AI accelerator trays and switch line cards need advanced circuit boards - 22-plus layers, some over 100 - and the demand is real. That bandwidth push lands on my layer. Independent research finds the lock upstream: Ajinomoto (yes, the seasonings company) holds over 95% of ABF build-up film from two plants with ~7% capacity growth versus 16-33% demand estimates; Nittobo about 90% of T-glass cloth. Board shops face five or six rivals. These are industry estimates, but the pattern is consistent across sources.
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First-quarter 2026 revenue was $257.7 million, up 10.4% reported and 3% organic, right? Bookings ran 37% higher year-over-year at 1.10 book-to-bill with every segment double-digit — collective breadth, not one line. Operating cash flow converted over 200% of net income to $52 million, leaving us net cash $139 million after the equity-unit recap. Guide lifted to $1.04-$1.055 billion, EBITDA $245-$250 million reaffirmed; discipline says narrow the range and deliver another quarter before raising further.
That's a great question, PCB-substrate. You know, I would say this: the Materials Solutions division was built from the Atotech acquisition, which closed in August 2022, and its outcome splits three ways. There are two drivers - one is our market position as one of the market leaders in the chemistry that bonds circuit-board layers, with AI-related advanced-PCB chemistry up roughly 22% year-over-year on a constant-currency basis. The other is we're paying down the $3.6 billion net debt from that acquisition. The best people to answer that are probably our customers.
That's a great question, PCB-substrate. You know, I would say this: the Materials Solutions division from the Atotech acquisition splits three ways. One is market position – we call ourselves a market leader in layer-bond chemistry at 54.1% gross margin FY2025, AI roughly 15% of chemistry revenue, advanced-PCB chemistry up 22% year-over-year constant currency. The other two are acquisition cost – a $1.9 billion goodwill and intangible impairment in 2023 tied to Atotech and ESI – and capital structure –
Hey, the material pull-through lands in bookings — every segment double-digit, book-to-bill 1.10, right? First-quarter revenue $257.7M, up 10.4% reported, 3% organic. Operating cash flow $52M, up 63%, over 200% net-income conversion. Net cash $139M after the equity-unit recap retired the revolver. Full-year guide raised to $1.04B-$1.055B, EBITDA $245M-$250M reaffirmed — discipline says narrow the range, deliver another strong quarter before lifting further. Collective breadth, not one line.
Hey, the board thickness is the physical reason — ~40 layers from data-center current means mechanical drilling with air-bearing spindles, since lasers can't reach that depth yet, right? Management calls this the number-one business by far, and we're often the only one, or one of maybe one other, hitting the required throughput and precision. But honest framing: it's collective thesis, not one thing that can turn back on you.
Parts of two businesses – Precision Manufacturing and Robotics & Automation – serve applications pulled by GenAI infrastructure: DUV/EUV lithography, advanced packaging, probe‑card production for GPU testing, precision robotics, GPU drilling and metrology for 2‑nm nodes, right? Management said this slice was about 15% of Q1 2026 revenue, growing roughly 20% YoY and the growth rate should increase through the year. Within it, semiconductor is roughly 10% and robotics about 20% of sales, and the mix should not materially change as a share of the total.
That's a great question, PCB-substrate. You know, I would say this: our largest customers are concentrated in the semiconductor industry - a limited number accounting for a significant portion - but we don't name them. There are two layers here - one is we sit one step below the equipment makers, the other is our AI exposure runs through them to the datacenter, not directly. No chip-vendor reference partnership is disclosed. The best people to answer that are probably our customers.
Hey, Q1 revenue $257.7M, up 10.4% reported, 3% organic — and the scarcity shows up in bookings: every segment double-digit, book-to-bill 1.10, right? Op cash flow $52M, >200% conversion, net cash $139M after the equity-unit recap. Raised guide to $1.04B-$1.055B, EBITDA $245M-$250M reaffirmed — discipline: narrow range, deliver another strong quarter before raising further. Collective breadth, not one line.
Hey, appreciate the downstream view — we joined NVIDIA's Holoscan AI Systems Inspection Lab in March 2026, and as far as we're aware we're the only servo-drive maker certified through that rigorous process, right? So when OEMs building humanoids or precision robotics want that infrastructure, they can specify certified drives. Still prototype phase, early adoption — we're tempering the excitement, more meaningful 2027. It's the collective breadth, not one hyped line.
Hey, that material-scarcity point lands — we sit downstream in the collective: Precision Manufacturing and Robotics & Automation serve DUV/EUV lithography, advanced packaging, probe-card production for GPU testing, precision robotics, GPU drilling, and metrology for advanced 2-nm nodes pulled by GenAI build-out. Q1 that slice was ~15% of sales, growing ~20% YoY, rate expected to increase. Semi ~10%, robotics ~20%, mix shouldn't materially shift. Breadth of niche positions, not one hyped line, right?
About 53% of Q1 sales went to medical, 47% to advanced industrial — medical's the larger growth engine, not a drag, right? AI-datacenter exposure is real but a minority of the whole, sitting inside robotics, automation, and digital manufacturing platforms. We count the medical half honestly, no special billing for the AI piece. Roughly $4B incremental by 2030 across four platforms, collective thesis — not one thing that can turn back on you.