Ichor Holdings (ICHR) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.875 key benchmarks to look for from us over the next few quarters. 00:00:04.875 -- 00:00:08.398 The first is building momentum in our top line. 00:00:08.398 -- 00:00:13.883 Year-to-date, further expansion of our revenue scale beyond the current $240 million 00:00:13.883 -- 00:00:19.128 run rate has been stalled by a slowing EUV build, reduced 00:00:19.128 -- 00:00:24.252 investments by a major U.S. semiconductor manufacturer, and the continued lack 00:00:24.252 -- 00:00:29.497 of demand for additional capacity in some of our non-traditional markets, such as silicon 00:00:29.497 -- 00:00:31.132 carbides. 00:00:31.132 -- 00:00:36.219 In order to see our structural improvements to gross margin materialize, we need the 00:00:36.219 -- 00:00:41.566 additional tailwind of revenue momentum above the $250 million run 00:00:41.566 -- 00:00:46.412 rate, which is what we had planned for in the second half of 2025 00:00:46.412 -- 00:00:52.520 as we entered the year. The next sign of progress will be continued qualifications 00:00:52.520 -- 00:00:57.227 of our new products by the end device manufacturers. 00:00:57.227 -- 00:01:02.482 And finally, progress will continue as we provide updates that we have scaled 00:01:02.482 -- 00:01:07.548 our internal supply to sufficient levels and that our output is aligned with our 00:01:07.548 -- 00:01:11.530 customer needs and cost targets. 00:01:11.732 -- 00:01:16.577 Turning to our momentum qualifying additional proprietary components 00:01:16.577 -- 00:01:21.602 with our key customers, in Q2, we made meaningful progress across 00:01:21.602 -- 00:01:26.267 multiple fronts, qualification, commercialization, 00:01:26.267 -- 00:01:28.253 and market expansion. 00:01:28.253 -- 00:01:33.761 Most notably, we achiev...