Ichor Holdings reported third quarter 2026 revenue that slightly missed analyst estimates, while non-GAAP earnings significantly outperformed expectations. Profitability metrics improved across the board, with non-GAAP gross margins expanding 190 basis points sequentially, driven by operational efficiencies and a shift toward proprietary product content.

Key Highlights

  • Revenue rose 37% year-over-year to $328.7 million, though it fell slightly short of the $330.15 million estimate.
  • Non-GAAP diluted EPS of $0.63 substantially beat the $0.45 estimate, reflecting strong earnings leverage during a steep production ramp.
  • Management issued positive fourth quarter 2026 guidance with a revenue midpoint of $355 million and non-GAAP EPS of $0.70.
  • Operating cash flow was a $28.8 million outflow, primarily due to a $39.5 million increase in inventory to support the ongoing revenue ramp and visibility into 2027.