FULLTEXT DEL 1 AV 1
10-Q – 2026-08-05 – ttmi-20260629.htm
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2026-06-29 0001116942 us-gaap:IntersegmentEliminationMember 2026-03-31 2026-06-29 xbrli:pure xbrli:shares iso4217:USD xbrli:shares iso4217:CHF ttmi:Segment ttmi:Customer iso4217:USD ttmi:Country UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 2026 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to____________ Commission File Number: 000-31285 TTM TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 91-1033443 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 200 East Sandpointe , Suite 400 , Santa Ana , California 92707 (Address of principal executive offices) ( 714 ) 327-3000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock , $0.001 par value TTMI Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ As of July 31, 2026, there were outstanding 105,348,864 share s of the registrant’s Common Stock, $0.001 par value. TTM TECHNOLOGIES, INC. Form 10-Q For the Quarter Ended June 29, 2026 TABLE OF CONTENTS Page PART I: FINANCIAL INFORMATION 4 Item 1. Financial Statements (unaudited) 4 Consolidated Condensed Balance Sheets as of June 29, 2026 and December 29, 2025 4 Consolidated Condensed Statements of Operations for the quarter and two quarters ended June 29, 2026 and June 30, 2025 5 Consolidated Condensed Statements of Comprehensive Income for the quarter and two quarters ended June 29, 2026 and June 30, 2025 6 Consolidated Condensed Statements of Stockholders' Equity for the two quarters ended June 29, 2026 and June 30, 2025 7 Consolidated Condensed Statements of Cash Flows for the two quarters ended June 29, 2026 and June 30, 2025 8 Notes to Consolidated Condensed Financial Statements 9 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3. Quantitative and Qualitative Disclosures About Market Risk 28 Item 4. Controls and Procedures 29 PART II: OTHER INFORMATION 30 Item 1. Legal Proceedings 30 Item 1A. Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31 SIGNATURES 32 2 Glossary of Terms and Acronyms The following table provides definitions of certain terms and acronyms that may be used within the text of this Report. 2025 Repurchase Program Share repurchase program authorized by the Board of Directors on May 8, 2025 MYR Malaysian ringgit 2026 Credit Agreement Second Amended and Restated Credit Agreement by and among the Company, the foreign subsidiary borrowers party thereto, any designated borrowers party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the several lenders from time to time parties thereto, dated June 1, 2026 ODMs Original design manufacturers A&D Aerospace and Defense OEMs Original equipment manufacturers AI Artificial intelligence PCB Printed circuit board Amended Term Loan Facility Repriced and upsized $400.0 million senior secured term loan credit facility under the 2026 Credit Agreement PRUs Performance-based restricted stock units Asia ABL Asia Asset-Based Lending Credit Agreement Prior Term Loan Facility First Amendment, dated as of August 1, 2024, to that certain Amended and Restated Term Loan Credit Agreement, dated as of May 30, 2023 ASU Accounting Standards Update RCF Senior secured cash flow revolving credit facility with committed maximum borrowing capacity of up to $1.0 billion under the 2026 Credit Agreement CEO Chief Executive Officer Report This Quarterly Report on Form 10-Q for the fiscal quarter ended June 29, 2026 CFO Chief Financial Officer RF Radio frequency CHF Swiss franc RF&S Components RF and Specialty Components CME Chicago Mercantile Exchange RMB Renminbi CODM Chief operating decision maker RSUs Restricted stock units Company TTM Technologies, Inc. SEC Securities and Exchange Commission EMS Electronic manufacturing services SOFR Secured Overnight Financing Rate Exchange Act Securities Exchange Act of 1934, as amended STG Swiss Technology Group AG FASB Financial Accounting Standards Board U.S. ABL U.S. Asset-Based Lending Credit Agreement Guarantors The Company’s direct and indirect, existing and future domestic subsidiary guarantors, subject to certain exceptions U.S. GAAP Accounting principles generally accepted in the United States of America ILFA ILFA GmbH USD U.S. dollar The Company uses a 52/53-week fiscal calendar with the fourth quarter ending on the Monday nearest December 31. Discussion and analysis in this Report is for the quarter and two quarters ended June 29, 2026, compared to the quarter and two quarters ended June 30, 2025, unless otherwise stated. 3 PART I. FINANCI AL INFORMATION Item 1. Financial Sta tements (unaudited) TTM TECHNOLOGIES, INC. Consolidated Condens ed Balance Sheets As of June 29, 2026 and December 29, 2025 As of June 29, 2026 December 29, 2025 (Unaudited) (In thousands, except par value) ASSETS Current assets: Cash and cash equivalents $ 507,905 $ 501,234 Accounts receivable, net 720,143 563,741 Contract assets 596,036 468,006 Inventories 307,972 250,057 Prepaid expenses and other current assets 117,843 72,368 Total current assets 2,249,899 1,855,406 Property, plant, and equipment, net 1,187,809 1,010,710 Operating lease right-of-use assets 98,774 80,914 Goodwill 670,135 670,135 Definite-lived intangibles, net 136,474 154,922 Deposits and other non-current assets 72,618 68,244 Total assets $ 4,415,709 $ 3,840,331 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt, including current portion of long-term debt $ 4,000 $ 3,815 Accounts payable 812,987 543,538 Contract liabilities 186,770 175,627 Accrued salaries, wages, and benefits 120,967 132,967 Other current liabilities 139,243 106,250 Total current liabilities 1,263,967 962,197 Long-term debt, net of discount and issuance costs 969,456 912,336 Operating lease liabilities 104,543 87,524 Other long-term liabilities 143,315 116,021 Total long-term liabilities 1,217,314 1,115,881 Commitments and contingencies (Note 11) Equity: Common stock, $ 0.001 par value; 300,000 shares authorized, 115,197 shares issued as of June 29, 2026 and December 29, 2025; 105,343 and 103,379 shares outstanding as of June 29, 2026 and December 29, 2025, respectively 115 115 Treasury stock – common stock at cost; 9,854 and 11,818 shares as of June 29, 2026 and December 29, 2025, respectively ( 147,043 ) ( 174,744 ) Additional paid-in capital 961,889 951,942 Retained earnings 1,148,905 1,015,870 Accumulated other comprehensive loss ( 29,438 ) ( 30,930 ) Total stockholders’ equity 1,934,428 1,762,253 Total liabilities and stockholders' equity $ 4,415,709 $ 3,840,331 See accompanying notes to consolidated condensed financial statements. 4 TTM TECHNOLOGIES, INC. Consolidated Condensed St atements of Operations For the Quarter and Two Quarters Ended June 29, 2026 and June 30, 2025 For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 June 29, 2026 June 30, 2025 (Unaudited) (In thousands, except per share data) Net sales $ 1,004,054 $ 730,621 $ 1,850,030 $ 1,379,289 Cost of goods sold 792,196 582,512 1,456,991 1,100,208 Gross profit 211,858 148,109 393,039 279,081 Operating expenses: Selling and marketing 25,490 21,316 50,484 42,587 General and administrative 62,107 49,719 130,852 93,493 Research and development 7,978 7,009 15,786 15,073 Amortization of definite-lived intangibles 6,888 6,888 13,777 13,777 Restructuring charges 340 1,408 636 2,122 Total operating expenses 102,803 86,340 211,535 167,052 Operating income 109,055 61,769 181,504 112,029 Other expense: Interest expense ( 10,496 ) ( 11,095 ) ( 21,096 ) ( 22,559 ) Loss on extinguishment of debt ( 747 ) — ( 747 ) — Unrealized loss on derivative instruments ( 13,994 ) — ( 13,994 ) — Other, net ( 2,571 ) ( 5,149 ) ( 5,895 ) ( 2,954 ) Total other expense, net ( 27,808 ) ( 16,244 ) ( 41,732 ) ( 25,513 ) Income before income taxes 81,247 45,525 139,772 86,516 Income tax benefit (provision) 1,800 ( 3,995 ) ( 6,737 ) ( 12,808 ) Net income $ 83,047 $ 41,530 $ 133,035 $ 73,708 Earnings per share: Basic earnings per share $ 0.80 $ 0.41 $ 1.28 $ 0.72 Diluted earnings per share 0.77 0.40 1.24 0.70 See accompanying notes to consolidated condensed financial statements. 5 TTM TECHNOLOGIES, INC. Consolidated Condensed Statements of Comprehensive Income For the Quarter and Two Quarters Ended June 29, 2026 and June 30, 2025 For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 June 29, 2026 June 30, 2025 (Unaudited) (In thousands) Net income $ 83,047 $ 41,530 $ 133,035 $ 73,708 Other comprehensive income, net of tax: Pension obligation — — — 1,174 Foreign currency translation 168 115 303 159 Net unrealized gain (loss) on cash flow hedges: Unrealized gain (loss) on effective cash flow hedges 355 ( 391 ) 1,405 ( 1,774 ) Amounts realized in the statement of operations ( 95 ) ( 523 ) ( 216 ) ( 271 ) Net 260 ( 914 ) 1,189 ( 2,045 ) Other comprehensive income (loss), net of tax 428 ( 799 ) 1,492 ( 712 ) Comprehensive income, net of tax $ 83,475 $ 40,731 $ 134,527 $ 72,996 See accompanying notes to consolidated condensed financial statements. 6 TTM TECHNOLOGIES, INC. Consolidated Condensed Statements of Stockholders’ Equity For the Two Quarters Ended June 29, 2026 and June 30, 2025 Common Stock Treasury Stock Additional Paid-In Retained Accumulated Other Comprehensive Total Stockholders' Shares Amount Shares Amount Capital Earnings Loss Equity (Unaudited) (In thousands) Balance, December 29, 2025 115,197 $ 115 ( 11,818 ) $ ( 174,744 ) $ 951,942 $ 1,015,870 $ ( 30,930 ) $ 1,762,253 Net income — — — — — 49,988 — 49,988 Other comprehensive income — — — — — — 1,064 1,064 Issuance of stock for PRUs — — 436 6,350 ( 6,350 ) — — — Issuance of stock for RSUs — — 28 418 ( 418 ) — — — Stock-based compensation — — — — 24,356 — — 24,356 Balance, March 30, 2026 115,197 $ 115 ( 11,354 ) $ ( 167,976 ) $ 969,530 $ 1,065,858 $ ( 29,866 ) $ 1,837,661 Net income — — — — — 83,047 — 83,047 Other comprehensive income — — — — — — 428 428 Issuance of stock for RSUs — — 1,500 20,933 ( 20,933 ) — — — Stock-based compensation — — — — 13,292 — — 13,292 Balance, June 29, 2026 115,197 $ 115 ( 9,854 ) $ ( 147,043 ) $ 961,889 $ 1,148,905 $ ( 29,438 ) $ 1,934,428 Common Stock Treasury Stock Additional Paid-In Retained Accumulated Other Comprehensive Total Stockholders' Shares Amount Shares Amount Capital Earnings Loss Equity (Unaudited) (In thousands) Balance, December 30, 2024 113,161 $ 113 ( 11,164 ) $ ( 157,570 ) $ 910,741 $ 838,422 $ ( 27,882 ) $ 1,563,824 Net income — — — — — 32,178 — 32,178 Other comprehensive income — — — — — — 87 87 Issuance of stock for PRUs 305 — — — — — — — Issuance of stock for RSUs 20 — — — — — — — Repurchases of common stock — — ( 700 ) ( 17,875 ) — — — ( 17,875 ) Stock-based compensation — — — — 8,787 — — 8,787 Balance, March 31, 2025 113,486 $ 113 ( 11,864 ) $ ( 175,445 ) $ 919,528 $ 870,600 $ ( 27,795 ) $ 1,587,001 Net income — — — — — 41,530 — 41,530 Other comprehensive loss — — — — — — ( 799 ) ( 799 ) Issuance of stock for RSUs 1,687 2 — — ( 2 ) — — — Stock-based compensation — — — — 9,188 — — 9,188 Balance, June 30, 2025 115,173 $ 115 ( 11,864 ) $ ( 175,445 ) $ 928,714 $ 912,130 $ ( 28,594 ) $ 1,636,920 See accompanying notes to consolidated condensed financial statements. 7 TTM TECHNOLOGIES, INC. Consolidated Condensed S tatements of Cash Flows For the Two Quarters Ended June 29, 2026 and June 30, 2025 For the Two Quarters Ended June 29, 2026 June 30, 2025 (Unaudited) (In thousands) Cash flows from operating activities: Net income $ 133,035 $ 73,708 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property, plant, and equipment 60,414 54,555 Amortization of definite-lived intangible assets 18,448 18,448 Amortization of debt discount and issuance costs 1,142 1,067 Loss on extinguishment of debt 747 — Deferred income taxes 9,009 1,389 Stock-based compensation 37,648 17,975 Unrealized loss on derivative instruments 13,994 — Other 4,600 7,318 Changes in operating assets and liabilities: Accounts receivable, net ( 156,402 ) ( 46,741 ) Contract assets ( 128,030 ) ( 43,591 ) Inventories ( 57,915 ) ( 25,354 ) Prepaid expenses and other assets ( 44,185 ) ( 7,876 ) Accounts payable 192,182 47,458 Contract liabilities 11,143 ( 8,785 ) Accrued salaries, wages, and benefits ( 12,000 ) ( 6,232 ) Other liabilities 34,342 3,810 Net cash provided by operating activities 118,172 87,149 Cash flows from investing activities: Net purchases of property, plant, and equipment and other assets ( 169,205 ) ( 123,726 ) Proceeds from sale of property, plant, and equipment and other assets 11,988 272 Net cash used in investing activities ( 157,217 ) ( 123,454 ) Cash flows from financing activities: Proceeds from long-term debt borrowings 199,159 — Repayment of long-term debt borrowings ( 143,310 ) ( 1,895 ) Repayment of customer deposits ( 5,000 ) — Payment of debt issuance costs ( 4,737 ) — Repurchases of common stock — ( 17,875 ) Other ( 558 ) — Net cash provided by (used in) financing activities 45,554 ( 19,770 ) Effect of foreign currency exchange rates on cash and cash equivalents 162 110 Net increase in cash and cash equivalents 6,671 ( 55,965 ) Cash and cash equivalents at beginning of period 501,234 503,932 Cash and cash equivalents at end of period $ 507,905 $ 447,967 Supplemental cash flow information: Cash paid, net for interest $ 22,543 $ 23,575 Cash paid, net for income taxes 9,796 15,423 Supplemental disclosure of non-cash investing and financing activities: Cashless rollover of debt $ 280,841 $ — Property, plant, and equipment recorded in accounts payable and other current liabilities 140,132 59,126 See accompanying notes to consolidated condensed financial statements. 8 TTM TECHNOLOGIES, INC. Notes to Consolidated Conde nsed Financial Statements (Unaudited) (Dollars and shares in thousands, except per share data) (1) Nature of Operations and Basis of Presentation TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. The Company provides time-to-market and volume production of advanced technology products and offers a one-stop design, engineering, and manufacturing solution to customers. This solution allows the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market. The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense; automotive; data center and networking; and medical, industrial, and instrumentation. The Company’s customers include OEMs, EMS providers, ODMs, distributors, and government agencies (both domestic and allied foreign governments). The accompanying unaudited consolidated condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Due, in part, to the conflicts between Russia and Ukraine and conflicts in the Middle East, as well as other global regions, the imposition of, or changes to, tariffs by the United States as well as retaliatory tariffs or measures by other countries, and the rising prices of global crude oil, the global economy and financial markets have continued to be volatile. As such, the Company has considered information available to it as of the date of issuance of these consolidated condensed financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. The actual results the Company experienced may differ materially and adversely from its estimates. Derivative Instruments All derivatives are recognized on the Company's consolidated condensed balance sheets at fair value based on quoted market prices or the Company's estimate of their fair value, and are recorded in current or non-current assets or liabilities based on their maturity. Changes in the fair values of derivatives are recorded in net earnings or other comprehensive income (loss), based on whether the instrument is designated and effective as a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in accumulated other comprehensive loss are reclassified to earnings in the period the hedged item affects earnings. If the underlying hedged transaction ceases to exist, any associated amounts reported in accumulated other comprehensive loss are reclassified to earnings at that time. On June 18, 2026, in connection with the proposed STG acquisition (see Note 11, Commitments and Contingencies for further information), the Company entered into a deal-contingent, forward-starting, fixed-for-fixed USD/CHF cross-currency swap with a major financial institution. The swap was entered to economically mitigate the foreign currency risk of the CHF-denominated purchase price and convert a portion of the anticipated USD financing into fixed-rate CHF financing. The instrument is contingent upon the closing of the proposed STG acquisition. The swap has notional exchanges of $ 381,083 and CHF 306,200 , provides for the Company to receive fixed USD interest at 6.0 % and pay fixed CHF interest at 3.025 %, has an effective date of September 30, 2026, and matures on September 30, 2033 . The instrument does not qualify for hedge accounting at inception. As of June 29, 2026, the fair value of the derivative instrument was a net liability of $ 13,994 , of which $ 6,825 is included as a component of prepaid expenses and other current assets and $ 20,819 is included as a component of other long-term liabilities. During the quarter and two quarters ended June 29, 2026, the change in fair value of the derivative instrument of $ 13,994 was recorded as an unrealized loss on derivative instruments in the consolidated condensed statement of operations. Recently Issued Accounting Standards Not Yet Adopted In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities , to provide guidance on how business entities should recognize, measure, and present government grants received. The ASU is effective for annual periods beginning after December 15, 2028, and interim periods within those annual reporting periods. Early adoption is permitted. The guidance may be applied on a modified prospective basis, a modified retrospective basis, or a retrospective basis. The Company is currently evaluating the timing of the adoption and the impact of this ASU on its consolidated financial statements and related disclosures. 9 In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software , which amends the existing standard to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The guidance may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is currently evaluating the timing of the adoption and the impact of this ASU on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date , which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures, but expects additional disclosures upon adoption. (2) Revenues For contracts in which anticipated total costs exceed the total expected revenue, an estimated loss is recognized in the period when identifiable. A provision for the entire amount of the estimated loss is recorded on a cumulative basis. The estimated remaining costs to complete for loss contracts as of June 29, 2026 and December 29, 2025 were $ 20,954 and $ 33,163 , respectively. As of June 29, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations for long‑term contracts was $ 425,149 . The Company expects to recognize revenue on approximately 61 % of the remaining performance obligations for the Company’s long-term contracts over the next 12 month s with the remaining amount expected to be recognized thereafter. The remaining performance obligations for the Company’s short‑term contracts are expected to be recognized within one year, and the Company is applying the optional permitted exemption to forgo disclosing the amount of transaction price allocated to the remaining performance obligations for contracts with an expected duration of one year or less. Revenue recognized for the two quarters ended June 29, 2026 from amounts recorded as contract liabilities as of December 29, 2025 was $ 68,944 . Revenue recognized for the two quarters ended June 30, 2025 from amounts recorded as contract liabilities as of December 30, 2024 was $ 54,970 . Revenue from products and services transferred to customers over time and at a point in time accounted for 96 % and 4 % , respectively, of the Company's revenue for the quarter and two quarters ended June 29, 2026, and 97 % and 3 % , respectively, of the Company's revenue for the quarter and two quarters ended June 30, 2025. Disaggregated revenue by principal end markets within reportable segments was as follows: For the Quarter Ended June 29, 2026 June 30, 2025 A&D Commercial Total A&D Commercial Total (In thousands) End Markets (1) : Aerospace and Defense $ 371,165 $ — $ 371,165 $ 325,092 $ — $ 325,092 Automotive — 79,465 79,465 — 81,424 81,424 Data Center and Networking 9,779 395,565 405,344 9,039 203,486 212,525 Medical, Industrial, and Instrumentation 1,687 146,393 148,080 1,009 110,571 111,580 Total $ 382,631 $ 621,423 $ 1,004,054 $ 335,140 $ 395,481 $ 730,621 10 For the Two Quarters Ended June 29, 2026 June 30, 2025 A&D Commercial Total A&D Commercial Total (In thousands) End Markets (1) : Aerospace and Defense $ 712,722 $ — $ 712,722 $ 632,510 $ — $ 632,510 Automotive — 149,235 149,235 — 152,778 152,778 Data Center and Networking 18,442 688,649 707,091 16,950 383,025 399,975 Medical, Industrial, and Instrumentation 2,653 278,329 280,982 1,918 192,108 194,026 Total $ 733,817 $ 1,116,213 $ 1,850,030 $ 651,378 $ 727,911 $ 1,379,289 (1) The end market revenue for the quarter and two quarters ended June 30, 2025 has been recast to reflect certain adjustments to allocations resulting from the segment reorganization that occurred during the quarter ended March 30, 2026 as well as the combination of the data center computing and networking end markets. The end market revenue excludes intersegment sales totaling $ 301 and $ 1,032 for the quarter and two quarters ended June 29, 2026, respectively, and $ 186 and $ 473 for the quarter and two quarters ended June 30, 2025, respectively. See Note 4, Segment Information , for further information. (3) Significant Customers and Concentration of Credit Risk Financial instruments that are potentially subject to concentrations of credit risk are primarily cash and cash equivalents and accounts receivable. The Company had cash and cash equivalents held by its foreign subsidiaries of $ 185,429 and $ 191,925 as of June 29, 2026 and December 29, 2025, respectively. The Company maintains its cash and cash equivalents with major financial institutions and such balances exceed Federal Deposit Insurance Corporation (FDIC) insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk on cash and cash equivalents. In the normal course of business, the Company extends credit to its customers. Some customers to whom the Company extends credit are located outside the United States. The Company performs ongoing credit evaluations of customers, does not require collateral, and considers the credit risk profile of the entity from which the receivable is due in further evaluating collection risk. As of June 29, 2026 and December 29, 2025 , one customer accounted for 14 % of the Company's accounts receivable. The Company’s customers include both OEMs and EMS companies. The Company’s OEM customers often direct a significant portion of their purchases through EMS companies. While the Company’s customers include both OEM and EMS providers, the Company measures customer concentration based on OEM companies, as they are the ultimate end customers. For the quarter and two quarters ended June 29, 2026 , two customers collectively accounted for approximately 26 % of the Company's net sales. For the quarter and two quarters ended June 30, 2025, one customer accounted for approximately 12 % of the Company's net sales. (4) Segment Information During the quarter ended March 30, 2026, the Company strategically realigned RF&S Components within the A&D sector and concluded that the Company now has two reportable segments: A&D and Commercial. In prior periods, the Company had three reportable segments: A&D, Commercial, and RF&S Components following a change during the quarter ended June 30, 2025. As a result, certain prior period amounts have been reclassified to conform with this new presentation. The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the CODM, who is the President and CEO , to assess performance and to allocate resources. The CODM uses segment operating income to allocate resources such as employees and capital resources for each segment during the Company’s annual budgeting and forecasting process. Total sales and operating profit by segment include intersegment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. Amortization of definite-lived intangibles relates to the A&D reportable segment, but is not reviewed separately by the CODM. Separate segment asset measures are not used as a basis for the CODM to evaluate the performance of or to allocate resources to the segments. The A&D reportable segment consists of PCBs, value-added assemblies, microelectronics, RF/microwave components and assemblies, integrated mission systems, and commercial off-the-shelf (COTS) components. These highly engineered electronics products include the manufacture and test of customer‑supplied designs as well as long-term contracts to design, develop, manufacture, and test new products. The products in the A&D reportable segment support surveillance, intelligence, communications, and other critical missions for customers in the aerospace and defense industry as well as commercial customers in the telecommunications, industrial, and instrumentation markets. The Commercial reportable segment consists of PCBs using customer-supplied engineering and design plans supporting customers in the automotive; data center and networking; and medical, industrial, and instrumentation end markets. 11 Reconciliations of net sales and segment operating income were as follows: For the Quarter Ended June 29, 2026 June 30, 2025 Net Sales Intersegment Sales Segment Sales Net Sales Intersegment Sales Segment Sales (In thousands) A&D $ 382,631 $ 119 $ 382,750 $ 335,140 $ 43 $ 335,183 Commercial 621,423 182 621,605 395,481 143 395,624 Eliminations — ( 301 ) ( 301 ) — ( 186 ) ( 186 ) Total $ 1,004,054 $ — $ 1,004,054 $ 730,621 $ — $ 730,621 For the Two Quarters Ended June 29, 2026 June 30, 2025 Net Sales Intersegment Sales Segment Sales Net Sales Intersegment Sales Segment Sales (In thousands) A&D $ 733,817 $ 597 $ 734,414 $ 651,378 $ 55 $ 651,433 Commercial 1,116,213 435 1,116,648 727,911 418 728,329 Eliminations — ( 1,032 ) ( 1,032 ) — ( 473 ) ( 473 ) Total $ 1,850,030 $ — $ 1,850,030 $ 1,379,289 $ — $ 1,379,289 For the Quarter Ended June 29, 2026 Net Sales Cost of Goods Sold Operating Expenses Operating Income Operating Margin (In thousands, except margin rates) A&D $ 382,750 $ ( 288,436 ) $ ( 30,453 ) $ 63,861 16.7 % Commercial 621,605 ( 487,860 ) ( 21,069 ) 112,676 18.1 Total segment 1,004,355 ( 776,296 ) ( 51,522 ) 176,537 17.6 Eliminations ( 301 ) — Unallocated amounts: Restructuring ( 340 ) Acquisition-related and other charges ( 4,749 ) Stock-based compensation ( 13,292 ) Other corporate expenses ( 39,877 ) Amortization of definite-lived intangibles ( 9,224 ) Consolidated $ 1,004,054 109,055 10.9 % Interest expense ( 10,496 ) Loss on extinguishment of debt ( 747 ) Unrealized loss on derivative instruments ( 13,994 ) Other, net ( 2,571 ) Income before income taxes $ 81,247 12 For the Quarter Ended June 30, 2025 Net Sales Cost of Goods Sold Operating Expenses Operating Income Operating Margin (In thousands, except margin rates) A&D $ 335,183 $ ( 253,436 ) $ ( 33,602 ) $ 48,145 14.4 % Commercial 395,624 ( 317,652 ) ( 17,903 ) 60,069 15.2 Total segment 730,807 ( 571,088 ) ( 51,505 ) 108,214 14.8 Eliminations ( 186 ) — Unallocated amounts: Restructuring ( 1,408 ) Stock-based compensation ( 9,188 ) Other corporate expenses ( 26,625 ) Amortization of definite-lived intangibles ( 9,224 ) Consolidated $ 730,621 61,769 8.5 % Interest expense ( 11,095 ) Other, net ( 5,149 ) Income before income taxes $ 45,525 For the Two Quarters Ended June 29, 2026 Net Sales Cost of Goods Sold Operating Expenses Operating Income Operating Margin (In thousands, except margin rates) A&D $ 734,414 $ ( 549,600 ) $ ( 66,174 ) $ 118,640 16.2 % Commercial 1,116,648 ( 881,198 ) ( 41,206 ) 194,244 17.4 Total segment 1,851,062 ( 1,430,798 ) ( 107,380 ) 312,884 16.9 Eliminations ( 1,032 ) — Unallocated amounts: Restructuring ( 636 ) Acquisition-related and other charges ( 4,946 ) Stock-based compensation ( 37,648 ) Other corporate expenses ( 69,702 ) Amortization of definite-lived intangibles ( 18,448 ) Consolidated $ 1,850,030 181,504 9.8 % Interest expense ( 21,096 ) Loss on extinguishment of debt ( 747 ) Unrealized loss on derivative instruments ( 13,994 ) Other, net ( 5,895 ) Income before income taxes $ 139,772 13 For the Two Quarters Ended June 30, 2025 Net Sales Cost of Goods Sold Operating Expenses Operating Income Operating Margin (In thousands, except margin rates) A&D $ 651,433 $ ( 494,431 ) $ ( 66,488 ) $ 90,514 13.9 % Commercial 728,329 ( 586,737 ) ( 37,874 ) 103,718 14.2 Total segment 1,379,762 ( 1,081,168 ) ( 104,362 ) 194,232 14.1 Eliminations ( 473 ) — Unallocated amounts: Restructuring ( 2,122 ) Stock-based compensation ( 17,975 ) Other corporate expenses ( 43,658 ) Amortization of definite-lived intangibles ( 18,448 ) Consolidated $ 1,379,289 112,029 8.1 % Interest expense ( 22,559 ) Other, net ( 2,954 ) Income before income taxes $ 86,516 Depreciation expense by reportable segment was as follows: For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 June 29, 2026 June 30, 2025 (In thousands) A&D $ 9,379 $ 9,385 $ 18,820 $ 18,599 Commercial 19,239 16,956 37,387 33,345 Segment total 28,618 26,341 56,207 51,944 Corporate 2,504 1,351 4,207 2,611 Total $ 31,122 $ 27,692 $ 60,414 $ 54,555 The Company markets and sells its products in approximately 50 countries. For the quarters ended June 29, 2026 and June 30, 2025 and two quarters ended June 30, 2025, the Company did not conduct business in any country other than the United States in which its net sales in that country exceeded 10 % of the Company's total net sales. For the two quarters ended June 29, 2026 , net sales in Taiwan also exceeded 10 % of the Company’s total net sales. Net sales are attributed to countries by the invoiced location and were as follows: For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 June 29, 2026 June 30, 2025 (In thousands) United States $ 432,076 $ 381,619 $ 845,673 $ 739,427 Taiwan 94,343 50,856 185,416 105,012 Other 477,635 298,146 818,941 534,850 Total net sales $ 1,004,054 $ 730,621 $ 1,850,030 $ 1,379,289 Long-lived assets include property, plant, and equipment, goodwill, and definite-lived intangibles and were as follows: As of June 29, 2026 December 29, 2025 (In thousands) United States $ 887,660 $ 876,099 China 882,034 732,843 Other 224,724 226,825 Total $ 1,994,418 $ 1,835,767 14 (5) Composition of Certain Consolidated Condensed Financial Statement Captions As of June 29, 2026 December 29, 2025 (In thousands) Inventories: Raw materials $ 252,330 $ 197,531 Work-in-process 52,533 48,236 Finished goods 3,109 4,290 Inventories $ 307,972 $ 250,057 Property, plant, and equipment, net: Land and land use rights $ 73,049 $ 72,342 Buildings and improvements 652,897 634,785 Machinery and equipment 1,309,682 1,187,187 Furniture and fixtures and other 13,044 11,642 Construction-in-progress 183,304 101,945 Property, plant, and equipment, gross 2,231,976 2,007,901 Less: Accumulated depreciation ( 1,044,167 ) ( 997,191 ) Property, plant, and equipment, net $ 1,187,809 $ 1,010,710 Other current liabilities: Income taxes payable $ 24,970 $ 8,080 Sales return and allowances 17,669 12,392 Accrued facility operating costs 14,247 10,497 Operating leases 9,985 8,909 Housing fund 9,322 8,783 Interest 8,900 8,792 Warranty 7,236 7,855 Accrued professional fees 4,710 3,522 Other 42,204 37,420 Other current liabilities $ 139,243 $ 106,250 Other long-term liabilities: Deferred income taxes $ 55,338 $ 46,334 Derivative liabilities 20,819 — Customer deposits 18,325 23,465 Finance leases 15,213 15,829 Other 33,620 30,393 Other long-term liabilities $ 143,315 $ 116,021 As of June 29, 2026, prepaid expenses and other current assets include a derivative asset of $ 6,825 related to the fair value of the Company's forward-starting, fixed-for-fixed USD/CHF cross-currency swap. See Note 1, Nature of Operations and Basis of Presentation for further information. 15 (6) Goodwill and Definite-lived Intangibles Goodwill In connection with the Company’s strategic segment realignment during the quarter ended March 30, 2026, the RF&S Components reporting unit is now included as part of A&D. Management performed a goodwill impairment assessment over the $ 31,300 goodwill for the RF&S Components reporting unit and concluded no impairment indicators existed either before or after the realignment. As of June 29, 2026 and December 29, 2025, goodwill by reportable segment was $ 287,499 and $ 382,636 for A&D and Commercial, respectively. Definite-lived Intangibles The components of definite-lived intangibles were as follows: Gross Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (In thousands) (In years) As of June 29, 2026 Customer relationships $ 323,500 $ ( 203,041 ) $ 120,459 11.8 Technology 66,650 ( 50,635 ) 16,015 8.2 Total $ 390,150 $ ( 253,676 ) $ 136,474 As of December 29, 2025 Customer relationships $ 323,500 $ ( 189,264 ) $ 134,236 11.8 Technology 66,650 ( 45,964 ) 20,686 8.2 Total $ 390,150 $ ( 235,228 ) $ 154,922 Definite-lived intangibles are amortized using the straight-line method of amortization over the useful life. Amortization expense was as follows: For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 June 29, 2026 June 30, 2025 (In thousands) Total amortization expense $ 9,224 $ 9,224 $ 18,448 $ 18,448 Amortization expense in cost of goods sold 2,336 2,336 4,671 4,671 Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows: (In thousands) Remaining 2026 $ 18,449 2027 34,543 2028 30,997 2029 22,355 2030 18,178 Thereafter 11,952 Total $ 136,474 16 (7) Long-term Debt and Letters of Credit Long-term debt was as follows: As of June 29, 2026 December 29, 2025 Interest Rate Principal Outstanding Interest Rate Principal Outstanding (In thousands, except interest rates) Senior Notes due March 2029 4.00 % $ 500,000 4.00 % $ 500,000 Term Loan due May 2030 5.40 400,000 5.97 342,169 RCF due May 2031 5.15 80,000 — — Asia ABL Revolving Loan due June 2028 — — 5.02 80,000 Other — — 5.99 1,981 Total debt 980,000 924,150 Less: Unamortized debt issuance costs ( 4,708 ) ( 5,617 ) Less: Unamortized debt discount ( 1,836 ) ( 2,382 ) Subtotal 973,456 916,151 Less: Current maturities ( 4,000 ) ( 3,815 ) Long-term debt, less current maturities $ 969,456 $ 912,336 The fiscal calendar maturities of debt for the next five years are as follows: (In thousands) Remaining 2026 $ 2,000 2027 5,000 2028 3,000 2029 504,000 2030 386,000 Thereafter 80,000 Total $ 980,000 Debt Issuance Costs and Debt Discount Remaining unamortized debt issuance costs and debt discount were as follows: As of June 29, 2026 December 29, 2025 Debt Issuance Costs Debt Discount Effective Interest Rate Debt Issuance Costs Debt Discount Effective Interest Rate (In thousands, except interest rates) Senior Notes due March 2029 $ 2,219 $ — 4.18 % $ 2,608 $ — 4.18 % Term Loan due May 2030 2,489 1,836 5.68 3,009 2,382 8.01 Total $ 4,708 $ 1,836 $ 5,617 $ 2,382 The above debt issuance costs and debt discount are recorded as a reduction of the debt and are amortized into interest expense using an effective interest rate over the duration of the debt. Remaining unamortized debt issuance costs for the RCF of $ 5,674 as of June 29, 2026 and the previous U.S. ABL and Asia ABL of $ 874 as of December 29, 2025 are included in deposits and other non-current assets and are amortized to interest expense over the contractual term of each arrangement using the straight-line method of amortization. As of June 29, 2026 , the remaining weighted average amortization period for all unamortized debt issuance costs and debt discount was 4.2 years. Debt Covenants Borrowings under the Senior Notes due 2029 and Amended Term Loan Facility are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and restricted payments. Under the occurrence of certain events, the RCF is subject to various financial covenants, including leverage and interest coverage ratios. 17 2026 Credit Agreement; Refinancing of Term Loan Facility and RCF On June 1, 2026, the Company entered into the 2026 Credit Agreement, which amended and restated the Company’s Prior Term Loan Facility, and provided for a new RCF. In addition, the 2026 Credit Agreement will permit the Company to add one or more senior secured incremental term loan facilities to the Amended Term Loan Facility, subject to the satisfaction of certain conditions. Amended Term Loan Facility The 2026 Credit Agreement provided for a $ 400,000 senior secured term loan credit facility, of which $ 4,000 is included in short-term debt and $ 396,000 is included in long-term debt. The Company received $ 119,159 in cash and $ 280,841 of cashless rollover from continuing lenders to pay the full amount of indebtedness outstanding under the Company’s Prior Term Loan Facility, which was $ 340,436 , and related fees and expenses. The Amended Term Loan Facility bears interest at a floating rate of 1-month CME Term SOFR plus an applicable margin of 1.75 %. The Amended Term Loan Facility continues to require quarterly principal repayments equal to 1% of the $ 400,000 initial aggregate principal amount and maintains the same maturity date of May 30, 2030 as the Prior Term Loan Facility. RCF In addition, the 2026 Credit Agreement provides for a new RCF that replaces the Company’s previous $ 150,000 U.S. ABL, which was terminated on June 1, 2026 , and the Company’s previous $ 150,000 Asia ABL, which was also terminated on June 1, 2026 . The Company drew $ 80,000 on the RCF to pay the full amount outstanding under the previous Asia ABL. The $ 1,000,000 borrowing capacity is available to be drawn in USD by the Company to the extent that Foreign Subsidiary Borrowers (as defined in the 2026 Credit Agreement) have not drawn on the up to $ 300,000 available. Unless previously terminated in accordance with its terms, the RCF is scheduled to mature in May 2031 . The RCF includes a letter of credit subfacility with a sublimit of $ 200,000 . Borrowings under the RCF bear interest at an interest rate of 1-month CME Term SOFR plus a margin ranging from 1.25 % to 2.25 % determined by the Company’s Consolidated Leverage Ratio (as defined in the 2026 Credit Agreement) of the previous quarter. The Company is also required to pay unused commitment fees based on the average daily unused portion of the RCF ranging from 0.15 % to 0.35 % on an annual basis based on the Consolidated Leverage Ratio. The proceeds of the loans may be used to finance working capital needs, for general corporate purposes including acquisitions, or as otherwise permitted under the 2026 Credit Agreement. As of June 29, 2026, available borrowing capacity under the RCF was $ 913,866 . The obligations under the 2026 Credit Agreement are unconditionally guaranteed by each of the Company’s Guarantors, subject to certain exceptions. In addition, subject to certain exclusions and limitations, the obligations of the Company and each Guarantor in respect of the 2026 Credit Agreement are secured by a perfected first priority security interest in substantially all of the tangible and intangible assets of the Company and the Guarantors, including all of the capital stock held by the Company and the Guarantors (subject to a limitation of 65 % on pledges of capital stock of certain foreign subsidiaries and domestic holding companies of foreign subsidiaries). The 2026 Credit Agreement contains certain affirmative and restrictive covenants that the Company must comply with, including limitations on additional indebtedness, liens, investments, the issuance of dividends, and fundamental changes, as well as other customary covenants for credit facilities of this type. The 2026 Credit Agreement contains customary maintenance financial covenants applicable solely to the RCF. Specifically, the Company is required to maintain a minimum consolidated interest coverage ratio of at least 2.50 :1.00 and a maximum consolidated leverage ratio of not greater than 4.50 :1.00 as of the end of each fiscal quarter. The maximum consolidated leverage ratio is subject to a customary acquisition holiday that permits the level to increase to 5.00 :1.00 for the fiscal quarter in which a qualifying material acquisition is consummated and the following three fiscal quarters. Upon an event of default that is not cured or waived within any applicable cure periods, in addition to other remedies that may be available to the lenders, the obligations under the 2026 Credit Agreement may be accelerated. Loss on Extinguishment of Debt During the quarter and two quarters ended June 29, 2026, the Company recognized loss on extinguishment of debt of $ 747 , primarily related to the Company’s Prior Term Loan Facility. 18 (8) Income Taxes The Company’s effective tax rate is impacted by the mix of foreign and U.S. income, tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, the generation of credits, and deductions available to the Company as well as changes in valuation allowances and certain non-deductible items. No tax benefit was recorded on the losses incurred in certain foreign jurisdictions as a result of corresponding increases in the valuation allowances in these jurisdictions. During the quarter and two quarters ended June 29, 2026, the Company’s effective tax rate was impacted by a net discrete benefit of $ 24,637 and $ 27,452 , respectively. The net discrete benefit was primarily related to the deduction of stock‑based compensation, partially offset by tax expenses related to the finalization of China and Canada corporate income tax returns and the approval of the High and New Technology Enterprise (HNTE) status for a manufacturing subsidiary in China. The Company has various foreign subsidiaries formed or acquired to conduct or support its business outside the U.S. The Company expects its earnings attributable to most foreign subsidiaries may be repatriated back to the U.S. Accordingly, a deferred tax liability has been recorded for foreign withholding taxes and the estimated federal/state tax impact on any repatriation. For the Company’s other foreign subsidiaries with earnings currently being reinvested outside of the U.S., no deferred tax liability on undistributed earnings has been recorded. (9) Earnings Per Share, Share Repurchase Program, and Accumulated Other Comprehensive Loss Earnings Per Share The reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share is as follows: For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 June 29, 2026 June 30, 2025 (In thousands, except per share amounts) Net income $ 83,047 $ 41,530 $ 133,035 $ 73,708 Basic weighted average shares 104,291 101,857 104,061 101,861 Dilutive effect of PRUs, RSUs, and stock options 3,292 3,016 3,273 2,840 Diluted shares 107,583 104,873 107,334 104,701 Earnings per share: Basic earnings per share $ 0.80 $ 0.41 $ 1.28 $ 0.72 Diluted earnings per share 0.77 0.40 1.24 0.70 PRUs and RSUs to purchase 84 and 42 shares of common stock for the quarter and two quarters ended June 29, 2026, respectively, and PRUs, RSUs, and stock options to purchase 369 and 250 shares of common stock for the quarter and two quarters ended June 30, 2025, respectively, were not included in the computation of diluted earnings per share because the impact would be anti-dilutive. The PRUs would have had an anti-dilutive impact because the performance conditions had not been met during the applicable quarter and two quarters. The RSUs and stock options would have had an anti-dilutive impact because the total expected proceeds under the treasury stock method or the options’ exercise prices were greater than the average market price of common stock during the applicable quarter and two quarters. Share Repurchase Program On May 8, 2025, the Company's Board of Directors authorized the 2025 Repurchase Program , under which the Company may repurchase up to $ 100,000 in value of the Company’s outstanding shares of common stock from time to time through May 7, 2027 . The Company may repurchase shares through open market purchases, privately‑negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, which sets certain restrictions on the method, timing, price, and volume of open market stock repurchases. In addition, the Company adopted one trading plan in accordance with Rule 10b5-1 of the Exchange Act to facilitate certain purchases that may be effected under the share repurchase program. The timing, manner, price, and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated, or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares. During the quarter and two quarters ended June 29, 2026 , the Company did no t repurchase any shares. As of June 29, 2026, the remaining amount in value available to be repurchased under the 2025 Repurchase Program was $ 100,000 . 19 Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of tax, were as follows: As of June 29, 2026 December 29, 2025 (In thousands) Foreign currency translation $ ( 33,071 ) $ ( 33,374 ) Pension obligation 2,891 2,891 Cash flow hedges 742 ( 447 ) Total $ ( 29,438 ) $ ( 30,930 ) (10) Fair Value Measures The carrying amount and estimated fair value of the Company’s financial instruments were as follows: As of June 29, 2026 December 29, 2025 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Derivatives designated as hedges: Derivative assets, current $ 2,702 $ 2,702 $ 5,212 $ 5,212 Derivative liabilities, current — — 31 31 Derivative liabilities, non-current — — 382 382 Derivatives not designated as hedges: Derivative assets, current 6,825 6,825 — — Derivative liabilities, non-current 20,819 20,819 — — Senior Notes due March 2029 497,781 481,760 497,392 488,325 Term Loan due May 2030 395,675 401,000 336,778 345,806 RCF due May 2031 80,000 80,000 — — Asia ABL Revolving Loan due June 2028 — — 80,000 80,000 Other loan — — 1,981 1,981 The fair value of the derivative instruments was determined using pricing models developed based on the 1-month CME Term SOFR swap rate, USD/CHF spot and forward exchange rates, USD and CHF interest-rate curves, and other observable market data, including quoted market prices, as appropriate using Level 2 inputs. The values were adjusted to reflect non-performance risk of both the counterparty and the Company and deal-contingent provisions, as necessary. The fair value of the long-term debt was estimated based on quoted market prices, where available, as of June 29, 2026 and December 29, 2025, which are considered Level 2 inputs. As of June 29, 2026 and December 29, 2025 , the Company’s other financial instruments included cash and cash equivalents, accounts receivable, contract assets, accounts payable, and contract liabilities. The carrying amount of these instruments approximates fair value. (11) Commitments and Contingencies Legal Matters The Company is subject to various legal matters, which it considers normal for its business activities. While the Company currently believes that the amount of any reasonably possible loss for known matters would not be material to the Company’s financial condition, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate potential loss could have a material adverse effect on the Company’s financial condition or results of operations in a particular period. The Company has accrued amounts for its loss contingencies which are probable and estimable as of June 29, 2026 and December 29, 2025 and included as a component of other current liabilities. However, these amounts are not material to the consolidated condensed financial statements of the Company. Supplier Finance Program Obligations The Company has agreements with financial institutions to facilitate payments to certain suppliers. Liabilities associated with these agreements are recorded in accounts payable on the consolidated condensed balance sheets and amounted to $ 15,307 and $ 12,535 as of June 29, 2026 and December 29, 2025, respectively. 20 Banking Facility Agreement In June 2026, the Company entered a banking facility with a major financial institution to replace a portion of the trade credit capacity granted under the previous Asia ABL. This banking facility provides the Company with a line of credit for up to an aggregate $ 30,000 , which can be used to facilitate payments over imported equipment. The line of credit can be drawn upon for up to one year and six months. On a quarterly basis, the Company is required to pay 1.25 % per annum on the drawn portion of the aggregate available line of credit. As of June 29, 2026, the Company had current letters of credit issued under this banking facility agreement of $ 24,284 . Proposed Acquisitions of STG and ILFA On June 17, 2026, the Company announced that it had entered into definitive stock purchase agreements to acquire STG and ILFA in separate transactions. These proposed transactions are expected to close in the third quarter of 2026, subject to the satisfaction of regulatory approvals and other customary closing conditions. In connection with the proposed STG acquisition, the Company entered into an economic hedge to mitigate foreign currency risk of the CHF-denominated purchase price and interest related to the planned drawdown under the RCF to finance the proposed STG acquisition. See Note 1, Nature of Operations and Basis of Presentation for further information. 21 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement Regarding Forward-Looking Statements This Report contains forward-looking statements regarding future events or our future financial and operational performance. Forward-looking statements include statements regarding markets for our products; trends in net sales, gross profits, and estimated expense levels; liquidity and anticipated cash needs and availability; and any statement that contains the words “anticipate,” “believe,” “plan,” “forecast,” “foresee,” “estimate,” “project,” “expect,” “seek,” “target,” “intend,” “goal,” and other similar expressions. The forward-looking statements included in this Report reflect our current expectations and beliefs, and we do not undertake publicly to update or revise these statements, even if experience or future changes make it clear that any projected results expressed in this Report or future quarterly reports to stockholders, press releases, or company statements will not be realized. In addition, the inclusion of any statement in this Report does not constitute an admission by us that the events or circumstances described in such statement are material. Furthermore, we wish to caution and advise readers that these statements are based on assumptions that may not materialize and may involve risks and uncertainties, many of which are beyond our control, that could cause actual events or performance to differ materially from those contained or implied in these forward-looking statements. These risks and uncertainties include the risks identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 29, 2025, as updated by our other filings with the SEC, and described elsewhere in this Report. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated condensed financial statements and the related notes and the other financial information included in this Report, as well as the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our Annual Report on Form 10-K for the fiscal year ended December 29, 2025, filed with the SEC. COMPANY OVERVIEW We are a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. We focus on providing time-to-market and volume production of advanced technology products and offer a one-stop design, engineering, and manufacturing solution to our customers. This solution allows us to align technology development with the diverse needs of our customers and to enable them to reduce the time required to develop new products and bring them to market. We serve a diversified customer base consisting of approximately 1,300 customers in various markets throughout the world, including aerospace and defense; automotive; data center and networking; and medical, industrial, and instrumentation. Our customers include OEMs, EMS providers, ODMs, distributors, and government agencies (both domestic and allied foreign governments). RECENT DEVELOPMENTS We previously announced we are in the process of constructing a 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 building construction is complete, equipment is arriving, and we continue to install and test equipment setups. Volume production in this facility is expected to commence in the second half of 2026. On June 1, 2026, we entered into the 2026 Credit Agreement, which amended and restated our Prior Term Loan Facility, and provided for the Amended Term Loan Facility and a new RCF that replaced our prior revolving credit facilities, which have been terminated. In addition, the 2026 Credit Agreement will permit us to add one or more senior secured incremental term loan facilities to the Amended Term Loan Facility, subject to the satisfaction of certain conditions. On June 17, 2026, we announced that we had entered into definitive stock purchase agreements to acquire STG and ILFA in separate transactions. These proposed transactions are expected to close in the third quarter of 2026, subject to the satisfaction of regulatory approvals and other customary closing conditions. In connection with the proposed STG acquisition, we entered into an economic hedge to mitigate foreign currency risk of the CHF-denominated purchase price and interest related to the planned drawdown under the RCF to finance the proposed STG acquisition. 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 classify net sales based on OEM companies as they are the ultimate end customers. Sales to our ten largest customers collectively accounted for 55% of our net sales for both the quarter and two quarters ended June 29, 2026. Sales to our ten largest customers collectively accounted for 53% and 54% of our net sales for the quarter and two quarters ended June 30, 2025, respectively. 22 The percentage of our net sales attributable to each of the principal end markets we served was as follows: For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 (1) June 29, 2026 June 30, 2025 (1) End Markets (2) : Aerospace and Defense 37 % 45 % 39 % 47 % Automotive 8 11 8 11 Data Center and Networking 40 29 38 28 Medical, Industrial, and Instrumentation 15 15 15 14 Total 100 % 100 % 100 % 100 % (1) The end market revenue for the quarter and two quarters ended June 30, 2025 has been recast to reflect the combination of the data center computing and networking end markets. (2) Sales to EMS companies are classified by the end markets of their OEM customers. CRITICAL ACCOUNTING POLICIES AND ESTIMATES Our consolidated condensed financial statements included in this Report have been prepared in accordance with U.S. GAAP. The preparation of these consolidated condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations , in our Annual Report on Form 10-K for the fiscal year ended December 29, 2025 for further discussion of critical accounting policies and estimates. There have been no material changes to our critical accounting policies and estimates since December 29, 2025. CONSOLIDATED OPERATING RESULTS Net sales consist of gross sales less an allowance for returns, which typically have been approximately 2% of gross sales. We provide our customers a limited right of return for defective PCBs including components, assemblies, and subsystems. We record an estimate for sales returns and allowances at the time of sale based on historical results and anticipated returns. Selected financial highlights are presented in the table below: For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 June 29, 2026 June 30, 2025 (In thousands, except margin rates) Net sales $ 1,004,054 $ 730,621 $ 1,850,030 $ 1,379,289 Cost of goods sold 792,196 582,512 1,456,991 1,100,208 Gross profit 211,858 148,109 393,039 279,081 Gross margin 21.1 % 20.3 % 21.2 % 20.2 % Operating expenses: Selling and marketing 25,490 21,316 50,484 42,587 General and administrative 62,107 49,719 130,852 93,493 Research and development 7,978 7,009 15,786 15,073 Amortization of definite-lived intangibles 6,888 6,888 13,777 13,777 Restructuring charges 340 1,408 636 2,122 Total operating expenses 102,803 86,340 211,535 167,052 Operating income 109,055 61,769 181,504 112,029 Operating margin 10.9 % 8.5 % 9.8 % 8.1 % Total other expense, net (27,808 ) (16,244 ) (41,732 ) (25,513 ) Income tax benefit (provision) 1,800 (3,995 ) (6,737 ) (12,808 ) Net income $ 83,047 $ 41,530 $ 133,035 $ 73,708 Net Sales Total net sales increased $273.4 million, or 37.4%, to $1,004.1 million for the quarter ended June 29, 2026, from $730.6 million for the quarter ended June 30, 2025. The primary driver of this increase was due to continued strong demand in our data center and networking end market driven by the continued build out of AI data centers and related applications, as well as strong growth in our aerospace and defense and medical, industrial, and instrumentation end markets. Total net sales increased $470.7 million, or 34.1%, to $1,850.0 million for the two quarters ended June 29, 2026, from $1,379.3 million for the two quarters ended June 30, 2025. The primary driver of this increase was due to continued strong demand in our data 23 center and networking end market driven by the continued build out of AI data centers and related applications, as well as strong growth in our medical, industrial, and instrumentation and aerospace and defense end markets. Gross Profit and Margin Rate Gross profit increased $63.7 million to $211.9 million for the quarter ended June 29, 2026, from $148.1 million for the quarter ended June 30, 2025. Gross margin rate increased to 21.1% for the quarter ended June 29, 2026, from 20.3% for the quarter ended June 30, 2025. These increases were primarily due to higher sales volume, favorable product mix, and improved operational execution. Gross profit increased $114.0 million to $393.0 million for the two quarters ended June 29, 2026, from $279.1 million for the two quarters ended June 30, 2025. Gross margin rate increased to 21.2% for the two quarters ended June 29, 2026, from 20.2% for the two quarters ended June 30, 2025. These increases were primarily due to higher sales volume, favorable product mix, and improved operational execution. Operating Expenses Operating expenses increased $16.5 million to $102.8 million for the quarter ended June 29, 2026, from $86.3 million for the quarter ended June 30, 2025, primarily due to higher labor costs, incentive compensation, and acquisition costs. Operating expenses increased $44.5 million to $211.5 million for the two quarters ended June 29, 2026, from $167.1 million for the two quarters ended June 30, 2025, primarily due to higher stock-based compensation, labor costs, incentive compensation, and acquisition costs. The increase in stock-based compensation was primarily driven by exceeding predetermined targets, stock price appreciation, and vesting of certain performance-based stock grants. Operating Income and Margin Rate Operating income increased $47.3 million to $109.1 million for the quarter ended June 29, 2026, from $61.8 million for the quarter ended June 30, 2025. Operating margin rate increased to 10.9% for the quarter ended June 29, 2026, from 8.5% for the quarter ended June 30, 2025. The primary drivers of these increases are discussed above in the variance explanations for Gross Profit and Margin Rate and Operating Expenses . Operating income increased $69.5 million to $181.5 million for the two quarters ended June 29, 2026, from $112.0 million for the two quarters ended June 30, 2025. Operating margin rate increased to 9.8% for the two quarters ended June 29, 2026, from 8.1% for the two quarters ended June 30, 2025. The primary drivers of these increases are discussed above in the variance explanations for Gross Profit and Margin Rate and Operating Expenses . Total Other Expense, Net Total other expense, net increased $11.6 million to $27.8 million for the quarter ended June 29, 2026, from $16.2 million for the quarter ended June 30, 2025, primarily due to a higher amount of foreign exchange losses during the quarter ended June 29, 2026 resulting from strengthening RMB and MYR during the quarter ended June 29, 2026 as compared to the quarter ended June 30, 2025. We utilize the RMB and MYR at our China and Malaysia facilities, respectively, for employee‑related and other costs of running our operations in foreign countries. Total other expense, net increased $16.2 million to $41.7 million for the two quarters ended June 29, 2026, from $25.5 million for the two quarters ended June 30, 2025, primarily due to a higher amount of foreign exchange losses during the two quarters ended June 29, 2026 resulting from strengthening RMB and MYR during the two quarters ended June 29, 2026 as compared to the two quarters ended June 30, 2025. Income Taxes Income tax benefit increased $5.8 million to $1.8 million for the quarter ended June 29, 2026, from $4.0 million income tax expense for the quarter ended June 30, 2025, primarily due to tax benefits from the deduction of stock-based compensation, partially offset by tax expense driven by higher income before income taxes. Income tax expense decreased $6.1 million to $6.7 million for the two quarters ended June 29, 2026, from $12.8 million for the two quarters ended June 30, 2025, primarily due to tax benefits from the deduction of stock-based compensation, partially offset by tax expense driven by higher income before income taxes. Our effective tax rate is primarily impacted by the mix of foreign and U.S. income, tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, the generation of credits and deductions available to us as well as changes in valuation allowances and certain non-deductible items. We had a net deferred income tax liability of $52.8 million and $41.8 million as of June 29, 2026 and June 30, 2025, respectively. 24 SEGMENT OPERATING RESULTS Basis of Presentation During the quarter ended March 30, 2026, the Company strategically realigned RF&S Components within the A&D sector and concluded that the Company now has two reportable segments: A&D and Commercial. In prior periods, the Company had three reportable segments: A&D, Commercial, and RF&S Components following a change during the quarter ended June 30, 2025. As a result, certain prior period amounts have been reclassified to conform with this new presentation. See Part I, Item 1, Note 4, Segment Information , of the Notes to Consolidated Condensed Financial Statements in this Report for further information. Selected segment financial highlights, with reconciliations to operating income, are presented in the table below: For the Quarter Ended For the Two Quarters Ended June 29, 2026 June 30, 2025 June 29, 2026 June 30, 2025 (In thousands, except margin rates) Segment sales: A&D $ 382,750 $ 335,183 $ 734,414 $ 651,433 Commercial 621,605 395,624 1,116,648 728,329 Total $ 1,004,355 $ 730,807 $ 1,851,062 $ 1,379,762 Segment operating income: A&D $ 63,861 $ 48,145 $ 118,640 $ 90,514 Commercial 112,676 60,069 194,244 103,718 Total 176,537 108,214 312,884 194,232 Segment operating margin rate: A&D 16.7 % 14.4 % 16.2 % 13.9 % Commercial 18.1 % 15.2 % 17.4 % 14.2 % Total 17.6 % 14.8 % 16.9 % 14.1 % Unallocated amounts: Restructuring (340 ) (1,408 ) (636 ) (2,122 ) Acquisition-related and other charges (4,749 ) — (4,946 ) — Stock-based compensation (13,292 ) (9,188 ) (37,648 ) (17,975 ) Other corporate expenses (39,877 ) (26,625 ) (69,702 ) (43,658 ) Amortization of definite-lived intangibles (1) (9,224 ) (9,224 ) (18,448 ) (18,448 ) Operating income $ 109,055 $ 61,769 $ 181,504 $ 112,029 (1) Amortization of definite-lived intangibles relates to the A&D reportable segment, but is not reviewed separately by the CODM. Segment operating income, as reconciled in Part I, Item 1, Note 4, Segment Information , of the Notes to Consolidated Condensed Financial Statements in this Report, and segment operating margin rate (segment operating income divided by segment sales) are presented in conformity with Accounting Standards Codification (ASC) Topic 280, Segment Reporting . These measures are reported to the CODM, who is the President and CEO, for purposes of making decisions about allocating resources to the segments and assessing their performance. For these reasons, these measures are excluded from the definition of non‑GAAP financial measures under the SEC's Regulation G and Item 10(e) of Regulation S-K. A&D Segment Sales Segment sales for the A&D reportable segment increased $47.6 million, or 14.2%, to $382.8 million for the quarter ended June 29, 2026, from $335.2 million for the quarter ended June 30, 2025. The primary drivers of this increase were strong defense budget spending, our strong strategic program alignment, and key bookings for ongoing franchise programs, including restricted programs. These increases were driven by increased sales related to missiles and munitions as well as strong demand in our mission systems and specialty assembly businesses. Segment sales for the A&D reportable segment increased $83.0 million, or 12.7%, to $734.4 million for the two quarters ended June 29, 2026, from $651.4 million for the two quarters ended June 30, 2025. The primary drivers of the increase were as discussed in the paragraph above. Segment Operating Income and Margin Rate Segment operating income for the A&D reportable segment increased $15.7 million to $63.9 million for the quarter ended June 29, 2026, from $48.1 million for the quarter ended June 30, 2025. Segment operating margin rate for the A&D reportable segment 25 increased to 16.7% for the quarter ended June 29, 2026, from 14.4% for the quarter ended June 30, 2025. The primary drivers of these increases were higher sales volume, as discussed above, favorable product mix, and improved operational execution. Segment operating income for the A&D reportable segment increased $28.1 million to $118.6 million for the two quarters ended June 29, 2026, from $90.5 million for the two quarters ended June 30, 2025. Segment operating margin rate for the A&D reportable segment increased to 16.2% for the two quarters ended June 29, 2026, from 13.9% for the two quarters ended June 30, 2025. The primary drivers of these increases were as discussed in the paragraph above. Commercial Segment Sales Segment sales for the Commercial reportable segment increased $226.0 million, or 57.1%, to $621.6 million for the quarter ended June 29, 2026, from $395.6 million for the quarter ended June 30, 2025. The primary drivers of this increase were strong demand in our data center and networking end market driven by the continued buildout of AI data centers and related applications, as well as strong sales performance in our medical, industrial, and instrumentation end market. Segment sales for the Commercial reportable segment increased $388.3 million, or 53.3%, to $1,116.6 million for the two quarters ended June 29, 2026, from $728.3 million for the two quarters ended June 30, 2025. The primary drivers of this increase were as discussed in the paragraph above. Segment Operating Income and Margin Rate Segment operating income for the Commercial reportable segment increased $52.6 million to $112.7 million for the quarter ended June 29, 2026, from $60.1 million for the quarter ended June 30, 2025. Segment operating margin rate for the Commercial reportable segment increased to 18.1% for the quarter ended June 29, 2026, from 15.2% for the quarter ended June 30, 2025. The primary drivers of these increases were higher sales volume, as discussed above, improving mix, and improved operational execution. Segment operating income for the Commercial reportable segment increased $90.5 million to $194.2 million for the two quarters ended June 29, 2026, from $103.7 million for the two quarters ended June 30, 2025. Segment operating margin rate for the Commercial reportable segment increased to 17.4% for the two quarters ended June 29, 2026, from 14.2% for the two quarters ended June 30, 2025. The primary drivers of these increases were as discussed in the paragraph above. Liquidity and Capital Resources Our principal sources of liquidity have been cash provided by operations, the issuance of debt, and borrowings under our RCF. Our principal uses of cash have been to finance capital expenditures, finance acquisitions, fund working capital requirements, repay debt obligations, and repurchase common stock. We anticipate that financing capital expenditures, financing acquisitions including but not limited to the proposed STG and ILFA acquisitions, funding working capital requirements, servicing debt, and repurchasing common stock will be the principal demands on our cash in the future. Cash flow provided by operating activities during the first two quarters of 2026 was $118.2 million as compared to cash flow provided by operating activities of $87.1 million in the same period in 2025. The increase in cash flow was primarily due to an increase in net income of $59.3 million partially offset by increased working capital largely driven by the timing of collections. Net cash used in investing activities during the first two quarters of 2026 was $157.2 million, primarily resulting from the use of $169.2 million for net purchases of property, plant, and equipment and other assets, partially offset by the receipt of $12.0 million of proceeds from the sale of property, plant, and equipment and other assets. Net cash used in investing activities during the first two quarters of 2025 was $123.5 million, primarily resulting from the use of $123.7 million for net purchases of property, plant, and equipment and other assets. Net cash provided by financing activities during the first two quarters of 2026 was $45.6 million, primarily reflecting proceeds from long-term debt borrowing of $199.2 million, partially offset by repayment of long-term debt borrowings of $143.3 million, repayments of $5.0 million for customer deposits, and $4.7 million for payment of debt issuance costs. Net cash used in financing activities during the first two quarters of 2025 was $19.8 million, reflecting the use of $17.9 million for repurchases of common stock and $1.9 million for the repayment of long-term debt borrowings. As of June 29, 2026, we had cash and cash equivalents of approximately $507.9 million, of which approximately $185.4 million was held by our foreign subsidiaries, primarily in China, $913.9 million of available borrowing capacity under our RCF, and $5.7 million of available letters of credit under our banking facility. Should we choose to remit cash to the United States from our foreign locations, we may incur tax obligations which would reduce the amount of cash ultimately available to the United States. However, we believe there would be no material tax expenses not previously accrued for the repatriation of this cash. Our total 2026 capital expenditures are expected to be in the range of $345.0 million to $365.0 million, primarily for capacity expansion to meet market demand. 26 Share Repurchases On May 8, 2025, our Board of Directors authorized the 2025 Repurchase Program, under which we may repurchase up to $100.0 million in value of our common stock from time to time through May 7, 2027. We did not repurchase any shares of our common stock during the quarter ended June 29, 2026. As of June 29, 2026, the remaining amount in value available to be repurchased under the 2025 Repurchase Program was $100.0 million. Long-term Debt and Letters of Credit As of June 29, 2026, we had $973.5 million of outstanding debt, net of discount and issuance costs, composed of $497.8 million of Senior Notes due 2029, $395.7 million under the Amended Term Loan Facility, and $80.0 million under the RCF. Pursuant to the terms of the Senior Notes due 2029 and the 2026 Credit Agreement (which provides for the Amended Term Loan Facility and the RCF), we are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and restricted payments, and with respect to the RCF, various financial covenants, including leverage and interest coverage ratios. As of June 29, 2026, we were in compliance with the covenants under the Senior Notes due 2029 and the 2026 Credit Agreement. Based on our current level of operations, we believe that cash generated from operations, cash on hand, and cash from the issuance of available term, incremental, and revolving debt will be adequate to meet our currently anticipated capital expenditure, acquisitions, debt service, and working capital needs for the next 12 months. Additional information regarding our indebtedness, including information about the credit available under our debt facilities, interest rates, and other key terms of our outstanding indebtedness, is included in Part I, Item 1, Note 7, Long‑term Debt and Letters of Credit , of the Notes to Consolidated Condensed Financial Statements included in this Report. Supplier Finance Program Obligations We have agreements with financial institutions to facilitate payments to certain suppliers. Liabilities associated with these agreements are recorded in accounts payable on the consolidated condensed balance sheets and amounted to $15.3 million and $12.5 million as of June 29, 2026 and December 29, 2025, respectively. Contractual Obligations and Commitments As part of our ongoing operations, we enter into contractual arrangements that obligate us to make future cash payments. These obligations impact our liquidity and capital resource needs. Our estimated future obligations consist of long-term debt obligations, interest on debt obligations, derivative liabilities, purchase obligations, and leases. A summary of our long-term debt obligations as of June 29, 2026 is included in Part I, Item 1, Note 7, Long‑term Debt and Letters of Credit , of the Notes to Consolidated Condensed Financial Statements included in this Report. Our aggregate interest on debt obligations as of June 29, 2026, amounted to $162.8 million, which is expected to be settled as follows: $45.9 million within 1 year, $89.9 million within 1-3 years, and $27.0 million within 4-5 years. For debt obligations based on variable rates, interest rates used are as of June 29, 2026. As of June 29, 2026, there were no other material changes outside the ordinary course of business since December 29, 2025 to our contractual obligations and commitments and the related cash requirements. Seasonality We do not consider any material portion of our business to be seasonal. Various factors, however, can affect the distribution of our sales between accounting periods, including the timing of customer orders, the availability of customer funding, product deliveries, and customer acceptance. Recently Issued Accounting Standards For a description of recently adopted and issued accounting standards, including the respective dates of adoption and the expected effects on our results of operations and financial condition, see Part I, Item 1, Note 1, Nature of Operations and Basis of Presentation , of the Notes to Consolidated Condensed Financial Statements included in this Report. 27 Item 3. Quantitative and Qualitati ve Disclosures About Market Risk Foreign Currency Exchange Rate Risks In connection with the proposed STG acquisition, we expect to become exposed to additional foreign currency risk from the CHF-denominated purchase price and interest related to the planned drawdown under the RCF to finance the proposed STG acquisition, which is expected to close in the third quarter of 2026, subject to the satisfaction of regulatory approvals and other customary closing conditions. In an effort to economically mitigate these risks, we entered into a deal-contingent forward-starting, fixed-for-fixed USD/CHF cross-currency swap with a major financial institution. As of June 29, 2026, the swap had a net fair value liability of $14.0 million. The terms of the deal-contingent swap were as follows: As of June 29, 2026 Remaining 2026 2027 2028 2029 2030 Thereafter (In thousands, except interest rates) USD principal (1) Pay USD 381,083 — — — — Receive USD 381,083 CHF principal (1) Receive CHF 306,200 — — — — Pay CHF 306,200 USD interest (2) — Receive 6.00% Receive 6.00% Receive 6.00% Receive 6.00% Receive 6.00% CHF interest (2) — Pay 3.025% Pay 3.025% Pay 3.025% Pay 3.025% Pay 3.025% (1) Effective September 30, 2026 and matures on September 30, 2033. (2) Settlements commence March 31, 2027 through maturity, settled semiannually each March 31 and September 30. See Part I, Item 1, Note 1, Nature of Operations and Basis of Presentation , of the Notes to Consolidated Condensed Financial Statements in this Report for further information. Interest Rate Risks As of June 29, 2026, 76.5% of our total debt was based on fixed rates. Based on our borrowings as of June 29, 2026, an assumed 100 basis point change in variable rates would cause our annual interest cost to change by $2.3 million. Debt Instruments The fiscal calendar maturities of our debt instruments for the next five years and thereafter were as follows: As of June 29, 2026 Remaining 2026 2027 2028 2029 2030 Thereafter Total Fair Value Weighted Average Interest Rate (In thousands, except interest rates) Variable Rate (1) $ 2,000 $ 5,000 $ 3,000 $ 4,000 $ 386,000 $ 80,000 $ 480,000 $ 481,000 5.36 % Fixed Rate — — — 500,000 — — 500,000 481,760 4.00 Total $ 2,000 $ 5,000 $ 3,000 $ 504,000 $ 386,000 $ 80,000 $ 980,000 $ 962,760 (1) Interest rate swap effectively fixed $250,000 of variable rate debt. There have been no other material changes to our risks as previously disclosed in Item 7A, Quantitative and Qualitative Disclosures About Market Risk, in our Annual Report on Form 10-K for the fiscal year ended December 29, 2025. 28 Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our management, under the supervision and with the participation of our CEO and CFO, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our CEO and CFO have concluded that, as of June 29, 2026, such disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and (2) accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosures. In designing and evaluating our disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Changes in Internal Control over Financial Reporting There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 29, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 29 PART II. OTHER INFORMATION Item 1. Legal Proceedings From time to time, we may become a party to various legal proceedings arising in the ordinary course of our business. There can be no assurance that we will prevail in any such litigation. We believe that the amount of any reasonably possible or probable loss for known matters would not be material to our financial statements; however, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate potential loss could have a material adverse effect on our financial condition, results of operations, or cash flows in a particular period. Item 1A. Ri sk Factors During the quarter ended June 29, 2026, we identified the following material change to a risk factor that was previously disclosed in Part I, Item 1A, Risk Factors , of our Annual Report on Form 10-K for the fiscal year ended December 29, 2025. We are subject to risks of currency exchange rate fluctuations. A portion of our cash, other assets, and liabilities is held in currencies other than the USD. Changes in exchange rates among other currencies and the USD will affect the value of these assets or liabilities and could negatively impact the amount of cash available to fund operations or repay debt. To the extent that we decide to repatriate some portion of these funds to the United States, the actual value transferred could be impacted by movements in exchange rates. Additionally, we expect to have revenues, expenses, and costs denominated in currencies other than the USD, which include but are not limited to the RMB, the MYR, the CHF, and the Euro. Fluctuations in the exchange rates between the USD and the RMB, the MYR, the CHF, the Euro, or any other currency where we are exposed to foreign currency risk and do not hedge to manage such risk could result in increases in our expenses or decreases in our revenues, which could negatively impact our business, financial condition, and results of operations. In connection with the proposed STG acquisition, we entered into a deal-contingent USD/CHF cross-currency swap, as disclosed in more detail above. Significant inflation or disproportionate changes in foreign exchange rates could occur from general economic conditions, acts of war or terrorism, changes in governmental monetary or tax policy, or changes in local interest rates. Further, China’s government imposes controls over the convertibility of RMB into foreign currencies, which subjects us to further currency exchange risk. There have been no other material changes in our risk factors as previously disclosed in Part I, Item 1A, Risk Factors , of our Annual Report on Form 10-K for the fiscal year ended December 29, 2025. Item 2. Unre gistered Sales of Equity Securities and Use of Proceeds Issuer Purchases of Equity Securities On May 8, 2025, our Board of Directors authorized a new share repurchase program, under which we may repurchase up to $100.0 million in value of our outstanding shares of common stock from time to time through May 7, 2027. We did not repurchase any shares of our common stock during the quarter ended June 29, 2026. Item 3. Defaults Upon Senior Securities Not applicable. Item 4 . Mine Safety Disclosures Not applicable. Item 5. Other Information Rule 10b5-1 Trading Plans During the quarter ended June 29, 2026 , none of our directors and/or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" for the purchase or sale of our securities (as those terms are defined in Regulation S-K, Item 408). 30 Item 6. Exhibits Exhibit Filed/Furnished Incorporated by Reference Number Exhibit Description Herewith Form File Number Exhibit Filing Date 10.1 TTM Technologies, Inc. Form of Restricted Stock Unit Award Grant Notice and Award Agreement (for non-employee directors) pursuant to TTM Technologies, Inc. 2023 Incentive Compensation Plan X 10.2 TTM Technologies, Inc. Equity Advantage Match Plan 8-K 000-31285 10.1 May 8, 2026 10.3 Second Amended & Restated Credit Agreement, dated as of June 1, 2026, by and among TTM Technologies, Inc., as Borrower, the foreign subsidiary borrowers party thereto, any designated borrowers party thereto, the several Lenders from time to time parties thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent. 8-K 000-31285 10.1 June 3, 2026 31.1 CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 X 31.2 CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 X 32.1* CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 X 32.2* CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 X 101.INS Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) Management contract or compensatory plan. * Furnished herewith. The certifications attached as Exhibits 32.1 and 32.2 that accompany this Report are not deemed filed with the Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Report, irrespective of any general incorporation language contained in such filing. 31 SIGNAT URES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TTM Technologies, Inc. /s/ Daniel L. Boehle Dated: August 5, 2026 Daniel L. Boehle Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer and duly authorized signatory) 32