TTM Technologies Sets Revenue Record, Insiders Sold High
TTM Technologies crossed $1 billion in quarterly revenue for the first time in Q2 2026, posting a 37% year-over-year gain and a fourth consecutive non-GAAP EPS beat driven by 91% growth in Data Center
TTM Technologies Sets Revenue Record on AI Defense Surge
NEW YORK, August 11 —
TTM Technologies, Inc. (TTMI) crossed $1 billion in quarterly revenue for the first time on August 6, beating consensus EPS for the fourth straight quarter. Four days later, SVP Dale Knecht sold 26,198 shares at $142, well below the $204 to $218 range where nine other executives had sold six weeks earlier, with the stock now at $130.74.
- Revenue hit $1.0 billion, up 37% year-over-year; non-GAAP EPS of $0.99 beat consensus by 10%, the fourth straight beat.
- Data Center and Networking grew 91% year-over-year to 40% of Q2 sales; expected at 49% of Q3 sales.
- A&D book-to-bill 1.3; backlog $1.7 billion, up from $1.5 billion a year earlier; qualified pipeline exceeds $7 billion.
AI and Defense Built the Billion
TTM Technologies manufactures printed circuit boards, RF components, and mission-critical electronics, the backbone of AI servers and fighter jets. CEO Edwin Roks said on the Q2 call that roughly 80% of net sales tie to AI data centers and defense. Data Center and Networking, growing 91% year-over-year, drove the $1 billion headline while pushing adjusted EBITDA margin to 16.6%, a 160 basis-point improvement year-over-year attributed to product mix. Non-GAAP operating margin improved to 13.8% from 11.1% as volume absorbed the fixed SG&A base, a pattern that turns scale into margin rather than just revenue.
Where Insiders Have Sold
Per filings, SVP of IT Dale Knecht sold 26,198 shares at $142.00, approximately $3.7 million, four days after the record earnings report. Six weeks earlier, COO Walsh, CFO Boehle, and seven other executives had sold at prices between $204.95 and $218.27; TTMI currently trades at $130.74, below both tranches. The spread between June's executive selling range and today's price is roughly $74 per share. None of that gap traces to deteriorating fundamentals: the quarter that followed those sales was the best in company history, which is precisely what makes the price chart worth watching.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| TTMI | $13.8B | 19.0x | +179.0% |
| VICR | $9.7B | 38.0x | +331.2% |
| FN | $18.8B | 30.4x | +51.3% |
| STRL | $16.3B | 21.1x | +71.4% |
| SANM | $10.9B | 14.6x | +60.8% |
| CLS | $39.1B | 15.9x | +47.4% |
The H2 Ramp Is the Test
The near-term thesis has two measurable legs. TTM has entered early full-volume production of N+M asymmetrical-interconnect PCBs, with tens of millions of dollars already delivered; roughly $600 million in N+M revenue is expected in H2 2026, about one-third in Q3 and two-thirds in Q4. Data Center and Networking is projected to reach 49% of Q3 sales, up from 40% in Q2. A&D's 1.3 book-to-bill and $7 billion qualified pipeline, including bookings for the AN/APS-153 radar and Golden Dome programs, provide a defense growth leg independent of the AI cycle; running those assumptions through Basis Report's DCF calculator offers a stress-test starting point. Q3 N+M delivery is the checkpoint. Run the free TTM Technologies, Inc. deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
What revenue did TTM Technologies report for Q2 2026?
TTM Technologies reported $1.0 billion in revenue for Q2 2026, a 37% year-over-year increase and the first time the company crossed the $1 billion quarterly threshold. Non-GAAP EPS of $0.99 beat consensus by 10%, the fourth consecutive quarter of EPS beats.
What drove TTM Technologies Q2 revenue growth?
Data Center and Networking grew 91% year-over-year to reach 40% of Q2 sales, with CEO Edwin Roks stating roughly 80% of net sales tie to AI data centers and defense. Adjusted EBITDA margin improved to 16.6%, a 160 basis-point year-over-year gain attributed to product mix.
Did TTM Technologies insiders sell stock before earnings?
Per filings, COO Walsh, CFO Boehle, and seven other executives sold shares six weeks before the record Q2 report at prices between $204.95 and $218.27. SVP of IT Dale Knecht sold an additional 26,198 shares at $142.00 four days after the report, and the stock currently trades at $130.74.
What is TTM Technologies N+M PCB revenue outlook?
TTM has entered early full-volume production of N+M asymmetrical-interconnect PCBs, with tens of millions of dollars already delivered. Roughly $600 million in N+M revenue is expected in H2 2026, about one-third in Q3 and two-thirds in Q4, with Q3 delivery identified as the key checkpoint for the near-term thesis.
What is TTM Technologies aerospace and defense backlog?
TTM's Aerospace and Defense segment reported a book-to-bill ratio of 1.3 and a backlog of $1.7 billion, up from $1.5 billion a year earlier. The qualified pipeline exceeds $7 billion, including bookings for the AN/APS-153 radar and Golden Dome programs.
TTM Technologies reported its first-ever $1-billion revenue quarter on August 6, beating consensus estimates for the fourth consecutive time and raising its full-year outlook. Four days later, SVP of IT Dale Knecht sold $3.7 million in shares at $142 — well below the $204–$218 range where nine other executives had sold just six weeks earlier.