TTM Technologies (TTMI) investor relations material

Executive summary

• Achieved record Q1 2026 net sales of $846 million, up 30% year-over-year, driven by strong demand in data center, networking, medical, industrial, instrumentation, and aerospace and defense end markets.

• Non-GAAP EPS reached $0.75 per diluted share, a 50% year-over-year increase, and Adjusted EBITDA margin was 15.7%.

• GAAP net income was $50 million ($0.47/share), up from $32.2 million ($0.31/share) prior year.

• Strategic focus on advanced interconnect technologies and complex modules, leveraging megatrends in AI and defense, with 80% of net sales tied to these areas.

• All business segments contributed positively, with continued momentum forecasted for Q2 2026.

Financial highlights

• Net sales: $846 million (Q1 2026) vs. $649 million (Q1 2025), up 30% year-over-year.

• GAAP net income: $50 million ($0.47/share) vs. $32.2 million ($0.31/share) prior year.

• Non-GAAP net income: $80.1 million ($0.75/share) vs. $52.4 million ($0.50/share) prior year.

• Adjusted EBITDA: $132.9 million (15.7% margin) vs. $99.5 million (15.3% margin) prior year.

• Cash flow from operations: $21.7 million; free cash flow usage: $85 million, reflecting higher CapEx.

Outlook and guidance

• Q2 2026 net sales guidance: $930–$970 million; Non-GAAP EPS: $0.82–$0.88.

• Net sales growth expected to continue in the second half of 2026.

• CapEx forecast for 2026 raised to $300–$320 million, up from $240–$260 million.

• Management expects current liquidity and cash flow to meet capital, debt, and working capital needs for the next 12 months.

• Volume production at the new Syracuse facility is expected to begin in the second half of 2026.