Ichor Holdings, Ltd. reported a revenue of $947.7 million for the fiscal year ending December 26, 2025, marking an increase of 11.6% from $849.0 million in 2024. However, the company experienced a net loss of $52.8 million, compared to a loss of $20.8 million in the previous year. The decline in profitability was attributed to increased costs associated with restructuring, supply chain challenges, and a less favorable sales mix. The gross margin also decreased to 9.3% from 12.2% in 2024, primarily due to higher operational costs and restructuring expenses.
In terms of strategic developments, Ichor initiated a Consolidation Restructuring Plan in 2025 to better align its operations with customer demand. This included the closure of facilities in Scotland and Korea and the relocation of certain manufacturing activities to high-volume facilities. The restructuring efforts incurred approximately $35 million in related charges. The company also reported a significant increase in selling, general, and administrative expenses, which rose by 20.5% to $95.7 million, largely due to non-recurring costs associated with the restructuring and increased employee-related expenses.
Operationally, Ichor's customer base remains concentrated, with two major customers, Lam Research and Applied Materials, accounting for 76% of total sales in 2025. The company continues to face challenges related to the cyclical nature of the semiconductor capital equipment industry, which is influenced by broader economic conditions and customer spending patterns. Despite these challenges, Ichor aims to expand its market share within existing customers and grow its total available market by enhancing its product offerings.
Looking ahead, Ichor's management expressed confidence in the long-term demand for semiconductors and semiconductor capital equipment, driven by the need for expanded manufacturing capacity and advanced technologies. However, the company remains cautious about the potential impacts of geopolitical tensions, trade policies, and ongoing supply chain disruptions on its operations and financial performance. The outlook for 2026 will depend on the company's ability to navigate these challenges while executing its growth strategy effectively.
About ICHOR HOLDINGS, LTD.
Ichor Holdings, Ltd. designs and manufactures critical fluid delivery subsystems and components for semiconductor capital equipment, including gas and chemical delivery systems. Serving OEMs globally, it provides innovative, reliable solutions for precise fluid control in semiconductor manufacturing and other industries like aerospace and medical devices. Its business model emphasizes early customer engagement, engineering expertise, operational efficiency, and a scalable, capital-efficient approach to meet evolving industry demands.
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