NASDAQ: TTMI

Additional information on our reportable segments and product information is contained in Part II, Item 8, Note 4, Segment Information, of the Notes to Consolidated Financial Statements.

Industry Overview

Advanced interconnect products serve as the foundation for virtually all electronic products, including the electronic components and subsystems integrated into automobiles, high-end commercial electronic equipment such as medical robotics and testing equipment, data center switches and servers, and aerospace and defense electronic systems. Products designed to offer faster data transmission, thinner and more lightweight packaging, and reduced power consumption generally require increasingly complex interconnect products. Advanced technology interconnect product solutions such as HDI and SLP technologies provide increased circuit densities, rigid-flex circuits can be found in small and lightweight end products and other space-challenged electronics packaging applications, and high-performance substrates that serve as the interconnect between the IC and the PCB in many advanced electronic products are all found across a wide variety of end markets. Combined with the engineered systems and assemblies described above, these “advanced technologies" generally have growth rates which are higher than conventional technologies. In addition, most of our markets have low volume requirements during the prototype stage, which later transitions to higher volume requirements during product ramp.

TTM’s engineered systems are sold primarily to the aerospace and defense market, generally tier one subcontractors but also directly to government agencies (both domestic and allied foreign governments). Due to modernization priorities, an increased proportion of defense budgets is geared towards defense electronics such as radar, communications, and surveillance. These are the key markets for our engineered systems products.

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TTM’s RF microwave/microelectronic assemblies are also used in complete defense electronic systems and sold to tier one subcontractors. They benefit from increasing electronics content in defense programs as well as increased focus on solid-state AESA radar systems. Based on our internal market intelligence, we expect this market to grow faster than the overall defense market.

TTM’s high-volume commercial RF components product lines are utilized by TTM’s customers to achieve advance signal conditioning in transceiver applications for 5G and other communication systems. The growth of the 5G transceiver market is expected to exceed overall telecommunications market growth over the next several years.

Our Strategy

Our vision is to inspire innovation as a global preeminent technology company. Our core strategy includes the following elements:

Provide differentiated capabilities by incorporating advanced design-to-specification engineering support, testing, components, and specialized assembly into the value-added solution provided to customers. With our past acquisitions of Anaren, Inc. and Telephonics, we moved beyond build-to-print manufacturing and assembly capabilities and expanded into integrated systems and deepened our RF and radar-related engagement to meet the technology needs of our customers, particularly our key aerospace and defense customers. As a result of additional design capabilities, we are more capable of providing cost-effective, ready for manufacture, enabling technologies to the customer.

Maintain our customer-driven culture and provide superior service to our customers in our core markets of aerospace and defense, automotive, data center computing, medical, industrial, and instrumentation, and networking. Our customer-oriented culture is designed to achieve extraordinary service, competitive differentiation, and superior execution. Our customer-oriented strategies include engaging in collaborative research and development and the co-development of new technologies and products, capturing new technology products for next generation equipment, and continuing investments to enhance our broad offering of advanced interconnect and RF/microwave technologies from components through integrated mission systems. We have invested in and employ a diverse group of design engineers and field application engineers (FAEs) to provide technical expertise to our customers with the goal of designing the best product and service solutions for their needs, and to provide ongoing technical support. We believe our ability to anticipate and meet customers’ needs is critical to retaining existing customers and attracting leading companies as new customers.

Drive operational efficiency and productivity. We are highly focused on improving our operational execution to increase efficiency, productivity, and yields. We strongly believe in the benefits of sharing best practices across our extensive manufacturing footprint and rely on stringent goals for throughput, quality, and customer satisfaction to measure our effectiveness. The fast-paced nature of our business requires a disciplined approach to manufacturing that is rooted in continuous improvement and new capability development.

Accelerate customer, end market, and technology diversification through strategic mergers and acquisitions. We have a history of executing successful acquisitions that have been key to our growth and profitability. Historically, we focused on strategic opportunities that could facilitate our efforts to further diversify into other growing end markets. Now that we have a more diversified end market mix, our focus is to strengthen and expand our leadership positions in existing end markets. We will also look for strategic opportunities that further strengthen our leading-edge technology capabilities and aim to manage our exposure to cyclical businesses.

Accelerate our expansion into growing markets using our advanced technology and diversified global manufacturing footprint as key points of differentiation. With rising requirements for faster data transmission, shrinking features (i.e., lightweight and thin), thermal management and lower power consumption, many advanced interconnect product designs have migrated to more complex multilayer and advanced HDI PCBs from conventional multilayer PCB technologies. As our customers consolidate their supply chains, our objective is to differentiate ourselves as a strategic supplier with the technology breadth to meet most, if not all, of our customers’ advanced interconnect and RF related requirements. Additionally, we intend to strategically invest to expand and develop our manufacturing footprint both domestically and internationally to meet customer requirements with the goals of supply chain reliability, resiliency, and geographic diversification.

Address customer needs in all stages of the product life cycle. By aiming to provide a one-stop solution, we work to service our customers’ needs from the earliest stages of product design and development through volume production. We believe that by engaging with our customers early in the development process, we are better able to develop solutions for our customers’ needs and establish an incumbent position early in the product development cycle, which translates into additional opportunities as our customers move into volume production. Our expertise is enhanced by our ability to deliver highly complex interconnect and integration solutions to customers in significantly compressed lead times. This rapid delivery service enables OEMs to develop sophisticated electronic products more quickly and reduce their time to market. Further, we believe our customized RF solutions from the concept stage through volume production and our complete engineered systems enhance our early customer engagement.

Deliver consistently strong financial performance and execute on our balance sheet strategy. We aspire to deliver industry‑leading financial performance. We expect to achieve this by servicing our customers’ needs in higher-growth end markets in a cost‑efficient and effective manner. We believe that this strategy will allow us to generate strong cash flows, which we expect will provide us with the financial flexibility for continued investments for growth and return of capital to shareholders.

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Continuously enhance the elements that make TTM an appealing employer. We aim to attract the right employees who are aligned with our values and desire growth in their professional careers. We believe our employee engagement model, emphasis on communications and inclusion, commitment to career development and talent, and collaborative culture are the top reasons employees embrace us. Our ability to retain valued talent while attracting the right candidates is paramount to our continued human capital strategy.

Products and Services

We offer a wide range of engineered systems, RF and microwave assemblies, advanced interconnect products including PCBs and IC substrates, custom assemblies and integrated systems, passive and advanced ceramic RF components, hi-reliability multi-chip modules, and beamforming and switching networks. We also offer value-added services including DFM, PCB layout design, simulation and testing, QTA production, and specialized RF assembly and testing. By offering this wide range of engineered systems, RF components and subsystems, advanced interconnect products, and complementary value-added services, we provide our customers with a “one-stop” manufacturing solution for their hardware technology and integration requirements. Below we describe our product lines in more detail.

Radar Systems. We provide a wide range of high-performing, lightweight, and cost-effective multi-mode surveillance and weather avoidance radar systems for fixed- and rotary-wing aircraft, Unmanned Aerial Vehicles (UAVs), and shipboard platforms to the USG, tier one OEMs, and numerous international defense agencies. At this time, we are also the sole provider of the U.S. Navy’s AN/APS-153 multi-mode radar on the MH-60R helicopter, and the communications suite within the MH-60R/S multi-mission helicopters. Our multi-mode radars offer advanced features such as Ground Moving Target Indicator (GMTI), Synthetic Aperture Radar (SAR), Inverse Synthetic Aperture Radar (ISAR), Sense and Avoid, Automatic Identification System (AIS), and weather avoidance. Our MOSAIC® AESA radar family supports maritime surveillance, counter UAS, and advanced air mobility end markets.

Surveillance. We are a global leader in IFF, Monopulse Secondary Surveillance Radars (MSSR), and Air Traffic Control (ATC) systems enabling military and civilian air traffic controllers to identify aircraft and vehicles as friendly. Our active and passive surveillance solutions are used by all branches of the U.S. military, Federal Aviation Administration (FAA), North Atlantic Treaty Organization (NATO), and numerous international defense agencies including those of Japan and South Korea.

Communications Systems. Our advanced wired and wireless communication systems serve as the digital backbone for defense and civil platforms worldwide, including fixed- and rotary-wing aircraft and ground control shelters. Our vehicle-based intercommunications systems are utilized by all the branches of the U.S. military, aerospace manufacturers, commercial airlines, and audiometric original equipment manufacturers.

RF and Microwave Assemblies. We design, produce, and test specialized multi-chip RF modules and components used for radar, transmit/receive antennas, and similar wireless applications. We serve defense, avionics, satellite, and commercial applications including telecommunications, networking, instrumentation, and automotive. We also offer specialized radio frequency assembly, test services, and integrated solutions to provide sophisticated integrated electronics for numerous platforms.

Passive RF Components. We manufacture off-the-shelf surface mount microwave components that provide passive microwave signal distribution functions and can be placed on PCBs with automated production equipment. These products are used in cellular base stations, Wireless Local Area Network (WLAN), Bluetooth, satellite television, and 5G applications.

Advanced Ceramic RF Components and Modules. We offer standard and etched thick-film ceramic substrates. These products are generally customer-designed for high-performance applications in the medical, industrial, and defense markets.

Hi-Reliability Multi-Chip Modules. We provide custom hybrid and multi-chip modules, high-performance radiation-hardened and space-qualified microelectronics, and power management and control electronics utilizing chip and wire 2D construction as well as capability for 2.5DHI advanced packaging assembly.

Beamforming and Switching Networks. Our passive and active beamforming technologies are used in military and space applications, offering a variety of active and passive high‑performance RF assemblies, including L-band/LEO and L- and S-band/GEO space beamformers, UHF thru Ka-band radar AESA RF networks, Butler matrices, multi-octave, and more.

Custom Designed ASICs. Our CIC group has designed nearly 400 mixed-signal custom ASICs for automotive, industrial, defense/avionics, and smart energy markets, including radiation harden/tolerant devices. The CIC organization takes complete responsibility for the ASICs development process from the initial specification definition through qualification and volume production.

Conventional PCBs. We focus on advanced technology higher layer count conventional PCBs, which are multilayer PCBs that can accommodate more complex circuitry than a single‑sided or double-sided PCB and as such, requires more sophisticated production techniques. These PCBs support electronic products including data center switching and networking equipment, high‑performance computing systems, medical robotics, test equipment and devices, industrial automation and robotics, semiconductor test equipment, automotive communications, computing and control systems, and aerospace and defense systems.

High-density interconnect or HDI PCBs. Our facilities produce HDI PCBs, which are PCBs with high-density characteristics including micro-sized holes, or microvias (diameter at or less than 0.15 mm), fine line circuitry (circuit line width and spacing at or less than 0.075 mm), and are fabricated with thin high-performance materials. As electronic devices have become smaller and more

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portable with higher functionality, demand for advanced HDI PCB (defined as those having more than one layer of microvia interconnection structure) products has increased significantly.

Substrate-like PCBs or SLPs. SLPs represent the next evolution of high-end HDI PCBs with even higher interconnect density per unit area and finer line circuitry (width and spacing at or less than 0.02 mm). They require more sophisticated manufacturing technology adapted from IC substrate fabrication. We offer an alternative approach to building SLP technology in the U.S. for lower-volume, higher-mix commercial and aerospace and defense applications.

Flexible PCBs. Flexible PCBs are printed circuits produced on flexible films that can be folded or bent for three-dimensional application movement and flexible electronic connectivity. They enable improved reliability and electrical performance, reduced weight and size, and reduced assembly costs when compared with traditional wire harness or ribbon cable packaging.

Rigid-flex PCBs. Rigid-flex circuitry integrates multiple PCB assemblies using thin, light composites that integrate wiring in ultra-thin, flexible ribbons between rigid sections. In rigid-flex packaging, a flexible circuit provides a backbone of wiring with rigid multilayer circuit sections built up as modules where needed. This technology provides compact three-dimensional packaging, miniaturization, and thinness of product design, and is essential for aerospace and defense, industrial, transportation systems, handheld and wearable electronics, and ultra-miniaturized products.

Custom assemblies. Our assembly facilities produce various custom electronic assemblies, including backplane and mid-plane, flexible and rigid-flex, RF assemblies, chassis integration and test. Each of these assemblies involves mounting electronic components to PCBs and testing for electrical continuity.

IC substrates. IC substrates provide the mechanical support and electrical interconnect used to package ICs either in single chip packages or multi-chip modules. They are highly miniaturized circuits with micron-scale features to bridge the gap between sub-micron IC features and millimeter scale PCBs. IC substrates are manufactured in a clean room environment using advanced HDI processes and manufacturing approaches used in SLP technology.

Quick turnaround services. We provide custom-fabricated PCBs within 24 hours to 15 days and receive premium pricing for our ability to meet critical time requirements for our customers. We manufacture prototype PCBs in small quantities and deliver within 24 hours to ten days. Our ramp-to-volume services typically include manufacturing up to several hundred PCBs per order with delivery times ranging from five to 15 days.

Thermal management. Increased component density on circuit boards often requires improved thermal dissipation to reduce operating temperatures. We produce PCBs with heavy copper cores, embedded and press-fit coins, electrically passive heat sinks laminated externally on a circuit board or between two circuit boards, and electrically active thermal cores.

Manufacturing Technologies

The market for our products is characterized by rapidly evolving technology. The trend in the electronic products industry continues to be to implement and develop means to increase the speed, complexity, and performance of components while reducing their size. We believe our technological capabilities allow us to address the needs of manufacturers to bring complicated electronic products to market faster.

We manufacture advanced interconnect products according to customer circuit designs, which we review to ensure data accuracy and product manufacturability. With computer aided manufacturing (CAM) technology, we develop circuit patterns on individual layers using advanced photographic and direct imaging processes. Through plating and etching processes, we selectively add and remove conductive materials to form horizontal layers of thin circuitry, which are separated by electrical insulating material. A multilayer circuit board is produced by laminating together multiple layers of circuitry, using intense heat and pressure under vacuum. Vertical connections between layers are achieved by drilling and plating through small holes, called vias. Vias are made by highly specialized drilling equipment capable of achieving extremely fine tolerances with high accuracy. We specialize in high layer count PCBs with extremely fine geometries and tolerances, and employ clean rooms that are designed to prevent defects on the circuit patterns. We also use automated optical inspection systems and electrical testing systems to ensure consistent quality of the circuits we produce.

Our highly specialized equipment and advanced manufacturing processes enable us to reliably produce PCBs with the following characteristics:

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High layer count. In our A&D and Commercial reportable segments, we regularly manufacture PCBs with more than 30 layers on a quick-turn and volume basis, producing complex high layer PCBs with over 70 layers.

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Blind and buried vias. Vias are drilled holes that provide electrical connectivity between layers of circuitry in a PCB. Blind vias connect the surface layer of the PCB to an internal layer and terminate at the internal layer. Buried vias are holes that do not reach either surface of the PCB but allow inner layers to be interconnected. Products with blind and buried vias can be made thinner, smaller, lighter, and with higher component density and more functionality than products with traditional vias.

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Microvias. Microvias are small vias with diameters generally less than 0.15 mm after plating. HDI products utilize microvias and may also require the microvias to be fully filled using a specialized plating process to form more complex interconnections. These microvias consume much less space on the layers they connect, enable greater wiring densities and flexibility, and provide closer spacing of components and their attachment pads. Higher end applications in both defense and commercial markets employ microvias to obtain a higher degree of functionality from a given surface area.

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Embedded passives. Embedded passive technology involves embedding either capacitive or resistive elements inside the PCB, which leaves more surface area for surface-mounted ICs and better signal performance, as well as increased functionality of products with higher component density.

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Fine line traces and spaces. Traces are the connecting copper lines between the different components of the PCB, and spaces are the distances between traces. The smaller the traces and the tighter the spaces, the higher the density of the PCB. We are able to manufacture PCBs with traces and spaces less than 0.030 mm.

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High aspect ratios. The aspect ratio is the ratio between the thickness of the PCB and the diameter of a drilled hole. As the aspect ratio increases, it becomes increasingly difficult to consistently and reliably form electroplate, and finish all the holes on a PCB. We are able to provide aspect ratios of up to 30:1.

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Thin core processing. A core is the basic inner-layer building block material from which PCBs are constructed and consists of a flat sheet of material comprised of glass-reinforced resin with copper foil laminated on either side. The demand for thinner cores derives from the requirements for thinner PCBs, higher layer counts, and various electrical parameters. Core thickness in our PCBs ranges from as little as 0.025 mm up to 1.57 mm.

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Advanced hole fill processes. Our advanced hole fill processes allows for vias to be placed inside their respective surface mount pads by filling the vias with a thermoset epoxy and plating flat copper surface mount pads directly over the filled hole. This process provides designers the opportunity to increase the density of component placements by reducing the surface area required to place many types of components.

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Advanced materials. We manufacture PCBs using a wide variety of advanced, high-performance dielectric materials that offer electrical, thermal, and long-term reliability advantages over conventional materials. We are certified by Underwriters Laboratories to manufacture PCBs using these specialty materials for a wide array of end‑use applications, including highly complex PCBs for niche and high-end aerospace and defense and commercial markets. We also conduct extensive materials testing for internal and customer reference and consideration.

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Quick-turn manufacturing. In circumstances where our customers require time critical engineering and manufacturing services, we are able to react to our customers’ needs with our quick-turn manufacturing capabilities.

Our Integrated Electronics manufacturing organization principally designs and manufactures state-of-the-art microwave-based hardware for use in advanced radar systems, advanced jamming systems, missiles, and decoys, electronic surveillance systems, and satellite and ground-based communication systems. Several core manufacturing technology areas include:

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Electronic Systems Integration. We assemble and Test radar, surveillance and communications systems, composed of high-reliability modules, circuit cards, and interconnect components for IFF, intercommunications, and maritime/overland surveillance. Products undergo comprehensive functional, environmental, and stress testing using both commercial and custom-designed equipment.

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Microwave Assembly Technology. Our microwave capabilities range from simple isolator components to complex RF multi-chip modules, all designed internally to customer specifications using advanced simulation software. Automated manufacturing and testing processes ensure highly repeatable performance for radar beamforming solutions including circulators, RF distribution, and manifold assemblies.

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Microelectronics Module Technology. Our MIL-PRF-38534 certified Microelectronics Center of Excellence designs and manufactures power conversion, motor-control and mixed-signal ASICs, and multi-chip modules for radiation-hardened and high-reliability applications. State-of-the-art equipment supports advanced 2D and 2.5DHI packaging assembly processes with full electrical and environmental testing.

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Ceramic Technology. We specialize in Low Temperature Co-fired Ceramic (LTCC) circuits for high-performance RF packages, using proprietary processes that enable cost reduction through silver conductors instead of gold. Our proprietary etched thick-film process delivers thin-film performance at reduced cost, supported by automated testing and inspection equipment.

Customers and Markets

Our customers include end-users, OEMs, EMS providers, ODMs, and distributors that primarily serve the aerospace and defense, automotive, data center computing, medical, industrial, and instrumentation, and networking end markets of the electronics

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industry. Included in the end markets that our OEM and EMS customers serve is the USG. As a result, we are a supplier, primarily as a subcontractor, to the USG. In addition, we also sell directly to government agencies (both domestic and allied foreign governments).

See table in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations for the percentage of our net sales in each of the principal end markets we serve.

Sales attributed to OEMs include sales made through EMS providers and ODMs. Although our contractual relationships are often with the EMS or ODM companies, we typically negotiate price and volume requirements directly with the OEMs. In addition, we are on the approved vendor lists of several of our EMS providers. This positions us to participate in business that is awarded at the discretion of the EMS provider.

Our staff of engineers, sales support personnel, and managers assist our sales representatives in advising customers with respect to manufacturing feasibility, design review, and technological capabilities through direct communication and visits. We combine our sales efforts with customer service personnel at each facility to better serve our customers. Each large customer is typically assigned an account manager to coordinate all of the Company’s services across all of our facilities. Additionally, the largest and most strategic customers are also supported by select program management and engineering teams. Our global sales force is comprised of direct sales personnel, complemented by commission-based independent representatives, and supports customers throughout North America, Europe, Asia, and the Middle East.

For certain risks attendant to our foreign operations, see Item 1A, Risk Factors.

Suppliers

For advanced interconnect products, primary raw materials include copper clad laminates and chemical solutions such as copper and gold for plating operations, photographic film, carbide drill bits, and plastic for testing fixtures. Most of the raw materials are generally readily available from numerous suppliers in the open market.

For engineered systems, RF components, RF subsystems, backplane assemblies, and other PCB assemblies, primary raw materials are manufactured components such as PCBs, ceramic and ferrite substrates, connectors, capacitors, resistors, diodes, and integrated circuits, many of which are custom made and sourced from customer-approved vendors. The more complicated RF subsystems require integrated subassemblies and super-components such as RF oscillators, frequency converters, power supplies, and microprocessors. Some components for backplane assemblies and other PCB assemblies have limited or sole sources of supply. The backplane assemblies, PCB assemblies, and precision metal fabricated chassis and enclosures are often incorporated into a fully integrated and tested system delivered to our customer. These products often incorporate procured power, thermal, interconnect, and mechanical components sourced from either customer directed or our selected suppliers.

Radar, Communication, and Surveillance systems use highly sophisticated electronic subassemblies including Transmitter and Receiver CCA’s/Modules, Traveling Wave Tube Assemblies, Exciters, Wave Form Generators, and Frequency Generators. Many of these systems also require the acquisition of RF antenna arrays, illuminated panel subassemblies, inertial navigation/GPS subassemblies from OEMs, or parts specifically designed for certain applications. The materials for these systems come from a variety of sources, including OEMs and Contract Manufacturers.

We typically use just-in-time procurement practices to maintain our raw materials inventory at low levels and work closely with our suppliers to obtain technologically advanced raw materials. In addition, we periodically seek alternative supply sources with the goal of ensuring that we are receiving competitive pricing and service. Supply for PCB materials can vary over time depending on supply/demand dynamics for key raw materials such as copper clad laminates. See Item 1A, Risk Factors for more details.

Competition

For PCBs, our competitors are mostly based in China and Taiwan. For engineered products such as RF subassemblies and systems, we compete with a different set of competitors largely based in the U.S. and Europe. The PCB industry remains highly fragmented and characterized by intense competition. There are several competitive factors our customers consider when choosing their supplier including, but not limited to, technical capabilities, capacity availability, pricing, service, support, reliability, quality, and location. Our principal competitors for our A&D segment include BAE Systems plc, Curtiss-Wright Corporation, Leonardo DRS, Inc., Mercury Systems, Inc., and Sanmina Corporation. Our principal competitors for our Commercial segment include AT&S (Austria Technologie & Systemtechnik Aktiengesellschaft), Founder Technology Group Co., Ltd., Gold Circuit Electronics Ltd., Isu Petasys Co., Ltd., Kinwong Electronic Co. Ltd., Unimicron Technology Corp., Victory Giant Technology Co., Ltd., and WUS Printed Circuit Co., Ltd. Our principal competitors for our RF&S Components segment include Advanced Micro Devices, Inc., IDT Corporation, MACOM Technology Solutions Holdings, Inc., Microchip Technology Incorporated, Qorvo, Inc., and Silicon Laboratories Inc.

We believe that our key competitive strengths include:

Leading global technology manufacturer, offering breadth of technology and products, and one-stop solution for customers. We are one of the largest technology manufacturers in North America and have a global sales and manufacturing presence. We believe we have significant economies of scale, an increasing end-to-end value chain solution for customers, a regionally diversified and resilient manufacturing footprint, and the technology breadth and scale to emerge as a preferred partner. We offer a wide range of

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engineered systems, passive RF components, advanced ceramic RF components, hi-reliability multi-chip modules, beamforming and switching networks, IC substrates, and PCB and RF products, including HDI and ultra-HDI PCBs, conventional PCBs, flexible PCBs, rigid-flex PCBs, and custom assemblies. We also offer certain value-added services to support our customers’ needs for RF design-to-specification capability, DFM, PCB layout design, simulation and testing services, and QTA services. We provide a one-stop design, manufacturing, and test solution to our customers with design services, engineering support and prototype development through final volume production around the globe. We believe our facility specialization strategy allows us to reduce the time required to develop new products by directing each customer to the facility best suited to their product type, delivery time, complexity, and volume needs. As our commercial customers ramp to volume, we are positioned to transition them to one of our volume facilities in China or Malaysia.

Leading aerospace and defense supplier. We are a trusted supplier to the aerospace and defense industry. Our global manufacturing footprint and breadth of capabilities enable us to serve multiple key end markets, particularly the aerospace and defense industry. We combine our traditional market strength in core PCB technology with advanced technologies, RF capabilities, and engineered systems to grow requirements in both traditional and AESA radar systems for defense applications. We have passed OEM and government certification processes, and the administrative requirements associated with participation in government and commercial aerospace programs. When supplying various departments and agencies of the USG, we are required to maintain facility security clearances under the NISPOM and ITAR. Along with supply of traditional and RF PCBs, we offer a variety of RF components and subassemblies, engineered systems, engineering services, and assembly capabilities to provide additional value to our customers.

Diversified business model. Our sales are diversified across end markets with over 1,300 customers and long-term relationships exceeding ten years with our ten largest customers, which reduces our exposure to any single end market or customer.

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.

Intellectual Property

Our intellectual property strategy remains deliberate and aimed at protecting the innovations critical to TTM’s business and the success of our customers. We now have a total of approximately 185 patents, with approximately 84 pending patent applications. These patents are derived from internal research and development as well as a number of intellectual property portfolio acquisitions beginning in 2018. Our PCB business depends on the effectiveness of our fabrication techniques, proprietary PCB structures, and our ability to continually improve our manufacturing processes. We rely on the collective experience of our employees in the manufacturing process to ensure that we continuously evaluate and adopt new technologies available within our industry. In addition, we depend on robust training, recruiting, and retention of our employees, who are required to be knowledgeable in the operation of advanced equipment and complicated manufacturing processes. In regard to our RF products, the vast majority are proprietary and protected or covered by approximately 48 patents and 3 currently pending patent applications directed towards products for both the wireless infrastructure and aerospace and defense markets.

National Security Matters

A portion of our business consists of manufacturing defense and defense-related items for various departments and agencies of the USG, including the DoW, which requires that we maintain facility security clearances under the NISPOM. The NISPOM requires that a corporation with significant foreign ownership maintaining a facility security clearance take steps to prevent foreign ownership, control, or influence (FOCI). In February of 2023, our Board of Directors passed an SBR, replacing the SSA that we entered into with the DCSA in 2010. The replacement of the SSA with the SBR is a result of the significantly reduced foreign ownership of TTM. DCSA accepted the SBR and the effective date of the SBR was February 2, 2023. The SBR codifies the maintenance of the Government Security Committee of the Board to oversee our compliance and cybersecurity efforts and to put into place best practices in our facilities in the U.S. and overseas to ensure that we maintain robust security practices and policies as we serve the interests of our customers in the aerospace and defense market. The Government Security Committee of our Board of Directors consists of at least three Board members that hold a National Security Clearance. The DCSA will continue to review TTM’s compliance with the terms of the SBR annually at each of TTM’s sites which operate under a DoW security clearance. In addition, all of TTM’s Board is currently comprised of U.S. citizens and per the terms of the SBR, in the future, no foreign citizen will be allowed to sit on TTM’s Board.

Other Governmental Regulations

Our operations are subject to federal, state, local, and foreign laws and regulations relating to export control, environmental compliance, waste management, and health and safety matters, including other measures relating to the release, use, storage, treatment, transportation, discharge, disposal, and remediation of contaminants, emissions, hazardous substances, and waste, as well as practices and procedures applicable to the construction and operation of our facilities, including, but not limited to USG regulations and corresponding regulations in China, Canada, and Malaysia for our foreign facilities.

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Human Capital

At TTM, we believe a key differentiator is our culture, which has been shaped through considerable thought and energy. Our culture has served us well as we integrate acquired companies and optimize our organizational structures and teams to better serve our customers. The following elements underpin our culture:

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Vision – Inspire innovation as a global preeminent technology company.

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Mission – Provide customers with market leading, differentiated solutions, and an extraordinary customer experience.

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The “TTM Values” are: Integrity, Teamwork, Clear Communication, and Performance Excellence.

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Our people leaders are guided by our “Leadership Principles” which are: Results, Communications, Collaboration, and Career Development.

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“One TTM” – embodies our collective “team” approach to solving problems, working together, robust collaboration, and proactive communication throughout the organization to better serve our customers.

Commitment to Values and Ethics. The foundation of our strategic vision is our corporate culture and our way of doing business with integrity, teamwork, clear communication, and performance excellence. We seek to demonstrate the importance of these values through our goal setting and performance management process as well as providing ethics training to employees every year.

Our Code of Conduct includes topics such as anti-corruption, discrimination, harassment, privacy, appropriate use of company assets, protecting confidential information, and reporting Code of Conduct violations. It reinforces the importance of an open and welcoming environment in which all employees have a voice and a confidential outlet to raise concerns regarding potential violations.

Talent Acquisition. Our vision is to provide exceptional talent acquisition through robust talent sources, use of technology, and a compelling employment brand to create a seamless, engaging, and candidate-centric experience. We aim to build a workforce that drives the company's success and fosters a culture of growth and opportunity.

Talent Development. We ensure focus on individual career development through regular talent reviews of performance, potential, development gaps, and progress to evaluate the depth and strength of our integrated succession plans. We track the completion of development plans for our employees in management, technical, and professional career tracks. For different levels of leaders, we provide recurring instructor-led learning, online courses, and leadership programs. Additionally, we offer competency-based training, sponsor job rotations, form project teams comprised of emerging talent, and provide extensive internal and external materials in our global learning management system. We provide tuition reimbursement assistance.

Inclusion. We strive to build and maintain talent and promote an inclusive culture to support key corporate-wide initiatives. We have expanded and continue to develop our existing policies and training to address harassment, bullying, and the elimination of bias in the workplace, where respect is essential, and everyone is encouraged to participate.

Employee Engagement and Turnover. We periodically survey our employees to identify and act on specific opportunities to enhance our work environment, improve communications, and strengthen the connection between supervisors and employees. The voice of our employees provides valuable insights on how we invest in people and prioritize specific actions and programs to attract and retain talent.

Our two regional change agent networks (Asia and North America) exist to improve communications from the factory and office floor up to the senior management team. These networks discuss and communicate the key initiatives within the sites in addition to employee concerns to prioritize initiatives around community activities, site improvement projects, recognition programs, and new communication methods.

Compensation and Benefits. We align our compensation and benefit programs with market conditions by reviewing our programs annually and recommending changes to improve our market competitiveness and ability to attract and retain our talent. Our goal is to invest in our employees’ total cash compensation for competitive reasons while outlining career tracks and levels to provide development opportunities. Our people leaders are dedicated to engaging with their employees to explain the career framework, their compensation, and potential for future jobs. We have seen the positive impact of the adjustments we made to base salaries and incentive compensation coupled with the managers’ conversations on career opportunities.

We also offer comprehensive benefit plans for eligible employees, including mental health, employee assistance program (EAP), telemedicine offerings, several medical and dental plans with qualifying employer-funded health savings accounts, life insurance, specialty programs for diabetes and weight loss, wellness challenges, and an on-site health and physical therapy center at one of our largest U.S. facilities.

Employee Data

As of December 29, 2025, we had approximately 18,200 employees. Our employees were distributed by function approximately as follows: 14,800 in manufacturing positions, 1,800 in engineering or technician positions, 1,100 in professional, managerial, or other administrative positions, and 500 in sales and marketing positions. Of our 5,900 U.S. employees, 50 are represented by unions. In

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China, approximately 9,900 employees are members of the All-China Federation of Trade Unions and accordingly are considered to be represented by a labor union. We believe that our relations with both our union and non-union employees are satisfactory.

Availability of Reports Filed with the Securities and Exchange Commission

We are a Delaware corporation founded in 1998, with our principal executive offices located at 200 East Sandpointe, Suite 400, Santa Ana, CA 92707. Our telephone number is (714) 327-3000. Our website address is www.ttm.com. We routinely post important information for investors on our website in the “Investor Relations” section. We use this website as a means of disclosing material information in compliance with our disclosure obligations under Regulation Fair Disclosure (FD). Accordingly, investors should monitor the “Investor Relations” section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations, and webcasts. Information included on our websites is not incorporated into this Report. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports are available without charge on our website at https://investors.ttm.com/, as soon as reasonably practicable after they are filed with or furnished electronically to the SEC. Our SEC filings are also available to the public at www.sec.gov. Copies are also available without charge by (1) telephonic request by calling our Investor Relations Department at (714) 327-3000; (2) e-mail request to investor@ttmtech.com; or (3) a written request to TTM Technologies, Inc., Attention: Investor Relations, 200 East Sandpointe, Suite 400, Santa Ana, CA 92707.

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