Ichor Holdings Ltd (ICHR) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Ichor's fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加Ichor公司2025財年第四季及全年業績電話會議。 （操作說明）

As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Claire McAdams, Investor Relations for Ichor. Please go ahead.

再次提醒，本次通話正在錄音。現在我謹介紹今天會議的主持人，Ichor公司投資者關係負責人克萊爾·麥克亞當斯。請繼續。

Good afternoon, and thank you for joining today's fourth quarter and fiscal 2025 conference call. As you read our earnings press release and as you listen to this conference call. Please recognize that both contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from such statements.

下午好，感謝各位參加今天的第四季及2025財年電話會議。當您閱讀我們的獲利新聞稿並收聽本次電話會議時。請注意，這兩份文件均包含聯邦證券法意義上的前瞻性陳述。這些前瞻性陳述受到許多風險和不確定因素的影響，其中許多因素超出我們的控制範圍，可能導致實際結果與此類陳述有重大差異。

These risks and uncertainties include those spelled out in our earnings press release, those described in our annual report on Form 10-K for fiscal year 2024 and those described in subsequent filings with the SEC. You should consider all forward-looking statements in light of those and other risks and uncertainties.

這些風險和不確定性包括我們在獲利新聞稿中列出的風險和不確定性、我們在 2024 財年 10-K 表格年度報告中所述的風險和不確定性，以及在隨後向美國證券交易委員會提交的文件中描述的風險和不確定性。您應該結合這些及其他風險和不確定性來考慮所有前瞻性陳述。

Additionally, we will be providing certain non-GAAP financial measures during this conference call. Our earnings press release and the financial supplement posted to our IR website each provide a reconciliation of these non-GAAP financial measures to their most comparable GAAP financial measures.

此外，我們將在本次電話會議中提供一些非GAAP財務指標。我們的獲利新聞稿和發佈在我們投資者關係網站上的財務補充文件均提供了這些非GAAP財務指標與其最可比較的GAAP財務指標的調節表。

On the call with me today are Phil Barros, our CEO; and Greg Swyt, our CFO. Phil will begin with an update on our business, and then Greg will provide additional details about our results and guidance. After the prepared remarks, we will open the line for questions.

今天和我一起通話的是我們的執行長菲爾·巴羅斯和我們的財務長格雷格·斯威特。Phil 將首先報告公司的最新情況，然後 Greg 將提供有關我們業績和指導的更多細節。發言結束後，我們將開放提問環節。

I'll now turn over the call to Phil Barros. Phil?

現在我將把電話交給菲爾·巴羅斯。菲爾？

Thank you, Claire, and welcome, everyone, to our Q4 earnings call. As we enter 2026, there's a lot to be excited about. Ichor is entering its next phase of growth with increased momentum and a clear strategy.

謝謝克萊爾，也歡迎各位參加我們的第四季財報電話會議。進入2026年，有很多值得我們興奮的事。Ichor 正以更快的成長動能和更清晰的策略進入下一個成長階段。

Since we last spoke in November, and again during our January webcast, customer demand in our primary served markets has continued to strengthen. Our current visibility is that we are now operating in a sustained demand ramp, a ramp being driven by fundamental technology transitions, and strategic capacity additions across our core markets.

自去年 11 月我們上次交談以來，以及今年 1 月的網路研討會期間，我們主要服務市場的客戶需求持續增強。我們目前的預期是，我們正處於持續的需求成長期，而這一成長是由根本性的技術變革以及我們在核心市場的策略性產能擴張所驅動的。

We are seeing increased adoption of gate-all-around architectures, accelerating growth in high-bandwidth memory and rising capital intensity in advanced logic and advanced packaging. These transitions increase etch and deposition intensity, and this is the segment of the market where Ichor is most highly levered.

我們看到，全環柵架構的採用率不斷提高，高頻寬記憶體的成長速度加快，先進邏輯和先進封裝的資本密集度也不斷提高。這些轉變提高了蝕刻和沈積強度，而這正是 Ichor 最重視的市場領域。

Our objective is to win share through this cycle and being highly responsive to our customer demand is a core aspect of meeting that objective, ensuring adequate supply and supporting our customers' strong ramp has been my number one focus since taking over as CEO.

我們的目標是在本輪週期中贏得市場份額，而對客戶需求的快速響應是實現這一目標的核心方面，確保充足的供應並支持客戶的強勁增長一直是我擔任首席執行官以來的首要任務。

As a result, we are ramping labor headcount in our integration business and prepositioning inventory to enable us to address our customers' accelerating demand with strong predictable execution. In addition, our recent design wins in commercial space are beginning to translate into meaningful revenue. We expect these design wins to convert into revenue growth that could outpace our semiconductor growth this year.

因此，我們正在增加整合業務的勞動力，並預先部署庫存，以便能夠以強大的可預測性執行力來滿足客戶不斷增長的需求。此外，我們近期在商業空間設計領域贏得的項目也開始轉化為可觀的收入。我們預計這些設計訂單將轉化為營收成長，其成長速度今年可能會超過我們半導體業務的成長。

Based on current visibility, we see every quarter in 2026 as a growth quarter for Ichor. Turning to our results. As provided in our January release, Q4 came in largely as expected. Revenue was $224 million, above the midpoint of outlook. We finished fiscal 2025 with $948 million in revenue, up 12% year over year. This solid year-over-year growth was driven primarily by strength in etch and deposition and was partially offset by the softening build rates of EUV, as well as decreased demand in certain trailing edge markets.

根據目前的預測，我們認為 2026 年 Ichor 的每個季度都將是成長季度。接下來來看看我們的結果。正如我們在1月發布的報告中所述，第四季業績基本上符合預期。營收為2.24億美元，高於預期中位數。我們在 2025 財年結束時實現了 9.48 億美元的收入，年增 12%。這一穩健的同比增長主要得益於蝕刻和沈積技術的強勁表現，但部分被 EUV 成型速度的放緩以及某些後緣市場需求的下降所抵消。

Our commercial space business grew significantly in 2025. While still a small portion of our overall revenues, it has grown to the point where our fifth largest customer is now outside the semiconductor industry. Looking forward, we expect growth in nearly every application with nearly every customer as we progress through 2026.

2025年，我們的商業航太業務實現了顯著成長。雖然目前僅占我們總收入的一小部分，但其成長速度已經非常快，以至於我們第五大客戶現在已不在半導體產業。展望未來，我們預計到 2026 年，幾乎所有客戶的所有應用都將成長。

Our outlook has further strengthened since entering the year, and our guidance today is for first quarter revenues in the range of $240 million to $260 million. At the midpoint, this equates to double-digit growth from our Q4 trough. Based on current visibility, we expect sequential growth every quarter this year, leading to what we expect to be a strong growth year for Ichor.

自年初以來，我們的前景進一步增強，我們目前的預期是第一季營收將在 2.4 億美元至 2.6 億美元之間。從中點算起，這相當於從第四季的低谷期實現了兩位數的成長。根據目前的情況來看，我們預計今年每個季度都會實現環比增長，從而使 Ichor 迎來強勁增長的一年。

During our January webcast, I introduced our key strategic initiatives for 2026, and I will now review the progress being made.

在一月份的網路直播中，我介紹了我們 2026 年的主要策略舉措，現在我將回顧目前的進展。

First is our global footprint realignment. Over the past few quarters, our investments have been focused on expanding our Mexico machining capacity and building out our new manufacturing center in Malaysia, which is our largest facility in Ichor's history. The Mexico expansion will be complete later this year, and Malaysia just began operation last month. These locations will be our high-volume manufacturing centers for Ichor branded products. and will give us the capacity needed to meet the demand ramp we are now seeing. To enable this transition, we are in the process of relocating a portion of our receiving assets to these critical sites, which will temporarily reduce our capacity for these components.

首先是調整我們的全球佈局。在過去的幾個季度裡，我們的投資重​​點是擴大我們在墨西哥的加工能力，以及在馬來西亞建造新的製造中心，這是 Ichor 歷史上最大的工廠。墨西哥的擴建工程將於今年稍後完成，而馬來西亞的擴建工程上個月才剛開始運作。這些地點將成為我們生產 Ichor 品牌產品的大量生產中心，並為我們提供滿足目前需求成長所需的產能。為了實現這一過渡，我們正在將部分接收資產轉移到這些關鍵地點，這將暫時降低我們接收這些組件的能力。

While these transitions are important, they will not gate our ability to support our customer demand. The realignment of our global footprint touches all three of our strategic focus areas for 2026 and is aimed at strengthening our supply resiliency, ensuring business continuity and bringing us closer to our customers. This realignment is also a key driver for us achieving our cost targets for Ichor branded products. It will also structurally eliminate the primary sources of margin and ramp challenges we faced in 2025.

雖然這些轉型很重要，但它們不會限制我們滿足客戶需求的能力。這項全球佈局調整涵蓋了我們 2026 年的三大策略重點領域，旨在增強我們的供應鏈韌性，確保業務連續性，並拉近我們與客戶的距離。此次調整也是我們實現 Ichor 品牌產品成本目標的關鍵驅動因素。它還將從根本上消除我們在 2025 年面臨的利潤率和產能爬坡挑戰的主要來源。

Beginning Q2, we expect gross profit dollars will grow around twice the rate of revenues as we move through the year. We expect our global footprint realignment to begin driving meaningful margin improvement by midyear. This translates into significant earnings leverage expected in the quarters ahead.

從第二季開始，我們預計隨著年內推進，毛利的成長速度將約為營收成長速度的兩倍。我們預計，到年中，全球佈局調整將開始帶來顯著的利潤率提升。這意味著未來幾季有望實現顯著的獲利成長。

Before closing, I want to touch on our product strategy and creating a differentiated Ichor. 2026 is a milestone year for Ichor. By year-end, we expect to have products in place to enable us to reach our long-stated objective of having Ichor branded products capable of supporting up to 75% of the content within the systems we make. Reaching this capability reflects our continued transition from an integration company to a product company and ultimately, a key technology enabler for our industry.

在結束之前，我想談談我們的產品策略以及如何打造一個差異化的Ichor。 2026年是Ichor發展歷程中的里程碑。到年底，我們預計將推出相關產品，以實現我們長期以來的目標，即推出 Ichor 品牌產品，使其能夠支援我們製造的系統中高達 75% 的內容。達到這項能力體現了我們從一家整合公司向產品公司不斷轉型，並最終成為我們所在行業的關鍵技術推動者。

This level of vertical integration gives us the tools and technologies required to support our customers as they move into the Angstrom era, where they are adding and removing material one molecule at a time. As our customers enter this era, our goal is for Ichor to outperform by delivering technology, products and execution required at this level of precision.

這種垂直整合程度為我們提供了必要的工具和技術，以支持我們的客戶邁入埃級時代，在這個時代，他們可以一次添加和移除一個分子的材料。隨著我們的客戶進入這個時代，我們的目標是讓 Ichor 透過提供達到這一精準水準所需的技術、產品和執行力來超越客戶。

With that, I will now hand over to Greg.

接下來，我將把麥克風交給格雷格。

Thanks, Phil. To begin, I would like to emphasize that the P&L metrics discussed today are non-GAAP measures. These measures exclude the impact of share-based compensation, amortization of acquired intangible assets, nonrecurring charges and discrete tax items and adjustments. There is a useful financial supplement available on the Investors section of our website that summarizes our GAAP and non-GAAP financial results, as well as a summary of the balance sheet and cash flow information for the last several quarters.

謝謝你，菲爾。首先，我想強調的是，今天要討論的損益指標是非GAAP指標。這些措施不包括股份支付、收購無形資產攤提、非經常性費用和一次性稅務項目及調整的影響。我們網站的投資者關係部分提供了一份有用的財務補充資料，其中總結了我們的 GAAP 和非 GAAP 財務業績，以及最近幾個季度的資產負債表和現金流量資訊的摘要。

Fourth quarter revenues were $223.6 million, above the midpoint of guidance, but modestly down from Q3. We believe Q4 represents the trough period during this cycle, with the recent softening in certain end markets and applications already showing signs of recovery. Gross margin for the quarter of 11.7% was 70 basis points above the midpoint of guidance reflecting modestly better execution against the lower revenue volumes and unfavorable product mix during the quarter.

第四季營收為 2.236 億美元，高於預期中位數，但較第三季略有下降。我們認為第四季是本輪週期的低谷期，近期某些終端市場和應用領域的疲軟已經顯示出復甦跡象。本季毛利率為 11.7%，比預期中位數高出 70 個基點，反映出儘管本季收入量較低且產品組合不利，但業績執行情況略有改善。

Operating expenses for Q4 were slightly lower than forecast, at $23.4 million, and operating income was $2.7 million. As expected, our net interest expense for the quarter was $1.7 million while our non-GAAP net income tax expense was slightly lower than forecast at $400,000.

第四季的營運支出略低於預期，為 2,340 萬美元，營運收入為 270 萬美元。正如預期的那樣，本季我們的淨利息支出為 170 萬美元，而非 GAAP 淨所得稅支出略低於預期，為 40 萬美元。

Our resulting earnings for the quarter were at the upper end of our expectations at $0.01 per share.

本季最終收益達到預期上限，每股收益為 0.01 美元。

Turning to the balance sheet. Our cash and equivalents totaled $98.3 million at the end of the quarter, a $6 million increase from Q3. Working capital improvements generated $9 million of positive cash flow and after $3 million of capital expenditures, free cash flow for the quarter was $6 million. DSOs for the quarter were slightly better than Q3 at 29 days and inventory turns remained constant at 3.3. Our year-end balance of total debt outstanding was $123 million, down from $129 million a year ago. Our net debt coverage ratio currently stands at 1.7.

接下來看一下資產負債表。截至本季末，我們的現金及現金等價物總額為 9,830 萬美元，比第三季增加了 600 萬美元。營運資金改善產生了 900 萬美元的正現金流，在 300 萬美元的資本支出之後，該季度的自由現金流為 600 萬美元。本季應收帳款週轉天數略優於第三季度，為29天，存貨週轉率維持不變，為3.3。我們年末未償債務總額為1.23億美元，低於去年同期的1.29億美元。我們目前的淨債務覆蓋率為 1.7。

Now, I will discuss our guidance for the first quarter of 2026. As Phil mentioned, our revenue outlook has strengthened year-to-date with anticipated revenues in the range of $240 million to $260 million, we expect gross margins to be in the range of 12% to 13%. And Q1 operating expenses are projected to be approximately $24 million, reflecting the seasonal impact of payroll adjustments, audit fees and other variable compensation costs.

接下來，我將討論我們對 2026 年第一季的業績預期。正如菲爾所提到的，今年迄今為止，我們的收入前景有所改善，預計收入將在 2.4 億美元至 2.6 億美元之間，我們預計毛利率將在 12% 至 13% 之間。預計第一季營運費用約為 2,400 萬美元，這反映了工資調整、審計費用和其他可變薪酬成本的季節性影響。

We expect the strong revenue ramp ahead for 2026 will be supported by a relatively consistent OpEx run rate of $24 million, which for the full year equates to an increase of about 5% compared to fiscal 2025. Net interest expense for Q1 is expected to be approximately $1.7 million, and we expect this level to be relatively consistent throughout 2026.

我們預計 2026 年強勁的收入成長將得到相對穩定的 2,400 萬美元營運支出運行率的支持，全年營運支出將比 2025 財年增長約 5%。預計第一季淨利息支出約為 170 萬美元，我們預計這一水準在 2026 年將保持相對穩定。

For modeling purposes, net interest expense for 2026 should be approximately $7 million. We expect to record a Q1 tax expense of approximately $1.1 million. As you update your models for 2026, our assumed effective tax rate is currently expected to be in the range of 20% to 25%. The increase in our anticipated non-GAAP effective tax rate is attributed to the geographic distribution of our profits this year and the sunsetting of our Singapore pioneer status in early 2026. Finally, our EPS range for Q1 of $0.08 to $0.16 reflects our expectation for 35.1 million in diluted shares outstanding.

為便於建模，2026 年的淨利息支出應約為 700 萬美元。我們預計第一季將提列約 110 萬美元的稅金支出。當您更新 2026 年模型時，我們目前假設的有效稅率預計在 20% 到 25% 之間。我們預期非GAAP有效稅率的上升歸因於我們今年利潤的地理分佈以及我們在2026年初失去新加坡先鋒地位。最後，我們預計第一季每股收益為 0.08 美元至 0.16 美元，反映了我們對稀釋後流通股數為 3,510 萬股的預期。

Operator, we are now ready for questions. Please open the line.

操作員，我們現在可以接受提問了。請接通電話。

(Operator Instructions) Brian Chin, Stifel.

（操作說明）Brian Chin，Stifel。

Great. A couple of questions. Maybe, Phil, the first question relative to the update you gave last month on Q1 revenue your new midpoint is about $10 million higher. Can you firstly discuss sort of what has improved, I guess, since then? And also, when you think about the full year, if WFE forecast for the industry are coalescing around 15% to 20% growth, let's say. How do you expect to grow relative to that benchmark?

偉大的。幾個問題。菲爾，或許，關於你上個月公佈的第一季營收更新，你新的中位數比預期高出約 1000 萬美元，這是第一個問題。首先，您能否談談自那時以來有哪些方面有所改進？此外，從全年來看，如果 WFE 對產業的預測趨於 15% 到 20% 的成長，那麼情況又會如何呢？您預計相對於該基準將如何成長？

Okay. Let me answer your first question first. In terms of what we're seeing in the first quarter, versus what we saw first week. Let me just put it this way. Every week, we get an updated forecast.

好的。讓我先回答你的第一個問題。就我們第一季所看到的情況而言，與第一周所看到的情況相比。我就這麼說吧。我們每週都會收到最新的天氣預報。

And every week, we're seeing strengthening demand. So we're becoming more and more bullish on the market as we move through the year. And I would say that we're seeing a lot of movement. So that's why we're not going to guide for the whole entire year, but I would say that your range of around 15% to 20% is kind of where we're coalescing as well. We think we are well set up to be in that range, if not outperforming.

而且每週我們都能看到需求不斷增強。隨著時間推移，我們對市場的看漲情緒也越來越高。我認為我們看到了很多變化。所以這就是為什麼我們不會對全年做出預測，但我認為你們所說的 15% 到 20% 的範圍也正是我們目前達成共識的範圍。我們認為我們已經做好了充分準備，能夠達到甚至超越這個水準。

Okay. That's really helpful. And then in terms of gross margins, you also published some slides last month that were very helpful and sort of crosswalk to a potential 15% gross margin sometime second half at a $250 million plus revenue level, you're kind of there sooner, right, to your point about the cycle strengthening.

好的。這真的很有幫助。至於毛利率方面，您上個月也發布了一些幻燈片，這些幻燈片非常有幫助，並大致表明，在下半年某個時候，毛利率可能會達到 15%，收入水平超過 2.5 億美元，您在這方面進展得更快，對吧，這符合您關於週期加強的觀點。

In terms of capitalizing on some of those attributes that get you from 11% gross margins to 15%. What's sort of embedded in that initial Q1 guidance? And how quickly do you take down some of those other parts of it, including, I think it was like 160 basis points from production levels, you're kind of there already. And then you have some others from the in-sourcing and other items.

就利用這些特性而言，毛利率可以從 11% 提高到 15%。第一季業績指引中究竟蘊含著什麼？那麼，你如何迅速地降低其他一些因素呢？包括，我認為是從生產水準降低 160 個基點，你已經差不多達到目標了。此外，還有一些來自內部採購和其他項目。

Yes. As I kind of talked about during the prepared remarks, there's a couple of things that we're doing that I would call our short-term or transient at this point. First things first, is we're moving some of our capacity from one site to another, in particular, we're moving stuff from one of our machining facilities to another machining facility to really set us up for long-term success.

是的。正如我在事先準備好的演講稿中提到的，我們正在做一些事情，我稱之為我們目前的短期或臨時性措施。首先，我們要把部分產能從一個地點轉移到另一個地點，特別是，我們要把一些設備從一個加工工廠轉移到另一個加工工廠，以便真正為長期成功奠定基礎。

I would say that, that's going to be in place before we exit the first half of the year. So that's going to be a major benefit as we exit that. As you can imagine, that also brings down some of our capacity for our internal supply. So that's a short-term once again hit that we would -- or a headwind that we would see in the first half of the year.

我想說，這項措施將在上半年結束前落實。所以，當我們退出那個階段時，這將是一個巨大的優勢。可想而知，這也降低了我們內部供應能力的一部分。所以，這又是一個短期打擊，或者說，這是我們在今年上半年會遇到的不利因素。

Once again, we expect that to be flushed through the system as we exit the first half of the year. I hope that answers your question.

我們預計，隨著上半年的結束，這些問題將再次被系統清除。希望我的回答能解答你的疑問。

Got it. So you still think that 15% second half is sort of a good target and sort of a linear progression or maybe kind of incremental in 2Q and then sort of a pickup in second half?

知道了。所以你仍然認為下半年15%的成長是比較好的目標，而且是線性成長，或是說第二季逐步成長，然後在下半年加速成長？

Yes, that's how I would model it.

是的，我會這樣建模。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Congratulations on the nice print and the solid team. Phil, I wanted to start just by going back to your comments on sequential growth through the year. We've heard some companies express that the year will still be significantly back half weighted.

恭喜你們擁有精美的印刷品和優秀的團隊。菲爾，我想先回顧一下你之前關於全年持續成長的評論。我們聽到一些公司表示，今年下半年的業績仍將明顯佔全年業績的很大比例。

As you look at sequential growth, can you talk about what your half-on-half expectations are? And then inside of the growth view that you have, we wanted to see a much higher mix of components and other higher-margin products. Do you see an opportunity for that to start to kick in at some point during the year? Or will things be much more gas panel oriented this year?

從連續成長的角度來看，您能否談談您對未來一半時間的預期？而在你們的成長願景中，我們希望看到零件和其他高利潤產品的比例大幅提高。你認為今年某個時候這種情況會開始出現嗎？還是今年的情況會更偏向天然氣發電？

Yes, I would say that the first half is going to be heavy gas panel related. And as we move into the second half of the year, a lot of our growth in our gross margin is going to come from increased component supply. So that's actually one of the major drivers of that first half versus second half margin profile. In terms of revenue, I would still say it's second half weighted. But we are seeing a lot of movement into the first half and a lot of momentum into the first half.

是的，我認為前半部分將主要與燃氣面板有關。隨著我們進入下半年，我們毛利率的成長很大程度上將來自零件供應的增加。所以，這其實是造成上半年利潤率與下半年利潤率差異的主要驅動因素之一。就營收而言，我仍然認為它主要集中在下半年。但我們看到上半場有很多進展，上半場也充滿了勢頭。

I wouldn't call that pull ahead. What I would call that is just additional demand pulling forward.

我不會把那稱為超車。我稱之為提前出現的額外需求。

That's helpful. And then can you just go further on the Malaysia business relocation, given the strength of demand that you're seeing. Can you just provide some points that investors can look to that would give comfort that, that wouldn't have any adverse impact on either revenue execution or COGS and expense execution?

那很有幫助。鑑於目前對馬來西亞企業遷址的強勁需求，您能否進一步談談這方面的情況？您能否提供一些投資人可以關注的要點，讓他們放心，這些因素不會對收入、銷售成本和費用產生任何不利影響？

Yes. I'd actually say that part of our headwind in the first half is because we did turn on that facility. So you can think of that as a headwind in the first half. So that's baked into our Q1 guide. What I would say is that's a facility that's 2 miles away from our current facility, which is, I would say, our second largest facility today.

是的。實際上，我認為我們上半場遇到的部分阻力是因為我們啟用了那個設施。所以你可以把這看成是上半場的逆風。所以這一點已經納入了我們第一季的指導方針中。我想說的是，那個設施距離我們目前的設施 2 英里遠，而我們目前的設施可以說是我們第二大的設施。

So it's not too far away from our current facility that builds essentially every weldment for every factory that we have. So it's a strong factory for our business. What I would say is what we're moving to Malaysia is additional capacity, right? As we move through '26 and into '27, we believe that we're going to see a continued ramp. And we're going to need additional machining capacity, in particular, and capacity within our components business.

所以它離我們目前的工廠不太遠，我們目前的工廠基本上是為我們所有的工廠生產所有的焊接件。所以，對於我們的業務來說，這是一個非常重要的工廠。我想說的是，我們轉移到馬來西亞的是額外的運力，對吧？隨著我們進入 2026 年和 2027 年，我們相信我們將看到持續成長。我們需要增加加工能力，特別是零件業務的產能。

And that's a lot of what we're putting into that facility. That's where -- last year, we spent a lot of our CapEx was in standing up that particular facility. I would say that the headwinds are baked into Q1. And we really see the tailwind of that 2027.

這就是我們投入到該設施的很大一部分內容。去年，我們投入了大量的資本支出來建造那個特定的設施。我認為第一季的逆風是不可避免的。我們確實看到了2027年的利多因素。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Congrats on the really strong results. Phil, the first question I had for you on the March guidance, really impressive growth, almost 12% sequentially. Is there a way to dissect it both by technology? Is it coming from dep or etch or litho and also by end markets like NAND or DRAM or foundry? Any color on March quarter would be helpful.

恭喜取得如此優異的成績！Phil，關於三月的業績指引，我的第一個問題是，成長非常驚人，季增近 12%。有沒有辦法透過技術手段對其進行剖析？它是來自沉積、蝕刻或光刻工藝，還是來自 NAND、DRAM 或晶圓代工廠等終端市場？三月季度的任何顏色都會有所幫助。

And then I have a follow-up.

然後我還有一個後續問題。

Yes. I would say that a majority of it is coming from dep and etch. So that's the vast majority of the growth we're seeing this quarter. We are seeing a slight increase in our non-semi business, I would say that EUV is pretty well flat quarter over quarter. But we do expect that to start picking up later this year, kind of late in the year.

是的。我認為大部分來自沉積和蝕刻製程。這就是我們本季看到的大部分成長。我們看到非半導體業務略有成長，而EUV業務則基本上保持穩定。但我們預計這種情況會在今年稍後開始好轉，大概在年底左右。

In terms of mix of technologies, I would say it's pretty -- it's I think the short answer to that is yes because everything is growing at this point. And that's -- one of the reasons a lot of people are calling this a super cycle is we're seeing every segment of our market grow and grow significantly, and that's really what's driving the positive trajectory as we go into '26.

就技術組合而言，我認為相當不錯——簡而言之，答案是肯定的，因為目前一切都在發展。許多人稱之為超級週期的原因之一是，我們看到市場的每個細分領域都在成長，而且成長幅度很大，這正是推動我們進入 2026 年的積極發展軌跡的真正原因。

Got it. Got it. And then on the gross margin comments, if I heard it right, you kind of said that the gross profit dollars should grow at 2x the rate of revenue growth. and it's also more second half weighted. How much of it is really like the gross margin growth is coming from revenue leverage versus in-sourcing?

知道了。知道了。關於毛利率，如果我理解沒錯的話，您剛才提到毛利的成長速度應該是營收成長速度的兩倍，而且下半年的業績佔比也更高。其中有多少毛利率成長真正來自收入槓桿效應，又有多少來自內部資源整合？

Krish, it's Greg. So the revenue growth -- the margin growth is coming through actually a combination of the overall first half is, as Phil said, really the machine deployment that's hindering a little bit of our first half margin profile. And so that will start to ramp as those tools come online in the second half. So you can call that incremental volume leverage, getting those tools up and running and getting the leverage out of that. And then the second thing is increasing our machining and components mix strengthening as those tools come online, and we're delivering those products.

克里什，我是葛瑞格。因此，收入成長——利潤成長實際上是上半年整體情況的組合，正如菲爾所說，機器部署確實在一定程度上阻礙了我們上半年的利潤率。因此，隨著這些工具在下半年上線，這種情況將會開始加速發展。所以你可以稱之為增量式槓桿作用，讓這些工具運作起來，並從中獲得槓桿作用。其次，隨著這些工具投入使用，我們將加強加工和零件組合的強化，並交付這些產品。

And then finally, our non-semi business. is also -- as we're going into the year, that's strengthening and that will also bring some flow-through in the second half of -- on the non-semi business.

最後，我們的非半導體業務也在穩步發展，隨著年末的到來，這項業務也在不斷增強，並將在下半年帶來一些正面的回饋。

So let me just add one more thing on that, Greg. I don't mind. What I would say is -- in my prepared remarks, I talked about systematically eliminating some of the margin challenges we faced last year. What I mean by that, and just to be quite frank, is in order to meet our cost targets on our products, getting these into the new factories. Once again, these are factories that in particular, in Mexico has already stood up is running pretty high volumes.

格雷格，我再補充一點。我不介意。我想說的是——在我準備好的演講稿中，我談到瞭如何有系統地消除我們去年面臨的一些利潤率挑戰。我的意思是，坦白說，為了達到我們產品的成本目標，我們需要把這些產品投入新工廠。再次強調，這些工廠，尤其是在墨西哥，已經建成並投入了相當高的產量。

We're just building out and finishing out the build-out there. Very high confidence level in all of that, that's going to come through. So little risk there -- little to no risk there. I would say Malaysia is a little higher risk in terms of qualifications, but that's -- once again, that's more to get volume out than it is anything else.

我們正在那裡進行擴建和收尾工作。我對所有這些都非常有信心，這一點一定會得到體現。所以風險很小——幾乎沒有風險。就資質而言，我認為馬來西亞的風險稍微高一些，但這——再說一遍——更多是為了提高產量，而不是其他原因。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

Maybe the first one, so you talked about the view is on sustained the ramp of the business. I wonder if you can characterize your current demand visibility, how far out it is right now as of today? I recall you used to say you have a pretty good view about within that the next 6-month window. Is it further out? Or do you see anything for 2027 at this point?

或許第一個問題是，你談到了業務持續成長的觀點。我想了解您目前的需求可見性，截至今天，您能預測未來多久？我記得你以前說過，你對未來六個月的情況有相當不錯的判斷。更遠一點嗎？或者說，你目前對2027年有什麼展望嗎？

Yes. What I would say is, typically, our 6-month window is pretty hard in terms of we know what customers are -- those are going to go to and what that demand profile looks like. So you're exactly right, 6 months out is very solid. And what I would say is that with our current visibility, if you look at what our Q3 and Q4 outlook looks like in terms of what our customers are telling us, what they're slotting inside their demand windows. At this point in time, it's very solid in the second half compared to what you would normally would see walking into the year.

是的。我想說的是，通常情況下，我們6個月的窗口期很難預測客戶群體——他們會去哪裡，以及他們的需求情況如何。所以你說得完全正確，提前6個月預約非常穩健。我想說的是，根據我們目前的了解情況，看看我們的客戶告訴我們的第三季和第四季的展望，看看他們在需求窗口期內安排了什麼。就目前而言，下半年的表現非常穩健，與年初平常的情況相比，這實屬不易。

So that's why we have a lot of confidence in the second half of the year. And then obviously, you hear it from our customers directly. They're talking about what they're seeing in 2027. I would say that our view on 2027 is very similar to what they say.

所以，這就是我們對下半年充滿信心的原因。當然，你也可以直接從我們的客戶那裡聽到回饋。他們在談論他們對 2027 年的展望。我認為我們對 2027 年的看法與他們的說法非常相似。

Linda Umwali, D.A. Davidson.

琳達·烏姆瓦利，D.A.戴維森。

My first question was a follow-up on the litho business. I think you said that you were expecting like flattish quarter-over-quarter and then to pick up later in the year. Are we to assume that the challenges, given the inventory actions at your customer have been resolved. And maybe some of the end market demand trajectory that wasn't favorable is now favorable? Or what have you seen change in that business?

我的第一個問題是關於膠印業務的後續問題。我想你說過你預計季度環比增長會比較平穩，然後今年晚些時候會回升。我們是否可以認為，鑑於貴方客戶的庫存情況，所面臨的挑戰已經解決？或許之前一些不利的終端市場需求趨勢現在已經轉為有利了？或者，您認為該行業發生了哪些變化？

Yes. I'll say two things. First is we have seen that customer as they guided that they're going to be starting to see a pickup in orders. And so we expect to see a similar level of pickup in orders. What I would say is that they do have a level of inventory that they need to digest.

是的。我要說兩件事。首先，我們看到客戶表示，他們預計訂單量將開始回升。因此，我們預期訂單量也會有類似的成長。我想說的是，他們確實需要消化一部分庫存。

Based on our current visibility, we think they will digest that by roughly Q3 this year, which would show some uptick in Q4. There's still a little bit of unknown there, so I would caution that a bit. But with that said, I do believe based on their feedback and what they've told us and what they're guiding that they do expect to see growth in the second half of next -- or second half of this year entering into next year.

根據我們目前的觀察，我們認為他們將在今年第三季左右消化這些影響，這將在第四季度出現一些增長。這方面還有一些未知因素，所以我建議謹慎一點。但即便如此，根據他們的回饋、他們告訴我們的訊息以及他們正在指導的方向，我相信他們確實期望在明年下半年——或者說今年下半年到明年這段時間——看到成長。

Got it. And then going back on the broader industry demand, DRAM and NAND prices are -- seems to be surging. And are you looking at this as mostly driven by capacity shifts towards AI applications? Or are any other drivers that you guys can call out?

知道了。再看看更廣泛的行業需求，DRAM 和 NAND 的價格似乎正在飆升。您是否認為這主要是由產能轉移到人工智慧應用所驅動的？或者你們還能聯絡到其他司機嗎？

Yes, I would say AI applications are definitely the drivers. Obviously, there's a lack of capacity in the DRAM and NAND, and that's driving a lot of the demand profile we're seeing. We also see, obviously, foundry logic also being strong this year. So we're seeing, like I said before, really across the board, every one of the major aspects of our market strong and continue to strengthen.

是的，我認為人工智慧應用絕對是驅動力。顯然，DRAM 和 NAND 的產能不足，這正是我們目前看到的需求趨勢的主要原因。顯然，我們也看到今年代工廠的邏輯電路也表現強勁。所以，就像我之前說的，我們看到，我們市場的各個主要面向都表現強勁，而且還在持續增強中。

David Duley, Steelhead Securities.

David Duley，Steelhead Securities。

Congratulations on a nice quarter and outlook. I guess the first question I have is -- and you've kind of addressed this, but I was wondering about the inventory levels at your 2 biggest customers and what the situation with that is. And typically, at the beginning of cycles, I think you might grow a bit faster than your customer -- your two big customers just because they start to replenish inventory. And I was wondering if that's what you see unfolding during '26 and '27.

恭喜你們本季業績良好，前景樂觀。我想問的第一個問題是——您已經稍微提到過這一點，但我很想知道您最大的兩個客戶的庫存水平以及目前的情況。通常情況下，在週期的開始階段，我認為你的成長速度可能會比你的客戶——你的兩個大客戶——快一些，因為他們開始補充庫存。我想知道，你認為在 2026 年和 2027 年期間，這種情況是否會發生。

Yes. The way I would put it is our revenue forecast or what we're forecasting is starting to match what they're saying, which is a good indication that inventory levels are coming down and inventory levels need to be replenished, and that's kind of what we're seeing in terms of customer demand and what they're pointing towards us.

是的。我的意思是，我們的收入預測或我們正在預測的情況開始與他們所說的相符，這很好地表明庫存水平正在下降，需要補充庫存，而這正是我們從客戶需求方面看到的情況，也是他們向我們指出的情況。

Remember, a bulk of our business, which are gas panels, there's not a whole lot of inventory that's held on those systems. I would say that the one exception to that would be that EUV customer, whereas a nonconfigurable system, it's the same every time. So they can build up an inventory level which they can hold on to..

請記住，我們的大部分業務是燃氣面板，而這些系統的庫存並不多。我認為唯一的例外是 EUV 客戶，而對於不可設定的系統來說，每次都是一樣的。這樣他們就可以建立起一定的庫存水準並加以利用。

What I would say is we're starting to match what our customers are saying, which is a good indication to me that the inventory has really burned through in terms of the last cycle.

我想說的是，我們開始與客戶的回饋相符，這對我來說是一個很好的跡象，表明上一輪銷售週期內的庫存確實已經消耗殆盡。

Okay. And then I think you mentioned in your prepared remarks and I think in the press release that you expected to gain share in '26 and '27. I was wondering if you might help us understand what areas that you will gain share in?

好的。然後，我想您在準備好的發言稿中提到過，而且我認為您在新聞稿中也提到過，您預計在 2026 年和 2027 年會獲得市場份額。我想請您幫忙了解您將在哪些領域獲得市場份額？

Yes. So I think I mentioned it during my January webcast, but one of the major focuses a little difference between me and the past is it's really been about driving growth within the business. And when I say we want to drive growth within the business, it's in all aspects of what we do.

是的。所以我想我在一月份的網路直播中提到過，我與過去最大的不同之處在於，我真正關注的是推動業務成長。我說我們希望推動業務成長，指的是我們所做的一切事情的各個方面。

But in particular, where I want to spend a lot of our effort in terms of growing shares first and foremost is in our commercial space business our non-semi business, the machining aspect of that, that we've been chasing around for a while. On top of that, what I would add is all of our componentry and then I also want to gain share in gas panels.

但尤其我想把我們的大部分精力投入到提高市場份額的領域，首先是我們的商用航太業務，我們的非半導體業務，以及我們一直在努力拓展的機械加工方面。除此之外，我還想補充我們所有的零件，我還想在瓦斯面板領域獲得市場份額。

So it's really across the board. And what I would say is our customers really give you out share based on platform. I want to get a little more balanced in terms of what platforms we're on. So there's a little bit of work to do there as well. But I would say across the board, during a ramp cycle is really where share can be won and lost.

所以這種情況是普遍存在的。我想說的是，我們的客戶確實會根據平台分配份額給你。我希望我們在所使用的平台方面能夠更加平衡一些。所以這方面還有一些工作要做。但我認為，總體而言，市場份額的贏得和失去，真正取決於產品成長週期。

And I believe we're preparing ourselves to win some share during this cycle.

我相信我們正在為在本輪週期中贏得一些市場份額做好準備。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Congrats. Most of them have already been asked. I just have one. As the growth trajectory at WFE is expected to remain robust again in '27. Do you think that from a component standpoint that you can operate near previous targets, say, 18% to 20% gross margins?

恭喜。他們中的大多數人已經被問過了。我只有一個。預計 WFE 的成長軌跡在 2027 年將再次保持強勁勢頭。從零件的角度來看，您認為您能否維持在先前的目標水平，例如毛利率 18% 到 20%？

Or will it take a little bit more time to get there?

還是還需要一些時間才能到達？

Yes. I don't want to throw out a time line for the 18% to 20% at this point. It's a little early to guide that. But what I would say is with the current trajectory of 2027, I think we can get back to some historical levels in terms of revenue. And I would anticipate with the components kicking in and things of that sort that we should see significant earnings leverage as we move forward through 2027.

是的。目前我不想給出18%到20%的具體時間表。現在就給予指導意見還為時過早。但我認為，按照目前的趨勢發展到 2027 年，我們可以在收入方面恢復到一些歷史水準。我預計，隨著各項因素的逐步發揮作用，以及類似的事情發生，到 2027 年，我們應該會看到顯著的獲利槓桿效應。

Like I said, I don't want to at this point in time and this far away from next year guide what we think in terms of gross margins are going to be at that point.

正如我所說，在目前這個階段，距離明年還有這麼長時間，我不想預測屆時的毛利率會是多少。

Edward Yang, Oppenheimer & Company.

愛德華楊，奧本海默公司。

Congrats on the quarter. You mentioned commercial space as a growth opportunity. And could you just remind us what percentage of your business is that? And how the margin might compare versus the corporate?

恭喜你本季取得佳績。您提到商業空間是一個成長機會。能否請您告知一下，這部分業務佔您公司總業務的百分比是多少？那麼，該利潤率與公司平均值相比如何？

Yes. I wouldn't want to call out the margins because that gives a little too much away. So I won't comment on that, but it is accretive to our general margin profile. What I would say is that they're a sub-5% customer today. Our goal in the kind of medium term is to turn them into a 10% customer.

是的。我不想透露具體細節，因為那會洩漏太多資訊。因此我不對此發表評論，但這確實有利於我們的整體利潤率。我想說的是，他們目前只佔不到 5% 的客戶。中期內，我們的目標是將他們轉化為 10% 的客戶。

Obviously, with what we're seeing in terms of the semi ramp, that's going to raise the bar for that. So it's going to be a little harder for the team to meet that, but that's still the goal. But that is our goal and I would call the medium term in terms of what we want to do with that particular customer.

顯然，就我們目前看到的半拖車坡道而言，這將提高該領域的標準。所以球隊要實現這個目標會更難一些，但這仍然是我們的目標。但這是我們的目標，就我們想為這位特定客戶做的事情而言，我認為這是中期目標。

Okay. Great. And given the growth outlook, how are you thinking about CapEx? CapEx in 2025 as a percentage of revenue in absolute dollars was up year-over-year. Do you expect that to grow from these levels or moderate back to norms?

好的。偉大的。鑑於成長前景，您如何看待資本支出？2025 年資本支出佔收入的百分比（以絕對美元計）年增。您預計這一數字會在此基礎上繼續增長，還是會回落到正常水平？

And related to that, you have taken some restructuring actions, significant restructuring actions in the last couple of quarters. Are we past any sort of additional accruals for restructuring at this point?

與此相關的是，在過去的幾個季度裡，你們採取了一些重組措施，一些重大的重組措施。目前我們是否已經過了需要額外提列重組費用的階段？

Ed, it's Greg. I'll take those. On the CapEx front, we did about a little -- close to 4% this year in '25, so about $36 million. And a lot of that investment was in our new facility in Malaysia. Shifting to '26.

艾德，我是格雷格。我收下那些。在資本支出方面，我們今年（2025 年）投入了約 4%，也就是約 3,600 萬美元。其中很大一部分投資都用於我們在馬來西亞的新工廠。改為'26'。

We will be moderating it down and moving towards a more manageable rate of around 3% of revenue. But that requires more on the machining equipment to be deployed now to the facility in Malaysia. And then we're rebalancing some machining equipment within North America as we execute on that. realignment of the North America machining facilities. And so it will moderate down to about 3% in '26 and that will give you an indication of what we think we should spend there.

我們將降低這一比例，並逐步將其控制在更易於管理的3%左右的收入水準。但這就需要將更多的加工設備部署到馬來西亞的工廠。然後，隨著北美加工設施的重組，我們將對北美地區的一些加工設備進行重新平衡。因此，到 2026 年，這一比例將放緩至 3% 左右，這將表明我們認為應該在那裡投入多少資金。

And then on the restructuring, yes, we did take about $10 million in Q4, and that was still, obviously, a heavy lift for the full year, but the majority of that effort is now complete. We still expect to see some activities as we wind down these facilities that we're realigning in the US, but it won't be at the magnitude that we saw in the full year nor in Q4.

至於重組，是的，我們在第四季度投入了大約 1000 萬美元，顯然，這對於全年來說仍然是一項艱鉅的任務，但大部分工作現在已經完成了。我們預計，隨著我們逐步關閉在美國重新調整的這些設施，仍然會看到一些活動，但規模不會像全年或第四季那麼大。

There are no further questions at this time. I'd like to hand the call back over to Phil Barros for any closing comments.

目前沒有其他問題了。我想把電話交還給菲爾·巴羅斯，讓他做最後的總結發言。

Yes. Thank you, operator, and thank you, everyone, for joining our call today. In closing, I wish to convey our confidence in the new Ichor and our expectations to deliver strong earnings leverage through this cycle. I look forward to our next update at our Q1 call in May. In the meantime, please reach out to Claire to arrange any follow-up meetings that you may have.

是的。謝謝接線生，也謝謝各位今天參加我們的電話會議。最後，我想表達我們對新 Ichor 的信心，以及我們期望在本輪週期內實現強勁盈利增長的預期。我期待在五月的第一季財報電話會議上聽到我們的最新進展。在此期間，請聯絡 Claire 安排您可能需要的任何後續會議。

With that, I conclude today's call.

今天的電話會議到此結束。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以斷開線路了。感謝您的參與。