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- **Revenue Surge**: 22% YoY growth to $752.7M, driven by aerospace/defense (45% of sales) and AI-fueled data center demand.
- **Profit Milestone**: Record non-GAAP EPS of $0.67, with EBITDA margin holding steady at 16.1% despite Penang ramp costs.
- **Growth Engines**: Syracuse Ultra-HDI (2026 volume) and Penang expansions (5 customers in qualification) set for 2026+ scaling.
- **Margin Management**: CFO forecasts Q4 margin impact from Penang at 160bps, down from Q3's 195bps, signaling improving efficiency.
- **Strategic Focus**: CEO emphasizes cash flow, gross margin preservation, and investments in high-density PCBs for AI/data center leadership.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 sales of $752.7M, up 22% YoY, driven by aerospace/defense (45% of sales, +20% YoY), data center computing (+44% YoY), and AI-related demand in medical/industrial and networking markets.
- **Strategic Focus**: Moving up the value chain into integrated modules/subsystems for aerospace, defense, data centers, and medical systems. Penang facility progressing with 5 customers in qualification phase, targeting steady ramp with yield focus.
- **Financial Highlights**: Adjusted EBITDA margin of 16.1%, record non-GAAP EPS of $0.67, and cash flow from operations of $141.8M (18.8% of sales). FY25 book-to-bill ratio of 1.15, with A&D backlog at $1.46B.
- **Future Growth**: Syracuse Ultra-HDI facility on track for H2 2026 volume production; second Penang facility timing aligned with long-term demand.

**【CFO Financial Commentary】**
- **Revenue & Profitability**: GAAP net income $53.1M ($0.50 EPS) vs. $14.3M ($0.14 EPS) YoY. Non-GAAP EPS $0.67, up 15% YoY. Gross margin 21.5% (22% YoY), impacted by Penang ramp costs (-195bps Q3, expected -160bps Q4).
- **Cost Management**: SG&A 8.9% of sales, R&D 0.9%. Cash position $491.1M, net debt/EBITDA 1.0. Q4 guidance: $730-770M sales, $0.64-0.70 EPS.
- **Margins & Investments**: Capital spending $99.2M Q3, with $27.6M depreciation. Penang-related costs expected to moderate in 2026 as volumes scale.

**【Q&A Key Highlights】**
- **Data Center Visibility**: 6-9 months visibility, with capacity well-balanced between North America and Asia. Penang progressing with local workforce training and customer qualifications.
- **PCB Market Position**: #1 in U.S., #6-7 globally, #3-4 in data center PCBs. Syracuse facility targeting 87-layer PCBs, leading in high-density, low-pitch designs.
- **Metrics Focus**: CEO prioritizes gross margin health, cash generation, and EBITDA growth. Long-term targets to be defined post-strategic review.


TTM Technologies, Inc. (TTMI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

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Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TTMI

TTMI fundamentals

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