Revenue increased steadily from $811 million in 2023 to nearly $948 million in 2025, reflecting strong order momentum despite ongoing operating losses. Margins have compressed recently as cost pressures intensify and R&D plus SG&A rise.

Revenue growth is driven primarily by increased semiconductor capital expenditure cycles and demand for advanced fluid delivery subsystems. Quarterly revenues range around $230 million-$260 million, showing a solid top-line base in a specialized market segment.

Gross profit margins deteriorated from about 12.7% in 2023 to 11.6% in Q1 2026. Operating income remains negative, with fluctuating EBITDA results indicating ongoing cost structure challenges and investments impacting profitability.

Earnings remain negative on an annual basis, despite the recent positive EPS in the latest quarter suggesting a possible turn. Earnings are impacted heavily by high depreciation, R&D spend, and SG&A, with some tax benefits but overall net losses persist.

Revenue grew about 17% from 2023 to 2025, increasing from $811 million to $948 million. Quarterly revenue growth sequentially varies but shows a general increasing trend, such as 14.5% YoY from Q1 2025 to Q1 2026.

EPS remains negative for fiscal years but recently turned positive to $0.15 in Q1 2026 versus an estimated $0.13, a welcome turnaround from sustained losses of over $1 per share in prior years.

Growth is fueled by ongoing secular growth in semiconductor equipment demand and technology node advancements requiring sophisticated components where Ichor competes. Increased chip manufacturing capacity expansions globally support this trend.

Growth appears to be primarily organic, reflecting industry demand rather than acquisitions. The sustainability relies on semiconductor capex cycles and Ichor’s ability to improve margins and scale operations.

Gross margin declined modestly from 12.7% in 2023 to 11.6% in Q1 2026. Operating margin remains negative, though improved slightly in the latest quarter to about 1% positive operating income ratio from more deeply negative levels previously.

While specific ROE and ROA data is unavailable, persistent net losses imply negative returns on equity and assets historically. Recent EPS positivity may herald early improvement but sustained profitability is not yet established.

Margins face ongoing pressure from semiconductor industry volatility and cost inflation. Sustaining even modest profitability will require steady revenue growth coupled with effective cost management over future quarters.