By Nate Wolf

Shares of Ichor Holdings spiked Tuesday after the industrial machinery company reported better-than-expected quarterly earnings and issued a robust outlook for the current quarter.

Ichor, which makes subsystems and components used in semiconductor manufacturing equipment, reported adjusted earnings of 1 cent a share for the fourth quarter on $223.6 million in revenue. Analysts had expected a loss of 6 cents a share and revenue of $220.8 million.

Shares rose 35% to $46.18 on Tuesday. The stock is now up roughly 150% so far in 2026.

Ichor expects adjusted earnings of 12 cents a share at the midpoint in the first quarter of 2026, double the 6 cents Wall Street had expected. The company forecast revenue of $250 million, above analysts' previous estimate of $235.6 million.

"Based on current visibility, we expect sequential growth every quarter this year, leading to what we expect to be a strong growth year for Ichor," CEO Phil Barros said on a conference call. The company is seeing growth in chip markets spanning high-bandwidth memory, advanced logic, and advanced packaging, he added.

Ichor stock had been on a rough run before last fall, tumbling from an all-time closing high of $62.18 on April 5, 2021. But the current recovery appears to be more durable than prior "false starts," said Oppenheimer & Co analyst Edward Yang. Customers seem to have finally burned through excess inventory, creating a favorable backdrop for Ichor.

Still, shares have largely priced in the company's medium-term potential already, Yang argued. He reiterated a Perform rating on the stock and lifted its price target to $36 from $32.

Analysts at Needham were more bullish, lifting their target to $48 from $36 and maintaining a Buy rating. Ichor is moving machining capacity to Mexico and Malaysia from U.S. facilities, the analysts noted, which will temporarily lower capacity but allow the company to maximize profits when demand is expected to peak later this year.

Needham boosted its estimates for revenue, earnings, and operating margin for 2026 and 2027.

Write to Nate Wolf at nate.wolf@barrons.com

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February 10, 2026 12:16 ET (17:16 GMT)

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