Core Insights - TTM Technologies, Inc. has achieved Final Cybersecurity Maturity Model Certification (CMMC) Level 2, highlighting its commitment to cybersecurity and compliance with U.S. Department of Defense requirements [1][2][3] Group 1: Certification Details - CMMC Level 2 certification requires the implementation of 110 security practices aligned with NIST SP 800-171, demonstrating TTM's adherence to stringent security standards [2] - The successful appraisal enhances TTM's reputation as a trusted partner for customers, suppliers, and government entities [3] Group 2: Future Commitment - TTM Technologies will continue to invest in comprehensive cybersecurity governance for both classified and unclassified offerings, ensuring ongoing compliance as CMMC evolves [3]

Core Viewpoint - TTM Technologies (TTMI) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [3][5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. Company Performance and Outlook - The upgrade for TTM suggests an improvement in the company's underlying business, which is expected to be reflected in higher stock prices as investors respond positively [4]. - For the fiscal year ending December 2025, TTM is projected to earn $2.32 per share, with a 5.9% increase in the Zacks Consensus Estimate over the past three months [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6]. - TTM's upgrade places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].

Shares of TTM Technologies (TTMI) have gained 2.9% over the past four weeks to close the last trading session at $43.85, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $56.75 indicates a potential upside of 29.4%. While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's b ...

[PART I: FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) Presents the company's unaudited financial statements, management's discussion, market risk, and controls [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents TTM Technologies' unaudited consolidated financial statements and notes for the reported periods [Consolidated Condensed Balance Sheets](index=3&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) Snapshot of assets, liabilities, and equity as of June 30, 2025, and December 30, 2024 **Consolidated Condensed Balance Sheets (in thousands)** | Metric | June 30, 2025 | December 30, 2024 | | :---------------------------------- | :------------ | :---------------- | | Total assets | $3,577,956 | $3,472,494 | | Cash and cash equivalents | $447,967 | $503,932 | | Accounts receivable, net | $495,352 | $448,611 | | Inventories | $250,339 | $224,985 | | Total current liabilities | $827,753 | $809,054 | | Long-term debt, net | $913,339 | $914,359 | | Total liabilities and stockholders' equity | $3,577,956 | $3,472,494 | [Consolidated Condensed Statements of Operations](index=4&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) Details revenues, expenses, and net income for the quarter and two quarters ended June 30, 2025 **Consolidated Condensed Statements of Operations (in thousands, except per share data)** | Metric | Quarter Ended June 30, 2025 | Quarter Ended July 1, 2024 | Two Quarters Ended June 30, 2025 | Two Quarters Ended July 1, 2024 | | :----------------------------- | :-------------------------- | :------------------------- | :------------------------------- | :------------------------------ | | Net sales | $730,621 | $605,137 | $1,379,289 | $1,175,250 | | Gross profit | $148,109 | $117,227 | $279,081 | $220,946 | | Operating income | $61,769 | $38,986 | $112,029 | $56,053 | | Net income | $41,530 | $26,352 | $73,708 | $36,818 | | Basic earnings per share | $0.41 | $0.26 | $0.72 | $0.36 | | Diluted earnings per share | $0.40 | $0.25 | $0.70 | $0.35 | [Consolidated Condensed Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Condensed%20Statements%20of%20Comprehensive%20Income) Reports net income and other comprehensive income (loss) for the quarter and two quarters **Consolidated Condensed Statements of Comprehensive Income (in thousands)** | Metric | Quarter Ended June 30, 2025 | Quarter Ended July 1, 2024 | Two Quarters Ended June 30, 2025 | Two Quarters Ended July 1, 2024 | | :---------------------------------- | :-------------------------- | :------------------------- | :------------------------------- | :------------------------------ | | Net income | $41,530 | $26,352 | $73,708 | $36,818 | | Other comprehensive (loss) income, net of tax | $(799) | $4 | $(712) | $2,154 | | Comprehensive income, net of tax | $40,731 | $26,356 | $72,996 | $38,972 | [Consolidated Condensed Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Stockholders'%20Equity) Outlines changes in stockholders' equity, including net income and share repurchases **Consolidated Condensed Statements of Stockholders' Equity (in thousands)** | Item | Balance, December 30, 2024 | Net Income (YTD 2025) | Repurchases of Common Stock (YTD 2025) | Stock-based Compensation (YTD 2025) | Balance, June 30, 2025 | | :----------------------------- | :------------------------- | :-------------------- | :------------------------------------- | :------------------------------------ | :--------------------- | | Total Stockholders' Equity | $1,563,824 | $73,708 | $(17,875) | $17,975 | $1,636,920 | [Consolidated Condensed Statements of Cash Flows](index=7&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Summarizes cash flows from operating, investing, and financing activities for the two quarters **Consolidated Condensed Statements of Cash Flows (in thousands)** | Cash Flow Activity | Two Quarters Ended June 30, 2025 | Two Quarters Ended July 1, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------ | | Net cash provided by operating activities | $87,149 | $85,750 | | Net cash used in investing activities | $(123,454) | $(52,514) | | Net cash used in financing activities | $(19,770) | $(37,104) | | Net decrease in cash and cash equivalents | $(55,965) | $(3,961) | | Cash and cash equivalents at end of period | $447,967 | $446,247 | [Notes to Consolidated Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) Provides detailed explanations and disclosures supporting the consolidated financial statements [Note 1. Nature of Operations and Basis of Presentation](index=8&type=section&id=%281%29%20Nature%20of%20Operations%20and%20Basis%20of%20Presentation) Describes business, markets, and basis for financial statement presentation, including new standards - TTM Technologies, Inc. is a leading global manufacturer of technology solutions, including mission systems, RF components, and advanced printed circuit boards (PCB)[22](index=22&type=chunk) - The company serves diversified markets such as aerospace and defense, data center computing, automotive, medical, industrial, instrumentation, and networking[23](index=23&type=chunk) - The company is evaluating the impact of recently issued accounting standards ASU 2025-05 (Credit Losses) and ASU 2024-03 (Expense Disaggregation), and will adopt ASU 2023-09 (Income Tax Disclosures) in its 2025 fiscal year Form 10-K, which will impact disclosures only[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Note 2. Share Repurchase Program](index=9&type=section&id=%282%29%20Share%20Repurchase%20Program) Details share repurchase authorizations and activities during the reporting period - On May 8, 2025, the Board of Directors authorized a new share repurchase program for up to **$100 million**, effective through May 7, 2027[28](index=28&type=chunk) - No shares were repurchased during the quarter ended June 30, 2025[29](index=29&type=chunk) - During the two quarters ended June 30, 2025, the company repurchased **700 thousand shares** for **$17.875 million** under the previous program[29](index=29&type=chunk) [Note 3. Significant Customers and Concentration of Credit Risk](index=9&type=section&id=%283%29%20Significant%20Customers%20and%20Concentration%20of%20Credit%20Risk) Identifies significant customer concentrations and financial instruments subject to credit risk - Financial instruments subject to credit risk are primarily cash and cash equivalents and accounts receivable[30](index=30&type=chunk) - As of June 30, 2025, one customer accounted for **11%** of the company's accounts receivable[32](index=32&type=chunk) - For the quarter and two quarters ended June 30, 2025, one customer accounted for approximately **12%** of the company's net sales[34](index=34&type=chunk) [Note 4. Revenues](index=10&type=section&id=%284%29%20Revenues) Provides disaggregated revenue by end market and details remaining performance obligations - As of June 30, 2025, the aggregate amount of transaction price allocated to remaining performance obligations for long-term contracts was **$375.733 million**, with **59%** expected to be recognized in the next 12 months[35](index=35&type=chunk) - Revenue recognized from contract liabilities as of December 30, 2024, for the two quarters ended June 30, 2025, was **$54.970 million**[37](index=37&type=chunk) - For the quarter and two quarters ended June 30, 2025, **97%** of revenue was recognized over time and **3%** at a point in time[38](index=38&type=chunk) **Disaggregated Revenue by Principal End Markets (Quarter Ended June 30, 2025, in thousands)** | End Market | A&D | Commercial | RF&S Components | Total | | :-------------------------------- | :-------- | :--------- | :-------------- | :-------- | | Aerospace and Defense | $325,092 | — | — | $325,092 | | Automotive | — | $81,424 | — | $81,424 | | Data Center Computing | — | $148,222 | $279 | $148,501 | | Medical/Industrial/Instrumentation | — | $110,571 | $1,009 | $111,580 | | Networking | — | $55,264 | $8,760 | $64,024 | | **Total** | **$325,092** | **$395,481** | **$10,048** | **$730,621** | [Note 5. Composition of Certain Consolidated Condensed Financial Statement Captions](index=11&type=section&id=%285%29%20Composition%20of%20Certain%20Consolidated%20Condensed%20Financial%20Statement%20Captions) Breaks down inventories, property, plant, equipment, and other current liabilities **Inventories (in thousands)** | Category | June 30, 2025 | December 30, 2024 | | :-------------- | :------------ | :---------------- | | Raw materials | $193,032 | $178,066 | | Work-in-process | $51,611 | $45,580 | | Finished goods | $5,696 | $1,339 | | **Total** | **$250,339** | **$224,985** | **Property, Plant, and Equipment, net (in thousands)** | Category | June 30, 2025 | December 30, 2024 | | :---------------------- | :------------ | :---------------- | | Construction-in-progress | $116,126 | $75,502 | | **Total, net** | **$919,219** | **$869,957** | **Other Current Liabilities (in thousands)** | Category | June 30, 2025 | December 30, 2024 | | :------------------------ | :------------ | :---------------- | | Income taxes payable | $13,185 | $15,919 | | Sales return and allowances | $12,256 | $10,777 | | Warranty | $11,412 | $7,685 | | **Total** | **$111,838** | **$119,974** | [Note 6. Goodwill](index=12&type=section&id=%286%29%20Goodwill) Discusses goodwill reallocation between segments and results of impairment assessment - The company reallocated its PCB goodwill between the A&D and Commercial segments due to a segment reorganization, effective Q2 2025[40](index=40&type=chunk) - Management performed a goodwill impairment assessment and concluded no impairment indicators as of June 30, 2025[40](index=40&type=chunk) **Goodwill by Reportable Segment (as of June 30, 2025, in thousands)** | Segment | Carrying Amount | | :-------------- | :-------------- | | A&D | $256,199 | | Commercial | $382,636 | | RF&S Components | $31,300 | | **Total** | **$670,135** | [Note 7. Definite-lived Intangibles](index=12&type=section&id=%287%29%20Definite-lived%20Intangibles) Presents net carrying amount and amortization details for definite-lived intangible assets **Definite-lived Intangibles (as of June 30, 2025, in thousands)** | Category | Net Carrying Amount | Weighted Average Amortization Period (years) | | :------------------- | :------------------ | :------------------------------------------- | | Customer relationships | $148,013 | 11.8 | | Technology | $25,358 | 8.2 | | **Total** | **$173,371** | | - Amortization expense for definite-lived intangibles was **$9.224 million** for the quarter and **$18.448 million** for the two quarters ended June 30, 2025, a decrease from the prior year periods[42](index=42&type=chunk) [Note 8. Long-term Debt and Letters of Credit](index=13&type=section&id=%288%29%20Long-term%20Debt%20and%20Letters%20of%20Credit) Details long-term debt, interest rates, and compliance with debt covenants **Long-term Debt (as of June 30, 2025, in thousands)** | Debt Instrument | Principal Outstanding | Interest Rate | | :--------------------------- | :-------------------- | :------------ | | Senior Notes due March 2029 | $500,000 | 4.00% | | Term Loan due May 2030 | $343,901 | 6.57% | | Asia ABL Revolving Loan due June 2028 | $80,000 | 5.62% | | Other | $2,149 | 5.99% | | **Total debt** | **$926,050** | | | Long-term debt, less current maturities | **$913,339** | | - The company was in compliance with all debt covenants under the Senior Notes, Term Loan Facility, and ABL Revolving Loans as of June 30, 2025[45](index=45&type=chunk)[46](index=46&type=chunk) - The remaining weighted average amortization period for all unamortized debt issuance costs and debt discount was **4.3 years** as of June 30, 2025[48](index=48&type=chunk) [Note 9. Income Taxes](index=14&type=section&id=%289%29%20Income%20Taxes) Explains factors influencing effective tax rate, discrete tax benefits, and new tax legislation - The effective tax rate is influenced by the mix of foreign and U.S. income, tax rates in China and Hong Kong, U.S. federal and state rates, credits, deductions, and changes in valuation allowances[50](index=50&type=chunk) - A net discrete tax benefit of **$4.166 million** for the quarter and **$3.284 million** for the two quarters ended June 30, 2025, primarily resulted from stock-based compensation deductions and the release of uncertain tax positions[51](index=51&type=chunk) - The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, will amend U.S. tax laws; the company is evaluating its impact and will complete the assessment in Q3 2025[53](index=53&type=chunk) [Note 10. Segment Information](index=15&type=section&id=%2810%29%20Segment%20Information) Provides financial data for reorganized reportable segments and net sales by geography - Effective Q2 2025, the company reorganized its operating segments into three reportable segments: Aerospace and Defense (A&D), Commercial, and RF&S Components[55](index=55&type=chunk) **Segment Sales and Operating Income (Quarter Ended June 30, 2025, in thousands)** | Segment | Segment Sales | Segment Operating Income | Operating Margin | | :-------------- | :------------ | :----------------------- | :--------------- | | A&D | $327,569 | $45,282 | 13.8% | | Commercial | $395,624 | $60,069 | 15.2% | | RF&S Components | $10,078 | $2,863 | 28.4% | | **Total** | **$733,271** | **$108,214** | **14.8%** | **Segment Sales and Operating Income (Two Quarters Ended June 30, 2025, in thousands)** | Segment | Segment Sales | Segment Operating Income | Operating Margin | | :-------------- | :------------ | :----------------------- | :--------------- | | A&D | $637,712 | $86,059 | 13.5% | | Commercial | $728,329 | $103,718 | 14.2% | | RF&S Components | $18,898 | $4,455 | 23.6% | | **Total** | **$1,384,939** | **$194,232** | **14.0%** | **Net Sales by Geography (Two Quarters Ended June 30, 2025, in thousands)** | Country | Net Sales | | :------------ | :-------- | | United States | $739,427 | | Taiwan | $105,012 | | Other | $534,850 | | **Total** | **$1,379,289** | [Note 11. Accumulated Other Comprehensive Loss](index=18&type=section&id=%2811%29%20Accumulated%20Other%20Comprehensive%20Loss) Details changes in accumulated other comprehensive loss for the period ending June 30, 2025 **Accumulated Other Comprehensive Loss (in thousands)** | Item | Balance as of December 30, 2024 | Net Year to Date Other Comprehensive Income (Loss) | Balance as of June 30, 2025 | | :---------------------------------- | :------------------------------ | :----------------------------------------------- | :-------------------------- | | Total Accumulated Other Comprehensive Loss | $(27,882) | $(712) | $(28,594) | [Note 12. Earnings Per Share](index=18&type=section&id=%2812%29%20Earnings%20Per%20Share) Presents basic and diluted earnings per share calculations for the reported periods **Earnings Per Share** | Metric | Quarter Ended June 30, 2025 | Quarter Ended July 1, 2024 | Two Quarters Ended June 30, 2025 | Two Quarters Ended July 1, 2024 | | :----------------------------- | :-------------------------- | :------------------------- | :------------------------------- | :------------------------------ | | Basic earnings per share | $0.41 | $0.26 | $0.72 | $0.36 | | Diluted earnings per share | $0.40 | $0.25 | $0.70 | $0.35 | - Certain performance-based restricted stock units (PRUs), restricted stock units (RSUs), and stock options were anti-dilutive and excluded from diluted EPS computation[63](index=63&type=chunk) [Note 13. Fair Value Measures](index=19&type=section&id=%2813%29%20Fair%20Value%20Measures) Discloses fair value of financial instruments, including derivatives and long-term debt **Fair Value of Financial Instruments (as of June 30, 2025, in thousands)** | Instrument | Carrying Amount | Fair Value | | :-------------------------- | :-------------- | :--------- | | Derivative assets, current | $1,524 | $1,524 | | Derivative liabilities, non-current | $872 | $872 | | Senior Notes due March 2029 | $497,011 | $477,010 | | Term Loan due May 2030 | $337,984 | $344,761 | | ABL Revolving Loans | $80,000 | $80,000 | - Fair values for derivative instruments and long-term debt were determined using Level 2 inputs, such as observable market data[66](index=66&type=chunk)[67](index=67&type=chunk) [Note 14. Commitments and Contingencies](index=19&type=section&id=%2814%29%20Commitments%20and%20Contingencies) Addresses legal matters and other commitments, including supplier finance obligations - The company is subject to various legal matters, but believes the amount of any reasonably possible loss would not be material to its financial condition[69](index=69&type=chunk) - Liabilities for supplier finance program obligations recorded in accounts payable amounted to **$12.808 million** as of June 30, 2025[70](index=70&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operating results, recent developments, and liquidity for reported periods [Company Overview](index=20&type=section&id=COMPANY%20OVERVIEW) Describes TTM Technologies as a global manufacturer of technology solutions across diverse markets - TTM Technologies is a leading global manufacturer of technology solutions, including mission systems, RF components, and advanced PCBs[72](index=72&type=chunk) - The company offers a one-stop design, engineering, and manufacturing solution to approximately **1,400 customers** across diverse markets[72](index=72&type=chunk) [Recent Developments](index=20&type=section&id=RECENT%20DEVELOPMENTS) Highlights strategic acquisitions and facility expansions for advanced technology manufacturing - Acquired a **750,000-square-foot facility** in Eau Claire, Wisconsin, to support advanced technology PCB manufacturing for generative AI applications in data center computing and networking[73](index=73&type=chunk) - Acquired land rights for a new production site in Penang, Malaysia, to support supply chain diversification and cost-competitive advanced technology PCB manufacturing for commercial markets[73](index=73&type=chunk) - Construction of a new advanced technology PCB manufacturing facility in Syracuse, New York, is progressing, with equipment installation expected in Q3 2025 and production in H2 2026, supporting national security requirements[74](index=74&type=chunk) [Financial Overview](index=21&type=section&id=FINANCIAL%20OVERVIEW) Summarizes key financial metrics, customer concentration, and revenue recognition policies - Sales to the ten largest customers collectively accounted for **53%** of net sales for the quarter ended June 30, 2025[75](index=75&type=chunk) **Percentage of Net Sales by Principal End Markets (Quarter Ended June 30, 2025)** | End Market | % of Net Sales | | :-------------------------------- | :------------- | | Aerospace and Defense | 45% | | Data Center Computing | 21% | | Medical/Industrial/Instrumentation | 15% | | Automotive | 11% | | Networking | 8% | | **Total** | **100%** | - Revenues are primarily derived from the sale of PCBs and engineered systems, with revenue recognized progressively over time (**97%**) based on a cost method[78](index=78&type=chunk) [Critical Accounting Policies and Estimates](index=23&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) Confirms no material changes to critical accounting policies since last fiscal year-end - There have been no material changes to the company's critical accounting policies and estimates since December 30, 2024[85](index=85&type=chunk) [Consolidated Operating Results](index=23&type=section&id=CONSOLIDATED%20OPERATING%20RESULTS) Analyzes consolidated net sales, gross margin, operating income, and net income **Consolidated Operating Results Highlights (in thousands, except margin rates)** | Metric | Quarter Ended June 30, 2025 | Quarter Ended July 1, 2024 | Two Quarters Ended June 30, 2025 | Two Quarters Ended July 1, 2024 | | :----------------------------- | :-------------------------- | :------------------------- | :------------------------------- | :------------------------------ | | Net sales | $730,621 (**20.7% YoY ↑**) | $605,137 | $1,379,289 (**17.4% YoY ↑**) | $1,175,250 | | Gross margin | **20.3%** (**0.9 ppt ↑**) | 19.4% | **20.2%** (**1.4 ppt ↑**) | 18.8% | | Operating income | $61,769 (**58.4% YoY ↑**) | $38,986 | $112,029 (**99.9% YoY ↑**) | $56,053 | | Operating margin | **8.5%** (**2.1 ppt ↑**) | 6.4% | **8.1%** (**3.3 ppt ↑**) | 4.8% | | Net income | $41,530 (**57.6% YoY ↑**) | $26,352 | $73,708 (**100.2% YoY ↑**) | $36,818 | - Net sales growth was primarily driven by strong demand in aerospace and defense, data center computing, and networking end markets, with the latter two boosted by generative AI[87](index=87&type=chunk)[88](index=88&type=chunk) - Total other expense, net, increased due to unrealized foreign exchange losses from the devaluation of the Chinese Renminbi (RMB) and Malaysian Ringgit (MYR) against the U.S. dollar[95](index=95&type=chunk)[96](index=96&type=chunk) - The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025, but its effects are not incorporated in Q2 2025 tax provisions; the company will complete its assessment in Q3 2025[99](index=99&type=chunk) [Segment Operating Results](index=25&type=section&id=SEGMENT%20OPERATING%20RESULTS) Reviews financial performance of Aerospace and Defense, Commercial, and RF&S Components segments - The company's three reportable segments (A&D, Commercial, and RF&S Components) all showed increased sales and operating income for the quarter and two quarters ended June 30, 2025[102](index=102&type=chunk) **A&D Segment Performance (in thousands, except margin rates)** | Metric | Quarter Ended June 30, 2025 | Quarter Ended July 1, 2024 | Two Quarters Ended June 30, 2025 | Two Quarters Ended July 1, 2024 | | :----------------------------- | :-------------------------- | :------------------------- | :------------------------------- | :------------------------------ | | Segment Sales | $327,569 (**19.3% YoY ↑**) | $274,507 | $637,712 (**15.1% YoY ↑**) | $554,265 | | Segment Operating Income | $45,282 (**77.6% YoY ↑**) | $25,500 | $86,059 (**43.5% YoY ↑**) | $59,973 | | Segment Operating Margin Rate | **13.8%** (**4.5 ppt ↑**) | 9.3% | **13.5%** (**2.7 ppt ↑**) | 10.8% | **Commercial Segment Performance (in thousands, except margin rates)** | Metric | Quarter Ended June 30, 2025 | Quarter Ended July 1, 2024 | Two Quarters Ended June 30, 2025 | Two Quarters Ended July 1, 2024 | | :----------------------------- | :-------------------------- | :------------------------- | :------------------------------- | :------------------------------ | | Segment Sales | $395,624 (**22.4% YoY ↑**) | $323,255 | $728,329 (**20.0% YoY ↑**) | $607,058 | | Segment Operating Income | $60,069 (**21.0% YoY ↑**) | $49,670 | $103,718 (**30.0% YoY ↑**) | $79,753 | | Segment Operating Margin Rate | **15.2%** (**0.2 ppt ↓**) | 15.4% | **14.2%** (**1.1 ppt ↑**) | 13.1% | **RF&S Components Segment Performance (in thousands, except margin rates)** | Metric | Quarter Ended June 30, 2025 | Quarter Ended July 1, 2024 | Two Quarters Ended June 30, 2025 | Two Quarters Ended July 1, 2024 | | :----------------------------- | :-------------------------- | :------------------------- | :------------------------------- | :------------------------------ | | Segment Sales | $10,078 (**11.0% YoY ↑**) | $9,083 | $18,898 (**8.5% YoY ↑**) | $17,416 | | Segment Operating Income | $2,863 (**38.6% YoY ↑**) | $2,052 | $4,455 (**20.0% YoY ↑**) | $3,713 | | Segment Operating Margin Rate | **28.4%** (**5.8 ppt ↑**) | 22.6% | **23.6%** (**2.3 ppt ↑**) | 21.3% | [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses sources of liquidity, cash flow activities, capital expenditures, and future outlook - Principal sources of liquidity include cash from operations, debt issuance, and revolving credit facilities[117](index=117&type=chunk) - Net cash used in investing activities increased significantly to **$123.5 million** for the two quarters ended June 30, 2025, primarily due to **$123.7 million** in capital expenditures[119](index=119&type=chunk) - Net cash used in financing activities decreased to **$19.8 million** for the two quarters ended June 30, 2025, reflecting lower common stock repurchases (**$17.9 million**)[120](index=120&type=chunk) - As of June 30, 2025, the company had **$448.0 million** in cash and cash equivalents, with **$201.4 million** available borrowing capacity under revolving credit facilities[121](index=121&type=chunk) - Total 2025 capital expenditures are expected to be in the range of **$235.0 million to $255.0 million**, including **$66.0 million** for the new Syracuse, New York plant[122](index=122&type=chunk) - The company believes current liquidity sources will be adequate to meet anticipated capital expenditure, debt service, and working capital needs for the next 12 months[126](index=126&type=chunk) [Seasonality](index=28&type=section&id=Seasonality) Explains typical seasonal patterns affecting revenue, with softer periods in Q1 and Q3 - The company typically experiences modest seasonal softness in the first and third quarters due to holidays and vacation periods in China and North America, leading to stronger revenue levels in the second and fourth quarters[129](index=129&type=chunk) [Recently Issued Accounting Standards](index=28&type=section&id=Recently%20Issued%20Accounting%20Standards) Refers to Note 1 for details on recently adopted and issued accounting standards - Refer to Note 1, 'Nature of Operations and Basis of Presentation,' for a description of recently adopted and issued accounting standards[130](index=130&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Details exposure to interest rate and foreign currency risks, management strategies, and debt maturity [Interest Rate Risks](index=29&type=section&id=Interest%20Rate%20Risks) Analyzes impact of interest rate fluctuations on debt and use of interest rate swaps - The company's interest expense is sensitive to fluctuations in Term Secured Overnight Financing Rate (SOFR) interest rates[134](index=134&type=chunk) - An interest rate swap arrangement, entered in March 2023, effectively fixes **$250.0 million** of variable-rate debt at **3.49%** against 1-month CME Term SOFR until April 1, 2027[135](index=135&type=chunk) - As of June 30, 2025, approximately **81.2%** of the company's total debt was based on fixed rates[137](index=137&type=chunk) - A **100 basis point** change in variable rates would cause the annual interest cost to change by **$1.7 million**[137](index=137&type=chunk) [Foreign Currency Exchange Rate Risks](index=29&type=section&id=Foreign%20Currency%20Exchange%20Rate%20Risks) Identifies exposure to foreign currency risks and hedging considerations - The company is exposed to foreign currency exchange rate risks, primarily related to the Chinese Renminbi (RMB) and Malaysian Ringgit (MYR)[138](index=138&type=chunk) - The company does not currently engage in hedging to manage foreign currency risk but may consider derivatives in the future[138](index=138&type=chunk) [Debt Instruments](index=29&type=section&id=Debt%20Instruments) Provides maturity schedule and weighted average interest rates for debt instruments **Fiscal Calendar Maturities of Debt Instruments (as of June 30, 2025, in thousands)** | Year | US$ Variable | US$ Fixed Rate | Total | | :---------- | :----------- | :------------- | :----------- | | Remaining 2025 | $1,732 | $168 | $1,900 | | 2026 | $3,465 | $350 | $3,815 | | 2027 | $4,331 | $404 | $4,735 | | 2028 | $83,465 | $363 | $83,828 | | 2029 | $2,599 | $500,419 | $503,018 | | Thereafter | $328,309 | $445 | $328,754 | | **Total** | **$423,901** | **$502,149** | **$926,050** | - The total debt outstanding as of June 30, 2025, was **$926.050 million**, with a weighted average interest rate of **6.39%** for variable debt and **4.01%** for fixed debt[139](index=139&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Assesses effectiveness of disclosure controls and reports on changes in internal control [Evaluation of Disclosure Controls and Procedures](index=31&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Concludes on the effectiveness of disclosure controls and procedures as of June 30, 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, providing reasonable assurance for timely and accurate information disclosure[140](index=140&type=chunk) [Changes in Internal Control over Financial Reporting](index=31&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) Reports on ERP system implementation and confirms no other material changes in internal control - The company continues to expand its enterprise resource planning (ERP) system implementation worldwide to improve financial reporting efficiency[142](index=142&type=chunk) - No other material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[143](index=143&type=chunk) [PART II: OTHER INFORMATION](index=32&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) Contains disclosures on legal proceedings, risk factors, equity sales, and other information [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) States legal matters are in ordinary course of business and not material to financial statements - The company is subject to various legal matters arising in the ordinary course of business[146](index=146&type=chunk) - Management believes that the amount of any reasonably possible or probable loss for known matters would not be material to the company's financial statements[146](index=146&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) Confirms no material changes to previously disclosed risk factors from the annual report - There have been no material changes in the company's risk factors as previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 30, 2024[147](index=147&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports on new share repurchase program authorization and no repurchases during the quarter - A new share repurchase program was authorized on May 8, 2025, allowing for repurchases of up to **$100.0 million** in common stock through May 7, 2027[148](index=148&type=chunk) - No shares of common stock were repurchased during the quarter ended June 30, 2025[148](index=148&type=chunk) [Item 3. Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Indicates that this item is not applicable for the reporting period - Not applicable[149](index=149&type=chunk) [Item 4. Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Indicates that this item is not applicable for the company - Not applicable[150](index=150&type=chunk) [Item 5. Other Information](index=32&type=section&id=Item%205.%20Other%20Information) Confirms no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements by directors or officers - No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025[151](index=151&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including required certifications and XBRL documents - Includes CEO and CFO Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[152](index=152&type=chunk) - Includes Inline XBRL Instance Document and Taxonomy Extension Schema[152](index=152&type=chunk)[153](index=153&type=chunk) [SIGNATURES](index=34&type=section&id=SIGNATURES) Contains official signatures of the company's CEO and CFO, certifying the report - The report is signed by Thomas T. Edman, President and Chief Executive Officer, and Daniel L. Boehle, Executive Vice President and Chief Financial Officer[158](index=158&type=chunk) - The report was dated and signed on August 4, 2025[158](index=158&type=chunk)

Core Insights - TTM Technologies (TTMI) shares fell 8.3% to close at $43.34 on Friday, with an 11.1% drop since the second-quarter 2025 results were reported, attributed to a weak third-quarter 2025 outlook [1][9] - Year-to-date, TTMI shares have appreciated 75.1%, significantly outperforming the broader Zacks Computer and Technology sector's return of 9.1% [1] Revenue and Earnings Guidance - TTM Technologies expects third-quarter 2025 revenues between $690 million and $730 million, with the high end lower than the $730.6 million reported in the second quarter [2] - The revenue figure for the second quarter beat the Zacks Consensus Estimate by 9.38% and increased 21% year over year [2] - The Zacks Consensus Estimate for third-quarter 2025 revenues is currently $710.5 million, suggesting a 15.2% growth year over year but a 2.8% sequential decline [2] - For third-quarter 2025, non-GAAP earnings are expected to be between 57 cents and 63 cents per share, compared to the second-quarter 2025 non-GAAP earnings of 58 cents per share [3] Second Quarter 2025 Performance - Revenues from Aerospace & Defense, Commercial, and RF&S Components were $327.6 million (44.8% of total revenues), $395.6 million (54.1% of total revenues), and $10.1 million (1.4% of total revenues), respectively [4] - Year-over-year revenue growth for Aerospace & Defense, Commercial, and RF&S Components was 19.3%, 22.4%, and 11%, respectively [4] - TTM Technologies generated 45% of total revenues from Aerospace and Defense end markets, with significant contributions from Data Center computing (21%) and Medical, Industrial & Instrumentation (15%) [5] Operating Metrics - TTM Technologies reported a non-GAAP gross margin of 20.9%, expanding 90 basis points year over year [7] - Non-GAAP operating income surged 49.3% year over year to $81.4 million, with an operating margin of 11.1%, up 210 basis points year over year [8] - Adjusted EBITDA increased 29.6% year over year to $109.7 million [7] Financial Position - As of June 30, 2025, TTM Technologies had cash and cash equivalents of $448 million and total debt of $917.1 million, resulting in a net leverage of 1.2X [10] - Net cash provided by operating activities was $97.8 million, while free cash flow was $37.6 million in the reported quarter [10] Customer Concentration and Backlog - The top five customers accounted for 41% of revenues in the reported quarter, with a backlog of $496.8 million and a Book to Bill ratio of 0.89 [6]

Company Performance - TTM Technologies reported quarterly earnings of $0.58 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, and up from $0.39 per share a year ago, representing an earnings surprise of +11.54% [1] - The company posted revenues of $730.62 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 9.38%, compared to year-ago revenues of $605.14 million [2] - TTM has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times during the same period [2] Stock Performance - TTM shares have increased approximately 96% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.55 on revenues of $667.99 million, and for the current fiscal year, it is $2.19 on revenues of $2.67 billion [7] Industry Outlook - The Electronics - Miscellaneous Components industry, to which TTM belongs, is currently ranked in the top 26% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can materially impact stock performance [5][8]

TTM Technologies (TTMI) Q2 2025 Earnings Call July 30, 2025 04:30 PM ET Company ParticipantsSameer Desai - Vice President of Corporate Development & Investor RelationsThomas Edman - President & CEODaniel Boehle - EVP & CFORuben Roy - MD - Equity ResearchMike Crawford - Senior MD & Head - Discovery GroupConference Call ParticipantsJames Ricchiuti - Senior AnalystWilliam Stein - MD & Senior AnalystOperatorGood afternoon. Thank you for standing by. Welcome to the TTM Technologies Inc. Second Quarter twenty twe ...

Financial Data and Key Metrics Changes - TTM Technologies achieved revenue of $730.6 million in Q2 2025, a 21% increase from $605.1 million in Q2 2024, driven by strong demand in various end markets [25][26] - Non-GAAP EPS reached a record $0.58, compared to $0.39 in the same quarter last year, reflecting strong operational performance [31] - Non-GAAP operating margins improved to 11.1%, up 210 basis points year on year, marking the fourth consecutive quarter of double-digit operating margin performance [6][29] Business Line Data and Key Metrics Changes - Aerospace and Defense segment accounted for 45% of total revenues, with net sales of $327.6 million, up from $274.5 million in Q2 2024 [26][17] - Data Center Computing segment represented 21% of total sales, achieving 20% year-on-year growth, driven by demand for generative AI applications [18][19] - Medical Industrial Instrumentation segment contributed 15% of total sales, with a 28% year-on-year growth due to increased demand in robotics and automated test equipment [18][19] Market Data and Key Metrics Changes - The automotive market saw a slight decline, contributing 11% of total sales, down from 14% in the previous year, primarily due to inventory adjustments [19] - Networking segment grew significantly, accounting for 8% of revenue with a 52% year-on-year increase, driven by demand from networking customers [20] - The company maintains a solid backlog in the Aerospace and Defense market, amounting to approximately $1.46 billion, indicating strong future revenue visibility [17][22] Company Strategy and Development Direction - TTM is focusing on expanding its manufacturing capabilities in the U.S. to support defense and generative AI markets, including a new facility in Eau Claire, Wisconsin [9][10] - The company is diversifying its production footprint and end markets, having divested lower-margin facilities in China and invested in new capabilities in the U.S. and Malaysia [7][8] - TTM plans to establish a second production site in Malaysia to meet increasing customer demand and supply chain diversification needs [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the defense market due to increased government spending, with a $150 billion increase in defense budgets expected to drive growth [11][12] - The geopolitical environment is being monitored, but TTM does not anticipate significant short-term impacts from tariffs due to its diversified operations [8] - Management remains optimistic about future growth, particularly in the aerospace and defense sectors, and expects continued strong demand in data center computing [5][6] Other Important Information - The company announced a change in its reportable segments to better reflect its operations, now categorizing into Aerospace and Defense, Commercial, and RF and Specialty Components [26] - TTM's cash flow from operations was 13.4% of revenues, with a net leverage ratio of 1.2 times, indicating a healthy financial position [6][32] - The CEO announced plans to retire, with a search for a successor already underway [24] Q&A Session Summary Question: Timeline for new capacity in Wisconsin and customer requests - Management indicated that the Eau Claire facility is prepared for customer engagement and infrastructure is ready for equipment installation as demand increases [39][40] Question: Concerns about slippage in Malaysia's breakeven timeline - Management stated that while the ramp-up in Penang is slower than anticipated, it does not impact competitive positioning, and customer interest remains strong [46][48] Question: Update on capacity expansion in China - Management confirmed that capacity in China is being expanded, particularly in Dongguan and Guangzhou, to meet data center demands [54][56] Question: Customer diversification in the data center segment - Management reported good diversification in the data center space, with ongoing efforts to balance capacity for core customers while adding new ones [58] Question: Cost competitiveness of the Eau Claire facility - Management acknowledged that initial costs in Eau Claire would be higher than in China, but there is customer appetite for U.S.-sourced capacity [84][85] Question: Margin drag in Penang - Management noted that the margin drag in Penang has worsened slightly, now at about 210 basis points [86]

EXHIBIT 99.1 Contact: Sameer Desai, Vice President, Corporate Development & Investor Relations Sameer.desai@ttmtech.com 714-327-3050 TTM Technologies, Inc. Reports Second Quarter 2025 Results Santa Ana, CA – July 30, 2025– TTM Technologies, Inc. (NASDAQ: TTMI) ("TTM"), a leading global manufacturer of technology solutions, including mission systems, radio frequency ("RF") components, RF microwave/microelectronic assemblies, and quick-turn and technologically advanced printed circuit boards ("PCB"s) today re ...

Q2 2025 Financial Performance - Revenue reached $730.6 million, exceeding the guided range of $650 million to $690 million[14] - Non-GAAP EPS was $0.58, surpassing the guided range of $0.49 to $0.55 and marking a quarterly record[13, 14] - Cash flow from operations amounted to $97.8 million, representing 13.4% of revenues[14] - The company holds a cash balance of $448.0 million, with net leverage (net debt divided by the last twelve months of EBITDA) at 1.2x[14] - Free cash flow was $37.6 million, compared to $31.9 million in Q2 2024[19] Q3 2025 Guidance - Expect revenues to be in the range of $690 million to $730 million[14] - Anticipate non-GAAP EPS to be between $0.57 and $0.63[14] End Market Performance (Q2 2025) - Aerospace & Defense accounted for 45% of revenues, showing a year-on-year growth of 21%[15] - Data Center Computing represented 21% of revenues, with a year-on-year growth of 20%[15] - Medical, Industrial & Instrumentation contributed 15% of revenues, experiencing a year-on-year growth of 28%[15] - Networking saw a significant year-on-year growth of 52%, accounting for 8% of revenues[15]