Aug. 3 at 10:28 PM
Ichor Holdings fell more than 13% after hours despite reporting better-than-expected Q2 2026 results, as investors focused on weak cash flow and share dilution after a strong run in the stock. Adjusted EPS came in at
$0.34 on revenue of
$294.8 million, beating consensus estimates of
$0.31 and
$268.2 million, respectively. Gross margin improved to 14.1%, while EBITDA climbed more than 50% sequentially to over
$21 million.
Operating cash flow was negative
$15.9 million as the company built inventory to meet rising demand. Ichor also completed a
$200 million at-the-market equity offering during the quarter, boosting its cash balance to
$256.5 million but raising dilution concerns. For Q3, the company guided revenue to
$315-
$345 million and adjusted EPS to
$0.40-
$0.50, roughly in line with or slightly above expectations.
The sharp after-hours decline suggests investors had already priced in near-perfect execution following the stock's strong rally.
$ICHR