TTMI · CIK 0001116942
What TTM Technologies, Inc. told the SEC could break it.
Most of what TTM flagged traces back to where it builds and what it builds with: significant manufacturing in China and elsewhere in Asia, roughly half of sales from outside the U.S., and a resulting exposure to U.S.-China trade tensions and tariffs on the materials it imports and the goods it sells. On the supply side it leans on key raw materials like copper clad laminates and a handful of limited- or sole-source components for its backplane and PCB assemblies. It also noted customer concentration, with two customers together making up about 23% of net sales.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- copper clad laminates (key PCB raw material)medium
TTM's PCB production depends on key raw materials such as copper clad laminates, whose supply and pricing vary with supply/demand dynamics.
“Supply for PCB materials can vary over time depending on supply/demand dynamics for key raw materials such as copper clad laminates.”
Customer concentration
- two customers ~23% of net sales; one 14% of ARmedium
TTM measures concentration on OEM end customers: two customers collectively were ~23% of FY2025 net sales (one customer was 11–13% in prior years) and one customer was 14% of accounts receivable.
“For the year ended December 29, 2025, two customers collectively accounted for approximately 23 % of the Company's net sales. For the years ended December 30, 2024 and January 1, 2024, one customer accounted for approximately 11 % and 13 % , respectively, of the Company's net sales.”
SEC filing →As of 2026
Sole-source dependency
- limited/sole-source components for backplane & PCB assembliesmedium
Some components used in TTM's backplane assemblies and other PCB assemblies have limited or sole sources of supply, creating production-continuity risk for its integrated systems.
“Some components for backplane assemblies and other PCB assemblies have limited or sole sources of supply.”
SEC filing →As of 2026
Geographic concentration
- significant manufacturing in China/Asia; 50% non-US saleslow
TTM has significant manufacturing operations in China, elsewhere in Asia and Canada, generated ~50% of net sales from non-U.S. operations, and sources much of its manufacturing material from international suppliers — exposing it to China political tensions and cross-border disruption.
“We have significant manufacturing operations in China, elsewhere in Asia and Canada and sales offices located in Asia and Europe.”
Regulatory & policy
- US/foreign tariffs & trade restrictions (US-China)low
Changes in U.S. and foreign trade policy could impose significant tariffs/duties on the materials TTM imports and the goods it sells, raising costs and cutting margins — heightened by its China-centric manufacturing and international supplier base.
“The United States' trade policies and those of foreign countries are subject to change which could adversely affect our ability to purchase and sell goods and materials without significant tariffs, taxes, or duties that may be imposed on the materials we purchase or the goods we sell, thereby increasing the cost of such materials and potentially decreasing our margins.”
SEC filing →As of 2026
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