TTM Technologies, Inc. Reports Third Quarter 2025 Results

SANTA ANA, Calif., Oct. 29, 2025 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced printed circuit boards (“PCB”s) today reported results for the third quarter 2025, which ended on September 29, 2025.

Third Quarter 2025 Highlights

Net sales were $752.7 million, up 22% year on year
GAAP net income of $53.1 million, or $0.50 per diluted share
Adjusted EBITDA of $120.9 million, or 16.1% of net sales
Non-GAAP net income of $71.0 million, or $0.67 per diluted share, a quarterly record high
Cash flow from operations of $141.8 million, or 18.8% of net sales

Third Quarter 2025 GAAP Financial Results
Net sales in the third quarter of 2025 were $752.7 million, compared to $616.5 million in the third quarter of 2024.

GAAP operating income in the third quarter of 2025 was $71.9 million compared to GAAP operating income in the third quarter of 2024 of $51.0 million.

GAAP net income in the third quarter of 2025 was $53.1 million, or $0.50 per diluted share, compared to GAAP net income in the third quarter of 2024 of $14.3 million, or $0.14 per diluted share.

Third Quarter 2025 Non-GAAP Financial Results
Adjusted EBITDA in the third quarter of 2025 was $120.9 million, or 16.1% of net sales, compared to adjusted EBITDA of $100.6 million, or 16.3% of net sales, in the third quarter of 2024.

Non-GAAP net income in the third quarter of 2025 was $71.0 million, or $0.67 per diluted share. This compares to non-GAAP net income of $56.8 million, or $0.55 per diluted share, in the third quarter of 2024.

“We delivered another strong quarter with revenues and non-GAAP EPS above the high end of the guided range. Revenues grew 22% year on year reflecting continued demand strength in our Data Center Computing and Networking end markets, driven primarily by the requirements of generative AI. Our Medical, Industrial and Instrumentation and Aerospace and Defense end markets also experienced double-digit year on year revenue growth,” said Edwin Roks, President & CEO of TTM Technologies Inc. “Adjusted EBITDA margins were a healthy 16.1%, reflecting continued solid execution. In addition, cash flow from operations was a solid 18.8% of revenues, enabling the company to maintain its measured investment in facilities expansion to support our projected continued growth,” concluded Dr. Roks.

Business Outlook
For the fourth quarter of 2025, TTM estimates that net sales will be in the range of $730 million to $770 million, and non-GAAP net income will be in the range of $0.64 to $0.70 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 third quarter 2025 results and the fourth quarter 2025 outlook on Wednesday, October 29, 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. third 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. third quarter 2025 webcast.

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. third quarter 2025 webcast.

About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, 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, and non-GAAP earnings per diluted share (“EPS”), 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.

Contact:
Dan Boehle
EVP, Chief Financial Officer
dan.boehle@ttmtech.com
714-327-3079

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)


					Third Quarter						First Three Quarters
						2025			2024			2025			2024

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

	Net sales				$	752,736		$	616,538		$	2,132,025		$	1,791,788
	Cost of goods sold					596,000			486,650			1,696,208			1,440,954

	Gross profit					156,736			129,888			435,817			350,834

	Operating expenses:
		Selling and marketing				21,796			19,961			64,383			60,053
		General and administrative				48,598			42,567			142,091			124,841
		Research and development				7,038			8,054			22,111			23,922
		Amortization of definite-lived intangibles				6,889			6,951			20,666			28,636
		Restructuring charges				509			1,393			2,631			6,367
			Total operating expenses			84,830			78,926			251,882			243,819

	Operating income					71,906			50,962			183,935			107,015

	Interest expense					(10,399	)		(11,768	)		(32,958	)		(36,311	)
	Other, net					306			(14,177	)		(2,648	)		(1,086	)

	Income before income taxes					61,813			25,017			148,329			69,618
	Income tax provision					(8,758	)		(10,706	)		(21,566	)		(18,489	)

	Net income				$	53,055		$	14,311		$	126,763		$	51,129

	Earnings per share:
		Basic			$	0.51		$	0.14		$	1.24		$	0.50
		Diluted				0.50			0.14			1.21			0.49

	Weighted-average shares used in computing per share amounts:
		Basic				103,321			101,958			102,337			101,704
		Diluted				105,812			103,828			105,061			103,928

	Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
	Weighted-average shares outstanding					103,321			101,958			102,337			101,704
	Dilutive effect of performance-based stock units, restricted stock units and stock options					2,491			1,870			2,724			2,224
	Diluted shares					105,812			103,828			105,061			103,928


SELECTED BALANCE SHEET DATA
					September 29, 2025			December 30, 2024
	Cash and cash equivalents				$	491,120		$	503,932
	Accounts receivable, net					500,147			448,611
	Contract assets					446,967			381,382
	Inventories					253,687			224,985
	Total current assets					1,755,615			1,606,744
	Property, plant and equipment, net					992,193			869,957
	Total assets					3,720,528			3,472,494

	Short-term debt, including current portion of long-term debt				$	3,810		$	3,795
	Accounts payable					506,386			406,221
	Contract liabilities					149,368			170,915
	Total current liabilities					905,203			809,054
	Long-term debt, net of discount and issuance costs					912,835			914,359
	Total long-term liabilities					1,113,877			1,099,616
	Total stockholders' equity					1,701,448			1,563,824
	Total liabilities and stockholders' equity					3,720,528			3,472,494


SUPPLEMENTAL DATA
					Third Quarter						First Three Quarters
						2025			2024			2025			2024
	Gross margin					20.8	%		21.1	%		20.4	%		19.6	%
	Operating margin					9.6	%		8.3	%		8.6	%		6.0	%

	End market breakdown¹:
					Third Quarter
						2025			2024
		Aerospace and Defense				45	%		45	%
		Automotive				11	%		14	%
		Data Center Computing				23	%		20	%
		Medical/Industrial/Instrumentation				14	%		14	%
		Networking				7	%		7	%

	Operating segment data¹:
					Third Quarter
		Net sales:				2025			2024
			Aerospace & Defense		$	336,841		$	279,533
			Commercial			408,920			329,382
			RF&S Components			10,444			9,780
			Intersegment eliminations			(3,469	)		(2,157	)
				Total net sales	$	752,736		$	616,538

		Segment operating income:
			Aerospace & Defense		$	52,884		$	40,279
			Commercial			60,031			51,105
			RF&S Components			3,126			2,426
				Total segment operating income	$	116,041		$	93,810

		Unallocated amounts:
			Restructuring			(509	)		(1,393	)
			Acquisition-related and other charges			(15	)		(2,867	)
			Stock-based compensation			(11,611	)		(8,330	)
			Other corporate expenses			(22,775	)		(20,972	)
			Amortization of definite-lived intangibles			(9,225	)		(9,286	)
				Total operating income	$	71,906		$	50,962


RECONCILIATIONS²
					Third Quarter						First Three Quarters
						2025			2024			2025			2024

	Non-GAAP gross profit reconciliation³:
		GAAP gross profit			$	156,736		$	129,888		$	435,817		$	350,834
		Add back item:
			Amortization of definite-lived intangibles			2,336			2,335			7,007			7,006
			Stock-based compensation			3,720			2,719			9,220			6,689
			Unrealized (gain) loss on commodity hedge			(776	)		(79	)		(1,835	)		(1,265	)
			Other charges			-			871			-			709
		Non-GAAP gross profit			$	162,016		$	135,734		$	450,209		$	363,973
		Non-GAAP gross margin				21.5	%		22.0	%		21.1	%		20.3	%

	Non-GAAP net income and EPS reconciliation⁴:
		GAAP net income			$	53,055		$	14,311		$	126,763		$	51,129
		Add back items:
			Amortization of definite-lived intangibles			9,225			9,286			27,673			35,642
			Stock-based compensation			11,611			8,330			29,586			21,697
			Non-cash interest expense			542			493			1,609			1,517
			(Gain) loss on sale of property, plant and equipment			-			-			-			(14,420	)
			Unrealized (gain) loss on commodity hedge			(776	)		(79	)		(1,835	)		(1,265	)
			Unrealized (gain) loss on foreign exchange			502			16,207			8,466			12,009
			Restructuring, acquisition-related and other charges			561			4,260			2,818			19,306
			Income taxes⁵			(3,764	)		3,975			(10,931	)		476
		Non-GAAP net income			$	70,956		$	56,783		$	184,149		$	126,091
		Non-GAAP earnings per diluted share			$	0.67		$	0.55		$	1.75		$	1.21

	Adjusted EBITDA reconciliation⁶:
		GAAP net income			$	53,055		$	14,311		$	126,763		$	51,129
		Add back items:
			Income tax provision			8,758			10,706			21,566			18,489
			Interest expense			10,399			11,768			32,958			36,311
			Amortization of definite-lived intangibles			9,225			9,286			27,673			35,642
			Depreciation expense			27,580			27,829			82,135			78,709
			Stock-based compensation			11,611			8,330			29,586			21,697
			(Gain) loss on sale of property, plant and equipment			-			-			-			(14,420	)
			Unrealized (gain) loss on commodity hedge			(776	)		(79	)		(1,835	)		(1,265	)
			Unrealized (gain) loss on foreign exchange			502			16,207			8,466			12,009
			Restructuring, acquisition-related and other charges			561			2,265			2,818			17,473
		Adjusted EBITDA			$	120,915		$	100,623		$	330,130		$	255,774
		Adjusted EBITDA margin				16.1	%		16.3	%		15.5	%		14.3	%

	Free cash flow reconciliation:
		Operating cash flow			$	141,803		$	65,090		$	228,952		$	150,840
		Capital expenditures, net				(99,233	)		(40,859	)		(222,687	)		(100,110	)
		Free cash flow			$	42,570		$	24,231		$	6,265		$	50,730


	¹ Prior year end market revenue and operating segment data has been recasted in connection with the Company's previously disclosed change in organization structure - refer to the recasted historical selected unaudited financial information in the Form 8-K filed on July 30, 2025 for further information.


	²This information provides a reconciliation of non-GAAP gross profit, 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 (gain) loss 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.



	³Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, 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) loss on sale of property, plant and equipment, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, restructuring, acquisition-related, 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.

	⁶Adjusted EBITDA is defined as earnings before income taxes provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, (gain) loss on sale of property, plant and equipment, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, restructuring, acquisition-related, 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.

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