# TTMI earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/TTMI) · [Earnings tab](https://www.lopjlb.com/stock/TTMI?tab=earnings) Updated: 2026-10-22T05:38:18 Quarters analyzed: 8 ## Cross-quarter narrative Across 8 calls for TTMI, management tone moved from +0.80 (2024 Q3) to +0.80 (2026 Q2). Latest guidance stance: raised. Latest desk line: TTM Technologies posted a record $1 billion Q2 revenue, 37% YoY growth and margin expansion, while highlighting strong AI, defense and data‑center demand, progress on N+M and Ultra‑HDI ramps, and raised full‑year sales guidance to $4.4 billion. ## Latest CallCard · Q2 TTM Technologies posted a record $1 billion Q2 revenue, 37% YoY growth and margin expansion, while highlighting strong AI, defense and data‑center demand, progress on N+M and Ultra‑HDI ramps, and raised full‑year sales guidance to $4.4 billion. **Guidance:** raised — Full‑year 2026 sales outlook increased to approximately $4.4 billion, up from the prior $4 billion target. **Tone:** mgmt 0.8 · Q&A pressure 0.4 · divergence 0.3 Prepared remarks emphasized being ahead of sales targets, strong demand from AI and defense, and confidence in upcoming product ramps. ### Demand visibility Strong demand driven by AI, defense, and data‑center growth. Data‑center and networking sales grew 91% YoY, defense up 14% YoY (37% of sales), and medical/industrial/instrumentation up 33%. ### Margins / costs Margins improving on mix and efficiency gains. Adjusted EBITDA margin rose to 16.6% (up 160 bps YoY), gross margin 21.9% (+100 bps), operating margin 13.8% (+270 bps). ### Capital allocation Investing in acquisitions, brownfield expansions, and new facilities. Acquiring STG and ILFA in Q3, accelerating $45 M capex, expanding Wisconsin site, and scaling N+M and Ultra‑HDI capacity. ### Milestones - **N+M asymmetrical PCB production** [on_track]: Early stage launch completed, yields strong, ramp expected Q3/Q4. - **Ultra‑HDI volume ramp at Syracuse** [on_track]: Initial volume ramp begins Q3, targeting full capacity by 2028. - **Penang facility revenue breakeven** [on_track]: Approaching breakeven late Q3/Q4 with MI&I and N+M mix. - **Wisconsin (Eau Claire) innovation center** [new]: Planning production start and R&D hub, no rush. - **STG acquisition** [at_risk]: Pending close in Q3, expected <5% sales contribution. - **ILFA acquisition** [at_risk]: Pending close in Q3, similar contribution. - **Capital expenditure acceleration** [new]: Additional $45 M capex approved to expand capacity. - **Strategic 7‑year plan execution** [on_track]: First year of plan guiding 2026‑2028 growth. ### Fears / risks - **Supply chain**: Potential constraints on high‑end materials (CCL, T‑glass) for data‑center PCBs. - **Yield ramp**: Margins depend on successful N+M yield improvements in Q3/Q4. - **Acquisition integration**: Closing STG and ILFA in Q3 carries execution risk. - **Currency hedge loss**: Recognized $14 M unrealized loss on Swiss franc swap affecting GAAP earnings. - **Automotive market decline**: Automotive sales down marginally, expected mid‑single‑digit decline FY2026. - **Customer concentration**: Reliance on several 10% customers across commercial and A&D segments. - **Regulatory risk**: Potential delays in regulatory approvals for new aerospace/defense programs. - **Economic uncertainty**: Forward‑looking statements subject to macro‑economic factors. ### Key quotes > “We are tracking well ahead of our previously communicated plan to achieve at least $4 billion in net sales in 2026, and our earnings for 2026 are exceeding our prior expectations as well as Dan will share later in his comments.” > “Adjusted EBITDA for the second quarter of 2026 was $166.8 million or 16.6% of net sales compared with second quarter 2025 adjusted EBITDA of $109.7 million or 15.0% of net sales.” > “the good thing, Jim, is that we already delivered about tens of millions, and yields are looking really, really well.” > “Penang is doing exactly what we told you guys half a year ago. It's -- we're getting to very decent revenue levels, very close to, let's say, a breakeven number, which we hope to get, let's say, late Q3, Q4.” — Edwin Roks ## Quarter one-liners - **2026 Q2:** TTM Technologies posted a record $1 billion Q2 revenue, 37% YoY growth and margin expansion, while highlighting strong AI, defense and data‑center demand, progress on N+M and Ultra‑HDI ramps, and raised full‑year sales guidance to $4.4 billion. - **2026 Q1:** TTM Technologies posted a record Q1 2026 with 30% YoY sales growth, strong AI and defense demand, and reaffirmed its outlook while accelerating capex to fund new facilities and R&D. - **2025 Q4:** — - **2025 Q3:** — - **2025 Q2:** TTM posted a 21% YoY revenue rise, record non‑GAAP EPS and 210 bps margin expansion while highlighting progress and delays at new Penang, Eau Claire and Syracuse facilities and announcing the CEO’s retirement. - **2025 Q1:** TTM delivered strong Q1 2025 with 14% YoY revenue growth, record Q1 non-GAAP operating margin of 10.5%, A&D backlog $1.55B, Penang ramping toward breakeven by end of Q3, Syracuse facility on track for mid-2026 production. - **2024 Q4:** TTM Technologies posted 14% revenue growth, record Aerospace & Defense and Data Center sales, double‑digit margins, and Q1 2025 guidance while highlighting progress on the Penang ramp and Syracuse facility construction. - **2024 Q3:** TTM Technologies posted a strong Q3 with record A&D backlog, higher operating margin and data‑center growth, while noting a 180 bps margin drag from the new Penang plant and maintaining Q4 sales guidance of $610‑$650 M. ## Theme arcs - **Management tone** (stable): Δ mgmt=+0.00 ## Fear persistence - **foreign exchange volatility** [recurring]: 2024 Q3, 2024 Q4 - **penang ramp timing** [resolved]: 2024 Q3 - **automotive market weakness** [resolved]: 2024 Q3 - **data‑center customer concentration** [resolved]: 2024 Q3 - **commercial aerospace strikes** [resolved]: 2024 Q3 - **defense budget dependence** [resolved]: 2024 Q3 - **facility consolidation execution** [resolved]: 2024 Q3 - **syracuse funding contingencies** [resolved]: 2024 Q3 - **seasonality** [resolved]: 2024 Q4 - **penang ramp** [resolved]: 2024 Q4 ## Guidance path 2024 Q3:raised → 2024 Q4:maintained → 2025 Q1:vague → 2025 Q2:maintained → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:maintained → 2026 Q2:raised --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/TTMI`