Ichor Holdings, Ltd. reported its financial results for the third quarter and nine months ended September 27, 2024, showing notable changes in revenue and profitability compared to the previous fiscal period. The company achieved net sales of $211.1 million for the third quarter, a 7.3% increase from $196.8 million in the same quarter of 2023. For the nine-month period, net sales rose to $615.7 million, up 1.3% from $607.6 million year-over-year.
Gross profit for the third quarter increased to $27.8 million, representing 13.2% of net sales, compared to $24.1 million and 12.2% in the prior year. However, gross profit for the nine months decreased to $76.3 million, or 12.4% of net sales, down from $83.1 million and 13.7% in the same period last year. The decline in nine-month gross profit was attributed to an unfavorable sales mix and increased fixed factory overhead costs.
Ichor reported an operating loss of $385,000 for the third quarter, a significant improvement from a loss of $4.8 million in the same quarter of 2023. However, the nine-month operating loss widened to $6.4 million from $2.9 million in the prior year. The loss before income taxes also improved for the third quarter, decreasing to $2.6 million from $10.0 million, while the nine-month loss before income taxes was $14.9 million, down from $18.6 million.
The net loss for the third quarter was $2.8 million, or $(0.08) per share, compared to a net loss of $10.4 million, or $(0.36) per share, in the same quarter of 2023. For the nine months, the net loss was $16.9 million, or $(0.52) per share, compared to $31.1 million, or $(1.07) per share, in the prior year.
Cash and cash equivalents increased to $116.4 million as of September 27, 2024, up from $79.9 million at the end of December 2023. The company generated $30.4 million in net cash from operating activities for the nine months, an increase from $20.1 million in the same period last year. Additionally, Ichor completed a public offering of 3.8 million ordinary shares in March 2024, netting approximately $136.7 million.
Total current assets rose to $447.1 million, while total liabilities increased to $245.7 million, resulting in total shareholders' equity of $697.3 million, up from $564.7 million at the end of December 2023. The company’s long-term debt decreased significantly to $122.8 million from $241.2 million, reflecting a strategic reduction in leverage.
Overall, Ichor Holdings demonstrated improved revenue performance and reduced net losses, alongside a strengthened cash position, while continuing to invest in product development and operational efficiency.
About ICHOR HOLDINGS, LTD.
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