Here are the 10-K annual reports from Ichor Holdings (ICHR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow ICHR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ICHR filings page.
Ichor Holdings, Ltd. reports its business overview, 2025 performance, and key risks in its annual report. The company designs and manufactures critical fluid delivery subsystems and precision components for semiconductor, aerospace, and defense customers, with major OEMs like Lam Research, Applied Materials, and ASML.
Revenue grew to $947.7 million in 2025 from $849.0 million in 2024 and $811.1 million in 2023. GAAP net loss was $(52.8) million in 2025, compared with $(20.8) million in 2024 and $(43.0) million in 2023, while non‑GAAP net income was $7.9 million in 2025.
The business is capital‑efficient, with 2025 capital expenditures of $36.2 million, or 3.8% of sales. Customer concentration is high, as Lam Research and Applied Materials together represented 76% of 2025 sales. The company employed about 1,891 full‑time and 557 temporary employees as of December 26, 2025 and highlights competitive strengths in deep fluids engineering, global manufacturing, and early design engagement, alongside detailed risk factors including industry cyclicality, supply chain constraints, AI‑driven cybersecurity threats, and reliance on a small number of OEM customers.