Exhibit 99.1

 

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

TTM Technologies, Inc. Reports Third Quarter 2025 Results

Santa Ana, CA – October 29, 2025– 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.

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

 

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

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

 

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.

- Tables Follow -

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
		2025				2024
Net sales:
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.

2

This 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.

3	Non-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.

6

Adjusted 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.