Ichor (ICHR) - 2024 Q1 - Quarterly Results

Financial Performance - Q1 2024 revenue was $201.4 million, a decrease of 1.1$203.5 million) and a decrease of 10.8% from Q1 2023 ($225.9 million) [2] - Q1 2024 GAAP gross margin was 11.4$9.0 million, an improvement from a net loss of $11.9 million in Q4 2023 and a net income of$0.0 million in Q1 2023 [2] - Q1 2024 diluted EPS was $(0.30), compared to$(0.40) in Q4 2023 and $0.00 in Q1 2023 [2] - Non-GAAP net loss for Q1 2024 was$(2.7) million, compared to $(1.7) million in Q4 2023 and$11.1 million in Q1 2023 [3] - Operating loss for the three months ended March 29, 2024, was $3.7 million, an improvement from a loss of$8.0 million in the previous quarter [32] - U.S. GAAP net loss for Q1 2024 was $8.989 million, an improvement from a loss of$11.899 million in Q4 2023 [36] - Non-GAAP net loss for Q1 2024 was $2.712 million, compared to a loss of$1.675 million in Q4 2023 and a profit of $11.128 million in Q1 2023 [36] - Non-GAAP operating income for the three months ended March 29, 2024, was$2.4 million, compared to $13.7 million in the same period last year [32] - U.S. GAAP diluted EPS for Q1 2024 was$(0.30), improving from $(0.40) in Q4 2023 [36] - Non-GAAP diluted EPS for Q1 2024 was$(0.09), slightly worse than $(0.06) in Q4 2023 [36] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q1 2024 were$102.1 million, an increase of $22.2 million from the prior year [6] - Cash provided by operating activities in Q1 2024 was$4.8 million, consisting of a net loss of $9.0 million and net non-cash charges of$10.2 million [8] - Net cash provided by operating activities for Q1 2024 was $4.804 million, down from$37.574 million in Q4 2023 [38] - Free cash flow for Q1 2024 was $314 thousand, a significant decrease from$35.317 million in Q4 2023 [38] - Cash and cash equivalents increased to $102.1 million as of March 29, 2024, up from$80.0 million at the end of the previous quarter [27] Debt and Assets - The company reduced total debt outstanding by $117 million at the end of Q1 2024 [3] - Total current assets rose to$421.2 million, compared to $401.4 million in the previous quarter [23] - Total liabilities decreased significantly to$260.2 million from $373.8 million in the previous quarter [23] - The company issued ordinary shares, net of fees, amounting to$136.7 million during the quarter [27] Expenses and Investments - Research and development expenses for the three months ended March 29, 2024, were $5.4 million, slightly down from$5.5 million in the previous quarter [25] - Capital expenditures in Q1 2024 were $4.490 million, compared to$2.257 million in Q4 2023 [38] - Share-based compensation expenses were $2.375 million in Q1 2024, down from$4.672 million in Q4 2023 [36] - The company incurred transaction-related costs of $785 thousand in Q1 2024 related to acquisitions [36] Future Outlook - For Q2 2024, the company expects revenue to be in the range of$190 million to $205 million and GAAP diluted EPS to be between$(0.22) and $(0.10) [4] - The company aims to deepen and expand its penetration of proprietary products in the semiconductor capital equipment market [1] Valuation and Tax - The company recorded a valuation allowance against U.S. federal and state deferred tax assets starting Q1 2024 [37]