Company: TTMI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000950170-25-063937
Chunk: 6

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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 them to reduce the time required to develop new products and bring them to market. We serve a diversified customer base consisting of approximately 1,400 customers in various markets throughout the world, including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation, and networking. Our customers include original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), distributors, and government agencies (both domestic and allied foreign governments).

RECENT DEVELOPMENTS

We previously announced the construction of our new advanced technology PCB manufacturing facility in Syracuse, New York. We expect that our new facility will bring advanced technology capability for our domestic high-volume production of ultra‑high‑density interconnect (HDI) PCBs in support of national security requirements. The external construction of our facility is largely complete and we continue to make progress on building the interior. We have equipment orders in place and expect installation to begin in the summer of 2025 with production expected to commence midway through 2026. 

FINANCIAL OVERVIEW

Our customers include both OEMs and EMS providers. We sell to OEMs both directly and indirectly through EMS providers. For such indirect sales, we measure customers based on OEM companies as they are the ultimate end customers. Sales to our ten largest customers collectively accounted for 56% and 53% of our net sales for the quarters ended March 31, 2025 and April 1, 2024, respectively.

The percentage of our net sales attributable to each of the principal end markets we served was as follows:

     For the Quarter Ended

     March 31, 2025
      
     April 1, 2024

     End Markets (1):

     Aerospace and Defense

     47
      
     %

     46
      
     %

     Automotive

     11

     13

     Data Center Computing

     21

     21

     Medical/Industrial/Instrumentation

     13

     14

     Networking

     8

     6

     Total

     100
      
     %

     100
      
     %

(1)Sales to EMS companies are classified by the end markets of their OEM customers.