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TTM Technologies, Inc. Reports Second Quarter 2025 Results

SANTA ANA, Calif., July 30, 2025 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) (鈥淭TM鈥�), a leading global manufacturer of technology solutions, including mission systems, radio frequency (鈥淩F鈥�) components, RF microwave/microelectronic assemblies, and quick-turn and technologically advanced printed circuit boards (鈥淧CB鈥漵) today reported results for the second quarter 2025, which ended on June 30, 2025.听听

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.听听

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.

鈥淲e 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,鈥� said Tom Edman, CEO of TTM. 鈥淣on-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鈥� PCB supply chains and projected future growth in the business,鈥� 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.听听

With respect to TTM鈥檚 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鈥檚 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 . 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鈥檚 website, and can be accessed by clicking on the link . 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鈥檚 website at .

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 .

Forward-Looking Statements
The preliminary financial results included in this press release represent the most current information available to management. TTM鈥檚 actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of TTM鈥檚 financial closing procedures, final adjustments, completion of the review by TTM鈥檚 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鈥檚 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鈥檚 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鈥檚 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.

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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 (鈥淓PS鈥�), 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.

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