollars in thousands) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 U.S. GAAP operating loss $ (1,172 ) $ (1,252 ) $ (3,741 ) Non-GAAP adjustments: Amortization of intangible assets 2,078 2,263 2,146 Share-based compensation 4,123 4,591 2,375 Transaction-related costs (1) — — 785 Other (2) 1,546 — 867 Non-GAAP operating income $ 6,575 $ 5,602 $ 2,432 U.S. GAAP operating margin (0.5 )% (0.5 )% (1.9 )% Non-GAAP operating margin 2.7 % 2.4 % 1.2 % Expand (1) Represents transaction-related costs incurred in connection with our acquisitions pipeline. (2) Represents severance costs associated with our global reduction-in-force programs. Additionally, the first quarter of 2025 includes severance costs incurred in connection with the planned exit from our Scotland operations. Expand ICHOR HOLDINGS, LTD. Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Income (Loss) (in thousands, except share and per share amounts) (unaudited) Three Months Ended March 28, 2025 December 27, 2024 March 29, 2024 U.S. GAAP net loss $ (4,559 ) $ (3,943 ) $ (8,989 ) Non-GAAP adjustments: Amortization of intangible assets 2,078 2,263 2,146 Share-based compensation 4,123 4,591 2,375 Transaction-related costs (1) — — 785 Other (2) 1,546 — 867 Tax adjustments related to non-GAAP adjustments (3) 711 (150 ) 104 Tax expense from valuation allowance (4) 337 — — Non-GAAP net income (loss) $ 4,236 $ 2,761 $ (2,712 ) U.S. GAAP diluted EPS $ (0.13 ) $ (0.12 ) $ (0.30 ) Non-GAAP diluted EPS $ 0.12 $ 0.08 $ (0.09 ) Shares used to compute non-GAAP diluted EPS 34,206,989 34,025,666 30,010,971 Expand (1) Represents transaction-related costs incurred in connection with our acquisitions pipeline. (2) Represents severance costs associated with our global reduction-in-force programs. Additionally, the first quarter of 2025 includes severance costs incurred in connection with the planned exit from our Scotland operations. (3) Adjusts GAAP income tax expense for the impact of our non-GAAP adjustments, which are presented on a gross basis. (4) During the first quarter of 2025, we recorded a valuation allowance against the deferred tax assets from of Scotland and Korea operations. Expand Expand
Yahoo
07-04-2025
- Business
- Yahoo
Ichor to Announce First Quarter 2025 Financial Results on May 5th
FREMONT, Calif., April 07, 2025--(BUSINESS WIRE)--Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, will announce first quarter 2025 results on Monday, May 5th, 2025. First Quarter 2025 Earnings Conference Call Information Just after 1:00pm Pacific Time on May 5th, Ichor will issue its first quarter 2025 earnings press release. Ichor will conduct a conference call to discuss its first quarter 2025 results and business outlook at 1:30pm Pacific Time that afternoon. The earnings press release and supplemental financial information will be available on Ichor's investor website, after the market close on May 5th. To listen to the live webcast of the conference call, please visit the investor relations section of Ichor's website at or go to the direct link at After the event, the on-demand webcast will be available at the same link. To listen to the conference call live via telephone, please call (877) 407-0989 (domestic) or +1 (201) 389-0921 (international), and reference meeting number 13752948. About Ichor We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical. Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also provide precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products. We are headquartered in Fremont, CA. View source version on Contacts Greg Swyt, CFO 510-897-5200Claire McAdams, IR & Strategic Initiatives 530-265-9899IR@ Sign in to access your portfolio
