TTM Technologies, Inc. Reports Second Quarter 2025 Results

SANTA ANA, Calif., July 30, 2025 (GLOBE NEWSWIRE) -- 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 reported results for the second quarter 2025, which ended on June 30, 2025.

Second Quarter 2025 Highlights

• Net sales were $730.6 million, up 21% year on year
• GAAP net income of $41.5 million, or $0.40 per diluted share
• Non-GAAP net income of $60.8 million, or $0.58 per diluted share¹
• Cash flow from operations of $97.8 million, or 13.4% of revenues
• Record quarterly revenues for the Aerospace and Defense and Data Center Computing end markets
  

Second Quarter 2025 GAAP Financial Results
Net sales for the second quarter of 2025 were $730.6 million, compared to $605.1 million in the second quarter of 2024.

GAAP operating income for the second quarter of 2025 was $61.8 million compared to GAAP operating income for the second quarter of 2024 of $39.0 million.

GAAP net income for the second quarter of 2025 was $41.5 million, or $0.40 per diluted share, compared to GAAP net income for the second quarter of 2024 of $26.4 million, or $0.25 per diluted share.

Second Quarter 2025 Non-GAAP Financial Results
On a non-GAAP basis, net income for the second quarter of 2025 was $60.8 million, or $0.58 per diluted share. This compares to non-GAAP net income of $40.2 million, or $0.39 per diluted share, for the second quarter of 2024.

Adjusted EBITDA in the second quarter of 2025 was $109.7 million, or 15.0% of sales compared to adjusted EBITDA of $84.6 million, or 14.0% of sales, for the second quarter of 2024.

"We delivered a strong quarter with revenues and non-GAAP EPS above the high end of the guided range with non-GAAP EPS at a quarterly record high. Revenues grew 21% year on year due to demand strength in our Aerospace and Defense, Medical, Industrial and Instrumentation, Data Center Computing, and Networking end markets, with the increased demand in the latter two being driven by the requirements of generative AI," said Tom Edman, CEO of TTM. "Non-GAAP operating margins were 11.1%, up 210 basis points year on year, and were double digits for the fourth consecutive quarter, reflecting continued solid execution. In addition, cash flow from operations was a solid 13.4% of revenues. Finally, we announced that we acquired a facility in Wisconsin and land rights in Penang as we continue to support the regional diversification of our customers' PCB supply chains and projected future growth in the business," concluded Mr. Edman.

Business Outlook
For the third quarter of 2025, TTM estimates that revenues will be in the range of $690 million to $730 million, and non-GAAP net income will be in the range of $0.57 to $0.63 per diluted share.

With respect to TTM's outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management's control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because TTM is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.

Live Webcast/Conference Call
TTM will host a conference call and webcast to discuss second quarter 2025 results and the third quarter 2025 outlook on Wednesday, July 30, 2025, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements.

Access to the conference call is available by clicking on the registration link TTM Technologies, Inc.second quarter 2025 conference call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. The conference call will also be simulcast on TTM's website, and can be accessed by clicking on the link TTM Technologies Inc.second quarter 2025 webcast. The webcast will remain accessible for one week following the live event.

To Access a Replay of the Webcast
The replay of the webcast will remain accessible for one week following the live event on TTM's website at TTM Technologies Inc.second quarter 2025 webcast.

About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology solutions, including mission systems, RF components, RF microwave/microelectronic assemblies, and quick-turn and technologically advanced PCBs. TTM stands for time-to-market, representing how TTM's time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Forward-Looking Statements
The preliminary financial results included in this press release represent the most current information available to management. TTM's actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of TTM's financial closing procedures, final adjustments, completion of the review by TTM's independent registered accounting firm, and other developments that may arise between now and the disclosure of the final results. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM does not undertake to update or revise these forward -looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers, and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of TTM's public reports filed with the SEC.

About Our Non-GAAP Financial Measures
To supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM's adjusted EBITDA, non-GAAP net income, non-GAAP earnings per diluted share, and non-GAAP operating margins, all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM's ongoing financial performance.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

____________

¹ As previously disclosed, starting in the first quarter of 2025, unrealized foreign exchange gains and losses were removed from non-GAAP net income, non-GAAP earnings per diluted share ("EPS"), and adjusted EBITDA. The non-GAAP EPS of $0.58 per diluted share reported for the second quarter of 2025 was a quarterly record, taking into account this adjustment for all prior quarters.

- Tables Follow -

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS			Second Quarter								First Two Quarters
			2025				2024				2025				2024
	Net sales		$	730,621			$	605,137			$	1,379,289			$	1,175,250
	Cost of goods sold			582,512				487,910				1,100,208				954,304
	Gross profit			148,109				117,227				279,081				220,946
	Operating expenses:
		Selling and marketing		21,316				19,798				42,587				40,092
		General and administrative		49,719				38,604				93,493				82,274
		Research and development		7,009				8,547				15,073				15,868
		Amortization of definite-lived intangibles		6,888				10,256				13,777				21,685
		Restructuring charges		1,408				1,036				2,122				4,974
		Total operating expenses		86,340				78,241				167,052				164,893
	Operating income			61,769				38,986				112,029				56,053
	Interest expense			(11,095	)			(12,219	)			(22,559	)			(24,543	)
	Other, net			(5,149	)			3,765				(2,954	)			13,091
	Income before income taxes			45,525				30,532				86,516				44,601
	Income tax provision			(3,995	)			(4,180	)			(12,808	)			(7,783	)
	Net income		$	41,530			$	26,352			$	73,708			$	36,818
	Earnings per share:
		Basic	$	0.41			$	0.26			$	0.72			$	0.36
		Diluted		0.40				0.25				0.70				0.35
	Weighted-average shares used in computing per share amounts:
		Basic		101,857				101,234				101,861				101,593
		Diluted		104,873				103,889				104,701				103,993
	Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
	Weighted-average shares outstanding			101,857				101,234				101,861				101,593
	Dilutive effect of performance-based stock units, restricted stock units and stock options			3,016				2,655				2,840				2,400
	Diluted shares			104,873				103,889				104,701				103,993

SELECTED BALANCE SHEET DATA		June 30, 2025			December 30, 2024
	Cash and cash equivalents	$	447,967		$	503,932
	Accounts receivable, net		495,352			448,611
	Contract assets		424,973			381,382
	Inventories		250,339			224,985
	Total current assets		1,676,449			1,606,744
	Property, plant and equipment, net		919,219			869,957
	Operating lease right-of-use assets		82,763			78,252
	Other non-current assets		899,525			917,541
	Total assets		3,577,956			3,472,494
	Short-term debt, including current portion of long-term debt	$	3,805		$	3,795
	Accounts payable		448,063			406,221
	Total current liabilities		827,753			809,054
	Long-term debt, net of discount and issuance costs		913,339			914,359
	Total long-term liabilities		1,113,283			1,099,616
	Total stockholders' equity		1,636,920			1,563,824
	Total liabilities and stockholders' equity		3,577,956			3,472,494

SUPPLEMENTAL DATA						Second Quarter								First Two Quarters
						2025				2024				2025			2024
	Gross margin						20.3	%			19.4	%		20.2	%		18.8	%
	Operating margin						8.5	%			6.4	%		8.1	%		4.8	%
	Stock-based compensation:
						Second Quarter
		Amount included in:					2025				2024
			Cost of goods sold			$	2,827			$	1,941
			Selling and marketing				1,045				836
			General and administrative				5,316				3,468
			Research and development				-				335
			Total stock-based compensation expense			$	9,188			$	6,580
	End market breakdown:
						Second Quarter
							2025				2024
		Aerospace and Defense					45	%			45	%
		Automotive					11	%			14	%
		Data Center Computing					21	%			21	%
		Medical/Industrial/Instrumentation					15	%			14	%
		Networking					8	%			6	%
	Operating segment data:
						Second Quarter
		Segment sales:					2025				2024
			Aerospace & Defense			$	327,569			$	274,507
			Commercial				395,624				323,255
			RF&S Components				10,078				9,083
			Intersegment eliminations				(2,650	)			(1,708	)
				Total segment sales		$	730,621			$	605,137
		Segment operating income:
			Aerospace & Defense			$	45,282			$	25,500
			Commercial				60,069				49,670
			RF&S Components				2,863				2,052
				Total segment operating income		$	108,214			$	77,222
		Unallocated amounts:
			Restructuring				(1,408	)			(1,036	)
			Gain on sale of property, plant, and equipment				-				14,420
			Acquisition-related and other charges				-				(10,184	)
			Stock-based compensation				(9,188	)			(6,580	)
			Other corporate expenses				(26,625	)			(22,265	)
			Amortization of definite-lived intangibles				(9,224	)			(12,591	)
				Total operating income		$	61,769			$	38,986

RECONCILIATIONS1				Second Quarter								First Two Quarters
				2025				2024				2025				2024
	Non-GAAP gross profit reconciliation2:
		GAAP gross profit		$	148,109			$	117,227			$	279,081			$	220,946
		Add back item:
			Amortization of definite-lived intangibles		2,336				2,335				4,671				4,671
			Stock-based compensation		2,827				1,941				5,500				3,970
			Unrealized gain on commodity hedge		(283	)			(434	)			(1,059	)			(1,186	)
			Other charges		-				-				-				(162	)
		Non-GAAP gross profit		$	152,989			$	121,069			$	288,193			$	228,239
		Non-GAAP gross margin			20.9	%			20.0	%			20.9	%			19.4	%
	Non-GAAP operating income reconciliation3:
		GAAP operating income		$	61,769			$	38,986			$	112,029			$	56,053
		Add back items:
			Amortization of definite-lived intangibles		9,224				12,591				18,448				26,356
			Stock-based compensation		9,188				6,580				17,975				13,367
			Gain on sale of property, plant and equipment		-				(14,420	)			-				(14,420	)
			Unrealized gain on commodity hedge		(283	)			(434	)			(1,059	)			(1,186	)
			Restructuring, acquisition-related and other charges		1,523				11,220				2,237				15,046
		Non-GAAP operating income		$	81,421			$	54,523			$	149,630			$	95,216
		Non-GAAP operating margin			11.1	%			9.0	%			10.8	%			8.1	%
	Non-GAAP net income and EPS reconciliation4:
		GAAP net income		$	41,530			$	26,352			$	73,708			$	36,818
		Add back items:
			Amortization of definite-lived intangibles		9,224				12,591				18,448				26,356
			Stock-based compensation		9,188				6,580				17,975				13,367
			Non-cash interest expense		536				506				1,067				1,024
			Gain on sale of property, plant and equipment		-				(14,420	)			-				(14,420	)
			Unrealized gain on commodity hedge		(283	)			(434	)			(1,059	)			(1,186	)
			Unrealized loss (gain) on foreign exchange		5,750				79				7,964				(4,198	)
			Restructuring, acquisition-related and other charges		1,543				11,308				2,257				15,046
			Income taxes5		(6,727	)			(2,363	)			(7,167	)			(3,499	)
		Non-GAAP net income		$	60,761			$	40,199			$	113,193			$	69,308
		Non-GAAP earnings per diluted share		$	0.58			$	0.39			$	1.08			$	0.67
				Second Quarter								First Two Quarters
				2025				2024				2025				2024
	Adjusted EBITDA reconciliation6:
		GAAP net income		$	41,530			$	26,352			$	73,708			$	36,818
		Add back items:
			Income tax provision		3,995				4,180				12,808				7,783
			Interest expense		11,095				12,219				22,559				24,543
			Amortization of definite-lived intangibles		9,224				12,591				18,448				26,356
			Depreciation expense		27,692				26,184				54,555				50,880
			Stock-based compensation		9,188				6,580				17,975				13,367
			Gain on sale of property, plant and equipment		-				(14,420	)			-				(14,420	)
			Unrealized gain on commodity hedge		(283	)			(434	)			(1,059	)			(1,186	)
			Unrealized loss (gain) on foreign exchange		5,750				79				7,964				(4,198	)
			Restructuring, acquisition-related and other charges		1,543				11,308				2,257				15,208
		Adjusted EBITDA		$	109,734			$	84,639			$	209,215			$	155,151
		Adjusted EBITDA margin			15.0	%			14.0	%			15.2	%			13.2	%
	Free cash flow reconciliation:
		Operating cash flow		$	97,804			$	41,855			$	87,149			$	85,750
		Capital expenditures, net			(60,234	)			(9,955	)			(123,454	)			(59,251	)
		Free cash flow		$	37,570			$	31,900			$	(36,305	)		$	26,499

	1 This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations. Prior year results have been revised to exclude the impact of unrealized loss (gain) on foreign exchange from non-GAAP net income, non-GAAP EPS, and adjusted EBITDA - refer to the revised historical non-GAAP financial information in the Form 8-K filed on February 5, 2025 for further information. The second quarter and first two quarters of fiscal year 2024 have also been revised to reclassify certain amounts between "Gain on sale of property, plant and equipment" and "Restructuring, acquisition-related and other charges" in order to align with the current classifications of these respective amounts for comparative purposes.
	2 Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized gain on commodity hedge, and other charges
	3 Non-GAAP operating income and operating margin measures exclude amortization of definite-lived intangibles, stock-based compensation, gain on sale of property, plant and equipment, unrealized gain on commodity hedge, restructuring, acquisition-related costs, and other charges.
	4 This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures -- which add back amortization of definite-lived intangibles, stock-based compensation, non-cash interest expense, gain on sale of property, plant and equipment, unrealized gain on commodity hedge, unrealized loss (gain) on foreign exchange, restructuring, acquisition-related costs, and other charges as well as the associated tax impact of these charges and discrete tax items -- provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations.
	5 Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.
	6 Adjusted EBITDA is defined as earnings before income taxes provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, gain on sale of property, plant and equipment, unrealized gain on commodity hedge, unrealized loss (gain) on foreign exchange, restructuring, acquisition-related costs, and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.

TTM TECHNOLOGIES, INC.
RECASTED HISTORICAL Selected Unaudited Financial Information
(In thousands)
	RECASTED SEGMENT DATA1			Q1 2024				Q2 2024				Q3 2024				Q4 2024				Full Year 2024				Q1 2025
	Segment sales:
		Aerospace & Defense		$	279,758			$	274,507			$	279,533			$	306,157			$	1,139,955			$	310,143
		Commercial			283,803				323,255				329,382				339,261				1,275,701				332,705
		RF&S Components			8,333				9,083				9,780				10,121				37,317				8,820
		Intersegment eliminations			(1,781	)			(1,708	)			(2,157	)			(4,574	)			(10,220	)			(3,000	)
			Total segment sales	$	570,113			$	605,137			$	616,538			$	650,965			$	2,442,753			$	648,668
	Segment operating income:
		Aerospace & Defense			34,473				25,500				40,279				41,548				141,800				40,777
		Commercial			30,083				49,670				51,105				48,924				179,782				43,649
		RF&S Components			1,661				2,052				2,426				2,527				8,666				1,592
			Total segment operating income	$	66,217			$	77,222			$	93,810			$	92,999			$	330,248			$	86,018
	Unallocated amounts:
		Restructuring			(3,938	)			(1,036	)			(1,393	)			(4,833	)			(11,200	)			(714	)
		Impairment of goodwill			-				-				-				(32,600	)			(32,600	)			-
		Gain on sale of property, plant, and equipment			-				14,420				-				1,249				15,669				-
		Acquisition-related and other charges			112				(10,184	)			(2,867	)			(1,585	)			(14,524	)			-
		Stock-based compensation			(6,787	)			(6,580	)			(8,330	)			(8,083	)			(29,780	)			(8,787	)
		Other corporate expenses			(24,772	)			(22,265	)			(20,972	)			(28,869	)			(96,878	)			(17,033	)
		Amortization of definite-lived intangibles			(13,765	)			(12,591	)			(9,286	)			(9,250	)			(44,892	)			(9,224	)
			Total operating income	$	17,067			$	38,986			$	50,962			$	9,028			$	116,043			$	50,260

	RECASTED END MARKET DATA2			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Full Year 2024			Q1 2025
	End Market Revenue - AS ADJUSTED:
		Aerospace & Defense		49	%		45	%		45	%		46	%		46	%		48	%
		Automotive		12	%		14	%		14	%		12	%		13	%		11	%
		Data Center Computing		20	%		21	%		20	%		22	%		20	%		21	%
		Medical/Industrial/Instrumentation		13	%		14	%		14	%		13	%		14	%		13	%
		Networking & Communications		6	%		6	%		7	%		7	%		7	%		7	%
	End Market Revenue - AS PREVIOUSLY REPORTED:
		Aerospace & Defense		46	%		45	%		46	%		47	%		46	%		47	%
		Automotive		13	%		14	%		14	%		11	%		13	%		11	%
		Data Center Computing		21	%		21	%		19	%		22	%		21	%		21	%
		Medical/Industrial/Instrumentation		14	%		14	%		14	%		13	%		14	%		13	%
		Networking & Communications		6	%		6	%		7	%		7	%		6	%		8	%

1 This information provides recasted segment operating income in connection with the Company's previously disclosed change in organization structure. This change is intended to enhance clarity in sector performance, accountability, and operating costs by clearly allocating resources to the Aerospace and Defense, Commercial, or RF and Specialty Components businesses. Management finalized its assessment of the Company's operating segments during the quarter ended June 30, 2025, and concluded that the Company now has three reportable segments: Aerospace and Defense (A&D), Commercial, and RF and Specialty Components (RF&S Components). In prior periods, the Company had two reportable segments: Printed Circuit Boards (PCB) and RF&S Components. As a result, certain prior period amounts have been reclassified to conform with the new segment presentation.

2 The end market revenue has been recasted to reflect certain adjustments to allocations resulting from the segment reorganization.

Contact:
Sameer Desai,
Vice President, Corporate Development & Investor Relations
[e-mail]
714-327-3050