Ichor Q2 Revenue Misses, but ATM Offering Lifts Cash to $256M
ICHR has more than doubled off its 52-week low of $13.12.
Summary
Ichor Holdings reported Q2 revenue of $294.8M (+24% YoY), missing consensus, but completed a $200M ATM offering that boosted cash to $256.5M. Non-GAAP EPS of $0.34 beat expectations, while operating cash flow turned negative.
Key Events · Earnings and Guidance · ICHR
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Q2 Revenue Misses Consensus
Revenue of $294.8M grew 24% YoY but missed the $300.2M consensus estimate. GAAP EPS was $0.03 vs. -$0.28 a year ago; non-GAAP EPS was $0.34.
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$200M ATM Offering Completed
Sold 2.48M shares at an average price of $80.70, raising $195.4M net. Cash jumped to $256.5M from $98.3M at year-end, strengthening the balance sheet.
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Operating Cash Flow Turns Negative
H1 2026 operating cash flow was -$18.8M, driven by working capital build (inventory up $58.9M, receivables up $34.1M) to support higher production.
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Insider Selling Overhang Grows
Chairman Iain MacKenzie and COO Bruce Ragsdale adopted new 10b5-1 plans in May/June 2026, adding to the $5.7M in open-market insider sales over the past 90 days.
Analysis · ICHR · Manufacturing
Ichor's Q2 revenue grew 24% year-over-year to $294.8 million, yet it fell short of the $300.2 million consensus. GAAP earnings swung to a slight profit of $0.03 per share, while non-GAAP EPS reached $0.34. The balance sheet, however, tells a more compelling story: the company completed a $200 million at-the-market equity offering, selling 2.48 million shares at an average price of $80.70 and netting $195.4 million. As a result, cash surged to $256.5 million from $98.3 million at year-end, providing ample liquidity despite negative operating cash flow of $18.8 million in the first half. Executed near the current stock price, the offering limited dilution to about 7% of shares outstanding. Adding to the insider selling overhang already evident in recent months, two senior executives also adopted new 10b5-1 trading plans.
At the time of this filing, ICHR was trading at $81.00 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $13.12 to $113.58. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.