RTX’s Raytheon awards TTM Technologies a multi-year contract for LTAMDS radar components with a potential value of $200 million

Rhea-AI Summary

TTM Technologies (NASDAQ: TTMI) secured a multi-year agreement with Raytheon, an RTX business to supply radio frequency assemblies, electronic hardware, and printed circuit boards for the LTAMDS radar program. The contract has a potential value of $200 million over three years and continues TTM's production-readiness support.

The work includes design, manufacture and test of Beam Forming Network, printed wiring boards, and specialized assemblies, and the multi-year commitment is said to enable capacity investment and improved lead-time stability.

Positive

• $200 million potential multi-year contract (three years)
• Work covers BFN, printed wiring boards, and specialized assemblies
• Multi-year commitment enables capacity investment and lead-time stability
• Reinforces U.S.-based electronics manufacturing for defense programs

Negative

• Contract value described as "potential", not guaranteed revenue
• Three-year term limits long-term revenue visibility for investors

News Market Reaction

+3.57%

10 alerts

+3.57% News Effect

+3.9% Peak in 6 hr 49 min

+$358M Valuation Impact

$10.38B Market Cap

1.3x Rel. Volume

On the day this news was published, TTMI gained 3.57%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.9% during that session. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $358M to the company's valuation, bringing the market cap to $10.38B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Contract potential value: $200 million Contract duration: 3 years

2 metrics

Contract potential value $200 million Multi-year LTAMDS agreement value over three-year period

Contract duration 3 years Stated period for potential $200 million LTAMDS contract

Market Reality Check

Price: $98.20 Vol: Volume 2,060,961 vs 20-da...

normal vol

$98.20 Last Close

Volume Volume 2,060,961 vs 20-day average 2,397,239 (relative volume 0.86), not indicating unusual activity ahead of this news. normal

Technical Shares at $94.61 are trading above the $51.01 200-day MA and about 11.31% below the $106.68 52-week high, far above the $15.77 52-week low.

Peers on Argus

Peers showed mixed moves, with names like SANM and PLXS down, LFUS up, and no pe...

Peers showed mixed moves, with names like SANM and PLXS down, LFUS up, and no peers in the momentum scanner. Combined with TTMI’s roughly flat -0.02% move, this points to stock-specific news rather than a broad sector rotation.

Common Catalyst One peer, LFUS, reported earnings, but there is no clear shared theme linking TTMI’s defense-related contract win with broader sector headlines.

Historical Context

5 past events · Latest: Jan 22 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 22	Earnings call schedule	Neutral	-2.3%	Announcement of Q4 and FY2025 results call timing and webcast details.
Jan 12	Community award, donation	Positive	+5.4%	Community service award and <b>$20,000</b> donation tied to new Syracuse facility.
Jan 06	Conference participation	Neutral	+3.6%	Management attendance and presentation at Needham Growth Conference.
Nov 26	Investor conferences	Neutral	+2.8%	CFO and CEO participation in BofA and UBS investor conferences.
Oct 31	Industry awards	Positive	+8.4%	Executives receiving Global Electronics Association service awards at IPC CEMAC.

Pattern Detected

Recent TTMI news—including awards and conference participation—has generally seen positive share reactions, suggesting the stock often trades constructively around corporate visibility and reputation events.

Recent Company History

Over the last several months, TTMI’s news flow has focused on visibility and reputation: investor conferences on Jan 6, 2026 and Nov 26, 2025, community recognition with a $20,000 United Way donation on Jan 12, 2026, and industry awards on Oct 31, 2025. Most of these events saw positive next-day moves, with reactions of 3.62%, 2.77%, 5.43%, and 8.42%. Against this backdrop, today’s multi-year LTAMDS contract reflects an operational win following a period dominated by conferences and recognition-related news.

Market Pulse Summary

This announcement highlights a multi-year LTAMDS contract with a potential value of $200 million ove...

Analysis

This announcement highlights a multi-year LTAMDS contract with a potential value of $200 million over three years, reinforcing TTMI’s role in U.S.-based defense electronics manufacturing. In recent months, the company emphasized visibility and growth, including new targets disclosed in a Jan 13, 2026 8-K and multiple investor conferences. Investors may watch how this agreement contributes to those stated revenue and earnings ambitions, while also monitoring future defense program updates and additional contract awards.

Key Terms

radio frequency assemblies, printed circuit boards, beam forming network, restricted stock units

4 terms

radio frequency assemblies technical

"agreement to provide radio frequency assemblies, electronic hardware, and printed circuit boards"

Radio frequency assemblies are packaged groups of electronic components that send, shape and amplify high‑frequency wireless signals—think of them as the plumbing and pumps that move radio waves inside devices such as satellites, base stations and radar. For investors, they matter because their quality, cost and availability directly affect a maker’s product performance, margins and ability to win contracts in sectors like telecom, defense and aerospace, so changes in demand or supply can rapidly influence revenue and valuation.

printed circuit boards technical

"provide radio frequency assemblies, electronic hardware, and printed circuit boards supporting Raytheon’s"

Printed circuit boards (PCBs) are thin boards that hold and connect electronic parts, using copper paths like tiny roads to guide electricity between components such as chips and sensors. They matter to investors because PCBs are core building blocks of nearly all electronic products — their design, quality, and supply affect production costs, product reliability, and the ability of companies to scale or meet demand, which in turn influences sales, margins and risk exposure.

beam forming network technical

"TTM designs, manufactures and tests the Beam Forming Network (“BFN”), printed wiring boards"

A beam forming network is the hardware and software system that shapes and directs radio signals from an antenna array so transmissions focus on specific devices or areas rather than broadcasting in all directions. Think of it like a set of adjustable spotlights that aim energy where it’s needed to improve range, speed and signal quality; for investors, it matters because better beam control can raise network capacity, reduce interference, lower operating costs and enable higher-value services that drive revenue and competitive advantage.

restricted stock units financial

"shares were sold under a Rule 10b5-1 sales plan to cover tax liabilities arising from the vesting of restricted stock units (RSUs)"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

AI-generated analysis. Not financial advice.

COSTA MESA, Calif., Jan. 28, 2026 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”) and Raytheon, an RTX business (NYSE: RTX), have reached a multi-year agreement to provide radio frequency assemblies, electronic hardware, and printed circuit boards supporting Raytheon’s Lower Tier Air and Missile Defense Sensor (“LTAMDS”). The potential value is $200 million over a three-year period.

This agreement builds on TTM’s support of LTAMDS’ development and production-readiness activities, helping maintain program schedules and deliver hardware aligned to customer milestones.

“Establishing a multi-year contract with TTM for LTAMDS will allow us to meet our accelerated delivery schedule while reducing costs,” said Mike Mills, Raytheon Vice President of LTAMDS and GhostEye Programs.

TTM designs, manufactures and tests the Beam Forming Network (“BFN”), printed wiring boards, and specialized assemblies for the LTAMDS and GhostEye radars. Multi-year commitments allow a strategic supplier partner like TTM to invest in capacity and improve lead-time stability which ultimately increases value for customers and the taxpayer.

“This significant agreement reinforces our long-standing partnership with Raytheon and reflects the growing importance of resilient and trusted, U.S.-based electronics manufacturing for integrated air and missile defense,” said Catherine Gridley, Executive Vice President and President of TTM’s Aerospace & Defense Sector. “This directly aligns with the Department of War’s emphasis on strengthening supply chains and accelerating delivery of urgently needed capabilities.”

For questions or to schedule an interview, please contact:
Sean K.F. Hannan
VP, Investor Relations
+1 339 466 7737
investor@ttmtech.com

Matthew Clarke
Senior Director, Marketing & Communications
TTM Technologies, Inc.
+1 321 462 7900
matthew.clarke@ttmtech.com

About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM's time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

FAQ

What is the value and term of TTM Technologies' contract for LTAMDS (TTMI)?

The agreement has a potential value of $200 million over three years. According to TTM, this multi-year deal covers production hardware and supports LTAMDS production-readiness and delivery schedules.

What components will TTMI supply to Raytheon for the LTAMDS program?

TTM will supply radio frequency assemblies, electronic hardware, and printed circuit boards. According to TTM, work specifically includes the Beam Forming Network, printed wiring boards, and specialized assemblies for LTAMDS and GhostEye radars.

How does the LTAMDS contract affect TTM Technologies' manufacturing capacity (TTMI)?

The multi-year commitment allows TTM to invest in capacity and improve lead-time stability. According to TTM, these investments aim to meet accelerated delivery schedules and reduce costs for customers and taxpayers.

Is the $200 million contract with Raytheon guaranteed revenue for TTMI?

The company describes the figure as a potential value, not guaranteed revenue. According to TTM, the amount represents the program's estimated value over the three-year period and depends on awarded quantities and schedules.

What program does the TTMI contract support and who is the prime contractor?

The contract supports the Lower Tier Air and Missile Defense Sensor (LTAMDS) program, with Raytheon (an RTX business) as prime. According to TTM, the work builds on prior development and production-readiness activities for LTAMDS.