Semiconductor Industry Cyclicality: The semiconductor industry is highly cyclical, and any downturn could significantly reduce demand for Ichor's products and services, impacting revenue and profitability.

Customer Concentration Risk: A substantial portion of Ichor's revenue is derived from a few large customers, making the company vulnerable to reduced orders, changes in purchasing strategies, or financial difficulties experienced by these key accounts.

Supply Chain Disruptions: Reliance on third-party suppliers for critical components and materials exposes Ichor to risks such as shortages, price increases, quality issues, or geopolitical events that could disrupt production and delivery schedules.