Sanmina delivered a solid first quarter of fiscal 2025, posting revenue of $2.01 billion and non-GAAP EPS of $1.44, with non-GAAP gross margin at 9.0% and non-GAAP operating margin at 5.6%. The IMS (Integrated Manufacturing Solutions) segment led growth with revenue of $1.62 billion (+7.8% YoY), while CPS (Components, Products and Services) revenue was $416 million (+5.4% YoY). The company maintained a strong balance sheet, ending the quarter with $642 million in cash and no outstanding borrowings on its $800 million revolver, and a net debt position of approximately negative $267.8 million when netting debt against cash. Management signaled ongoing investments to capture growth opportunities in cloud infrastructure, AI-enabled networks, and defense/aerospace, while reiterating a long-term operating margin target of 6%+, supported by ongoing margin expansion in CPS and favorable mix in IMS. The outlook for fiscal 2025 remains constructive, with expected high-single-digit revenue growth and a second-quarter non-GAAP EPS range of $1.30–$1.40, highlighting the company’s confidence in a diversified, multi-end-market expansion path and disciplined capital allocation.