Industry reports say NVIDIA and other major customers bypassed the laminate makers to contract directly with the glass‑cloth and high‑grade copper‑foil suppliers, reserving capacity more than a year in advance – while laminate suppliers put the board makers on quota allocation, with lead times reaching about six months by early 2026. I note the filings echo this pattern, with NVIDIA’s annual filing confirming prepaid capacity deals in general terms and Broadcom’s CEO stating supply is ‘fully secured’ through 2028, including substrates and T‑glass.
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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.