Ichor Holdings, Ltd. is a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components primarily for the semiconductor capital equipment industry. The company provides essential solutions for semiconductor manufacturing processes, focusing on fluid delivery systems and precision components. Ichor sells products that ensure accurate measurement and uniform delivery of specialty gases and chemicals, serving industries such as aerospace, defense, medical devices, and general industrial markets.
- Gas Delivery Subsystems - Deliver, monitor, and control precise quantities of specialized gases used in semiconductor manufacturing processes such as etch and deposition.
- Chemical Delivery Subsystems - Precisely blend and dispense reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning.
- Precision-Machined Components and Other Proprietary Products - Includes weldments, electron beam (e-beam) and laser-welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other products for industries such as commercial space, aerospace, defense, medical devices, and general industrial applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jeffrey Andreson ExecutiveBoard | Chief Executive Officer | Jeffrey Andreson is the Chief Executive Officer of ICHR since 2020 and has also served as a Director since 2020. He previously held leadership roles as President (2019–2020) and CFO (2017–2019) at ICHR, showcasing his extensive experience in executive management. | View Report → | |
Bruce Ragsdale Executive | Chief Operating Officer | Bruce Ragsdale has served as the Chief Operating Officer of ICHR since December 2022, previously holding executive roles at ASM International, Applied Materials, and Intel Corporation. | ||
Christopher Smith Executive | Chief Commercial Officer | Christopher Smith is the Chief Commercial Officer at ICHR since January 2022, previously serving as Senior Vice President, Sales and Marketing from April 2019 to January 2022. | ||
Greg Swyt Executive | Chief Financial Officer | Greg Swyt is the Chief Financial Officer of Ichor since August 2023. He previously served as Chief Accounting Officer from January 2022 and has extensive financial leadership experience in various technology companies. | ||
Phil Barros Executive | Chief Technology Officer | Phil Barros is the CTO of ICHR since September 2015, previously serving as SVP Engineering from April 2011 to September 2015 and as VP Engineering from 2009 to April 2011. | ||
Iain MacKenzie Board | Lead Independent Director | Iain MacKenzie has served as Lead Independent Director at ICHR since 2015, and his extensive career includes his tenure as President & CEO at SMART Global Holdings until 2018. | ||
John Kispert Board | Independent Director | Managing Partner at Black Diamond Ventures; Director at XJet Ltd.; Chairman at ESS Technology, Inc. | John Kispert is an Independent Director at ICHR since 2018, where he chairs the Audit Committee and serves on the Nominating and Corporate Governance Committee. Previously, he held executive roles including CEO at Spansion, Inc. from 2009 to 2015 and is currently the Managing Partner at Black Diamond Ventures since 2016. | |
Jorge Titinger Board | Independent Director | Board member at FormFactor, Inc. since 2021; Board member at Axcelis Technologies, Inc. since 2019; Board member at CalAmp Corp. since 2015 | Jorge Titinger brings over 30 years of leadership experience in the semiconductor and computing industries, having served as CEO at Silicon Graphics, Inc. (2012–2016) and at Verigy, Ltd. (2011–2012). He is currently an Independent Director at ICHR since 2022. | |
Laura Black Board | Independent Director | Director at Viavi Solutions Inc. | Laura Black has been an Independent Director at ICHR since 2019 and currently serves as Chair of the Nominating and Corporate Governance Committee as well as a member of the Audit Committee at ICHR. Previously, she held senior investment banking roles including Managing Director at Needham & Company. | |
Marc Haugen Board | Independent Director | CEO of Fralock Holdings; Founder of Following Seas Ventures LLC | Marc Haugen has been an Independent Director at ICHR since 2017 and serves on the Audit and Human Capital Committees. He brings extensive leadership experience from his roles as CEO of Fralock Holdings and Founder of Following Seas Ventures LLC, along with other executive roles in leading technology companies. | |
Thomas Rohrs Board | Chairman | Thomas Rohrs has served as Chairman at Ichor Holdings since 2012, following his tenure as CEO from 2014 until January 2020. He has extensive leadership experience in the technology sector from roles at Electroglas, Skyline Solar, Applied Materials, and Silicon Graphics. | ||
Wendy Arienzo Board | Independent Director | Board member at Power Integrations | Dr. Wendy Arienzo has served as Independent Director at ICHR since 2020. She brings extensive leadership experience from her previous roles including CEO of Array Power and executive positions at Fujifilm Dimatix and NXP Semiconductors. | |
Yuval Wasserman Board | Independent Director | Board Member at FARO Technologies, Inc. | Yuval Wasserman is an Independent Director at ICHR since 2021. He has extensive experience in executive roles, including serving as CEO at Advanced Energy Industries and Tevet Process Controls Technologies, Inc. |
- Based on your recent guidance revisions, can you clarify which segments among NAND, DRAM, advanced logic, and mature semi are driving the increased caution in your revenue outlook compared to 90 days ago, and what are the specific factors behind these changes?
- Given the Q1 gross margin miss, what concrete steps are being taken to improve your internal sourcing forecasts and processes, and how do you expect these measures to impact margin performance in the upcoming quarters?
- You mentioned that 75-80% of the targeted internal sourcing was achieved due to operational challenges; can you elaborate on the key issues that led to this shortfall and what improvements are being implemented to avoid similar setbacks in future periods?
- With the ongoing concerns around Section 232 tariffs, particularly affecting your weldment business, what specific mitigation strategies are in place and how will you adjust your cost structure if these tariffs persist or escalate?
- Considering the decision to exit your Scotland refurbishment business had a noticeable revenue impact, can you detail how you will offset this loss in future results and what plans are in place to stabilize overall revenue continuity?
Research analysts who have asked questions during ICHOR HOLDINGS earnings calls.
Brian Chin
Stifel Financial Corp.
4 questions for ICHR
Christian Schwab
Craig-Hallum Capital Group
4 questions for ICHR
Craig Ellis
B. Riley Securities
4 questions for ICHR
Edward Yang
Oppenheimer & Co. Inc.
4 questions for ICHR
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
3 questions for ICHR
Thomas Diffely
D.A. Davidson & Co.
3 questions for ICHR
Charles Shi
Needham & Company
1 question for ICHR
Krish Sankar
TD Cowen
1 question for ICHR
Ross Cole
Needham & Company, LLC
1 question for ICHR
Tom Diffely
D.A. Davidson Companies
1 question for ICHR
Yu Shi
Susquehanna International Group, LLP
1 question for ICHR
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The market for fluid delivery subsystems is concentrated, and the company faces competition from this entity, with additional competition from other suppliers. The primary competitive factors emphasized include customer relationships, early engagement with customers, large and experienced engineering staff, design-to-delivery cycle times, and flexible manufacturing capabilities. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Lam Research | Major OEM in semiconductor capital equipment | All | Contributed $319.1 million (approximately 37.6% of total revenue) in 2024. |
Applied Materials | Major OEM in semiconductor capital equipment | All | Contributed $300.3 million (approximately 35.4% of total revenue) in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
IMG Companies, LLC | 2021 | Ichor Systems, Inc. acquired IMG Companies, LLC through a merger on November 19, 2021, for $270 million in cash—financed with approximately $140 million in cash/marketable securities and $130 million in incremental borrowing. The strategic rationale was to expand Ichor’s precision machining and advanced manufacturing capabilities for the semiconductor, medical, and aerospace/defense sectors, with expectations for immediate margin accretion. |
Recent press releases and 8-K filings for ICHR.
- ICHR (Ichor Holdings, LLC and related entities) has entered into a Third Amended and Restated Credit Agreement dated September 26, 2025, with Bank of America, N.A. serving as the Administrative Agent.
- The agreement establishes an Applicable Rate for Revolving Loans, Term Loans, and Letter of Credit Fees, which varies based on the company's Consolidated Leverage Ratio across five defined levels.
- Term A Loans are subject to a repayment schedule with quarterly installments, beginning with $1,562,500.00 due on December 31, 2025, and continuing until June 30, 2030, with the final principal balance due on the Maturity Date.
- Key events of default include judgments against any Loan Party or Subsidiary exceeding $5,000,000 (if not covered by insurance), ERISA events, invalidity of loan documents, and a change of control.