Ichor Holdings, Ltd. (NASDAQ: ICHR)

Ichor Holdings, Ltd., often referred to as ICHOR, is a prominent player in the semiconductor capital equipment industry. The company's operations are listed on the NASDAQ stock exchange under the ticker symbol ICHR. Ichor's primary business activities revolve around the design, engineering, and manufacturing of gas and chemical delivery systems, weldments, and precision machining components for the semiconductor industry. These products are integral to various process steps, including etch, deposition, and cleaning, in the production of semiconductor devices.

ICHOR's revenue is primarily generated through the sale of its products and services to original equipment manufacturers (OEMs) in the semiconductor industry. The company's primary customers include industry giants like Applied Materials, Lam Research, and ASML, which collectively accounted for 82% of its sales in 2023.

The company's product portfolio includes gas delivery subsystems, chemical delivery products and subsystems, weldments and specialty joining, and precision machining. The gas delivery subsystems are designed to deliver, monitor, and control precise quantities of specialized gases used in semiconductor manufacturing processes. These systems consist of multiple gas lines, each regulated by a series of mass flow controllers, regulators, pressure transducers, valves, and an integrated electronic control system.

ICHOR's chemical delivery products and subsystems are used to precisely blend and dispense reactive chemistries and colloidal slurries critical to specific wet front-end processes, such as wet clean, electrochemical deposition, and chemical-mechanical planarization (CMP). These products ensure precise control over the delivery of chemicals, leading to consistent and high-quality results in the semiconductor manufacturing process.

ICHOR's weldments support the delivery of gases through the process tool. The company offers a wide range of specialty joining technologies, including orbital, tungsten inert gas, e-beam, and laser welding, as well as hydrogen and vacuum brazing. These weldments are crucial for the semiconductor industry, providing essential components for the production of semiconductor devices.

ICHOR's precision machining capabilities allow the company to supply customers with components used in its gas delivery systems and weldments, as well as custom machined solutions throughout customers' equipment. This capability caters to the semiconductor industry, providing critical components for the production of semiconductor devices.

ICHOR's competitive strengths lie in its deep fluids engineering expertise, early engagement with customers, long history, and strong relationships with top-tier customers. The company's operational excellence, scalability, and capital-efficient business model further enhance its competitive position.

The company's growth strategy involves expanding its market share within its existing customer base, increasing its total available market and share with expanded product offerings, and growing its total customer base within the fluid delivery market.

ICHOR has a global footprint, with facilities in the United States, Singapore, Malaysia, the United Kingdom, Korea, and Mexico. The company's operations are ISO 9001 certified or compliant, and its manufactured subsystems and modules adhere to strict design tolerances and specifications.