Ichor (US:ICHR)2025-11-03 21:10Financial Performance - Third quarter 2025 revenue was $239.3 million, reflecting a year-over-year growth of 18% compared to $211.1 million in Q3 2024[1][2] - The net loss for Q3 2025 was $(22.9) million, compared to a net loss of $(2.8) million in Q3 2024[2][3] - Non-GAAP net income for Q3 2025 was $2.3 million, with a non-GAAP diluted EPS of $0.07, compared to $4.0 million and $0.12 in Q3 2024[3][4] - Operating loss for the three months ended September 26, 2025, was $19.425 million, compared to an operating loss of $0.385 million in the same period last year[25] - Net loss for the three months ended September 26, 2025, was $22.853 million, compared to a net loss of $2.776 million in the same period last year, representing an increase in loss of 720.5%[25] - U.S. GAAP net loss for Q3 2025 was $22.853 million, compared to a loss of $9.408 million in Q2 2025 and $2.776 million in Q3 2024[36] - Non-GAAP net income for Q3 2025 was $2.302 million, up from $1.097 million in Q2 2025 and $4.020 million in Q3 2024[36] Revenue and Sales - Net sales for the three months ended September 26, 2025, were $239.296 million, a 13.3% increase from $211.139 million in the same period last year[25] - For Q4 2025, the company expects revenue to be between $210 million and $230 million, with GAAP diluted EPS projected between $(0.33) and $(0.17)[5] Margins and Profitability - Gross margin for Q3 2025 was 4.6% on a GAAP basis and 12.1% on a non-GAAP basis, down from 13.2% and 13.6% respectively in Q3 2024[1][4] - Gross profit for the three months ended September 26, 2025, was $11.069 million, down from $27.791 million in the same period last year, reflecting a decrease of 60.2%[25] - U.S. GAAP gross profit for the three months ended September 26, 2025, was $11.07 million, with a gross margin of 4.6%, down from 11.3% in the previous quarter[29] - Non-GAAP gross profit for the same period was $28.91 million, resulting in a non-GAAP gross margin of 12.1%[29] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q3 2025 were $92.5 million, a decrease of $16.2 million from the prior year[6][7] - Operating activities provided $9.2 million in cash during Q3 2025, despite a net loss of $(22.9) million[7][8] - The increase in cash was primarily due to net cash provided by operating activities, offset by capital expenditures of $7.1 million[7][8] - Cash flows from operating activities generated $9.25 million for the three months ended September 26, 2025, compared to a cash outflow of $7.51 million in the previous quarter[27] - The cash at the end of the period was $92.50 million, compared to $92.22 million at the end of the previous quarter[27] Expenses - Research and development expenses for the three months ended September 26, 2025, were $5.898 million, slightly up from $5.872 million in the same period last year[25] - Selling, general, and administrative expenses for the three months ended September 26, 2025, were $22.519 million, an increase from $20.227 million in the same period last year[25] - The company incurred restructuring plan costs of $16.71 million, primarily related to inventory impairment, for the three months ended September 26, 2025[29] - The company incurred $17.586 million in restructuring plan costs for the nine months ended September 26, 2025[37] Assets and Liabilities - Total current assets as of September 26, 2025, were $424.942 million, a decrease of 6.4% from $452.620 million as of December 27, 2024[23] - Total liabilities as of September 26, 2025, were $290.406 million, a slight decrease from $290.921 million as of June 27, 2025[23] - Total assets as of September 26, 2025, were $966.583 million, a decrease from $995.564 million as of December 27, 2024[23] Future Outlook - The company anticipates a recovery in other served markets, which is expected to provide revenue volume momentum and gross margin tailwinds moving into 2026[1] - The company is focused on the design and manufacturing of critical fluid delivery subsystems for semiconductor capital equipment, with ongoing investments in research and development[16]