Ichor Holdings, Ltd. (ICHR) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Ichor's first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

各位女士、先生，大家好，歡迎參加 Ichor 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次通話將被錄音。

I would now like to introduce to you your host for today's conference, Claire McAdams, Investor Relations for Ichor. Please go ahead

現在我想向各位介紹今天會議的主持人：Ichor 投資人關係部的 Claire McAdams。請開始。

Thank you, operator. Good afternoon, and thank you for joining today's first-quarter 2026 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.

謝謝，接線員。各位下午好，感謝各位參加今天的 2026 年第一季電話會議。在您閱讀我們的財報新聞稿並收聽本次電話會議時，請注意兩者均包含符合聯邦證券法定義的前瞻性陳述。

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. 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 2025, 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.

這些前瞻性陳述受到多項風險與不確定性影響，其中許多超出我們的控制範圍，且可能導致實際結果與該等陳述存在重大差異。這些風險與不確定性包括我們財報新聞稿中所列者、我們 2025 會計年度 Form 10-K 年報中所述者，以及後續向美國證券交易委員會（SEC）提交之文件中所述者。您應在上述及其他風險與不確定性的背景下考量所有前瞻性陳述。

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若干非 GAAP 財務衡量指標。我們的財報新聞稿以及發布於投資人關係網站的財務補充資料，均提供這些非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之調節表。

On the call with me today are Phil Barros, our CEO; and Greg Swyt, our CFO. Phill will begin with an update on our business, and then Greg will provide additional details about our results and guidance. After their prepared remarks, we will open the line for questions. I'll now turn over the call to Phil Barrows. Phil?

今天與我一同出席電話會議的有：我們的執行長 Phil Barros，以及我們的財務長 Greg Swyt。Phil 將先就我們的業務近況進行更新，接著 Greg 將提供關於我們業績與展望的更多細節。在他們的準備發言之後，我們將開放提問。現在我把電話交給 Phil Barrows。Phil？

Thank you, Claire, and welcome, everyone, to our Q1 earnings call. Just a few months into a multiyear growth cycle, and we are already delivering upside to our outlook and demonstrating strong earnings leverage.

謝謝你，Claire，也歡迎各位參加我們第一季財報電話會議。在一個為期多年的成長循環才剛開始幾個月之際，我們就已經交出優於展望的表現，並展現強勁的獲利槓桿。

Q1 revenues of $256 million came in at the upper end of our expectations, up 15% from Q4. Gross margins of 12.8% also approached the high end of our guidance, enabling us to more than triple our operating income versus Q4 and deliver our highest earnings per share in three years.

第一季營收為 2.56 億美元，落在我們預期的高端，較第四季成長 15%。毛利率 12.8% 也接近我們指引區間的高端，使我們的營業利益較第四季增加逾三倍，並創下三年來最高的每股盈餘。

The early investments we made in ramping labor headcount and prepositioning inventory are paying off. These are enabling Ichor to deliver strong execution for our customers and achieve growth towards the high end of our demand forecast.

我們先前在擴增人力編制以及預先配置庫存方面所做的早期投資，正在產生回報。這些措施讓 Ichor 能為客戶提供強而有力的執行力，並在需求預測的高端實現成長。

Demand across our core markets has further strengthened since our last earnings call. Our visibility now extends deeper into 2026. Within this very robust demand environment, we expect Ichor to be a top performer, both in terms of growth and earnings leverage.

自上次財報電話會議以來，我們核心市場的需求進一步增強。我們目前的能見度已延伸更深入至 2026 年。在如此強勁的需求環境下，我們預期 Ichor 將在成長與獲利槓桿兩方面都成為表現突出的公司。

Our Q2 forecast now reflects unconstrained demand exceeding $300 million. This is one of the steepest ramps witnessed in Ichor's history, representing growth well over 30% in just two quarters. Not only that, but with stronger visibility since our last earnings call, we continue to expect every quarter in 2026 will be a growth quarter for Ichor.

我們目前對第二季的預測反映出不受產能限制的需求將超過 3 億美元。這是 Ichor 歷史上最陡峭的爬坡之一，僅兩個季度就代表超過 30% 的成長。不僅如此，隨著自上次財報電話會議以來能見度提升，我們仍預期 2026 年每一季對 Ichor 而言都將是成長季度。

We entered the year with increased momentum and a clear strategy. Our higher confidence today reflects Ichor's critical role within the WFE industry and strong progress towards our strategic objectives. The technology transitions and strategic capacity expansions underway largely in support of AI hyperscaling favor etch and deposition applications, which favors Ichor.

我們以更強的動能與清晰的策略進入今年。我們今日更高的信心，反映 Ichor 在晶圓製造設備（WFE）產業中的關鍵角色，以及我們朝策略目標推進的強勁進展。在 AI 超大規模擴張（hyperscaling）帶動下，技術轉換與策略性產能擴張主要有利於蝕刻與沉積應用，而這對 Ichor 有利。

A great example of this is the 30% increase in the number of process steps required to produce leading-edge logic with gate-all-around architectures. Increased investments in gate-all-around technology are significant tailwinds for Ichor's growth.

一個很好的例子是：採用環繞式閘極（gate-all-around）架構的先進邏輯製程，其所需的製程步驟數增加了 30%。對環繞式閘極技術的投資增加，將成為推動 Ichor 成長的重要順風。

Our objective is to gain share through this cycle and the steps we have taken to preposition inventory and ramp labor headcount will allow us to continue to perform for our customers, and this is how we will win.

我們的目標是在本輪循環中提升市占率，而我們為預先配置庫存與擴增人力編制所採取的步驟，將使我們能持續為客戶交付成果，這就是我們取勝的方式。

Turning to an update on our strategic initiatives we introduced last quarter. Q2 is shaping up to be a major step forward in our global footprint realignment. As a reminder, this initiative is aimed at driving three primary benefits: First, we are structurally eliminating the margin challenges we faced previously in order to drive stronger cross-cycle performance and greater predictability in our business.

接著更新我們在上季提出的策略性計畫。第二季正逐步成形，將成為我們全球據點重新配置的一大步。提醒各位，這項計畫旨在帶來三項主要效益：第一，我們將從結構上消除先前面臨的毛利率挑戰，以推動跨循環更強的表現並提升業務可預測性。

Second, we are enabling more efficient, scalable, high-volume manufacturing of our Ichor-branded products, which will get us to our cost targets for these components. Third, by driving higher level of Ichor content within the systems we build, we will deliver significant improvements in gross margin flow-through and earnings leverage as revenues ramp. We have made strong progress, and I'm proud of the team, especially given the scale of the ramp we are operating in.

第二，我們將實現更高效率、可擴充、適用於高產量的 Ichor 品牌產品製造，讓這些零組件達到我們的成本目標。第三，透過提高我們所建置系統中 Ichor 自有內容的占比，隨著營收爬坡，我們將在毛利率貫穿（flow-through）與獲利槓桿方面帶來顯著改善。我們已取得強勁進展，我也為團隊感到自豪，尤其是在我們正處於如此大規模爬坡的情況下。

Just a few months into the year, and we have already installed and qualified half of the plant equipment moves, which is ahead of schedule. We are now performing all manufacturing steps for our substrate product line within the same four walls within Mexico. These are the types of efficiency gains that will structurally improve our product margins and drive higher gross margin flow through within the gas panel manufacturing business.

今年才過了幾個月，我們就已完成並通過驗證一半的廠內設備搬遷，進度超前。我們現在已在墨西哥同一廠區（同一屋簷下）完成基板產品線的所有製造步驟。這類效率提升將從結構上改善我們的產品毛利率，並在氣體面板製造業務中帶動更高的毛利率貫穿。

In our valve product line, in Q1, we achieved full customer qualification to manufacture in Mexico. This significantly expands our capacity for this product line, enabling us to source internally and cut our dependence on outside suppliers. We will continue to ramp up capacity through Q2 and expect to be at full production as we exit the quarter.

在閥件產品線方面，我們於第一季已取得客戶對於在墨西哥製造的完整認證。這大幅擴充了該產品線的產能，使我們能夠內部自製採購，並降低對外部供應商的依賴。我們將在第二季持續提升產能，並預期在季度結束時達到滿載生產。

The success and speed of both the moves and qualifications gives us the confidence to reinitiate valve qualifications on one of our major customers, which we had placed on hold due to capacity constraints. As we exit Q2, we will begin to see the gross margin impacts of our footprint realignment into Mexico, with these moves enabling increased levels of proprietary Ichor content in the gas panels we make.

搬遷與認證的成功與速度，讓我們有信心重新啟動針對某一主要客戶的閥件認證作業；先前我們因產能限制而暫停該作業。隨著第二季接近尾聲，我們將開始看到據點重新配置至墨西哥所帶來的毛利率影響；這些搬遷將使我們所製造的氣體面板中，專有的 Ichor 內容占比提高。

As we move through the remainder of the year, we will be ramping Malaysia, which will drive a richer mix of machining revenues. Driving higher volumes of machining revenues and completing cost reduction initiatives in our footprint realignment are the final two steps in achieving our near-term gross margin targets of at least 15%.

在今年剩餘期間，我們將逐步拉升馬來西亞的產能，這將帶動更高占比的機加工營收組合。推動更高量的機加工營收，以及完成據點重新配置中的降成本計畫，是達成我們近期毛利率目標（至少 15%）的最後兩個步驟。

As a reminder, while we complete the ramp-up of Mexico, we are temporarily increasing external supply to ensure strong, consistent delivery in our integration business. Taking all of this into account, today, we are guiding Q2 revenues of approximately $300 million, plus or minus $10 million, a sequential improvement in gross margin from Q1 to expected range of 13% to 14%.

提醒各位，在我們完成墨西哥的產能爬坡期間，我們將暫時提高外部供應，以確保整合業務能穩定且持續交付。綜合以上因素，我們今日給出的第二季營收指引約為 3 億美元，上下浮動 1,000 萬美元；毛利率預期將較第一季呈現季增，落在 13% 至 14% 的區間。

Beyond Q2, we continue to expect approximately 100 basis points per quarter in gross margin expansion as we complete our transitions into the second half. This level of gross margin expansion continues to support our expectation that gross profit dollars will grow around twice the rate of revenues as we move through the second half. On today's call, I will reaffirm our stated target to exit 2026, delivering 35% Ichor branded content within the systems we build.

展望第二季之後，隨著我們在下半年完成各項轉換，我們仍預期毛利率每季約擴張 100 個基點。這樣的毛利率擴張幅度，持續支持我們的預期：在下半年期間，毛利金額的成長速度約為營收成長速度的兩倍。在今天的電話會議上，我將重申我們既定目標：在 2026 年結束時，我們所建置系統中的 Ichor 品牌內容占比達到 35%。

As a reminder, we exited 2025, delivering systems with 25% Ichor branded content, up from 15% in 2024. Our next step function increase Ichor branded content is in flow control, which is progressing to plan. We see 2026 as a qualification year with first meaningful flow control revenues in 2027. We expect that bringing the capacity online in both Mexico and Malaysia, along with flow control qualifications will enable us to reach our goal to be capable of providing up to 75% of Ichor-branded content within the systems we build by year-end.

提醒一下，我們在 2025 年結束時，所交付的系統中 Ichor 品牌內容占比達到 25%，高於 2024 年的 15%。我們下一個階段性提升 Ichor 品牌內容占比的重點在於流量控制（flow control），目前正按計畫推進。我們將 2026 年視為認證年度，並預期在 2027 年取得第一筆具實質意義的流量控制營收。我們預期，墨西哥與馬來西亞兩地產能上線，加上流量控制的認證，將使我們在年底前達成目標：在我們所建置的系統中，具備提供最高達 75% Ichor 品牌內容的能力。

Finally, I will take the opportunity to reiterate our strategic priority to leverage our machining capabilities into high-growth markets outside of semiconductor. This business represents less than 10% of our revenues today, but we anticipate this will grow at a rate faster than our WFE this year, driven by a number of key positions in commercial space and defense markets.

最後，我想藉此機會重申我們的策略優先事項：將我們的機加工能力延伸至半導體以外的高成長市場。這項業務目前占我們營收不到 10%，但我們預期在今年將以快於我們 WFE 的速度成長，主要由商業太空與國防市場中的多個關鍵布局所帶動。

To close, we have made significant progress on our strategic initiatives and all within a backdrop of rapidly growing demand. We remain confident that Ichor is well positioned to capitalize on the ramp and deliver strong earnings leverage through this cycle. With that, I will now hand it off to Greg.

總結來說，我們在策略性計畫上已取得顯著進展，而這一切是在需求快速成長的背景下完成的。我們仍然有信心，Ichor 已處於有利位置，能把握此一擴產爬坡（ramp）並在本輪景氣循環中帶來強勁的獲利槓桿。接下來我把時間交給 Greg。

Thanks, Phil. Before I 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.

謝謝，Phil。在我開始之前，我想強調今天討論的損益表（P&L）指標為非 GAAP 衡量。這些衡量排除股權基礎薪酬、收購無形資產攤銷、非經常性費用，以及一次性稅務項目與調整的影響。

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.

我們網站「投資人」專區提供一份實用的財務補充資料，彙總我們的 GAAP 與非 GAAP 財務結果，以及最近幾季的資產負債表與現金流資訊摘要。

First quarter revenues of $256.1 million came in at the upper end of our guidance range, up 15% sequentially, reflecting continued demand momentum and strong execution as volumes ramped through the quarter. Gross margin increased to 12.8%, up 110 basis points sequentially and 30 basis points above the midpoint of guidance, driven primarily by incremental factory leverage on the higher revenue levels in our integration business.

第一季營收為 2.561 億美元，落在我們指引區間的上緣，季增 15%，反映需求動能持續以及在本季出貨量爬坡過程中的強勁執行力。毛利率提升至 12.8%，季增 110 個基點，且較指引中點高出 30 個基點，主要受惠於整合業務在較高營收水準下帶來的額外工廠槓桿。

Operating expenses in the quarter were aligned with our forecast at $24.1 million. As a result, operating income for Q1 more than tripled compared to Q4 to $8.7 million or 3.4% of revenue, demonstrating meaningful operating leverage as volumes ramped. With both interest and tax aligned with expectations, earnings for the quarter were near the high end of guidance at $0.15 per diluted share based on 35.3 million diluted shares outstanding.

本季營業費用為 2,410 萬美元，符合我們的預估。因此，第一季營業利益較第四季增加逾三倍至 870 萬美元，約占營收 3.4%，顯示隨著出貨量爬坡而帶來顯著的營運槓桿。利息與稅負皆符合預期，本季每股盈餘接近指引上緣，為稀釋後每股 0.15 美元，係以流通在外稀釋後股數 3,530 萬股計算。

Positive cash flow generation from the P&L increased significantly in the quarter with EBITDA of nearly $14 million. In the early stages of what we expect will be a sustained multiyear ramp, we are making incremental investments in inventory in support of our customers.

本季損益表帶來的正向現金流顯著增加，EBITDA 接近 1,400 萬美元。在我們預期將持續多年的爬坡初期階段，我們正增加對庫存的投入，以支援客戶需求。

As a result, cash from operations was a use of $2.9 million. Capital expenditures for the quarter were $7.1 million. We are managing our CapEx investments towards approximately 3% of revenue, so we expect this CapEx level to trend up modestly as we move into the second half of the year, which brings us to the balance sheet. Given our current levels of investments in inventory and CapEx, cash and equivalents totaled $89.1 million at the end of the quarter, a decrease of $9.2 million from Q4. DSOs increased modestly to 33 days and inventory turns improved to 3.7, reflecting improved throughput as volumes increased.

因此，營運活動現金流為淨流出 290 萬美元。本季資本支出為 710 萬美元。我們將資本支出投資控制在約占營收 3% 的水準，因此預期隨著進入下半年，資本支出水準將小幅上升，接著談資產負債表。考量目前對庫存與資本支出的投資水準，本季末現金及約當現金為 8,910 萬美元，較第四季減少 920 萬美元。應收帳款週轉天數（DSO）小幅上升至 33 天，存貨週轉率改善至 3.7，反映隨著出貨量增加，產出效率提升。

Total debt at quarter end was $122 million, and our net debt coverage ratio stands at 1.6. Now turning to our guidance for the second quarter of 2026. As Phil mentioned, we are anticipating a steeper revenue ramp for Q2, compared to our expectations a quarter ago. We anticipate revenues in the range of $290 million to $310 million, which at the midpoint represents sequential growth of 17% and a year-over-year increase in revenue volumes of 25%.

季末總負債為 1.22 億美元，淨負債覆蓋比率為 1.6。接著談我們對 2026 年第二季的指引。如 Phil 所提，我們預期第二季營收爬坡幅度將較一季前的預期更陡峭。我們預期營收介於 2.90 億至 3.10 億美元，中點代表季增 17%，且營收量年增 25%。

Our gross margin guidance for Q2 is a range of 13% to 14%. And as Phil noted earlier, we continue to expect gross margin improvement of 100 basis points per quarter through the second half of 2026. Our guidance for operating expenses this year is largely unchanged from last quarter. We continue to drive disciplined cost management across the organization in support of higher revenue volumes, and we are managing to a target of only 5% to 6% OpEx growth for the full year.

我們對第二季毛利率的指引區間為 13% 至 14%。此外，如 Phil 先前所述，我們仍預期毛利率在 2026 年下半年每季改善 100 個基點。我們今年對營業費用的指引大致維持與上季相同。我們持續在全組織推動嚴謹的成本管理，以支援更高的營收量，並將全年 OpEx 成長控制在僅 5% 至 6% 的目標。

This reflects a relatively consistent run rate of approximately $25 million beginning in Q2, slightly up from Q1's level as a result of higher variable compensation forecasts on the improved outlook for the year.

這反映自第二季起約 2,500 萬美元的相對穩定的費用水準，較第一季略高，主要因為在今年展望改善下，變動薪酬的預估較高。

The midpoint of our guidance for revenues, gross margin, and operating expenses in the current quarter indicate the highest level of operating income reported since fiscal 2022, and an increase of nearly 80% from Q1, reinforcing the strong earnings leverage expected as we continue to ramp revenues, as expectations for interest and tax this year are unchanged since last quarter.

以本季營收、毛利率與營業費用指引的中點來看，顯示將創下自 2022 會計年度以來最高的營業利益水準，且較第一季增加近 80%，再次印證在我們持續推升營收的過程中，預期將出現強勁的獲利槓桿；同時，今年對利息與稅負的預期自上季以來維持不變。

We anticipate approximately $2 million per quarter in total interest and other income and expense, and our assumed effective tax rate continues to be in the range of 20% to 25%. Finally, our EPS range for Q2 of $0.25 to $0.35 reflects our expectation for a diluted share count of 35.5 million shares.

我們預期每季利息及其他損益合計約 200 萬美元，假設的有效稅率仍維持在 20% 至 25% 的區間。最後，我們對第二季 EPS 的區間為 0.25 至 0.35 美元，反映我們預期稀釋後股數為 3,550 萬股。

In summary, Q1 reflects improving profitability, strong operating leverage and disciplined cost control as volumes accelerate, and we believe we are well positioned for continued progress through the remainder of 2026. Operator, we are now ready for questions. Please open the line.

總結而言，第一季反映獲利能力改善、強勁的營運槓桿，以及在出貨量加速下的嚴謹成本控管；我們相信在 2026 年剩餘期間仍具備持續進展的良好條件。接線員，我們現在準備回答問題。請開放線路。

(Operator Instructions)

（接線員指示）

Brian Chin, Stifel.

Brian Chin，Stifel。

Hi there. Good afternoon. Thanks for letting us ask a couple of questions. First question, impressive job in terms of the sequential growth Q1, and then the outlook, maintaining sort of a mid- to high-teens sequential ramp at this point. Phil, maybe can you walk us through sort of some of the puts and takes in the second half of the year in terms of ramping Malaysia in terms of product mix and kind of how that distills down to what level you can sort of sustain sequential growth into the back half of the year?

你好。下午好。謝謝讓我們提幾個問題。第一個問題，第一季的季增表現令人印象深刻，而展望方面，目前仍維持中到高十位數的季增爬坡。Phil，你能否帶我們梳理一下今年下半年在馬來西亞爬坡、產品組合等方面的一些利多與利空因素，以及這些因素如何反映到你們在下半年可望維持的季增成長水準？

Yeah. If you follow our customers, they're forecasting, say a 25% growth year-on-year. We're going to project that at this point in terms of how much we think we're going to grow for 2026 over 2025. What I would say is, at this point last quarter, I would have guided $26 million to $27 million -- or $265 million to $270 million for Q2. So -- and now we're guiding $290 million to $310 million.

是的。如果你追蹤我們的客戶，他們預估年增大約 25%。就我們目前對 2026 年相較 2025 年的成長幅度判斷，我們也會以此作為推估基礎。我想說的是，在上個季度的這個時間點，我原本會給出第二季 2.65 億到 2.70 億美元的指引。所以——而現在我們給出的指引是 2.90 億到 3.10 億美元。

So as you can imagine, we're seeing a lot of growth, a lot of movement and a lot of puts and takes, if you will. So we are seeing a lot of movement in our forecast. And I would say my visibility today is stronger today than it was a quarter ago, and it will be stronger, I believe, a quarter from now than it is today.

所以如你所想像的，我們看到很多成長、很多變動，以及很多此消彼長（如果你願意這麼說）。因此，我們確實看到預測中有很多變動。我會說，我今天的能見度比一季前更強，而且我相信，一季之後會比今天更強。

Great. That's helpful. Then thinking about the margin -- gross margin progression in the back half of the year. When you think about the 100 basis points, Q3, 100 basis points in Q4. Can you, I guess, sort of walk through how much of that is volume related, how much is mix inclusive of increased vertical content?

很好。這很有幫助。接著談到今年下半年毛利率——總毛利率的走勢。當你想到第三季100個基點、第四季100個基點。你能否大致說明其中有多少是與出貨量相關、有多少是組合因素（包含垂直整合內容增加）所帶來的？

Yes. In terms of percentages, what I would say is, in general, think of our gross margin growth is coming from it's as much event-driven as it is volume-driven. And I talked about the global footprint realignment. That's a big driver of our cost savings as well as our margin accretion as we move through the year. So I would say they're pretty closely equally weighted in terms of gross margin impact.

可以。以比例來說，我會說整體而言，我們的毛利率成長，來自事件驅動的程度與來自量的驅動差不多。我也談到全球據點的重新調整。這是我們在年度推進過程中，成本節省以及毛利率提升的一個重要驅動因素。所以我會說，就毛利率影響而言，兩者權重相當接近、幾乎各半。

So I would say that volume leverage is about 50% of it, and our cost reductions are about 50% of it.

所以我會說，量的槓桿大約占50%，而我們的成本降低大約也占50%。

Great. Great. Thank you.

很好。很好。謝謝。

Thank you.

謝謝。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the questions, and congratulations on the good result and guidance. Phill, I wanted to start with more of a qualitative question on where Brian left off. So it was the beginning of the year when you outlined a four-point plan to really drive much better gross margins to 15%. And it sure seems like the business is solidly on track for that.

是的，謝謝讓我提問，也恭喜你們有很好的結果與指引。Phill，我想先從一個較偏質性的問題開始，延續Brian剛才的話題。你們在年初提出一個四點計畫，目標是把毛利率大幅提升到15%。而目前看起來，業務確實穩健地朝這個方向前進。

But can you talk about how happy you are with where you see the business executing in the different company controllable areas that you're focused on, where are you happier? Where do you need to get better performance to be real confident in that 100% per quarter in the back half of the year?

但你能談談你對於公司可控、且你們聚焦的不同領域之執行狀況有多滿意嗎？哪些地方你更滿意？哪些地方需要更好的表現，才能讓你對下半年每季提升100個基點更有把握？

Yeah. What I would -- well, 100% would be great. I think you said 100 basis what you meant. But yes, I would say that in general, I am very happy with the progress the team is making. I would say we're on track, if not ahead of schedule in most of the initiatives.

是的。我會——嗯，100%當然很棒。我想你說的是100個基點。不過是的，我會說整體而言，我對團隊的進展非常滿意。我會說我們大多數的計畫都在軌道上，甚至有些還超前進度。

And that's tough to do in this type of environment, obviously, as we're ramping up revenues at the same time as doing a strategic transformation. It's very impressive for me to see the team really execute at this level. So I would say, in general, I'm very confident and very happy with where the team is at.

而在這種環境下要做到這點很不容易，因為我們一方面在拉升營收，同時也在進行策略性轉型。看到團隊能以這樣的水準執行，對我來說非常令人印象深刻。所以整體而言，我對團隊目前的狀態非常有信心，也非常滿意。

If you looked at where I had risk in terms of the transformation in the Q1 time frame, it was getting customer qualifications in Mexico, and it was getting e-beam welding up and running in Mexico. Both of those are behind us. So I'm at a much stronger, much more confident position than I would have said about a quarter ago.

如果你回頭看我在第一季那個時間點對轉型的風險評估，主要是墨西哥的客戶認證，以及在墨西哥把電子束焊接（e-beam welding）建置並運轉起來。這兩件事都已經過去了。所以我現在的立場比一季前強很多、也更有信心。

That's really helpful. And then just looking ahead to what sounds like a really strong view for the second half of the year. And I think most everybody is really constructive for robust calendar '27 year-on-year growth. Can you just talk about your comfort with capacity upside beyond the level that you're guiding to in the second quarter, so we can get comfortable that as demand continues to improve, Ichor is going to be able to meet that demand? Thank you Phil.

這真的很有幫助。接著往前看，你們對下半年似乎有非常強的能見度。我想大多數人也都相當正向，預期2027曆年將有強勁的年增成長。你能否談談，對於第二季指引水準之上的產能上行空間，你有多大把握？讓我們能放心，隨著需求持續改善，Ichor能夠滿足需求。謝謝你，Phil。

Yes. I would say that the two major drivers or paces for our output right now would be supply chain, number one, and labor headcount number two, I would say we are well-positioned brick-and-motor-wise and clean room-wise and infrastructure-wise, which to me are the kind of the long lead items, if you will.

可以。我會說，目前影響我們產出節奏的兩個主要驅動因素，第一是供應鏈，第二是人力編制。

I would say, from a supply chain standpoint, we have boots on the ground that are -- there's always multiple suppliers that pop up in these types of ramp periods. We have boots on the ground as well as increased inventory levels in certain areas where we saw risk. So I feel pretty good about that. In terms of ramping up headcount, I would say we are well along the path there.

我會說，就供應鏈角度，我們有人在第一線——在這類拉升期，總會冒出多家供應商。我們除了派駐人員在現場，也在某些我們看到風險的領域提高了庫存水位。所以我對這部分感覺相當不錯。至於擴增人力編制，我會說我們在這條路上也已經走得很前面了。

I feel very good about where we are in terms of headcount as well. So I would say, in general, we're -- we have the ability to ramp. What I would say is in terms of brick-and-mortar, in terms of headroom and room for us to grow, we could more than double what we did last year, in terms of brick-and-mortar. So I'm not worried there. Like once again, it's going to be headcount and supply chain that's going to pace us going forward. Thank you.

我對我們在人力編制方面的狀況也很有信心。所以整體而言，我們——具備拉升的能力。我會說，就廠房、就我們可用的餘裕與成長空間而言，單就廠房面向，我們的規模可以超過去年的兩倍。所以那部分我不擔心。再說一次，未來限制我們節奏的會是人力編制與供應鏈。謝謝。

Christian Schwab, Craig-Hallum Capital Group.

Christian Schwab，Craig-Hallum Capital Group。

Great. Thanks for taking my question. Just a follow-up on that last statement, more than double revenue as far as given your global realignment in manufacturing. So in aggregate, do you believe that you have the potential if the end market demand remains robust as expected on a multiyear basis that you would have $1.8 billion to roughly $2 billion in revenue capacity on a yearly basis? Did I hear that kind of correctly?

很好。謝謝讓我提問。針對你剛才最後那段話追問一下：在你們全球製造重新調整之後，就營收而言可以超過兩倍。所以整體來看，如果終端市場需求如預期在多年期間維持強勁，你是否認為你們具備每年約18億到約20億美元的營收產能潛力？我這樣理解對嗎？

Yeah. I would say from a brick-and-mortar and kind of fixtures and equipment standpoint, I would say we have some areas where we need to make investment. There is some equipment in the second half of the year that we're going to be positioning to grow to those types of levels.

是的。我會說，就廠房以及治具、設備等面向而言，有些區域我們需要投資。今年下半年我們會配置一些設備，以支撐成長到那樣的水準。

But what I would say is the long lead items like clean room, overhead, building space, brick-and-mortar, we're in a very good position there, especially with our new facility put in place in Malaysia that we turned on last quarter.

但我會說，像無塵室、間接費用、建築空間、廠房這些交期較長的項目，我們在這方面的狀況非常好，尤其是我們在馬來西亞的新廠已在上一季啟用。

Great. And then congrats on the gross margin progression expected throughout the course of the year, as you increase your branded products or your vertically integrated products, however you want to refer to them into your end boxes. Do you have yet an aspirational goal of where you'd like to end gross margins at the end of 2027?

很好。另外也恭喜你們預期全年毛利率逐季改善，因為你們把自有品牌產品或垂直整合產品——不管你想怎麼稱呼——更多地導入到你們的終端機箱（end boxes）中。你們是否已經有一個目標性的願景：希望在2027年底毛利率達到什麼水準？

We haven't drawn out the model at the end of 2027 at this point. I would -- it's a little bit early to do that, as you would know, as we enter -- we're one quarter into 2026, it's a little early to guide 2027 because a lot of that's going to be volume driven as well, as you know. I do expect '27 to be a growth year, but even with that, I'm going to be a little bit shy on guiding 2027 at this point.

截至目前，我們還沒有把模型拉到 2027 年底。我會說——現在做這件事還稍微早了一點，正如你也知道的，我們才剛進入——2026 年才過了一季；要去指引 2027 年還有點早，因為其中很大一部分也會受到出貨量驅動，如你所知。我確實預期 2027 年會是成長的一年，但即便如此，我現在仍會對提供 2027 年的指引稍微保守一些。

And then my last question, just on the sequential progression, I know the mix of business of you and your largest public competitor are different. But do you anticipate after such a very strong start in the first half of the year, and 17% sequential guidance at the midpoint from March to June, would you expect double-digit sequential growth as we go forward? Or would you assume that, that would potentially be more high single digit?

然後我最後一個問題，關於逐季的走勢。我知道你們和你們最大的上市競爭對手在業務組合上不同。但在上半年有如此強勁的開局、以及從 3 月到 6 月在指引中點給出 17% 的季增之後，你們是否預期接下來仍會有雙位數的逐季成長？還是你們會假設可能會更偏向高個位數？

I would say we could see double-digit growth in the second half in total. I would say at this point, it's going to be our supply chain that's really going to get us in terms of revenue growth. I'm a little bit cautious on the second half at this point until we have good visibility there. But what I would say is, we're executing really well. And the reason I want to say that is I think that's why we're seeing a very big pickup in Q2.

我會說我們在下半年整體可能會看到雙位數成長。我會說就目前而言，真正會在營收成長上限制我們的會是供應鏈。在我們對那邊有良好能見度之前，我對下半年會稍微謹慎一些。但我想說的是，我們執行得非常好。我之所以想這麼說，是因為我認為這就是為什麼我們在第二季看到非常明顯的拉升。

we're not leaving a lot of revenue behind, if you know what I mean. We're not rolling a lot of revenue from quarter over to quarter. And that's going to show a growth profile that kind of leads our customers and goes ahead of our customers because we deliver before ours receive

我們沒有把很多營收留在桌上，如果你明白我的意思。我們沒有把很多營收從一季遞延到下一季。而這會呈現出一種成長輪廓：某種程度上領先我們的客戶、走在客戶前面，因為我們在客戶收到之前就先交付。

Great. Thank you. No other questions.

很好。謝謝。沒有其他問題了。

Charles Shi, Needham & Company.

Needham & Company 的 Charles Shi。

Thanks for taking my question, Phil and Greg. I want to, first, congrats on the very strong Q2 guide, but obviously, a lot of people in my seats are going to ask you what's your capacity, max capacity right now. And I think you previously mentioned about potentially getting to that 20% gross margin at $400 million per quarter. To me, that's a read of your implying, maybe $1.6 billion capacity? I don't know if you need incremental CapEx to get to that. But what's the thought on getting beyond $1.6 billion capacity.

謝謝讓我提問，Phil 和 Greg。我想先恭喜你們給出非常強勁的第二季指引，但很明顯，坐在我這個位置的很多人都會問你們：你們目前的產能、最大產能是多少？我記得你們之前提到，在每季 4 億美元營收時，可能可以達到 20% 的毛利率。對我來說，這聽起來像是在暗示你們的產能可能是 16 億美元？我不確定你們是否需要額外的資本支出才能達到那個水準。但對於要超過 16 億美元產能，你們的想法是什麼？

What would be the next milestone? And how much CapEx do you think you're going to need? That's my first question.

下一個里程碑會是什麼？你們認為需要多少資本支出？這是我的第一個問題。

Yes. Let me let me just be clear that we believe we have enough brick-and-mortar capacity today to go well above $2 billion. So just to be clear, it's not just the $1.6 billion. After that, it becomes very driven by kind of equipment. So if you look at the Ichor branded products, obviously, there's a lot of equipment that's required to build those.

是的。我先澄清一下：我們相信以目前的廠房（brick-and-mortar）產能，就足以支撐遠高於 20 億美元的規模。所以要說清楚，不只是 16 億美元。再往上之後，就會非常取決於設備。所以如果你看 Ichor 品牌的產品，很明顯需要大量設備才能製造。

That would be the one area where we need to invest CapEx. That's what we've kind of alluded to when we said it's going to be second half CapEx-heavy. That's coming in as we fill out the machining capability within Malaysia. So that's really what's driving that. But once we -- like Greg talked about during his prepared remarks, we're really driving towards that kind of 3% of revenue CapEx line. For this year.

那會是我們需要投入資本支出的其中一個領域。這也是我們先前暗示、說下半年資本支出會偏重的原因。這些投入會隨著我們在馬來西亞補齊加工（machining）能力而進來。所以主要就是這個在驅動。不過一旦我們——就像 Greg 在事先準備的談話中提到的——我們正努力朝向資本支出約占營收 3% 的水準。以今年來說。

Got it. Is it fair to say that to get to like maybe $1.6 billion, there is not -- the capacity is already in place, like it's more about above $2 billion that we're -- you're going to need more equipment, et cetera? Or maybe I misunderstood some of the commentary.

了解。是否可以這樣說：要到大約 16 億美元，其實不需要——產能已經就位；比較像是超過 20 億美元之後，你們才會需要更多設備等等？或者我可能誤解了你剛才的一些說法。

What I would say is, in order to get -- to keep the 35% to 75% Ichor-branded content within a $1.6 billion, we need a little more equipment, from a brick-and-mortar from an overhead, from a clean room perspective, I would say we're well positioned for that to be around $2 billion.

我會這樣說：為了在 16 億美元規模下，維持 Ichor 品牌內容占比 35% 到 75%，我們需要再添購一些設備；但就廠房、間接費用、以及無塵室的角度來看，我會說我們已經具備很好的條件，可以支撐到大約 20 億美元。

Got it. Got it. May I ask you about the demand signal because one thing I noticed when you talk about Q2, you're talking about demand, unconstrained demand is already above $300 million. What kind of visibility you have right now? How much are the like PO back, let's say, hard commits already from your customers?

了解。了解。我可以問一下需求訊號嗎？因為我注意到你們談到第二季時提到，未受限制的需求已經超過 3 億美元。你們目前的能見度大概到什麼程度？例如，客戶已經給了多少像 PO（採購訂單）這樣的、可視為硬性承諾的回補？

Like how many quarters you can see that and stop the forecast, where do you see the end of your visibility as we speak right now?

你們大概能看到幾個季度？就你們現在而言，你們的能見度終點在哪裡？

Yes. I always say that we have good visibility for about 6 months. I'd say we have hard PO coverage for about a full quarter and about 6 months of great visibility. What I can tell you is that our customers do give us kind of soft guidance or kind of soft visibility and past that. I would say that right now, as they signal to you, they're signaling growth in 2027. So we're preparing ourselves to capitalize on that growth into 2027.

是的。我一向說我們大概有 6 個月的良好能見度。我會說硬性的 PO 覆蓋大約是一整個季度，另外大約 6 個月有很好的能見度。我可以告訴你的是，我們的客戶也會在更往後提供一些偏軟性的指引或軟性能見度。我會說就目前而言，他們對你們釋出的訊號是：2027 年會成長。所以我們正在為自己做準備，以便在邁向 2027 年時把握那個成長。

Got it. Maybe last question from me. I noticed from the financial supplement, the revenue from Europe was a little bit light in the quarter. I wonder with that data point, I would like to ask you, what's the latest you see on the lithography side of the business? And what's the expectation this year in terms of growth?

了解。可能我最後一個問題。我從財務補充資料注意到，本季來自歐洲的營收稍微偏弱。基於這個數據點，我想問你們：你們目前在微影（lithography）相關業務這邊看到的最新狀況是什麼？以及今年在成長方面的預期如何？

Understandably, you talked a lot more about depth and edge, but I want to get thoughts on the litho side of the business.

可以理解你們談了更多深度與邊緣（depth and edge），但我想聽聽你們對微影這塊業務的看法。

Yeah, I would definitely say Ed that we're growing faster. They're kind of leading the league right now. So I'd say that they're ahead of the litho business. We talked about last quarter how our customer has some level of inventory they need to burn through. We do see them burning through that inventory in Q3, and we start to see a pickup in the fourth quarter.

是的，我會明確地說，Ed（蝕刻）那邊成長更快。他們現在有點像是領先群雄。所以我會說他們的表現領先於微影業務。我們上季談到過，我們的客戶有一定程度的庫存需要去化。我們確實看到他們在第三季消化那批庫存，並在第四季開始看到回升。

So I would say it's a little bit of a headwind in Q3 kind of a tailwind in Q4 is the way I would think about it. But once again, that's more on the level of inventory that they're holding versus anything to do with their business, in particular.

所以我會說，第三季有點像是逆風、第四季有點像是順風，我會這樣來看。但再一次強調，這更多是取決於他們持有的庫存水位，而不是特別與他們的業務本身有關。

Thank you, Phil. I appreciate it.

謝謝你，Phil。我很感激。

No problem. Thank you.

沒問題。謝謝你。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hi, this is this is Rob Mertens online for Krish. Congrats on the strong quarter and guidance. Maybe first off, I'll just piggyback on Charles' question and ask if there's any changes in your view in terms of silicon carbide demand or from aerospace and defense customers compared to a quarter ago?

嗨，我是代替 Krish 線上參與的 Rob Mertens。恭喜本季表現強勁以及指引亮眼。也許先延續 Charles 的問題，我想請教，相較於一季前，你們對碳化矽需求，或來自航太與國防客戶的需求看法，是否有任何變化？

Yeah. I would say aerospace and defense are growing very well. If you can imagine conflict in things of that sort of unfortunately do drive increase in need for defense spending. So we're seeing some impacts of that. And obviously, our other commercial space business is also growing.

是的。我會說航太與國防成長得非常好。你可以想像，遺憾的是，衝突等事件確實會推動國防支出需求增加。所以我們看到一些相關影響。而且很明顯，我們其他的商業太空業務也在成長。

What I would say is a lot of the R&D work that we were doing for that commercial space business is now converting into RPOs. So we're seeing some strong growth through this quarter. So looking pretty good there. I would say silicon carbide is pretty light. I would say we're not seeing a major return in that as we speak today. I would say that, that's been pretty steadily down since it was last year.

我想說的是，我們先前為商業太空業務所做的許多研發工作，現在正轉化為 RPO（剩餘履約義務）。因此本季我們看到相當強勁的成長。所以那邊看起來相當不錯。至於碳化矽，我會說相當疲弱。就我們目前所見，還沒有看到明顯回升。我會說自去年以來一直是相對穩定地下滑。

Okay. Thank you. That's helpful. And then I know some of this had been asked before, but I just wanted to dig into the strength you're seeing from your largest customers. I mean you mentioned visibility has improved and net sales should grow sequentially through the back half of the year. Would you expect the mix shift to shift towards more of your high-margin components and in-sourced products through the back half?

了解。謝謝。這很有幫助。接著我知道之前有人問過一些，但我想再深入了解你們從最大客戶那邊看到的強勁動能。你提到能見度已改善，且淨銷售額在今年下半年應會逐季成長。你是否預期在下半年，產品組合會轉向更多高毛利的零組件與自製（in-sourced）產品？

Or could there be some near-term impact due to the high growth of the gas panels this year?

或者，今年氣體面板的高成長，是否會在短期內帶來一些影響？

Yeah, I would say that the reason that we will see growth in gross margin sequentially from quarter-to-quarter is we're going to be able to ramp up and fulfill some of our own internal source parts and a higher percentage of those. Right, So as we move into the second half of the year, I expect us to fulfill more of our Ichor-branded products within our gas boxes that we build.

是的，我會說我們之所以能看到毛利率逐季成長，是因為我們將能提升自家內部來源零件的爬坡並履約，且其占比會提高。對，當我們進入下半年時，我預期我們在所打造的氣體箱（gas boxes）中，會使用並交付更多 Ichor 品牌的產品。

So that will be a good tailwind as we get into the second half of the year. That's all predicated on ramping up our global footprint realignment and what we're doing in Mexico and Malaysia. So we do expect that to come online in the second half and be fully running in the second half of the year.

因此，進入下半年後這會是一個很好的順風。這一切都取決於我們全球據點重整的爬坡，以及我們在墨西哥與馬來西亞所做的布局。所以我們確實預期這些會在下半年上線，並在今年下半年全面運轉。

Got it. Thank you.

了解。謝謝。

Edward Yang, Oppenheimer.

Edward Yang，Oppenheimer。

Hey, Phil. Thanks for the time. The first question is more of a clarification question. Did you say that you expect 2026 year-over-year revenue growth of 25%? And if that's the case, that would imply a bit less than double-digit sequential growth in the second half, but just wanted to clarify that.

嗨，Phil。謝謝你撥冗。第一個問題比較是釐清。你是說你們預期 2026 年營收年增 25% 嗎？如果是的話，這意味著下半年逐季成長略低於兩位數，但我只是想確認一下。

We're definitely looking at double-digit sequential growth in the second half of the year, for sure.

我們確實預期下半年會有兩位數的逐季成長，這點肯定。

Okay. That's helpful. And given that the industry is supply constrained, are you pretty much set in terms of your 2026 growth outlook? Or are there still bottlenecking opportunities that could provide you revenue upside?

好的。這很有幫助。考量到產業供給受限，你們對 2026 年的成長展望是否基本上已經定案？或者仍有一些瓶頸改善的機會，可能帶來營收上行空間？

What I would say is that, there is definitely bottlenecking opportunities that can give us revenue upside. We are seeing some constraints, some noise in the supply chain as we move through from Q1 into Q2. But with that said, I would say that we've got a good handle on it. I think we're well positioned in terms of inventory in order for us to execute, and I think we've been executing at a high level for our customers.

我想說的是，確實存在一些瓶頸改善的機會，能帶來營收上行。當我們從第一季走到第二季時，供應鏈確實出現一些限制與雜訊。但即便如此，我會說我們已經掌握得不錯。我認為我們在庫存配置上處於有利位置，足以支撐執行，我也認為我們一直以很高的水準為客戶交付。

Okay. And just final one on your innovation pipeline. Could you speak to any new product or module wins beyond up-cycle opportunities?

好的。最後一個關於你們的創新產品管線。除了景氣上行（up-cycle）帶來的機會之外，你能否談談任何新的產品或模組得標（wins）？

Yes. What I would say is that we're making great progress in the flow control. And one of the things I want to just highlight here is I think there could be questions of whether or not we can get flow control qualified during the ramp like this.

可以。我想說的是，我們在流量控制（flow control）方面進展非常好。我想在這裡特別強調的一點是，我認為外界可能會有疑問：在這樣的爬坡期間，我們是否能讓流量控制通過認證（qualified）。

And what I do want to say is a ramp like this is the perfect opportunity to get qualified. Because if you look at some of the constraints we're running into, it happens to be in the flow control space. So I think this is -- there is an open window for us to capture share. And I think that's -- we need to be ready, and we need to be available for that window of opportunity that I'm talking about. Thank you.

而我想說的是，像這樣的爬坡正是取得認證的最佳機會。因為如果你看我們目前遇到的一些限制，剛好就發生在流量控制領域。所以我認為這——我們有一個開放的窗口可以去搶占市占。我認為這——我們必須準備好，並且要能在我所說的那個機會窗口出現時隨時就位。謝謝。

There are no further questions at this time. I would like to turn the floor back over to Phil Barros for closing comments.

目前沒有其他問題。我想把時間交還給 Phil Barros 做結語。

Yeah. Thank you, operator, and thank you, everyone, for joining our call today. I want to once again thank our employees who are taking on this ramp, and our strategic transformation, all at the same time and executing at a very high level. I have complete faith in the team's ability to execute and could not be more proud to be leading this team along this journey. You can feel the momentum and the energy within our quarter.

好的。謝謝接線員，也謝謝各位今天參加我們的電話會議。我想再次感謝我們的員工，他們同時承擔這次爬坡與我們的策略轉型，並且以非常高的水準在執行。我對團隊的執行能力充滿信心，也非常以能在這段旅程中帶領這個團隊為榮。你可以感受到我們本季內部的動能與能量。

I look forward to our next update on our Q2 call in August. In the meantime, please reach out Claire to arrange any follow-up requests for me. Operator, you may conclude the call.

我期待在 8 月的第二季電話會議上帶來下一次更新。在此期間，如需我後續跟進，請聯繫 Claire 安排相關需求。接線員，你可以結束會議。

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

今天的電話會議到此結束。此時您可以掛斷電話線。感謝您的參與。