TTM Tech (TTMI) Q3 2025 Earnings Call Transcript

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Date

Wednesday, Oct. 29, 2025, at 4:30 p.m. ET

Call participants

• President and Chief Executive Officer — Edwin Rox
• Chief Financial Officer — Daniel Boehle

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Takeaways

• Net sales -- $752.7 million in net sales for the third quarter of 2025, representing a 22% year-on-year increase, driven by growth in Aerospace and Defense, data center computing, networking, and medical, industrial, and instrumentation markets.
• GAAP net income -- $53.1 million net income for the third quarter of 2025, or $0.50 per diluted share, compared to $14.3 million, or $0.14 per diluted share, in the prior-year quarter.
• Non-GAAP EPS -- $0.67 per diluted share (non-GAAP) for the third quarter of 2025.
• Adjusted EBITDA -- $120.9 million in adjusted EBITDA for the third quarter of 2025.
• GAAP gross margin -- 20.8% gross margin for the third quarter of 2025, slightly decreased from 21.1% in the prior-year quarter.
• Non-GAAP gross margin -- 21.5% non-GAAP gross margin for the third quarter of 2025, primarily due to ramp costs at the Penang facility.
• Cash flow from operations -- $141.8 million in cash flow from operations for the third quarter of 2025, or 18.8% of net sales.
• Book-to-bill ratios -- Overall book-to-bill ratio: 1.15 for 2025; Commercial segment book-to-bill ratio: 1.29 for the third quarter of 2025; RF and Specialty Components segment book-to-bill ratio: 0.95 for 2025.
• End market sales mix -- Data center computing: 23% of sales, medical/industrial/instrumentation: 14% of sales, automotive: 11% of sales, networking: 7% of sales.
• Segment performance — Aerospace and Defense -- Net sales of $336.8 million and segment operating income of $52.9 million for the third quarter of 2025, compared to $279.5 million and $40.3 million, respectively, in the third quarter of 2024.
• Data center computing growth -- 44% year-on-year growth in data center computing end market sales, reaching a record high and projected to account for 28% of fourth quarter 2025 sales.
• Networking year-on-year growth -- 35%, with AI-related demand and new product launches significant contributors.
• Automotive end market -- 11% of total sales, primarily due to inventory adjustments and soft customer demand.
• Penang facility impact -- Margin headwind of 195 basis points, improved from 210 basis points last quarter; forecast to be approximately 160 basis points in the fourth quarter of 2025 with rising revenues.
• Backlog metrics -- Ninety-day backlog at $610.4 million (up from $534.5 million in the third quarter of 2024); Aerospace and Defense program backlog steady at $1.46 billion (versus $1.49 billion in the third quarter of 2024).
• Cash and debt position -- Cash and cash equivalents at $491.1 million at the end of the third quarter of 2025; net debt to last twelve months’ EBITDA at 1.0.
• Guidance -- Next quarter net sales projected between $730 million and $770 million for the fourth quarter of 2025; non-GAAP EPS guidance of $0.64 to $0.70 per diluted share, including Penang startup costs.
• Capacity and market position -- According to Edwin Rox, the company is “about the number six or seven in the world,” with a data center market ranking near “number three or four.”
• Strategic review and growth priorities -- Annual strategic review ongoing, with focus areas cited as “growth,” “gross margin,” and “cash.”
• Facility expansion updates -- Progress continues at the Syracuse, New York, ultra HDI PCB facility, targeting volume production in the second half of 2026; planning for a second Penang facility remains tied to long-term demand.
• Productivity advances -- The company is “demonstrating 87 layers” in PCB technology and pursuing stacked micro via adoption, high-resolution, material innovation, and asymmetric designs for advanced performance.

Summary

TTM Technologies (NASDAQ:TTMI) delivered broad-based top-line growth and record non-GAAP EPS in the third quarter of 2025, with particularly strong contributions from Aerospace and Defense and AI-aligned markets. Guidance for the next quarter assumes continued elevated demand, but anticipates a lower sales contribution from the automotive market.

• President and Chief Executive Officer Edwin Rox cited a visibility window of six to nine months in the data center market, aided by established relationships with top-tier customers.
• Management expects a lower impact from tariffs in the short term due to a diversified supply footprint, with no adverse demand signals observed in core markets.
• Program backlog in Aerospace and Defense was supported by notable bookings for the MRAM missile, U.S. Army passive detection, and the APS-153 radar system.
• Management characterized R&D as an increasing strategic priority, with President and Chief Executive Officer Rox stating, “we will invest a lot more in R and D and get more progress there to continue to be that top player.”

Industry glossary

• HDI PCB: High Density Interconnect printed circuit board, enabling complex circuit layouts for advanced electronics applications.
• Stacked micro via: Advanced PCB technology utilizing vertically aligned small-diameter holes to connect multiple layers, increasing board density and electrical performance.
• Book-to-bill ratio: The ratio of orders received to units shipped and billed, indicating near-term demand trends in manufacturing.
• GenAI: Generative Artificial Intelligence, referring to AI systems that automatically create new content, increasingly driving demand in computing hardware.

Full Conference Call Transcript

Edwin Rox, our new President and Chief Executive Officer. Edwin, welcome to the TTM team and to your first quarterly conference call with us. Please go ahead.

Edwin Rox: Thank you, Dan, for welcoming me. Good afternoon, everyone, and thank you for joining us for our third quarter 2025 conference call. I want to thank Tom Edman for his leadership of the company for more than a decade, and I look forward to engaging with our shareholders in the future. Before we review results, I want to reaffirm our strategic foundation. At TTM Technologies, we believe the future of electronics lies in speed, reliability, and integration. With over 17,000 employees across 22 factories, we already deliver millions of printed circuit boards every year. But our roadmap goes further.

We continue to move up the value chain into highly complex modules and subsystems that combine sensors, actuators, RF, photonics for markets where reliability and performance matter most: aerospace, defense, data centers, telecom, instrumentation, and medical systems. From AI-driven PCB design to mission-critical subsystems, TTM's mission is in our name: Time to Market. Delivering complex, high-performance solutions at a global scale. I know you want to hear whether I make any strategic changes, and all I will say about that now is that we're currently in the middle of our disciplined annual strategic review and will go before the board for approval next month.

This plan will guide our future conversations, but as you'll hear throughout the comments today, TTM is performing well and is aligned perfectly with key growth industries. So I'm happy to be here and excited about the opportunities for continued growth and excellence ahead. I'll now begin with a review of our business highlights from the quarter and a discussion of our third quarter results, followed by an update on our current geopolitical environment and an update on our planned expansions. Then we'll follow with an overview of our Q3 2025 financial performance and our Q4 guidance. We will then open the call to your questions.

We delivered an excellent 2025, and I would like to thank our employees for their part in delivering these results. For the fourth quarter in a row, TTM achieved sales and non-GAAP EPS above the high end of the guided range. Sales grew 22% year on year, reflecting continued demand strength in our data center computing and networking end markets, driven by the requirements of generative AI. Our medical, industrial, instrumentation, and aerospace and defense end markets also experienced double-digit year-on-year sales growth. As you know, the company reports sales in five strategic end markets. Aerospace and defense is a focused end market in which we deliver a mix of approximately fifty-fifty between PCBs and integrated electronics products.

Sales in our aerospace and defense markets were better than expected this quarter at 45% of total sales, resulting from a pull forward of sales that were originally expected in the fourth quarter. Demand in this end market continues to be strong, and book to bill increased to very close to one for the third quarter, keeping program backlog steady at approximately $1.46 billion. Three of the remaining four end markets—data center computing, networking, and medical, industrial, instrumentation—are experiencing sales growth directly or indirectly related to the growing requirements of AI. Nearly all of data center computing and networking and approximately 25% of medical, industrial, and instrumentation.

In total, approximately 80% of our total sales in the quarter related to two very strong industries: aerospace and defense and AI. We are well positioned in both areas and offer highly innovative, technologically advanced products to meet our customers' needs. We are focused on working diligently with our customers and suppliers to support the continued growth demand in each. The company's adjusted EBITDA margin was 16.1%, which is comparable to 16.3% in the same quarter a year ago, reflecting continued solid execution. Non-GAAP EPS of $0.67 reflects a solid consecutive quarterly record for TTM.

And cash flows from operations were $141.8 million or 18.8% of sales, which brings the year-to-date cash flow from operations to $229 million or 10.7% of sales. To reiterate comments made over the past two quarters regarding the potential impact of tariffs, with our diversified supplier base and global manufacturing footprint, we do not expect a significant short-term impact of tariffs, whether through direct impact to sales or direct impact to materials and equipment purchase. And while it's possible that there could be an indirect impact, such as overall end market demand, weakness, and economic slowdown, we have not seen that impacting our key end markets, as I mentioned.

In Penang, we continue to make progress on our customer qualifications and training the local workforce. Third quarter sales matched the second quarter at $5 million, and we expect to see growth in the fourth quarter. We are focused on improving and sustaining yields to support our customers' production cycles, and it remains one of our top priorities. Customer interest in our Penang facility remains strong, and our confidence in our growth in Malaysian production is evident in our long-term plans for a second production facility announced last quarter. We will align the timing of construction of our planned second facility with the longer-term customer demand, and as of now, we have not broken ground.

Progress on our ultra HDI PCB manufacturing facility in Syracuse, New York, continues as planned. Equipment is arriving, and we are beginning to install and test equipment setups. As a reminder, we expect volume production to start in the second half of 2026. The aerospace end market represented 45% of third quarter 2025 sales compared to 45% in the second quarter and 45% in 2024. Sales in this market grew 20% year on year to a record high and were significantly better than expected, partially due to timing of sales that were originally planned in the fourth quarter.

The solid demand in the defense market is a result of positive tailwinds in defense budgets, our strong strategic program alignment, and key bookings for ongoing programs. We maintain a solid A and D program backlog of about $1.46 billion at the end of the quarter compared to $1.49 billion a year ago. Bookings in the aerospace and defense markets ship over a longer period of time than our commercial markets and provide good visibility into future sales growth. During the quarter, we saw significant bookings related to the MRAM missile program, the passive detection and reporting system for the U.S. Army, and the APS-153 radar system for the MH-60R helicopter.

We expect sales in Q4 from this end market to represent 42% of our total sales. Sales in data center computing end markets represented 23% of third quarter 2025 sales, compared to 21% in the second quarter and 20% of third quarter 2024 sales. This end market saw 44% year-on-year growth, which was better than expected and a record high due to continued demand strength from our data center customers building products for GenAI applications. We expect this growth rate to continue, increasing this end market to 28% of the fourth quarter sales. The medical, industrial, and instrumentation end market represented 14% of third quarter 2025 sales compared to 15% in the second quarter and 14% in 2024.

This end market saw year-on-year growth of 22% during 2025, as the medical and industrial segments saw increased demand for robotics, and the instrumentation segments saw increased demand for automated test equipment and GenAI applications. For the fourth quarter, we expect the medical, industrial, instrumentation end market to represent 14% of total sales. Automotive sales represented 11% of third quarter 2025 sales compared to 11% in the second quarter and 14% in 2024. The year-over-year decline for automotive was primarily due to continued inventory adjustments and soft demand at several customers. We expect the automotive end market to represent about 9% of total sales in the fourth quarter.

Networking represented 7% of third quarter 2025 sales compared to 8% in the second quarter and 7% of third quarter 2024 sales. Year-on-year growth was 35% as this market continues to show strong growth driven by AI-related demand and new products. In Q4, we expect this market to represent 7% of total sales. At the end of Q3, our ninety-day backlog, subject to cancellations, was $610.4 million compared to $534.5 million in the third quarter of last year. As I mentioned earlier, our aerospace and defense program backlog was $1.46 billion at the end of Q3 this year compared to $1.49 billion at the end of third quarter 2024.

Our overall book-to-bill ratio was 1.15 for 2025, with the commercial segment at 1.29, the A and D segment at 0.99, and the RF and S segment at 0.95. Now Dan will review our financial performance for the third quarter. Dan?

Daniel Boehle: Thanks, Edwin, and good afternoon, everyone. Highlights of our third quarter financial results included in the press release distributed today are summarized on Slide seven of the earnings presentation posted on our website. For the third quarter, net sales were $752.7 million compared to $616.5 million in 2024. The 22% year-over-year increase was due to growth in our Aerospace and Defense, data center computing, networking, and medical, industrial, and instrumentation end markets, partially offset by a slight decline in our automotive end market. On a GAAP basis, gross margin for 2025 was 20.8%, compared to GAAP gross margin for 2024 of 21.1%.

On a GAAP basis, operating income for 2025 was $71.9 million or 9.6% compared to GAAP operating income for 2024 of $51 million or 8.3%. On a GAAP basis, net income in 2025 was $53.1 million or $0.50 per diluted share. This compares to GAAP net income for 2024 of $14.3 million or $0.14 per diluted share. In 2025, the Aerospace and Defense segment recorded $336.8 million in net sales and $52.9 million in segment operating income, compared to $279.5 million in net sales and $40.3 million in segment operating income in the year-ago quarter.

In 2025, the Commercial segment recorded $408.9 million in net sales and $60 million in segment operating income, compared to $329.4 million in net sales and $51.1 million in segment operating income in the year-ago quarter. In 2025, the RF and Specialty Components segment recorded $10.4 million in net sales and $3.1 million in segment operating income, compared to $9.8 million in net sales and $2.4 million in segment operating income in the year-ago quarter. The remainder of my comments will focus on our non-GAAP financial performance.

Our non-GAAP performance excludes M and A related costs, restructuring costs, certain non-cash expense items, such as amortization of intangibles, impairment of goodwill, stock compensation, gains on the sale of property, and realized gains or losses on foreign exchange, and other unusual or infrequent items. We present non-GAAP financial information to enable investors to see the company through the eyes of management and facilitate comparisons with expectations and prior periods. Gross margin in the third quarter was 21.5%, compared to 22% in 2024. The year-over-year decrease was primarily due to ramp costs in connection with our fabrication plant in Penang, Malaysia.

Selling and marketing expense was $20.5 million in the third quarter, or 2.7% of net sales, versus $18.9 million or 3.1% of net sales a year ago. Third quarter general and administrative expense was $42.1 million or 5.6% of net sales, compared to $36.4 million or 5.9% of net sales in the same quarter a year ago. The dollar increase was primarily driven by an increase in the incentive compensation accrual and outside services. In 2025, research and development was $6.9 million or 0.9% of net sales, compared to $7.7 million or 1.3% of net sales in the same quarter last year. Interest expense was $9.9 million in 2025, compared to $11.3 million in the same quarter last year.

During 2025, there was $1.8 million of realized foreign exchange loss below the operating income line, compared to $1.6 million of realized foreign exchange loss in 2024. Interest and other income totaled $2.5 million in 2025. This compares to interest and other income totaling $3.6 million in the same quarter of last year. Our effective tax rate was 15% in the third quarter, resulting in tax expense of $12.5 million. This compares to a rate of 10.6% or tax expense of $6.7 million in the same quarter of last year. Third quarter 2025 net income was $71 million or $0.67 per diluted share. This compares to third quarter 2024 net income of $56.8 million or $0.55 per diluted share.

Adjusted EBITDA for 2025 was $120.9 million or 16.1% of net sales, compared with third quarter 2024 adjusted EBITDA of $100.6 million or 16.3% of net sales. Depreciation for the quarter was $27.6 million. Net capital spending for the quarter was $99.2 million. Cash flow from operations in 2025 was $141.8 million or 18.8% of net sales. Cash and cash equivalents at the end of 2025 totaled $491.1 million, and our net debt divided by last twelve months EBITDA was one point zero. Now I will turn to our guidance for 2025.

We project net sales for 2025 to be in the range of $730 million to $770 million and non-GAAP earnings to be in the range of $0.64 to $0.70 per diluted share, which is inclusive of operating costs associated with starting up our Penang facility. The EPS forecast is based on the diluted share count of approximately 106 million shares, which includes the dilutive effect of outstanding stock options and other stock awards. We expect SG and A expense to be about 8.9% of net sales in the fourth quarter and R and D to be about 1% of net sales. We expect interest expense of approximately $10.2 million and interest income of approximately $2.7 million.

We estimate our effective tax rate will be between 11-15%. Further, we expect to record depreciation of approximately $28.1 million, amortization of intangibles of approximately $9.2 million, stock-based compensation expense of approximately $12.3 million, and non-cash interest expense of approximately $500,000. Finally, I'd like to announce that we will be participating in the Stifel Midwest one-on-one conference in Chicago, Illinois, on November 6, the Bank of America Leveraged Finance Conference in Boca Raton, Florida, on December 2, the UBS Global Industrials and Transportation Conference in Palm Beach, Florida, on December 3, and the UBS Technology Conference in Scottsdale, Arizona, on December 4. That concludes our prepared remarks. Now we'd like to turn it over for questions. Sherry?

Operator: Thank you. As a reminder, to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, press 11 again. Due to time restraints, we ask that you please limit yourself to one question and one follow-up question. And our first question will come from the line of James Ricchiuti with Needham and Co. Your line is open.

James Ricchiuti: Hi. Thank you. First off, Edwin, welcome. Best of luck to you. I wanted to start off just on the data center market. Can you talk about two questions? One, how far out does your visibility extend into this market? And the follow-up really deals with whether you have been able to bring on additional capacity to be able to satisfy the demand from your customers from your two main facilities in China.

Edwin Rox: Yeah. James, first of all, thank you for your question and thank you for your nice comments here, and good to meet you again. Yeah. The visibility is pretty okay. I would say our visibility is between six to nine months. And, again, we are already dealing with the top players there. So it's going relatively smoothly. And if I look at capacity, James, I think when we are in the middle of, let's say, our strategic planning, we have a good running capacity, both in North America and Asia Pacific. A well-balanced, by the way, between these two continents. So that's what I want to mention here.

James Ricchiuti: And, Penang, can you update us? Maybe, Dan, you could take this one just the margin headwind that you experienced in Penang and how you think about that in Q4 going forward?

Edwin Rox: Yes. Happy to update you about Penang. First of all, Penang remains a key part of our China plus one strategy. And we're making very good progress there. I would say. Like Tom mentioned last quarter, we are very much focused now on yields. Before we start ramping up. We want to ramp steadily with our customers. So the good news here is that we have five customers lined up, and we are basically qualifying these customers before the end of the year, and that's still progressing very well. The training aspect is key. We're working a lot with local staff now. Yeah. The training aspect is key. We are still planning also for that second facility in Penang.

So I will say, I'm pleased with the progress over the last quarter. I know we were a bit optimistic in the past. But I think we should be okay going forward.

Daniel Boehle: James, I'll jump in and address your question with regards to the headwind on the profit. Q3, it was about a 195 basis points to the bottom line, which is an improvement from Q2, which was about 210 basis points. And then in Q4, we're forecasting with increased revenue about 160 basis points impact to the bottom line, which is comparable to Q4 of last year actually. Let me look at year over year.

James Ricchiuti: Thank you. You're welcome. Thank you for your time.

Operator: Thank you. One moment for our next question. And that will come from the line of Michael Crawford with B. Riley Securities. Your line is open.

Michael Crawford: Thank you. Just more broadly, could you help characterize your PCB manufacturing capacity share? Globally, in China, and in the US?

Edwin Rox: Yeah. Michael, good question. First of all, in the US, we are still the number one player. And globally, it's always a bit more tricky to mention it, but of course, we are typically a high-end player. But if you look at overall, I think we were about the number six or seven in the world. That's basically where we are. And if you look at data center, it's about the number three or four, with some typical competition, but about the number three or four.

Michael Crawford: Okay. Thank you. And then the follow-up is in Penang, I believe you're starting that with something like maybe 15-layer boards, but where are you moving to density in China for data center applications?

Edwin Rox: Yeah. Absolutely. You will not see us yet. We still have, of course, capacity below the layers. But our focus is beyond that. They are going to a lot of layers. One of our typical things happening right now is that we are demonstrating 87 layers. So this is going very, very rapidly. And also on the stacked micro vias to be more better higher resolution, let's say, we're making really, really good progress.

So working with customers on different aspects of the roadmap, be it more on the material side, be it more like asymmetrical designs like in PCBs where you put the power on one side and the signal on the other side, or let's say be it at the pitch where you try to minimize the pitch. We want to be a leader there. And I can tell you, from my personal perspective here, we will invest a lot more in R and D and get more progress there to continue to be that top player.

Michael Crawford: Excellent. Thank you very much.

Operator: Thank you. As a reminder, if you would like to ask a question, please press 11. Our next question comes from the line of William Stein with Truist Securities. Your line is open.

William Stein: Great. Thanks for taking my question. Congrats on the great results tonight. Edwin, for investors who have not met you or have much experience with you, maybe you can share with us a little bit about your background, what led you to TTM. I understand you have some connection to the Board of Directors, but sort of what led you to the company and maybe talk a little bit about how your experience and background leads you to succeed at TTM.

Edwin Rox: Okay. Happy to do that, William. And good to meet you, by the way. And thank you for your nice words here. Yeah. My background is, I'm an engineer. Of course, I did business school as well. Fifteen years at Philips. Twenty years at Dulsa and Teledyne. Nine years leading the largest segment in Teledyne, the fastest growing segment in Teledyne. And the last two years, I was the CEO of Teledyne, working closely with the executive chairman, and by the way, the new CEO as well. Still really good relations with Teledyne, and Teledyne will do great. But for me, it was time to do something else after twenty years. And TTM was a really good fit.

My background is in physics and electronics, and mostly semiconductor physics. So with TTM, being a player in the back end, let's say, where the back end players in silicon, the packagers, the PCB players, everybody comes together in that back end, is absolutely a key thing to focus on. I still have great respect for the guys who are making the most complex chips. But nowadays, it's all about the back end. How can you integrate these chips, let's say, in a very compact heterogeneous package? And that's my main motivation to be part of TTM. A fantastic company, excellent leadership. And again, good relation with the board of directors.

I knew a few board of directors members from my previous work. But again, this is a great company to be part of. Hopefully, that answers your question.

William Stein: That helps. Thank you. And one more, if I can follow-up. I don't know that these metrics are still entirely relevant because you're growing much faster now because of AI data center and also because defense is doing very well. And margins have been moving up. But at the last Analyst Day, the company had a 4% to 6% top line organic growth view and 11% to 13% operating margin target. Those were sort of the targets that the prior management team established. I can't imagine you're gonna give us new targets on this call, but I wonder if you can help us think about at least which metrics are most important to you. What are you trying to maximize?

Like, from an outsider's perspective, just looking at the financials, what metrics and what levels should we think so that we're aligned with your way of thinking for the future of the company?

Edwin Rox: Yes. Great question. Thank you. First of all, we want to grow. The strategic plan, let's say, and even looking at next year, it's all about growth. And of course, growth in a very collaborative manner. So we want to make sure that our gross margin stays very, very healthy. That's basically the number one metric where you can see if you're competitive. So that's the key thing here. Of course, we like to generate cash. You saw our great cash position this quarter. Year to date, we're at a really nice level.

This gives us a possibility, not only to do acquisitions, we can do that both in a horizontal way or vertical way, let's say, buying more PCB factories or buying up the chain. But also we can invest in our facilities, and that's what we do. Yeah. We are planning to invest hundreds of millions in our facilities in Penang and Syracuse and of course also investing in China again. That's going well. The top message for me is always cash. It's always growth. It's gross margin. And of course, our EBITDA should be healthy. Yeah. Our bottom line should be healthy. But again, we are set up to grow. That's my answer here.

William Stein: Great. Thank you.

Operator: Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Rox for any closing remarks.

Edwin Rox: Thank you, Sherry. And I'd like to close by summarizing the points I made earlier. First, we delivered strong sales growth in Q3 of 22% year on year, driven by increases in our data center computing, networking, medical, industrial instrumentation, and aerospace and defense markets with record highs in A and D and data center markets. Second, our adjusted EBITDA of 16.1% reflected strong operating performance leading to a record quarterly non-GAAP EPS of $0.67. And third, we had solid cash flow from operations of 18.8% of sales, enabling us to invest in our projected continued growth. In closing, I would like to thank all employees of TTM, our customers, our suppliers, and our shareholders for your continued support.

Thank you very much. Goodbye.

Operator: This concludes today's program. Thank you all for participating. You may now disconnect.

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