TTM Technologies delivered a notable first quarter, with results surpassing Wall Street’s expectations and driving a significant positive market reaction. Management attributed the strong performance to robust demand in both the data center and networking markets, fueled by artificial intelligence (AI) infrastructure buildouts, as well as ongoing strength in aerospace and defense. CEO Edwin Roks highlighted that approximately 80% of TTM’s net sales are now tied to the AI and defense sectors, describing these as “key megatrends currently driving economic growth.” Growth was broad-based, with medical, industrial, and instrumentation also contributing, and a favorable product mix supporting margins.
Is now the time to buy TTMI? Find out in our full research report (it’s free for active Edge members).
TTM Technologies (TTMI) Q1 CY2026 Highlights:
- Revenue: $846 million vs analyst estimates of $791.1 million (30.4% year-on-year growth, 6.9% beat)
- Adjusted EPS: $0.75 vs analyst estimates of $0.67 (12.4% beat)
- Adjusted EBITDA: $132.9 million vs analyst estimates of $120.9 million (15.7% margin, 9.9% beat)
- Revenue Guidance for Q2 CY2026 is $950 million at the midpoint, above analyst estimates of $829.3 million
- Adjusted EPS guidance for Q2 CY2026 is $0.85 at the midpoint, above analyst estimates of $0.74
- Operating Margin: 8.6%, in line with the same quarter last year
- Market Capitalization: $16.57 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From TTM Technologies’s Q1 Earnings Call
- Steven Fox (Fox Advisors) asked about customer interest in the new UK facility. CFO Dan Boehle explained that anchor customers are being identified and flexibility will allow support for both commercial and defense business.
- James Ricchiuti (Needham & Co.) inquired about the drivers behind data center networking growth—specifically, volume versus price. Management clarified that growth is predominantly due to increased complexity and higher average selling prices, supported by volume gains.
- Ricchiuti (Needham & Co.) also requested an update on the Penang facility’s ramp. Boehle said yields are now approaching 70-80%, with breakeven expected soon, reflecting operational improvements.
- William Stein (Truist Securities) questioned TTM’s market position and customer concentration in data center networking. Boehle noted TTM plays in the high-complexity segment and is agnostic to customer chip architecture, with a diversified customer base.
- Michael Crawford (B. Riley Securities) asked about the breakdown of aerospace and defense sales, particularly space-related opportunities. Boehle indicated space is about 5% of the segment, with more near-term upside expected from munitions.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will monitor (1) the pace of AI-related data center order growth and the mix of high-complexity PCB sales, (2) operational progress and yield improvements at new facilities such as Penang and the UK, and (3) ongoing capital deployment to expand production capacity and shorten lead times. Any shifts in defense spending or supply chain dynamics could also influence results.
TTM Technologies currently trades at $159.50, up from $137.50 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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