Every material Form 8-K Ichor Holdings filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Ichor Holdings' CEO Jeffrey Andreson resigned as chief executive and board member effective November 3, 2025, and the company said the resignation was not due to any disagreement over operations, policies, or practices. The board promoted Chief Technology Officer Philip Barros to CEO and a director effective the same day, with a pay package that includes a $700,000 base salary and a 100% target bonus.
Jeffrey Andreson resigned as CEO and director effective November 3, 2025, with his notice given to the board on October 30, 2025.
Philip Barros, CTO since 2015 and SVP of Engineering since 2010, was appointed CEO and a board member effective November 3, 2025.
Barros's offer letter provides a $700,000 annual base salary, a cash bonus targeted at 100% of salary, and restricted and performance restricted stock units each with a $1.75 million grant date fair value.
Ichor reported third quarter 2025 revenue of $239.3 million, up from $211.1 million a year earlier but slightly below $240.3 million in the prior quarter, while its GAAP net loss widened to $22.9 million, or $(0.67) per diluted share. The company guided fourth quarter revenue to $210 million to $230 million, and management said the loss included a $16.7 million inventory impairment tied to a consolidation restructuring plan.
Q3 2025 revenue was $239.3 million, versus $240.3 million in Q2 2025 and $211.1 million in Q3 2024.
GAAP net loss was $22.9 million, or $(0.67) per diluted share, compared with a $9.4 million loss in Q2 2025.
Non-GAAP diluted EPS was $0.07; GAAP gross margin fell to 4.6% from 11.3% in Q2 2025.
Q4 2025 outlook: revenue of $210 million to $230 million (midpoint $220 million) and GAAP diluted EPS of $(0.33) to $(0.17).
Ichor Holdings entered an Amended and Restated Credit Agreement dated September 26, 2025, with Bank of America as administrative agent, replacing its prior 2021 credit agreement in full. The new facilities include a $125.0 million term loan and a revolver allowing borrowings up to $100 million, with maturity extended to September 26, 2030. The filing says the borrowing rate rises, while the maximum permitted leverage ratio falls to 3.25x from 3.5x, which gives shareholders a more restrictive debt covenant.
Credit facilities: $125.0 million term loan and revolving credit facility of up to $100 million
Maturity extended to September 26, 2030; maximum leverage ratio reduced to 3.25x from 3.5x
Quarterly term loan payments of about $1.6 million begin December 31, 2025, rising to about $2.3 million from September 30, 2028 and about $3.1 million from September 30, 2029
Filing says overall borrowing rate increases, partly offset by lower revolver commitment fee and removal of SOFR adjustment
Ichor Holdings said Chief Commercial Officer Christopher Smith will move to a Strategic Advisor to the CEO role effective September 2, 2025, and remain with the company for up to six months afterward. David Lee was named Senior Vice President, Sales and Marketing, with a start date of August 29, 2025, and the company said the change is not the result of any disagreement with the company.
Christopher Smith steps down as Chief Commercial Officer effective September 2, 2025, and becomes Strategic Advisor to the CEO
Smith will remain with the company for up to six months following the transition date
David Lee appointed Senior Vice President, Sales and Marketing, expected to start August 29, 2025
Lee has 30 years of experience in semiconductor manufacturing equipment and its supply chain
Ichor Holdings reported second quarter 2025 revenue of $240.3 million, up from $203.2 million a year earlier but down from $244.5 million in the first quarter. The company posted a GAAP net loss of $9.4 million, wider than the $5.1 million loss a year earlier, and gave third quarter revenue guidance of $225 million to $245 million. For shareholders, sales grew year over year while GAAP losses widened and cash fell.
Q2 2025 revenue of $240.3 million, compared with $203.2 million in Q2 2024 and $244.5 million in Q1 2025.
GAAP net loss of $9.4 million, or $(0.28) per diluted share, versus $(0.15) in Q2 2024; non-GAAP diluted EPS was $0.03 versus $0.05.
Q3 2025 outlook: revenue of $225 million to $245 million and GAAP diluted EPS of $(0.12) to $0.00.
Cash and cash equivalents were $92.2 million at June 27, 2025, down $17.1 million from the prior quarter.
Ichor Holdings announced that CEO Jeffrey Andreson and the Board agreed to a CEO transition plan, and the Board will engage a search firm to find a successor. Andreson stays as CEO until a successor is appointed, then serves in an advisory role through August 31, 2026, with his pay and equity terms set by a Transition Agreement.
Transition Agreement effective August 3, 2025; the company announced the plan in a press release on August 4, 2025
Andreson remains CEO and a Board member until a Successor CEO is appointed, then serves as an advisor until August 31, 2026
During the transition period, Andreson receives a base salary of $20,000 per month and is not eligible for a 2026 annual bonus or new equity grants
The filing states the transition was not the result of any disagreement with the company on its operations, policies, or practices
Ichor Holdings reported first quarter 2025 revenue of $244.5 million, up from $201.4 million a year earlier, and a GAAP net loss of $4.6 million, or $(0.13) per diluted share, compared with a $9.0 million loss a year earlier. The company said policy uncertainty has led it to take a more conservative view of second-quarter demand, and it guided to second-quarter revenue of $225 million to $245 million.
Q1 2025 revenue was $244.5 million, compared with $233.3 million in Q4 2024 and $201.4 million in Q1 2024.
GAAP diluted EPS was $(0.13) for Q1 2025, versus $(0.30) in Q1 2024; non-GAAP diluted EPS was $0.12.
Q2 2025 outlook: revenue of $225 million to $245 million and GAAP diluted EPS of $(0.06) to $0.04.
Cash and cash equivalents were $109.3 million at March 28, 2025, with operating cash flow of $19.0 million in the quarter.
Ichor Holdings reported fourth quarter 2024 revenue of $233.3 million, up from $203.5 million a year earlier, and a GAAP net loss of $3.9 million, or $(0.12) per diluted share, compared with a loss of $11.9 million, or $(0.40), in the fourth quarter of 2023. Fiscal 2024 revenue rose 5% to $849.0 million, but the company still posted a full-year GAAP net loss of $20.8 million, and its first-quarter 2025 outlook calls for revenue of $235 million to $255 million.
Q4 2024 revenue of $233.3 million, up from $211.1 million in Q3 2024 and $203.5 million in Q4 2023
Q4 2024 GAAP gross margin was 11.6%, down from 13.2% in Q3 2024, which management attributed to cost headwinds and one-time inventory charges
Q4 2024 non-GAAP diluted EPS was $0.08, compared with $(0.06) in Q4 2023
Q1 2025 outlook: revenue of $235 million to $255 million and GAAP diluted EPS of $0.04 to $0.16
Ichor Holdings said preliminary fourth quarter 2024 revenue of approximately $233 million was at the high end of its guidance, but expects gross margin and earnings per share to fall below the low end of prior guidance ranges. The company cited higher labor costs, higher-than-anticipated inventory charges and unfavorable product mix, and it now expects first quarter 2025 revenue of $235 million to $250 million and 2025 revenue above current expectations. The results are preliminary, unaudited and subject to completion of audit procedures, and the 10-K for fiscal 2024 has not been filed.
Q4 2024 revenue of approximately $233 million, at the high end of guidance and up over 10% sequentially from Q3 2024
Q4 2024 gross margin of 11% to 12% on a GAAP basis and about 12% non-GAAP; EPS below prior guidance ranges
Q1 2025 revenue outlook of $235 million to $250 million, with gross margin returning to 13% to 15%
Full Q4 and fiscal 2024 results and conference call on February 4, 2025, at 1:30 p.m. PT
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
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