TTM Technologies Inc

Q1 2026 performance (beats guidance; record quarter) - Net sales: $846M, +30% YoY (vs. $649M in Q1’25); above early-Feb guidance. - Non-GAAP EPS: $0.75 (diluted), +50% YoY (vs. $0.50 non-GAAP EPS in Q1’25); also above guidance. - Adjusted EBITDA margin: 15.7% (vs. 15.3% in Q1’25), helped by favorable mix. - Non-GAAP operating performance: GAAP operating income $72.4M; non-GAAP net income $80.1M.

Demand mix + backlog improvements (core growth engines are AI/data center + defense) - Aerospace & Defense (A&D): 40% of Q1 sales; +11% YoY. - Significant A&D bookings cited: Alteams Air Defense Radar, APS 153 maritime surveillance radar, and transportable radar system for ballistic missile detection/tracking. - Program backlog: $1.6B (roughly “similar to a level a year ago”). - A&D guidance signal: expects A&D ~36% of total sales in Q2, while still growing YoY and sequentially. - Data center & networking: 36% of Q1 sales; +61% YoY (above expectations). - Q2 outlook: expects 42% of net sales from this end market. - Medical/industrial/instrumentation: 16% of Q1 sales; +61% YoY; includes continuous glucose monitoring and next-gen smaller-footprint products. - Q2 outlook: 14% of sales expected. - Backlog (visibility improvement): 90-day backlog $787M vs $517M a year ago (subject to cancellations).

Forecast / guidance for Q2 and full-year direction (strong continuation, but not “unconditional”) - Q2 2026 net sales: $930M–$970M. - Q2 2026 non-GAAP diluted EPS: $0.82–$0.88 (based on ~107.5M diluted share count). - H1/H2 trajectory: management expects the sales growth trajectory in H1 to continue into H2. - FY 2026 directional comments: reaffirmed strong growth plan earlier in the year (revenue growth 15%–20% annually for the next 3 years; double earnings from 2025 to 2027—reiterated on the call).