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• ICHR is like Qualcomm for the machines that make chips, providing their essential fluid delivery systems.
• ICHR is like Bosch for the semiconductor equipment industry, supplying the critical gas and chemical delivery systems for chip-making machines.

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• Gas Delivery Subsystems: These systems deliver, monitor, and control gases used in semiconductor manufacturing processes such as etch and deposition.
• Chemical Delivery Subsystems: These systems blend and dispense reactive liquid chemistries for semiconductor manufacturing processes like chemical-mechanical planarization, electroplating, and cleaning.

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Ichor (ICHR) sells its products primarily to other companies, specifically equipment Original Equipment Manufacturers (OEMs) in the semiconductor equipment market. Its major customers include:

• Applied Materials, Inc. (Symbol: AMAT)
• Lam Research Corporation (Symbol: LRCX)

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Philip Barros, Chief Executive Officer

Philip Barros was appointed Chief Executive Officer of Ichor Holdings, Ltd. in November 2025. He has been with Ichor for over 20 years, serving as Chief Technology Officer since 2015 and Senior Vice President of Engineering since 2010. His extensive experience at Ichor spans executive roles in engineering, product management, sales, account management, corporate development, and strategy. Prior to joining Ichor, Mr. Barros held positions as director of systems engineering at Celerity, a predecessor company to Ichor, and as an engineering project manager at Applied Materials, Inc. He holds a B.S. in mechanical engineering from San Jose State University and has pursued advanced education at Stanford University and the University of California, Berkeley. Mr. Barros is also the holder of multiple patents.

Greg Swyt, Chief Financial Officer and Chief Accounting Officer

Greg Swyt serves as the Chief Financial Officer and Chief Accounting Officer of Ichor Holdings, Ltd. He is responsible for the company's financial operations and reporting. In February 2026, Mr. Swyt sold 3,000 shares of Ichor stock.

Bruce Ragsdale, Chief Operating Officer

Bruce Ragsdale holds the position of Chief Operating Officer at Ichor Holdings, Ltd. In this role, he is responsible for overseeing the company's global manufacturing and supply chain operations.

Diana Finucane, Chief HR Officer

Diana Finucane is the Chief HR Officer for Ichor Holdings, Ltd.

David Lee, Senior Vice President, Sales and Marketing

David Lee serves as the Senior Vice President, Sales and Marketing for Ichor Holdings, Ltd.

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The key risks to Ichor Holdings, Ltd.'s business operations are primarily centered around its dependence on the cyclical semiconductor industry, high customer concentration, and ongoing pressure on profit margins.

1. Cyclical Nature of the Semiconductor Industry: Ichor's financial performance is closely tied to the highly cyclical and volatile semiconductor capital equipment sector. This inherent industry cyclicality can lead to significant fluctuations in revenue and earnings, with periods of rapid growth often followed by downturns.
2. Customer Concentration: The company faces substantial risk due to its high dependence on a limited number of major customers. For example, Lam Research and Applied Materials collectively accounted for 76% of Ichor's total sales in 2025. Any reduction in orders, changes in purchasing strategies, or financial difficulties experienced by these key original equipment manufacturers (OEMs) could have a material adverse effect on Ichor's revenue and profitability.
3. Pressure on Margins: Ichor operates in a highly competitive market, which results in aggressive pricing strategies and continuous pressure on its gross margins. The company has reported thin profitability and, in some periods, GAAP net losses, indicating challenges in maintaining robust margins in this competitive environment. This also includes the risk of commoditization of its products, which can drive pricing downwards.

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• Gas Delivery Systems: The global gas delivery systems market size is projected to be US$24.6 billion in 2026, with the semiconductor manufacturing segment expected to account for nearly 40% of that revenue in the same year. This indicates an addressable market of approximately US$9.84 billion globally in 2026 for gas delivery systems specifically within semiconductor manufacturing. The market is expected to reach US$43.3 billion by 2033, growing at a compound annual growth rate (CAGR) of 8.4% from 2026 to 2033. North America is anticipated to hold approximately 35% of the market share in 2026.
• Liquid Chemical Delivery Systems: The global liquid chemical delivery systems market size was valued at USD 1.31 billion in 2025. It is projected to grow from USD 1.42 billion in 2026 to USD 2.26 billion by 2034, exhibiting a CAGR of 8.1% during the forecast period.

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Here are the expected drivers of future revenue growth for Ichor (ICHR) over the next 2-3 years:

1. Strengthening Demand in Semiconductor Segments: Ichor anticipates robust customer demand in its core semiconductor markets, specifically in etch and deposition technologies. This growth is fueled by fundamental technology transitions within the industry, including the increased adoption of gate-all-around (GAA) architectures, accelerating demand for high-bandwidth memory (HBM), and rising capital intensity in advanced logic and packaging. The company expects growth in nearly every application and with most customers throughout 2026.
2. Expansion into the Commercial Space Business: Ichor is actively targeting significant growth in its commercial space business. This segment has already demonstrated substantial growth, with a customer outside the semiconductor industry becoming the company's fifth-largest customer. Management projects that growth in the commercial space category could potentially surpass that of semiconductor sales.
3. Global Manufacturing Footprint Realignment and Expansion: The company is undertaking a strategic realignment and expansion of its global manufacturing footprint. This includes expanding machining capacity in Mexico and establishing a new, larger manufacturing center in Malaysia. This initiative is expected to enhance operational efficiencies, support increased output to meet customer demand, and drive meaningful margin improvement, thereby contributing to revenue growth.
4. Increased Internal Content and Proprietary Product Adoption: Ichor is focused on increasing the integration of its own branded, proprietary components into the fluid delivery systems it manufactures. The company aims to have its products capable of supporting up to 75% of the content within the systems by the end of the year. This strategy, involving strategic component qualification and proprietary technology development, is expected to expand gross margins and drive earnings growth faster than revenue.

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Share Issuance

• Ichor's shares outstanding increased from 0.023 billion in Q4 2020 to 0.034 billion by Q3 2025.

Capital Expenditures

• Ichor's total capital expenditures were $36.2 million in 2025 (3.8% of sales), $17.6 million in 2024 (2.1% of sales), and $15.5 million in 2023 (1.9% of sales).
• For fiscal year 2026, capital expenditures are projected to decrease from approximately 4% of revenue in FY 2025 ($36 million) to approximately 3% of revenue.
• Recent capital expenditures have focused on establishing a new high-volume manufacturing center in Malaysia, which commenced operations in January 2026, and an expansion in Mexico, expected to be completed later in 2026.