Ichor designs, engineers, and manufactures fluid delivery subsystems and components for semiconductor capital equipment OEMs. Ichor's core products are gas delivery subsystems and chemical delivery subsystems. Gas delivery subsystems — Ichor's largest product line — deliver and control specialty gases used in semiconductor processes like etch, CVD, and ALD. Chemical delivery subsystems handle liquid chemistries used in wet processes like CMP and cleaning. These subsystems are embedded inside process tools and are mission-critical to chip yields. Ichor sells almost entirely to a small group of large OEMs; Lam Research and Applied Materials together account for roughly three-quarters of revenue. Ichor operates on a purchase order basis with no long-term volume commitments, and its configure-to-order model requires rapid scaling of labor and inventory. Gross margins are currently in the low-to-mid teens, weighed down by the low-margin nature of assembling gas panels from externally sourced components. Ichor's central strategy is vertical integration: progressively replacing third-party components with internally manufactured valves, substrates, fittings, and a proprietary advanced flow controller, which allows Ichor to retain component-level manufacturing margins. Ichor is also consolidating its manufacturing footprint around hubs in Malaysia, Mexico, and the U.S. to reduce costs. Beyond semiconductors, Ichor serves aerospace, defense, and commercial space customers through precision-machined components, though this represents less than 10% of revenue today.