Ichor Holdings, Ltd. (NASDAQ:ICHR) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET

Company Participants

Claire McAdams - Investor Relations
Jeff Andreson - Chief Executive Officer
Greg Swyt - Chief Financial Officer

Conference Call Participants

Brian Chin - Stifel
Craig Ellis - B. Riley Securities
Krish Sankar - TD Cowen
Tom Diffely - D.A. Davidson
Ross Cole - Needham & Company
Christian Schwab - Craig-Hallum Capital Group

Operator

Good day, ladies and gentlemen, and welcome to Ichor’s First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded. I’d now like to introduce your host for today’s conference, Claire McAdams, Investor Relations for Ichor. Please go ahead.

Claire McAdams

Thank you, operator. Good afternoon and thank you for joining today’s first quarter 2024 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. 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 2023 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.

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.

On the call with me today are Jeff Andreson, our CEO; and Greg Swyt, our CFO. Jeff 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.

I’ll now turn over the call to Jeff Andreson. Jeff?

Jeff Andreson

Thank you, Claire, and welcome to our Q1 earnings call. As expected, our Q1 revenues were similar to Q4 levels at $201 million, reflecting the relatively stable demand environment within the wafer fab equipment market. Q1 gross margin of 12.2% increased sequentially from Q4, but not quite as much as we had forecast due to a combination of mix and cost.