[10-Q] ICHOR HOLDINGS, LTD. Quarterly Earnings Report

Rhea-AI Filing Summary

Ichor Holdings (ICHR) reported Q3 2025 results with net sales of $239.3 million, up 13.3% year over year, but gross margin fell to 4.6% and the company posted a net loss of $22.9 million (diluted EPS of $0.67 loss). The margin decline was driven primarily by $16.7 million of inventory impairment recognized under a Consolidation Restructuring Plan.

Operating loss was $19.4 million, and non-GAAP metrics showed a 12.1% gross margin and $0.07 of diluted EPS. Cash and cash equivalents were $92.5 million, and operating cash flow for the nine months was $20.7 million. The company entered into an amended and restated credit agreement featuring a $125.0 million term loan and a $100.0 million revolver, bearing SOFR-based interest of 6.41% as of September 26, 2025, maturing September 26, 2030. As of October 28, 2025, 34,384,231 ordinary shares were outstanding. The restructuring plan includes total expected fixed asset charges of approximately $4.7 million and operating lease ROU asset impairments of approximately $3.9 million, with the plan expected to be substantially complete by the end of 2026.

Insights

Semiconductor capital equipment analyst

Sales rose, but restructuring-driven charges pressured margins.

Ichor grew Q3 net sales to $239.3M, reflecting healthier industry demand, yet GAAP gross margin contracted to 4.6% due to a $16.7M inventory impairment tied to a footprint consolidation plan. This pushed GAAP net loss to $22.9M and diluted EPS to a $0.67 loss, while non-GAAP gross margin was 12.1% and non-GAAP diluted EPS was $0.07.

The company amended its credit facilities with a $125.0M term loan and a $100.0M revolver, SOFR-based at 6.41% as of Sep 26, 2025, maturing Sep 26, 2030. Liquidity included $92.5M of cash, and nine-month operating cash flow of $20.7M.

The restructuring plan recorded inventory impairments this quarter and outlines additional fixed asset charges of about $4.2M remaining and lease ROU impairments of about $3.5M remaining, with substantial completion by end of 2026. Actual impact will depend on execution and cost realization under the plan.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 26, 2025

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __ to __

Commission File Number: 001-37961

_________________________________________________________________________________________________________________________

ICHOR HOLDINGS, LTD.

(Exact Name of Registrant as Specified in its Charter)

_________________________________________________________________________________________________________________________

Cayman Islands						Not Applicable
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
3185 Laurelview Ct. Fremont, California						94538
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (510) 897-5200

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Ordinary Shares, par value $0.0001			ICHR			The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x     No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x     No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer

x

Accelerated filer

o

Non‑accelerated filer

o

Small reporting company

o

Emerging Growth Company

o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes  o     No  x

As of October 28, 2025, the registrant had 34,384,231 ordinary shares, $0.0001 par value per share, outstanding.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
ITEM 1.			FINANCIAL STATEMENTS (UNAUDITED)			1
			Consolidated Balance Sheets			1
			Consolidated Statements of Operations			2
			Consolidated Statements of Shareholders' Equity			3
			Consolidated Statements of Cash Flows			5
			Notes to Consolidated Financial Statements			6
ITEM 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			16
ITEM 3.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			27
ITEM 4.			CONTROLS AND PROCEDURES			27
PART II - OTHER INFORMATION
ITEM 1.			LEGAL PROCEEDINGS			28
ITEM 1A.			RISK FACTORS			28
ITEM 2.			UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			28
ITEM 3.			DEFAULTS UPON SENIOR SECURITIES			28
ITEM 4.			MINE SAFETY DISCLOSURES			28
ITEM 5.			OTHER INFORMATION			28
ITEM 6.			EXHIBITS			29
			SIGNATURES			30

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

ICHOR HOLDINGS, LTD.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

(unaudited)

			September 26, 2025						December 27, 2024
Assets
Current assets:
Cash and cash equivalents			$	92,500					$	108,669
Accounts receivable, net			84,400						86,619
Inventories			241,680						250,102
Prepaid expenses and other current assets			6,362						7,230
Total current assets			424,942						452,620
Property and equipment, net			110,373						94,867
Operating lease right-of-use assets			37,059						44,461
Other noncurrent assets			14,208						15,182
Deferred tax assets, net			2,116						4,316
Intangible assets, net			42,483						48,716
Goodwill			335,402						335,402
Total assets			$	966,583					$	995,564
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable			$	92,600					$	91,719
Accrued liabilities			18,315						15,992
Other current liabilities			9,488						8,965
Current portion of long-term debt			6,250						7,500
Current portion of lease liabilities			11,337						11,494
Total current liabilities			137,990						135,670
Long-term debt, less current portion, net			117,201						121,023
Lease liabilities, less current portion			28,334						34,189
Deferred tax liabilities, net			1,555						1,555
Other non-current liabilities			5,326						4,791
Total liabilities			290,406						297,228
Shareholders’ equity:
Preferred shares ($0.0001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding)			—						—
Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 34,377,891 and 33,859,542 shares outstanding, respectively; 38,815,330 and 38,296,981 shares issued, respectively)			3						3
Additional paid in capital			620,721						606,060
Treasury shares at cost (4,437,439 shares)			(91,578)						(91,578)
Retained earnings			147,031						183,851
Total shareholders’ equity			676,177						698,336
Total liabilities and shareholders’ equity			$	966,583					$	995,564

The accompanying notes are an integral part of these consolidated financial statements.

1

ICHOR HOLDINGS, LTD.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
Net sales			$	239,296					$	211,139					$	724,046					$	615,749
Cost of sales			228,227						183,348						657,253						539,407
Gross profit			11,069						27,791						66,793						76,342
Operating expenses:
Research and development			5,898						5,872						17,482						17,168
Selling, general, and administrative			22,519						20,227						68,515						59,253
Amortization of intangible assets			2,077						2,077						6,233						6,309
Total operating expenses			30,494						28,176						92,230						82,730
Operating loss			(19,425)						(385)						(25,437)						(6,388)
Interest expense, net			1,653						1,638						4,934						7,592
Other expense, net			1,092						587						1,366						876
Loss before income taxes			(22,170)						(2,610)						(31,737)						(14,856)
Income tax expense			683						166						5,083						2,021
Net loss			$	(22,853)					$	(2,776)					$	(36,820)					$	(16,877)
Net loss per share
Basic			$	(0.67)					$	(0.08)					$	(1.08)					$	(0.52)
Diluted			$	(0.67)					$	(0.08)					$	(1.08)					$	(0.52)
Shares used to compute Net loss per share:
Basic			34,346,172						33,700,246						34,174,639						32,419,762
Diluted			34,346,172						33,700,246						34,174,639						32,419,762

The accompanying notes are an integral part of these consolidated financial statements.

2

ICHOR HOLDINGS, LTD.

Consolidated Statements of Shareholders’ Equity

(in thousands, except share amounts)

(unaudited)

For the nine months ending September 26, 2025			Ordinary Shares												Additional Paid-In Capital						Treasury Shares																		Retained Earnings						Total Shareholders' Equity
			Shares						Amount												Shares						Amount
Balance at December 27, 2024			33,859,542						$	3					$	606,060					4,437,439						$	(91,578)											$	183,851					$	698,336
Ordinary shares issued, net of transaction costs			—						—						—						—						—												—						—
Ordinary shares issued from exercise of stock options			137,080						—						3,404						—						—												—						3,404
Ordinary shares issued from vesting of restricted share units			77,518						—						(2,013)						—						—												—						(2,013)
Ordinary shares issued from employee share purchase plan			39,064						—						1,070						—						—												—						1,070
Share-based compensation expense			—						—						4,123						—						—												—						4,123
Net loss			—						—						—						—						—												(4,559)						(4,559)
Balance at March 28, 2025			34,113,204						3						612,644						4,437,439						(91,578)												179,292						700,361
Ordinary shares issued, net of transaction costs			—						—						—						—						—												—						—
Ordinary shares issued from exercise of stock options			—						—						—						—						—												—						—
Ordinary shares issued from vesting of restricted share units			130,079						—						(1,033)						—						—												—						(1,033)
Ordinary shares issued from employee share purchase plan			—						—						—						—						—												—						—
Share-based compensation expense			—						—						4,227						—						—												—						4,227
Net loss			—						—						—						—						—												(9,408)						(9,408)
Balance at June 27, 2025			34,243,283						3						615,838						4,437,439						(91,578)												169,884						694,147
Ordinary shares issued, net of transaction costs			—						—						—						—						—												—						—
Ordinary shares issued from exercise of stock options			—						—						—						—						—												—						—
Ordinary shares issued from vesting of restricted share units			58,974						—						(601)						—						—												—						(601)
Ordinary shares issued from employee share purchase plan			75,634						—						1,263						—						—												—						1,263
Share-based compensation expense			—						—						4,221						—						—												—						4,221
Net loss			—						—						—						—						—												(22,853)						(22,853)
Balance at September 26, 2025			34,377,891						$	3					$	620,721					4,437,439						$	(91,578)											$	147,031					$	676,177

The accompanying notes are an integral part of these consolidated financial statements.

3

ICHOR HOLDINGS, LTD.

Consolidated Statements of Shareholders’ Equity

(in thousands, except share amounts)

(unaudited)

For the nine months ending September 27, 2024			Ordinary Shares												Additional Paid-In Capital						Treasury Shares																		Retained Earnings						Total Shareholders' Equity
			Shares						Amount												Shares						Amount
Balance at December 29, 2023			29,435,398						$	3					$	451,581					4,437,439						$	(91,578)											$	204,671					$	564,677
Ordinary shares issued, net of transaction costs			3,833,334						—						136,738						—						—												—						136,738
Ordinary shares issued from exercise of stock options			110,950						—						2,753						—						—												—						2,753
Ordinary shares issued from vesting of restricted share units			52,111						—						(1,343)						—						—												—						(1,343)
Ordinary shares issued from employee share purchase plan			36,053						—						1,021						—						—												—						1,021
Share-based compensation expense			—						—						2,375						—						—												—						2,375
Net loss			—						—						—						—						—												(8,989)						(8,989)
Balance at March 29, 2024			33,467,846						3						593,125						4,437,439						(91,578)												195,682						697,232
Ordinary shares issued, net of transaction costs			—						—						—						—						—												—						—
Ordinary shares issued from exercise of stock options			31,381						—						747						—						—												—						747
Ordinary shares issued from vesting of restricted share units			130,104						—						(1,929)						—						—												—						(1,929)
Ordinary shares issued from employee share purchase plan			—						—						—						—						—												—						—
Share-based compensation expense			—						—						3,938						—						—												—						3,938
Net loss			—						—						—						—						—												(5,112)						(5,112)
Balance at June 28, 2024			33,629,331						3						595,881						4,437,439						(91,578)												190,570						694,876
Ordinary shares issued, net of transaction costs			—						—						—						—						—												—						—
Ordinary shares issued from exercise of stock options			7,309						—						170						—						—												—						170
Ordinary shares issued from vesting of restricted share units			43,290						—						(953)						—						—												—						(953)
Ordinary shares issued from employee share purchase plan			44,987						—						1,286						—						—												—						1,286
Share-based compensation expense			—						—						4,672						—						—												—						4,672
Net loss			—						—						—						—						—												(2,776)						(2,776)
Balance at September 27, 2024			33,724,917						$	3					$	601,056					4,437,439						$	(91,578)											$	187,794					$	697,275

The accompanying notes are an integral part of these consolidated financial statements.

4

ICHOR HOLDINGS, LTD.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

			Nine Months Ended
			September 26, 2025						September 27, 2024
Cash flows from operating activities:
Net loss			$	(36,820)					$	(16,877)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			23,461						22,768
Impairment of inventory			16,713						—
Share-based compensation			12,571						10,985
Impairment of lease right-of-use assets			1,651						—
Deferred income taxes			2,200						(218)
Loss on disposal of equipment			475						—
Amortization of debt issuance costs			349						349
Loss on extinguishment of debt			169						—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net			2,219						(17,429)
Inventories			(8,291)						6,526
Prepaid expenses and other assets			7,566						3,060
Accounts payable			1,875						22,746
Accrued liabilities			2,788						2,845
Other liabilities			(6,210)						(4,387)
Net cash provided by operating activities			20,716						30,368
Cash flows from investing activities:
Capital expenditures			(32,920)						(13,238)
Net cash used in investing activities			(32,920)						(13,238)
Cash flows from financing activities:
Issuance of ordinary shares, net of fees			—						136,738
Issuance of ordinary shares under share-based compensation plans			5,272						5,599
Employees' taxes paid upon vesting of restricted share units			(3,647)						(4,225)
Debt issuance and modification costs			(1,215)						—
Repayments on revolving credit facility			—						(115,000)
Proceeds from term loan			57,003						—
Repayments on term loan			(61,378)						(3,750)
Net cash provided by (used in) financing activities			(3,965)						19,362
Net increase (decrease) in cash			(16,169)						36,492
Cash at beginning of period			108,669						79,955
Cash at end of period			$	92,500					$	116,447
Supplemental disclosures of cash flow information:
Cash paid during the period for interest			$	7,117					$	9,201
Cash paid during the period for taxes, net of refunds			$	1,884					$	1,804
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable			$	3,967					$	569
Right-of-use assets obtained in exchange for new operating lease liabilities			$	1,256					$	4,671

The accompanying notes are an integral part of these consolidated financial statements.

5

ICHOR HOLDINGS, LTD.

Notes to Consolidated Financial Statements

(dollar figures in tables in thousands, except per share amounts)

(unaudited)

Note 1 – Basis of Presentation and Selected Significant Accounting Policies

Basis of Presentation

These consolidated unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated upon consolidation. All dollar figures presented in tables in the notes to the consolidated financial statements are in thousands, except per share amounts. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted as permitted by the U.S. Securities and Exchange Commission's rules and regulations for interim reporting. These consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10‑K for the year ended December 27, 2024.

Year End

We use a 52- or 53-week fiscal year ending on the last Friday in December. Our fiscal years ending December 26, 2025 and December 27, 2024 are each 52 weeks. References to 2025 and 2024 relate to the fiscal years then ended, respectively. The three-month periods ended September 26, 2025 and September 27, 2024 are each 13 weeks. References to the third quarter of 2025 and 2024 relate to the three-month periods then ended, respectively.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods presented. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from the estimates made by management. Significant estimates include inventory valuation, uncertain tax positions, valuation allowance on deferred tax assets, and impairment analysis for both definite‑lived intangible assets and goodwill.

Change in Accounting Estimate

On March 29, 2025, we changed our accounting estimate for the expected useful lives of Computer Numerical Control ("CNC") machinery. We evaluated our current asset base and reassessed the estimated useful lives of the CNC machinery in connection with our recent usage of older machinery, including considering the technological and physical obsolescence of such machinery. Based on this evaluation, we determined the expected useful life of the CNC machinery should be increased from seven to ten years to more closely reflect the estimated economic life of those assets. This change in estimate was applied prospectively effective for the second quarter of 2025 and resulted in a decrease to depreciation expense in cost of sales of $1.0 million for the second quarter of 2025. For the three and nine months ended September 26, 2025, this change in estimate reduced Operating loss and Net loss by approximately $1.0 million and $2.0 million and Net loss per share by $0.03 and $0.06, respectively.

Cash and Cash Equivalents

Cash and cash equivalents consist of deposits and financial instruments which are readily convertible into cash and have original maturities of 90 days or less at the time of acquisition.

6

Fair Value of Financial Instruments

The carrying values of our financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and long-term debt, net of unamortized debt issuance costs, approximate fair value.

Revenue Recognition

We recognize revenue when control of promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. This amount is recorded as net sales in our consolidated statements of operations.

Transaction price – In most of our contracts, prices are generally determined by a customer-issued purchase order and generally remain fixed over the duration of the contract. Certain contracts contain variable consideration, including early-payment discounts and rebates. When a contract includes variable consideration, we evaluate the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, we include the variable consideration in the transaction price only to the extent that it is probable that a significant reversal will not occur. Variable consideration estimates are updated at each reporting date. Historically, we have not incurred significant costs to obtain a contract. All amounts billed to a customer relating to shipping and handling are classified as net sales, while all costs incurred by us for shipping and handling are classified as cost of sales.

Performance obligations – Substantially all of our performance obligations pertain to promised goods (“products”), which are primarily comprised of fluid delivery subsystems, weldments, and other components. Most of our contracts contain a single performance obligation and are generally completed within 12 months. Product sales are recognized at a point-in-time, upon "delivery," as such term is defined within the contract, which is generally at the time of shipment, as that is when control of the product has transferred. Products are covered by a standard assurance warranty, generally extended for a period of one to two years depending on the customer, which promises that delivered products conform to contract specifications. As such, we account for such warranties under Accounting Standards Codification ("ASC") Topic 460, Guarantees, and not as a separate performance obligation.

Contract balances – Accounts receivable represents our unconditional right to receive consideration from our customers. Accounts receivable are carried at invoice price less an estimate for doubtful accounts and estimated payment discounts. Payment terms vary by customer, but payment is generally due within 15 to 60 days of purchase. Historically, we have not experienced significant payment issues with our customers. We had no significant contract assets or liabilities on our consolidated balance sheets in any of the periods presented herein.

Accounting Pronouncements Recently Issued

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). This ASU is intended to enhance the transparency, decision usefulness, and effectiveness of income tax disclosures. The ASU requires a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. The ASU also requires a public entity to provide a qualitative description of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state, and foreign taxes as well as by individual jurisdictions. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, it requires disclosure of selling expenses and its definition. The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. We are currently evaluating the effect that the adoption of this ASU may have on our consolidated financial statements.

7

Note 2 – Inventories

Inventories consist of the following:

			September 26, 2025						December 27, 2024
Raw materials			$	204,317					$	197,975
Work in process			44,105						45,075
Finished goods			46,078						43,445
Excess and obsolete adjustment			(36,107)						(36,393)
Impairment of inventory			(16,713)						—
Total inventories			$	241,680					$	250,102

Note 3 – Property and Equipment and Other Noncurrent Assets

Property and equipment consist of the following:

			September 26, 2025						December 27, 2024
Machinery			$	139,710					$	123,509
Leasehold improvements			48,508						48,487
Computer software, hardware, and equipment			9,153						8,707
Office furniture, fixtures, and equipment			1,599						1,593
Vehicles			393						395
Construction-in-process			24,470						12,612
			223,833						195,303
Less accumulated depreciation			(113,460)						(100,436)
Total property and equipment, net			$	110,373					$	94,867

Depreciation expense was $4.9 million and $5.2 million for the third quarter of 2025 and 2024, respectively.

Depreciation expense was $15.9 million and $15.6 million for the nine months ended September 26, 2025 and September 27, 2024, respectively.

Cloud Computing Implementation Costs

We capitalize implementation costs associated with hosting arrangements that are service contracts. These costs are recorded to prepaid expenses or other noncurrent assets. To date, these costs have been those incurred to implement a new company-wide enterprise resource planning system. The balance of capitalized cloud computing implementation costs, net of accumulated amortization, was $12.9 million and $11.2 million as of September 26, 2025 and December 27, 2024, respectively, and is included in other noncurrent assets on our consolidated balance sheets. The related amortization expense, which is included in selling, general, and administrative expenses on our consolidated statements of operations, was $0.4 million and $0.3 million for the third quarter of 2025 and 2024, respectively, and $1.3 million and $0.8 million for the nine months ended September 26, 2025 and September 27, 2024, respectively.

8

Note 4 – Intangible Assets

Definite‑lived intangible assets consist of the following:

			September 26, 2025
			Gross value						Accumulated amortization						Accumulated impairment charges						Carrying amount						Weighted average useful life
Customer relationships			$	73,142					$	(34,207)					$	—					$	38,935					9.9 years
Developed technology			11,047						(7,499)						—						3,548						10.0 years
Total intangible assets			$	84,189					$	(41,706)					$	—					$	42,483

			December 27, 2024
			Gross value						Accumulated amortization						Accumulated impairment charges						Carrying amount						Weighted average useful life
Customer relationships			$	73,142					$	(28,779)					$	—					$	44,363					9.9 years
Developed technology			11,047						(6,694)						—						4,353						10.0 years
Total intangible assets			$	84,189					$	(35,473)					$	—					$	48,716

Note 5 – Leases

Operating lease right-of-use (“ROU”) assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and liabilities, we use the non-cancelable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

We lease facilities under non-cancelable operating leases that expire at various dates from 2025 through 2037. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities.

During the three and nine months ended September 26, 2025, we recorded $0.4 million and $1.7 million, respectively, in non-cash impairment charges from the abandonment of ROU lease assets in connection with our exit from our Scotland operations and our Consolidation Restructuring Plan (see Note 12). The impairment charges are included in Selling, general, and administrative expenses within the accompanying consolidated statement of operations.

The components of lease expense are as follows:

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
Operating lease cost			$	2,796					$	2,603					$	8,426					$	7,587

Supplemental cash flow information related to leases is as follows:

			Nine Months Ended
			September 26, 2025						September 27, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	8,665					$	7,404

9

Supplemental balance sheet information related to leases is as follows:

			September 26, 2025						December 27, 2024
Weighted-average remaining lease term of operating leases			5.7 years						6.1 years
Weighted-average discount rate of operating leases			4.9%						4.7%

Future minimum lease payments under non-cancelable leases are as follows as of September 26, 2025:

2025, remaining			$	2,706
2026			11,641
2027			10,731
2028			5,907
2029			3,228
Thereafter			12,294
Total future minimum lease payments			46,507
Less imputed interest			(6,836)
Total lease liabilities			39,671
Less current portion			(11,337)
Total lease liabilities, less current portion			$	28,334

Note 6 – Income Taxes

On July 4, 2025, a budget and reconciliation package referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA enacts significant changes to U.S. tax and related laws, including, among other things, expensing of domestic research expenses, increasing the limit of the interest expense deduction to thirty percent of EBITDA, and one hundred percent bonus depreciation on eligible property acquired after January 19, 2025. There was no material change to our effective income tax rate as a result of these changes for the period ending September 26, 2025.

Income tax information for the periods reported is as follows:

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
Income tax expense			$	683					$	166					$	5,083					$	2,021
Loss before income taxes			$	(22,170)					$	(2,610)					$	(31,737)					$	(14,856)
Effective income tax rate			(3.1)		%				(6.4)		%				(16.0)		%				(13.6)		%

Our effective tax rate for the three and nine months ended September 26, 2025 differs from the statutory rate primarily due to taxes on foreign income that differs from the U.S. tax rate, including an accrual for the Organization for Economic Co-operation and Development's Global Anti-Base Erosion Model Rules ("Pillar Two") taxes, the impact of stock option exercises, and the impact of a valuation allowance against U.S. deferred tax assets. Pillar Two taxes primarily impact our Singapore operations, wherein we were granted and currently participate in a tax holiday expiring in 2026.

The ending balance for the unrecognized tax benefits for uncertain tax positions was approximately $4.4 million as of September 26, 2025. The related interest was insignificant, and the related penalties were $0.7 million. The uncertain tax positions that are reasonably possible to decrease in the next twelve months are insignificant.

As of September 26, 2025, we were under examination by California tax authorities for fiscal years 2020-2022.

10

Note 7 – Employee Benefit Programs

401(k) Plan

We sponsor a 401(k) plan available to employees of our U.S.‑based subsidiaries. Participants may make salary deferral contributions not to exceed 50% of a participant’s annual compensation or the maximum amount otherwise allowed by law. Eligible employees receive a discretionary matching contribution equal to 50% of a participant’s deferral, up to an annual matching maximum of 4% of a participant’s annual compensation. Matching contributions were $0.7 million and $0.6 million for the third quarter of 2025 and 2024, respectively, and $2.1 million and $2.0 million for the nine months ended September 26, 2025 and September 27, 2024, respectively.

Note 8 – Long-Term Debt

Long‑term debt consists of the following:

			September 26, 2025						December 27, 2024
Term loan			$	125,000					$	129,375
Revolving credit facility			—						—
Total principal amount of long-term debt			125,000						129,375
Less unamortized debt issuance costs			(1,549)						(852)
Total long-term debt, net			123,451						128,523
Less current portion			(6,250)						(7,500)
Total long-term debt, less current portion, net			$	117,201					$	121,023

On September 26, 2025, we entered into an amended and restated credit agreement, which includes a group of financial institutions as direct lenders under the agreement (the "credit agreement"). The credit agreement includes a $125.0 million term loan facility and a $100.0 million revolving credit facility (together, “credit facilities”). The revolving credit facility also contains a $20.0 million letter of credit sub-facility and a $10.0 million swingline sub-facility. We incurred debt issuance costs of approximately $1.7 million in connection with the amendment and restatement. Of this amount, $1.2 million of the debt issuance costs are accounted for as a reduction to the carrying value of our long-term debt, and we amortize the costs to interest expense over the term of the credit agreement. The remaining $0.5 million was expensed as incurred, which is included in Other expense (income), net on our statements of operations. Under the debt modification literature codified in ASC 470, a portion of the amendment and restatement was treated as an extinguishment. Accordingly, $0.2 million of existing capitalized debt issuance costs were written off as a loss on extinguishment of debt, which is included in Other expense (income), net on our consolidated statements of operations. Quarterly term loan principal payments of $1.6 million commence on December 31, 2025, and the amount of such quarterly term loan payments will increase to $2.3 million on September 30, 2028, and $3.1 million on September 30, 2029, respectively. The credit agreement matures on September 26, 2030.

The credit agreement includes debt covenants, which contain certain financial thresholds, and place certain restrictions on the incurrence of debt, investments, and issuance of dividends. We were in compliance as of September 26, 2025.

As of September 26, 2025, interest is charged at either the Base Rate or SOFR (as such terms are defined in the credit agreement) at our option, plus an applicable margin. The Base Rate is equal to the higher of i) the Prime Rate, ii) the Federal Funds Rate plus 0.50%, or iii) SOFR plus 1.00%. The applicable margin on Base Rate and SOFR loans is 0.750% to 1.750% and 1.750% to 2.750% per annum, respectively, depending on our leverage ratio, which is based on trailing 12-month consolidated EBITDA, as defined in our credit agreement. We are also charged a commitment fee of 0.175% to 0.350%, depending on our leverage ratio, on the unused portion of our revolving credit facility. Base Rate interest payments and commitment fees are due quarterly. SOFR interest payments are due on the last day of the applicable interest period, or quarterly for applicable interest periods longer than three months. As of September 26, 2025, our credit facilities bore interest under the SOFR option at 6.41%.

11

Note 9 – Share‑Based Compensation

On March 26, 2025, the Human Capital Committee of our Board of Directors approved the Ichor Holdings, Ltd. 2025 Omnibus Incentive Plan (the "2025 Plan"). The 2025 Plan was approved by our stockholders on May 14, 2025 and allows for the issuance of 2,963,471 shares to be used for awards under the Plan, subject to the applicable adjustment and share recycling provisions set forth in the 2025 plan. The 2025 Plan replaces the Ichor Holdings, Ltd. 2016 Omnibus Incentive Plan (the "2016 Plan") in its entirety, except with respect to awards granted under the 2016 Plan prior to the effective date of the 2025 Plan.

The 2025 Omnibus Incentive Plan provides for grants of share‑based awards to employees, directors, and consultants. Awards may be in the form of stock options (“options”), tandem and non‑tandem stock appreciation rights, restricted share awards or restricted share units (“RSUs”), performance awards, and other share‑based awards. Forfeited or expired awards are returned to the incentive plan pool for future grants. Awards generally vest over four years, 25% on the first anniversary of the date of grant and quarterly thereafter over the remaining three years. Upon vesting of RSUs, shares are withheld to cover statutory minimum withholding taxes. Shares withheld are not reflected as an issuance of ordinary shares within our consolidated statements of shareholders’ equity, as the shares are never issued, and the associated tax payments are reflected as financing activities within our consolidated statements of cash flows.

Share‑based compensation expense across all plans for options, RSUs, and employee share purchase rights was $4.2 million and $4.7 million for the third quarter of 2025 and 2024, respectively, and $12.6 million and $11.0 million for the nine months ended September 26, 2025 and September 27, 2024, respectively.

Stock Options

The following table summarizes option activity:

			Number of Stock Options
			Service condition						Weighted average exercise price per share						Weighted average remaining contractual term						Aggregate intrinsic value
Outstanding, December 27, 2024			365,085						$	24.28
Granted			—						$	—
Exercised			(137,080)						$	24.83
Forfeited or expired			(11,648)						$	22.38
Outstanding, September 26, 2025			216,357						$	24.03					0.9 years						$	—
Exercisable, September 26, 2025			216,357						$	24.03					0.9 years						$	—

Restricted Share Units

The following table summarizes RSU activity:

			Number of RSUs
			Service condition						Performance condition						Market condition						Weighted average grant-date fair value per share
Unvested, December 27, 2024			1,031,455						178,610						201,841						$	33.92
Granted			554,033						57,044						57,048						$	19.20
Vested			(353,246)						(23,150)						(44,191)						$	32.37
Forfeited			(71,950)						(11,974)						(8,497)						$	29.48
Unvested, September 26, 2025			1,160,292						200,530						206,201						$	28.32

12

Employee Share Purchase Plan

The 2017 Employee Stock Purchase Plan (the “2017 ESPP”) grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each six-month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31 (or the next business day if such date is not a business day). Shares are purchased on the last day of the purchase period.

As of September 26, 2025, approximately 2.0 million ordinary shares remain available for purchase under the 2017 ESPP.

Note 10 – Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the numerator and denominator used in the calculation:

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
Numerator:
Net loss			$	(22,853)					$	(2,776)					$	(36,820)					$	(16,877)
Denominator:
Basic weighted average ordinary shares outstanding			34,346,172						33,700,246						34,174,639						32,419,762
Dilutive effect of options			—						—						—						—
Dilutive effect of RSUs			—						—						—						—
Dilutive effect of ESPP			—						—						—						—
Diluted weighted average ordinary shares outstanding			34,346,172						33,700,246						34,174,639						32,419,762
Securities excluded from the calculation of diluted weighted average ordinary shares outstanding (1)			1,908,000						1,992,000						2,445,000						2,512,000
Net loss per share:
Basic			$	(0.67)					$	(0.08)					$	(1.08)					$	(0.52)
Diluted			$	(0.67)					$	(0.08)					$	(1.08)					$	(0.52)

(1)Represents potentially dilutive options and RSUs excluded from the calculation of diluted weighted average ordinary shares outstanding, because including them would have been antidilutive under the treasury stock method.

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Note 11 – Segment Information

We operate as a single business operating segment, which includes all activities related to the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment. Accordingly, we report as one operating segment. The determination of a single business operating segment is consistent with the consolidated financial information regularly provided to our CODM. The consolidated financial information provided to our CODM does not contain significant disaggregated expenses outside of what is already disclosed in our statements of operations and notes thereto included in these consolidated financial statements. Our CODM is our Chief Executive Officer, and the CODM reviews and evaluates consolidated net income for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

Foreign operations are conducted primarily through our wholly owned subsidiaries in Singapore, Malaysia and Mexico, and to a lesser degree, Scotland and Korea. Our principal markets include North America, Asia, and, to a lesser degree, Europe.

The following table sets forth sales by geographic area, which represents sales to unaffiliated customers based upon the location to which the products were shipped:

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
Singapore			$	113,957					$	87,823					$	329,915					$	248,490
United States of America			75,143						64,245						227,637						197,898
Europe			22,762						24,818						73,174						77,474
Other			27,434						34,253						93,320						91,887
Total net sales			$	239,296					$	211,139					$	724,046					$	615,749

Foreign long-lived assets, exclusive of deferred tax assets, were $72.3 million and $62.5 million as of September 26, 2025 and December 27, 2024, respectively.

14

Note 12 - Restructuring

In the third quarter of 2025, our Board of Directors approved the Consolidation Restructuring Plan (the "Plan"). The Plan includes activities and plans to align our footprint in North America with our long-term strategic plan. Key components of the Plan as of September 26, 2025 are as follows:

Impairment of inventory

As of September 26, 2025, total expected inventory impairment costs under the Plan are $16.7 million, of which $16.7 million was recognized during the three months ended September 26, 2025 in Cost of sales in the consolidated statement of operations and as a contra-asset valuation account within Inventories on the consolidated balance sheet as of September 26, 2025.

Fixed asset charges

As of September 26, 2025, total expected fixed asset charges under the Plan are approximately $4.7 million, of which $0.5 million was recognized during the three months ended September 26, 2025 in Selling, general, and administrative expenses in the consolidated statement of operations. We expect to incur approximately an additional $4.2 million of fixed asset charges under the Plan.

Impairment of operating right-of-use assets

As of September 26, 2025, total expected operating ROU asset impairment costs under the Plan are approximately $3.9 million, of which $0.4 million was recognized during the three months ended September 26, 2025 in Selling, general, and administrative expenses in the consolidated statement of operations. We expect to incur approximately an additional $3.5 million of lease ROU asset impairment costs under the Plan.

We expect the Plan to be substantially complete by the end of 2026, which will likely result in additional expenses during the periods after September 26, 2025. We may incur additional expenses due to unanticipated events or changes in Plan scope.

15

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Concerning Forward-Looking Statements

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. You should not place undue reliance on these statements. All statements other than statements of historical fact included in this report are forward-looking statements. These statements relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, developments and business strategies. These forward-looking statements are identified by the use of terms and phrases such as “anticipate," “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” and similar terms and phrases, including references to assumptions. However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, include geopolitical, economic and market conditions, including high inflation, changes to tax, trade, fiscal and monetary policy, high interest rates, currency fluctuations, challenges in the supply chain and any disruptions in the global economy as a result of the conflicts in Ukraine and the Middle East; dependence on expenditures by manufacturers and cyclical downturns in the semiconductor capital equipment industry; reliance on a very small number of original equipment manufacturers (“OEMs”) for a significant portion of sales; being unable to attract, hire, integrate and retain key personnel and other necessary employees; negotiating leverage held by our customers; competitiveness and rapid evolution of the industries in which we participate; keeping pace with developments in the industries we serve and with technological innovation generally; designing, developing and introducing new products that are accepted by OEMs in order to retain our existing customers and obtain new customers; becoming involved in litigation and regulatory proceedings, which could require significant attention from our management and result in significant expense to us and disruptions in our business; managing our manufacturing and procurement process effectively; defects in our products that could damage our reputation, decrease market acceptance and result in potentially costly litigation; our dependence on a limited number of suppliers; and other factors set forth in this report, and those set forth in Part I – Item 1A. Risk Factors of our Annual Report on Form 10‑K for the fiscal year ended December 27, 2024 (“2024 Annual Report on Form 10-K”) and our other filings with the Securities and Exchange Commission (“SEC”). All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements contained in this report and in our 2024 Annual Report on Form 10-K, as well as other cautionary statements that are made from time to time in our other filings with the SEC and public communications. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this report are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated unaudited financial statements and related notes included elsewhere in this report.

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Overview

We are a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment. Our product offerings include gas and chemical delivery systems and subsystems, collectively known as fluid delivery systems and subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor, and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery systems and subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also provide precision-machined components, weldments, electron beam (“e‑beam”) and laser-welded components, precision vacuum and hydrogen brazing and surface treatment technologies, and other proprietary products for the commercial space, aerospace, defense, medical device, and general-industrial industries. This vertically integrated portion of our business is primarily focused on metal and plastic parts that are used in gas and chemical systems, respectively.

Fluid delivery subsystems ensure accurate measurement and uniform delivery of specialty gases and chemicals at critical steps in the semiconductor manufacturing processes. Any malfunction or material degradation in fluid delivery reduces yields and increases the likelihood of manufacturing defects in these processes. Most OEMs outsource all or a portion of the design, engineering, and manufacturing of their gas delivery subsystems to a few specialized suppliers, including us. Additionally, many OEMs are outsourcing the design, engineering, and manufacturing of their chemical delivery subsystems due to the increased fluid expertise required to manufacture these subsystems. Outsourcing these subsystems allows OEMs to leverage suppliers’ highly specialized engineering, design, and production skills while focusing their internal resources on their own value-added processes. Outsourcing enables OEMs to reduce their costs and development time, as well as provide growth opportunities for specialized subsystems suppliers like us.

We have a global footprint with production facilities in California, Minnesota, Oregon, Texas, Singapore, Malaysia, Mexico, and Korea.

The following table summarizes key financial information for the periods indicated. Amounts are presented in accordance with GAAP unless explicitly identified as being a non-GAAP metric. For a description of our non-GAAP metrics and reconciliations to the most comparable GAAP metrics, please refer below to the section entitled Non-GAAP Financial Results within this report.

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
			(dollars in thousands, except per share amounts)
Net sales			$	239,296					$	211,139					$	724,046					$	615,749
Gross margin			4.6		%				13.2		%				9.2		%				12.4		%
Non-GAAP gross margin			12.1		%				13.6		%				12.3		%				12.9		%
Operating margin			(8.1)		%				(0.2)		%				(3.5)		%				(1.0)		%
Non-GAAP operating margin			2.2		%				3.0		%				2.5		%				2.2		%
Net loss			$	(22,853)					$	(2,776)					$	(36,820)					$	(16,877)
Non-GAAP net income			$	2,302					$	4,020					$	7,635					$	3,127
Diluted EPS			$	(0.67)					$	(0.08)					$	(1.08)					$	(0.52)
Non-GAAP diluted EPS			$	0.07					$	0.12					$	0.22					$	0.10

17

Macroeconomic Conditions and Business Update

The semiconductor capital equipment industry is inherently cyclical. Overall semiconductor equipment spending in 2025 is anticipated to grow over 2024 levels, particularly in our primary markets of etch and deposition, where current demand remains healthy among our customers. However, the global trade environment and the outcome of ongoing negotiations between the United States and other countries with respect to tariffs remains uncertain and could materially affect our costs for materials, prices for our products, and demand. To date, although we have experienced modest increases in costs for certain of our materials, tariffs have not materially impacted demand for our products or costs for materials. Currently, semiconductors are excluded from the "reciprocal tariffs" and our tariff exemption under the U.S.-Mexico-Canada Agreement remains applicable to imports from our operations in Mexico. However, we cannot provide any assurance that these exclusions and exemptions will remain in place indefinitely, or that any new or expanded tariffs will not have a material adverse impact on our business in the future. Additionally, recent and potential future expansions of U.S. export controls and similar regulations aimed at restricting China's access to advanced semiconductor technology create market uncertainty and could adversely impact our sales. These controls, which require specific export licenses, could reduce demand for our equipment, disrupt our supply chain, and negatively affect our financial results.

While challenging macroeconomic conditions may persist in the near and intermediate term, we remain confident in our belief that the long-term demand for semiconductors, semiconductor capital equipment, and our products will continue to grow, driven by an increasing need for expanded semiconductor productive capacity and advanced manufacturing process technologies.

Results of Operations

The following table sets forth our unaudited results of operations for the periods presented. The period‑to‑period comparison of results is not necessarily indicative of results for future periods.

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
			(in thousands)
Net sales			$	239,296					$	211,139					$	724,046					$	615,749
Cost of sales			228,227						183,348						657,253						539,407
Gross profit			11,069						27,791						66,793						76,342
Operating expenses:
Research and development			5,898						5,872						17,482						17,168
Selling, general, and administrative			22,519						20,227						68,515						59,253
Amortization of intangible assets			2,077						2,077						6,233						6,309
Total operating expenses			30,494						28,176						92,230						82,730
Operating loss			(19,425)						(385)						(25,437)						(6,388)
Interest expense, net			1,653						1,638						4,934						7,592
Other expense, net			1,092						587						1,366						876
Loss before income taxes			(22,170)						(2,610)						(31,737)						(14,856)
Income tax expense			683						166						5,083						2,021
Net loss			$	(22,853)					$	(2,776)					$	(36,820)					$	(16,877)

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The following table sets forth our unaudited results of operations as a percentage of our total sales for the periods presented.

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
Net sales			100.0						100.0						100.0						100.0
Cost of sales			95.4						86.8						90.8						87.6
Gross profit			4.6						13.2						9.2						12.4
Operating expenses:
Research and development			2.5						2.8						2.4						2.8
Selling, general, and administrative			9.4						9.6						9.5						9.6
Amortization of intangible assets			0.9						1.0						0.9						1.0
Total operating expenses			12.7						13.3						12.7						13.4
Operating loss			(8.1)						(0.2)						(3.5)						(1.0)
Interest expense, net			0.7						0.8						0.7						1.2
Other expense, net			0.5						0.3						0.2						0.1
Loss before income taxes			(9.3)						(1.2)						(4.4)						(2.4)
Income tax expense			0.3						0.1						0.7						0.3
Net loss			(9.6)						(1.3)						(5.1)						(2.7)

Comparison of the Three and Nine Months Ended September 26, 2025 and September 27, 2024

Net sales

			Three Months Ended												Change												Nine Months Ended												Change
			September 26, 2025						September 27, 2024						Amount						%						September 26, 2025						September 27, 2024						Amount						%
			(dollars in thousands)
Net sales			$	239,296					$	211,139					$	28,157					13.3		%				$	724,046					$	615,749					$	108,297					17.6		%

The increase in net sales from the three and nine months ended September 27, 2024 to the three and nine months ended September 26, 2025 was primarily due to increased customer demand as a result of a stronger semiconductor capital equipment spending environment.

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Gross margin

			Three Months Ended												Change												Nine Months Ended												Change
			September 26, 2025						September 27, 2024						Amount						%						September 26, 2025						September 27, 2024						Amount						%
			(dollars in thousands)
Cost of sales			$	228,227					$	183,348					$	44,879					24.5%						$	657,253					$	539,407					$	117,846					21.8%
Gross profit			$	11,069					$	27,791					$	(16,722)					(60.2)%						$	66,793					$	76,342					$	(9,549)					(12.5)%
Gross margin			4.6		%				13.2		%										-860		bps				9.2		%				12.4		%										-320		bps

The decrease in gross margin from the third quarter of 2024 to the third quarter of 2025 was primarily due to increased inventory write-off costs of $16.7 million associated with our ongoing Consolidation Restructuring Plan, partially offset by higher volume.

The decrease in gross margin from the nine months ended September 27, 2024 to the nine months ended September 26, 2025 was primarily due to inventory write-off costs of $18.3 million associated with our Consolidation Restructuring Plan and the planned exit from our Scotland operations, and additional employee expenses, partially offset by higher volume.

Research and development

			Three Months Ended												Change												Nine Months Ended												Change
			September 26, 2025						September 27, 2024						Amount						%						September 26, 2025						September 27, 2024						Amount						%
			(dollars in thousands)
Research and development			$	5,898					$	5,872					$	26					0.4		%				$	17,482					$	17,168					$	314					1.8		%

The increase in research and development expenses from the three and nine months ended September 27, 2024 to the three and nine months ended September 26, 2025, respectively, was primarily due to fluctuations in material and service costs from our new product development programs and in employee-related expenses, inclusive of share-based compensation expense, and professional legal expenses.

Selling, general, and administrative

			Three Months Ended												Change												Nine Months Ended												Change
			September 26, 2025						September 27, 2024						Amount						%						September 26, 2025						September 27, 2024						Amount						%
			(dollars in thousands)
Selling, general, and administrative			$	22,519					$	20,227					$	2,292					11.3		%				$	68,515					$	59,253					$	9,262					15.6		%

The increase in selling, general, and administrative expenses from the third quarter of 2024 to the third quarter of 2025 was primarily due to restructuring costs associated with the Consolidation Restructuring Plan of $0.9 million, increased employee salary cost of $0.7 million, increased legal and professional consulting costs of $0.4 million, increased employee health insurance claims of $0.2 million, and increased severance costs of $0.2 million, partially offset by reduced stock based compensation of $0.2 million.

The increase in selling, general, and administrative expenses from the nine months ended September 27, 2024 to the nine months ended September 26, 2025 was primarily due to increased exit disposal costs of $2.1 million associated with the planned exit from our Scotland operations, increased employee salary cost of $1.9 million, increased share based compensation expense of $1.8 million, increased employee health insurance claims of $1.6 million, restructuring costs associated with the Consolidation Restructuring Plan of $0.9 million, increased costs associated with software and IT services of $0.9 million, increased outside service provider costs of $0.7 million, and increased severance costs of $0.6 million, partially offset by reduced transaction-related costs associated with our acquisitions pipeline of $0.8 million.

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Amortization of intangible assets

			Three Months Ended												Change												Nine Months Ended												Change
			September 26, 2025						September 27, 2024						Amount						%						September 26, 2025						September 27, 2024						Amount						%
			(dollars in thousands)
Amortization of intangible assets			$	2,077					$	2,077					$	—					—		%				$	6,233					$	6,309					$	(76)					(1.2)		%

Amortization expense remained substantially unchanged from the three and nine months ended September 27, 2024 to the three and nine months ended September 26, 2025.

Interest expense, net

			Three Months Ended												Change												Nine Months Ended												Change
			September 26, 2025						September 27, 2024						Amount						%						September 26, 2025						September 27, 2024						Amount						%
			(dollars in thousands)
Interest expense, net			$	1,653					$	1,638					$	15					0.9		%				$	4,934					$	7,592					$	(2,658)					(35.0)		%
Weighted average borrowings outstanding			$	123,805					$	131,250					$	(7,445)					(5.7)		%				$	125,678					$	169,430					$	(43,752)					(25.8)		%
Weighted average borrowing rate			6.08		%				7.23		%										-115 bps						6.13		%				7.43		%										-130 bps

Interest expense, net, remained substantially unchanged from the three months ended September 27, 2024 to the three months ended September 26, 2025 due to a decrease in our weighted average borrowings outstanding and a decrease in our weighted average borrowing rate, offset by lower interest income.

The decrease in interest expense, net from the nine months ended September 27, 2024 to the nine months ended September 26, 2025 was primarily due to a decrease in our weighted average borrowings outstanding and a decrease in our weighted average borrowing rate, partially offset by lower interest income.

The reduction in our weighted average borrowings outstanding was primarily due to paying off our revolving credit facility near the end of the first quarter of 2024. The decrease in our weighted average borrowing rate was due to lower applicable margin as a result of a lower leverage ratio (-25 and -40 bps for the third quarter of 2025 and 2024, respectively) and lower Secured Overnight Financing Rate ("SOFR") rates, the variable portion of our borrowing rate (-90 bps for both the nine months ended September 26, 2025 and September 27, 2024).

Other expense, net

			Three Months Ended												Change												Nine Months Ended												Change
			September 26, 2025						September 27, 2024						Amount						%						September 26, 2025						September 27, 2024						Amount						%
			(dollars in thousands)
Other expense, net			$	1,092					$	587					$	505					86.0		%				$	1,366					$	876					$	490					55.9		%

The change in other expense, net from the three and nine months ended September 27, 2024 to the three and nine months ended September 26, 2025 was primarily due to $0.7 million in costs associated with executing an amended and restated credit agreement during the third quarter, offset by currency exchange rate fluctuations related to our local currency payables and cash holdings of our foreign operations.

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Income tax expense

			Three Months Ended												Change												Nine Months Ended												Change
			September 26, 2025						September 27, 2024						Amount						%						September 26, 2025						September 27, 2024						Amount						%
			(dollars in thousands)
Income tax expense			$	683					$	166					$	517					311.4		%				$	5,083					$	2,021					$	3,062					151.5		%
Loss before income taxes			$	(22,170)					$	(2,610)					$	(19,560)					749.4		%				$	(31,737)					$	(14,856)					$	(16,881)					113.6		%
Effective income tax rate			-3.1		%				-6.4		%										+330 bps						-16.0		%				-13.6		%										-240 bps

The increase in income tax expense from the three and nine months ended September 27, 2024 to the three and nine months ended September 26, 2025 was primarily due to additional tax expense provisioned in Singapore in connection with Pillar Two minimum tax rules and increased withholding taxes.

Non‑GAAP Financial Results

Management uses certain non-GAAP metrics to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view our results from management’s perspective. All non-GAAP adjustments are presented on a gross basis. Non-GAAP gross profit, operating income, and net income (loss) are defined as: gross profit, operating income (loss), or net income (loss), respectively, excluding (1) amortization of intangible assets, share-based compensation expense, and discrete or infrequent charges and gains that are outside of normal business operations, including transaction-related costs, contract and legal settlement gains and losses, facility shutdown costs, inventory impairment charges, and severance costs associated with reduction-in-force programs, to the extent they are present in gross profit, operating income (loss), and net income (loss), respectively; and (2) with respect to non-GAAP net income (loss), the tax impacts associated with these non-GAAP adjustments, as well as non-recurring discrete tax items, including deferred tax asset valuation allowance charges. The related income tax effects, including current and deferred income tax expense, are included in the adjustment line under the heading "Tax adjustments related to non-GAAP adjustments". Non-GAAP diluted earnings per share ("EPS") is defined as non-GAAP net income divided by weighted average diluted ordinary shares outstanding during the period. Non-GAAP gross margin and non-GAAP operating margin are defined as non-GAAP gross profit and non-GAAP operating income, respectively, divided by net sales.

Non-GAAP results have limitations as analytical tools, and you should not consider them in isolation or as substitutes for our results reported under GAAP. Other companies may calculate non-GAAP results differently or may use other measures to evaluate their performance, both of which could reduce the usefulness of our non-GAAP results as tools for comparison.

Because of these limitations, you should consider non-GAAP results alongside other financial performance measures and results presented in accordance with GAAP. In addition, in evaluating non-GAAP results, you should be aware that in the future we will incur expenses such as those that are the subject of adjustments in deriving non-GAAP results and you should not infer from our presentation of non-GAAP results that our future results will not be affected by these expenses or other discrete or infrequent charges and gains that are outside of normal business operations.

22

The following table presents our unaudited non‑GAAP gross profit and non-GAAP gross margin and a reconciliation from GAAP gross profit and GAAP gross margin, the most comparable GAAP measures, for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
			(dollars in thousands)
U.S. GAAP gross profit			$	11,069					$	27,791					$	66,793					$	76,342
Non-GAAP adjustments:
Restructuring plan costs (1)			16,713						—						16,713						—
Share-based compensation			773						955						2,254						2,448
Facility shutdown costs (2)			341						—						2,264						—
Other (3)			10						—						1,171						908
Non-GAAP gross profit			$	28,906					$	28,746					$	89,195					$	79,698
U.S. GAAP gross margin			4.6		%				13.2		%				9.2		%				12.4		%
Non-GAAP gross margin			12.1		%				13.6		%				12.3		%				12.9		%

(1)Represents the costs associated with our Consolidation Restructuring Plan which was initiated and approved by the Board of Directors during the third quarter of 2025. Included in this amount for the three and nine months ended September 26, 2025 is the impairment of inventories of $16.7 million.

(2)Represents costs associated with the exit from our Scotland and Korea operations. Included in this amount for the three and nine months ended September 26, 2025 are inventory write-off charges of $1.6 million and severance costs associated with affected employees of $0.6 million.

(3)Represents severance costs associated with our global reduction-in-force programs (other than severance costs associated with the exit from our Scotland and Korea operations, as described above).

23

The following table presents our unaudited non‑GAAP operating income and non-GAAP operating margin and a reconciliation from GAAP operating loss and GAAP operating margin, the most comparable GAAP measures, for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
			(dollars in thousands, except per share amounts)
U.S. GAAP operating loss			$	(19,425)					$	(385)					$	(25,437)					$	(6,388)
Non-GAAP adjustments:
Restructuring plan costs (1)			17,586						—						17,586						—
Share-based compensation			4,221						4,672						12,571						10,985
Amortization of intangible assets			2,077						2,077						6,233						6,309
Facility shutdown costs (2)			618						—						5,506						—
Other (3)			68						—						1,408						1,600
Transaction-related costs (4)			—						—						—						785
Non-GAAP operating income			$	5,145					$	6,364					$	17,867					$	13,291
U.S. GAAP operating margin			(8.1)		%				(0.2)		%				(3.5)		%				(1.0)		%
Non-GAAP operating margin			2.2		%				3.0		%				2.5		%				2.2		%

(1)Represents the costs associated with our Consolidation Restructuring Plan which was initiated and approved by the Board of Directors during the third quarter of 2025. Included in this amount for the three and nine months ended September 26, 2025 are costs associated with impairment of inventories of $16.7 million, the write-off costs of construction in progress associated with North American facilities of $0.5 million, and the impairment of certain leases in North America of $0.4 million.

(2)Represents costs associated with the exit from our Scotland and Korea operations. Included in this amount for the three and nine months ended September 26, 2025 are inventory write-off charges of $1.6 million, an impairment of the facility lease right-of-use asset of $1.3 million, severance costs associated with affected employees of $0.7 million, other direct and incremental facility exit-related costs of $0.7 million, and accelerated depreciation charges of $0.6 million.

(3)Represents severance costs associated with our global reduction-in-force programs (other than severance costs associated with the exit from our Scotland and Korea operations, as described above).

(4)Represents transaction-related costs incurred in connection with our acquisitions pipeline.

24

The following table presents our unaudited non‑GAAP net income and non-GAAP diluted EPS and a reconciliation from GAAP net loss and GAAP diluted EPS, the most comparable GAAP measures, for the periods indicated. All non-GAAP adjustments are presented on a gross basis; the related income tax effects, including current and deferred income tax expense, are included in the adjustment line under the heading "Tax adjustments related to non-GAAP adjustments".

			Three Months Ended												Nine Months Ended
			September 26, 2025						September 27, 2024						September 26, 2025						September 27, 2024
			(dollars in thousands, except per share amounts)
U.S. GAAP net loss			$	(22,853)					$	(2,776)					$	(36,820)					$	(16,877)
Non-GAAP adjustments:
Restructuring plan costs (1)			17,586						—						17,586						—
Share-based compensation			4,221						4,672						12,571						10,985
Amortization of intangible assets			2,077						2,077						6,233						6,309
Facility shutdown costs (2)			618						—						5,506						—
Other (3)			68						—						1,408						1,600
Transaction-related costs (4)			—						—						—						785
Loss on extinguishment of debt (5)			667						—						667						—
Tax adjustments related to non-GAAP adjustments (6)			172						47						401						325
Tax expense (benefit) from valuation allowance (7)			(254)						—						83						—
Non-GAAP net income			$	2,302					$	4,020					$	7,635					$	3,127
U.S. GAAP diluted EPS			$	(0.67)					$	(0.08)					$	(1.08)					$	(0.52)
Non-GAAP diluted EPS			$	0.07					$	0.12					$	0.22					$	0.10
Shares used to compute non-GAAP diluted EPS			34,463,930						33,986,269						34,272,310						32,851,091

(1)Represents the costs associated with our Consolidation Restructuring Plan which was initiated and approved by the Board of Directors during the third quarter of 2025. Included in this amount for the three and nine months ended September 26, 2025 are costs associated with the write-off costs of inventories determined to be impaired of $16.7 million, the write-off costs of construction in progress associated with North American facilities of $0.5 million, and the impairment of certain leases in North America of $0.4 million.

(2)Represents costs associated with the exit from our Scotland and Korea operations. Included in this amount for the three and nine months ended September 26, 2025 are write-off costs of inventories determined to be obsolete of $1.6 million, an impairment of the facility lease right-of-use asset of $1.3 million, severance costs associated with affected employees of $0.7 million, other direct and incremental facility exit-related costs of $0.7 million, and accelerated depreciation charges of $0.6 million.

(3)Represents severance costs associated with our global reduction-in-force programs (other than severance costs associated with the exit from our Scotland and Korea operations, as described above).

(4)Represents transaction-related costs incurred in connection with our acquisitions pipeline.

(5)In September 2025, we entered into an amended and restated credit agreement, which includes a group of financial institutions as direct lenders underlying the agreement. Under the debt modification literature codified in ASC 470, a portion of the refinance was treated as an extinguishment. Accordingly, $0.2 million of existing capitalized deferred issuance costs were written off as a loss on extinguishment of debt and $0.5 million of third-party and lender fees were expensed as incurred.

(6)Adjusts GAAP income tax expense for the impact of our non-GAAP adjustments, which are presented on a gross basis.

(7)During the first quarter of 2025, we recorded a valuation allowance against the deferred tax assets of our Scotland and Korea operations. During the third quarter, we reversed the valuation allowance on our Scotland deferred tax assets due to a change in the facts and circumstances around our ability to utilize our deferred tax assets.

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Liquidity and Capital Resources

The following section discusses our liquidity and capital resources, including our primary sources of liquidity and our material cash requirements. Our cash and cash equivalents are maintained in highly liquid and accessible accounts with no significant restrictions.

Material Cash Requirements

Our primary liquidity requirements arise from: (i) working capital requirements, including procurement of raw materials inventory for use in our factories and employee-related costs, (ii) business acquisitions, (iii) interest and principal payments under our credit facilities, (iv) research and development investments and capital expenditures, (v) payment of income taxes, and (vi) payments associated with our noncancellable leases and related occupancy costs. We have no significant long-term purchase commitments related to procuring raw materials inventory. Our ability to fund these requirements will depend, in part, on our future cash flows, which are determined by our future operating performance and are therefore subject to prevailing global macroeconomic conditions, such as interest rates, increased tariffs and retaliatory trade policies, geopolitical events, and financial, business, and other factors, some of which are beyond our control.

We believe that our cash and cash equivalents, the amounts available under our credit facilities, and our operating cash flow will be sufficient to fund our business and our current obligations for at least the next 12 months and beyond.

Sources and Conditions of Liquidity

Our ongoing sources of liquidity to fund our material cash requirements are primarily derived from: (i) sales to our customers and the related changes in our net operating assets and liabilities and (ii) proceeds from our credit facilities and equity offerings, when applicable.

Summary of Cash Flows

We ended the third quarter of 2025 with cash and cash equivalents of $92.5 million, a decrease of $16.2 million from the prior year ended December 27, 2024. The decrease was primarily due to capital expenditures of $32.9 million, net payments on our credit facilities of $4.4 million, and payments for debt issuance and modification costs of $1.2 million, partially offset by cash provided by operating activities of $20.7 million and net cash receipts related to share-based compensation of $1.6 million.

The following table sets forth a summary of operating, investing, and financing activities for the periods presented:

			Nine Months Ended
			September 26, 2025						September 27, 2024
			(in thousands)
Cash provided by operating activities			$	20,716					$	30,368
Cash used in investing activities			(32,920)						(13,238)
Cash provided by (used in) financing activities			(3,965)						19,362
Net increase (decrease) in cash			$	(16,169)					$	36,492

Our cash provided by operating activities of $20.7 million for the nine months ended September 26, 2025 consisted of net non-cash charges of $57.6 million, consisting primarily of depreciation and amortization of $23.5 million, inventory impairment of $16.7 million, and share-based compensation expense of $12.6 million, partially offset by a net loss of $36.8 million.

The increase in our net operating assets and liabilities of $0.1 million for the nine months ended September 26, 2025, was primarily due to an increase in inventory of $8.3 million and a decrease in other liabilities of $6.2 million, partially offset by a decrease in prepaid expense and other assets of $7.6 million, an increase in accrued liabilities of $2.8 million, a decrease in accounts receivable of $2.2 million, and an increase in accounts payable of $1.9 million.

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The decrease in cash provided by operating activities from the nine months ended September 27, 2024 to the nine months ended September 26, 2025 was primarily due to an increase in net loss of $19.9 million and unfavorable changes in working capital of $13.4 million, partially offset by an increase in net non-cash charges of $23.7 million.

Cash used in investing activities during the nine months ended September 26, 2025 and September 27, 2024 consisted of capital expenditures.

Cash used in financing activities during the nine months ended September 26, 2025 consisted of net payments on our credit facilities of $4.4 million and payments for debt issuance and modification costs of $1.2 million, partially offset by net proceeds from share-based compensation activity of $1.6 million. The decrease in cash provided by financing activities from the nine months ended September 27, 2024 to the nine months ended September 26, 2025 was primarily due to net proceeds of $136.7 million from our issuance of 3.8 million ordinary shares in the first quarter of 2024 in connection with an underwritten public offering, partially offset by the payoff of our revolving credit facility of $115.0 million in the first quarter of 2024.

Critical Accounting Estimates

Our consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, sales, expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Actual results may differ from these estimates. To the extent that there are material differences between these estimates and our actual results, our future financial statements will be affected.

The critical accounting policies requiring estimates, assumptions, and judgments that we believe have the most significant impact on our consolidated financial statements are identified and described in our annual consolidated financial statements and the notes included in our 2024 Annual Report on Form 10‑K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Please see our 2024 Annual Report on Form 10-K (Part II, Item 7A). There have been no material changes to this information.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer (the "certifying officers"), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a‑15(e) and 15d‑15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act”)) as of the end of the period covered by this report. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based on the evaluation of our disclosure controls and procedures as required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act, our certifying officers concluded that our disclosure controls and procedures were effective as of September 26, 2025.

Inherent limitations on Effectiveness of Controls and Procedures

A company’s internal control over financial reporting is a process designed by, or under the supervision of, a company’s principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate. If we cannot provide reliable financial information, our business, operating results, and share price could be negatively impacted.

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Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) of the Exchange Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

At this time, neither we nor any of our subsidiaries is a party to, and none of our respective property is the subject of, any legal proceeding that, if determined adversely to us, would have a material adverse effect on us.

ITEM 1A. RISK FACTORS

This quarterly report should be read in conjunction with the risk factors included in our 2024 Annual Report on Form 10‑K. These risk factors do not identify all risks that we face – our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations. Due to risks and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 26, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”None.

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ITEM 6. EXHIBITS

Exhibit Number						Description
10.1						Transition Agreement, dated as of August 3, 2025, by and between Ichor Holdings, Ltd. and Jeffrey Andreson (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on August 4, 2025).
10.2						Amended and Restated Credit Agreement, dated as of September 26, 2025, by and among Icicle Acquisition Holding B.V, Ichor Systems, Inc., Ichor Holdings, LLC, IMG Companies, LLC, IMG Inta, LLC, IMG Larkin, LLC, IMG, LLC, Applied Fusion, LLC, and IMG Altair, LLC as borrowers, Bank of America, N.A., as administrative agent, and the financial institutions party thereto, as lenders (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on September 30, 2025).
10.3						Form of Performance Restricted Stock Unit Agreement Pursuant to the Ichor Holdings, Ltd. 2025 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q, filed on August 5, 2025)
10.4						Form of Restricted Stock Unit Agreement Pursuant to the Ichor Holdings, Ltd. 2025 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q, filed on August 5, 2025).
31.1*						Certification of Principal Executive Officer Pursuant to Rules 13a‑14(a) and 15d‑14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002.
31.2*						Certification of Principal Financial Officer Pursuant to Rules 13a‑14(a) and 15d‑14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002.
32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.
32.2**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.
101.INS*						Inline XBRL Instance Document
101.SCH*						Inline XBRL Taxonomy Extension Schema Document
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

*Filed herewith.

**Furnished herewith and not filed.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			ICHOR HOLDINGS, LTD.
Date: November 3, 2025			By:			/s/ Jeffrey S. Andreson
						Jeffrey S. Andreson
						Chief Executive Officer (Principal Executive Officer)
Date: November 3, 2025			By:			/s/ Greg Swyt
						Greg Swyt
						Chief Financial Officer (Principal Accounting and Financial Officer)

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