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Skywater Technology Inc Financials

SKYT
Source SEC Filings (10-K/10-Q) Updated Mar 29, 2026 Currency USD FYE December

This page shows Skywater Technology Inc (SKYT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SKYT FY2025

SkyWater’s reported earnings swing masks a business where revenue growth and asset expansion have not yet become reliable cash generation.

From FY2024 to FY2025, net margin jumped to 26.9% even though operating margin slipped below zero after briefly turning positive the year before. At the same time, operating cash flow swung from $18.5M in FY2024 to -$29.0M, so the reported profit was not being produced by the core business in recurring cash terms.

The business has moved far beyond FY2022’s negative gross margin, but since FY2023 the gross margin has stayed in a narrow band around 20% despite much higher sales. With that ceiling, selling and admin expense rising to $74.9M in FY2025 consumed the added gross profit from higher revenue, leaving operations near break-even.

FY2025 also looks more balance-sheet intensive than prior years: total assets jumped to $733.9M while the current ratio fell to 0.6x. Cash of $23.2M versus current liabilities of $324.0M means expansion is being supported more by financing and timing than by cash already on hand.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 43 / 100
Financial Profile 43/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Skywater Technology Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
21

Skywater Technology Inc has an operating margin of -0.6%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 21/100, suggesting thin profitability after operating expenses. This is down from 1.9% the prior year.

Growth
74

Skywater Technology Inc's revenue surged 29.2% year-over-year to $442.1M, reflecting rapid business expansion. This strong growth earns a score of 74/100.

Leverage
98

Skywater Technology Inc carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
6

Skywater Technology Inc's current ratio of 0.60 is below the typical benchmark, resulting in a score of 6/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
12

While Skywater Technology Inc generated -$29.0M in operating cash flow, capex of $24.3M consumed most of it, leaving -$53.3M in free cash flow. This results in a low score of 12/100, reflecting heavy capital investment rather than weak cash generation.

Returns
48

Skywater Technology Inc's ROE of 63.3% shows moderate profitability relative to equity, earning a score of 48/100. This is up from -12.2% the prior year.

Piotroski F-Score Weak
3/9

Skywater Technology Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality
-0.24x

For every $1 of reported earnings, Skywater Technology Inc generates $-0.24 in operating cash flow (-$29.0M OCF vs $118.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-0.2x

Skywater Technology Inc earns $-0.2 in operating income for every $1 of interest expense (-$2.6M vs $13.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$442.1M
YoY+29.2%

Skywater Technology Inc generated $442.1M in revenue in fiscal year 2025. This represents an increase of 29.2% from the prior year.

EBITDA
$33.1M
YoY+31.0%

Skywater Technology Inc's EBITDA was $33.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.0% from the prior year.

Net Income
$118.9M
YoY+1850.5%

Skywater Technology Inc reported $118.9M in net income in fiscal year 2025. This represents an increase of 1850.5% from the prior year.

EPS (Diluted)
$2.44
YoY+1842.9%

Skywater Technology Inc earned $2.44 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1842.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$53.3M
YoY-606.7%

Skywater Technology Inc generated -$53.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 606.7% from the prior year.

Cash & Debt
$23.2M
YoY+23.2%

Skywater Technology Inc held $23.2M in cash against $32.9M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
49M
YoY+1.9%

Skywater Technology Inc had 49M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.

Margins & Returns

Gross Margin
19.7%
YoY-0.7pp

Skywater Technology Inc's gross margin was 19.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.

Operating Margin
-0.6%
YoY-2.5pp

Skywater Technology Inc's operating margin was -0.6% in fiscal year 2025, reflecting core business profitability. This is down 2.5 percentage points from the prior year.

Net Margin
26.9%
YoY+28.9pp

Skywater Technology Inc's net profit margin was 26.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 28.9 percentage points from the prior year.

Return on Equity
63.3%
YoY+75.5pp

Skywater Technology Inc's ROE was 63.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 75.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$14.6M
YoY-2.8%

Skywater Technology Inc invested $14.6M in research and development in fiscal year 2025. This represents a decrease of 2.8% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$24.3M
YoY+206.4%

Skywater Technology Inc invested $24.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 206.4% from the prior year.

SKYT Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $160.7M-6.1% $171.0M+13.5% $150.7M+155.2% $59.1M-3.6% $61.3M-18.8% $75.5M-19.5% $93.8M+0.5% $93.3M
Cost of Revenue $128.5M-11.7% $145.5M+27.0% $114.5M+137.8% $48.2M+2.4% $47.0M-16.3% $56.2M-23.6% $73.6M-3.5% $76.2M
Gross Profit $32.2M+25.8% $25.6M-29.5% $36.2M+232.3% $10.9M-23.6% $14.3M-26.1% $19.3M-4.6% $20.2M+18.2% $17.1M
R&D Expenses $5.0M+37.5% $3.6M-16.8% $4.4M+29.8% $3.4M+3.7% $3.2M-22.9% $4.2M+22.9% $3.4M+1.4% $3.4M
SG&A Expenses $32.4M+48.5% $21.8M-9.0% $24.0M+71.3% $14.0M-6.8% $15.0M+20.9% $12.4M+2.8% $12.1M-1.9% $12.3M
Operating Income -$5.3M-7638.6% $70K-99.1% $7.9M+221.2% -$6.5M-61.1% -$4.0M-251.7% $2.7M-43.7% $4.7M+236.4% $1.4M
Interest Expense $6.2M+24.6% $4.9M-7.1% $5.3M+225.1% $1.6M-9.7% $1.8M-8.3% $2.0M-0.6% $2.0M-19.9% $2.5M
Income Tax -$284K-110.5% $2.7M+108.5% -$31.8M-4389.8% $742K+93.2% $384K+64.8% $233K+150.5% $93K+173.2% -$127K
Net Income -$12.3M-58.2% -$7.8M-105.4% $144.0M+1543.3% -$10.0M-35.8% -$7.3M-981.7% -$679K-144.9% $1.5M+179.7% -$1.9M
EPS (Diluted) $-0.25 N/A $2.95+1504.8% $-0.21-40.0% $-0.15 N/A $0.03+175.0% $-0.04

SKYT Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $732.9M-0.1% $733.9M-6.7% $787.0M+135.1% $334.7M+2.4% $326.8M+4.8% $311.8M-1.0% $315.1M+8.5% $290.4M
Current Assets $182.1M-5.8% $193.2M-19.0% $238.6M+53.0% $155.9M+3.7% $150.4M+15.6% $130.1M-7.1% $140.0M+16.0% $120.7M
Cash & Equivalents $22.2M-4.3% $23.2M-24.8% $30.9M-37.4% $49.4M-3.6% $51.2M+171.9% $18.8M-8.9% $20.7M+12.6% $18.4M
Inventory $25.6M+4.0% $24.6M+21.2% $20.3M+51.7% $13.4M-5.9% $14.2M-2.2% $14.5M+0.7% $14.4M-1.3% $14.6M
Accounts Receivable $89.2M-10.9% $100.1M+17.7% $85.1M+165.7% $32.0M-18.1% $39.1M-25.3% $52.4M-13.5% $60.6M+15.9% $52.2M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $545.0M+1.3% $538.1M-8.4% $587.3M+107.7% $282.7M+5.8% $267.3M+6.8% $250.3M+1.5% $246.5M+5.5% $233.6M
Current Liabilities $354.1M+9.3% $324.0M-9.0% $355.9M+141.1% $147.6M+15.9% $127.3M-17.5% $154.3M-3.6% $160.0M+19.5% $133.9M
Long-Term Debt $32.3M-1.8% $32.9M-3.9% $34.3M-3.0% $35.3M+4.8% $33.7M-2.9% $34.7M-4.1% $36.2M-3.3% $37.4M
Total Equity $180.2M-4.0% $187.8M-2.6% $192.8M+326.2% $45.2M-15.3% $53.4M-4.0% $55.6M-0.9% $56.2M+9.1% $51.5M
Retained Earnings -$27.4M-81.7% -$15.1M-106.9% -$7.3M+95.1% -$149.3M-7.2% -$139.3M-4.0% -$134.0M-2.0% -$131.3M+1.1% -$132.8M

SKYT Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $27.9M+177.3% -$36.1M+23.6% -$47.2M-2731.0% -$1.7M-103.0% $56.0M+4475.8% -$1.3M-108.9% $14.3M+53.2% $9.3M
Capital Expenditures $9.1M+48.4% $6.1M+634.7% $830K-68.5% $2.6M-82.1% $14.8M+2072.1% $680K-86.9% $5.2M+525.8% $827K
Free Cash Flow $18.9M+144.7% -$42.2M+12.2% -$48.0M-1015.8% -$4.3M-110.4% $41.2M+2203.0% -$2.0M-121.4% $9.1M+7.3% $8.5M
Investing Cash Flow -$10.1M-66.0% -$6.1M+93.1% -$88.2M-2356.4% -$3.6M+76.4% -$15.2M-642.1% -$2.0M+65.6% -$5.9M-417.5% -$1.1M
Financing Cash Flow -$18.8M-154.5% $34.5M-70.5% $116.9M+3342.3% $3.4M+140.5% -$8.4M-665.6% $1.5M+124.5% -$6.1M+38.5% -$9.8M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

SKYT Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 20.0%+5.1pp 14.9%-9.1pp 24.0%+5.6pp 18.4%-4.8pp 23.3%-2.3pp 25.6%+4.0pp 21.6%+3.2pp 18.3%
Operating Margin -3.3%-3.3pp 0.0%-5.2pp 5.2%+16.2pp -11.0%-4.4pp -6.6%-10.1pp 3.5%-1.5pp 5.0%+3.5pp 1.5%
Net Margin -7.7%-3.1pp -4.5%-100.1pp 95.5%+112.4pp -16.9%-4.9pp -12.0%-11.1pp -0.9%-2.5pp 1.6%+3.6pp -2.0%
Return on Equity -6.8%-2.7pp -4.1%-78.8pp 74.7%+96.8pp -22.1%-8.3pp -13.8%-12.5pp -1.2%-3.9pp 2.7%+6.4pp -3.7%
Return on Assets -1.7%-0.6pp -1.1%-19.4pp 18.3%+21.3pp -3.0%-0.7pp -2.3%-2.0pp -0.2%-0.7pp 0.5%+1.1pp -0.7%
Current Ratio 0.51-0.1 0.60-0.1 0.67-0.4 1.06-0.1 1.18+0.3 0.84-0.0 0.87-0.0 0.90
Debt-to-Equity 0.180.0 0.180.0 0.18-0.6 0.78+0.1 0.630.0 0.62-0.0 0.64-0.1 0.73
FCF Margin 11.7%+36.4pp -24.7%+7.2pp -31.9%-24.6pp -7.3%-74.5pp 67.2%+69.8pp -2.6%-12.3pp 9.7%+0.6pp 9.1%

Note: The current ratio is below 1.0 (0.60), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Skywater Technology Inc (SKYT) reported $442.1M in total revenue for fiscal year 2025. This represents a 29.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Skywater Technology Inc (SKYT) revenue grew by 29.2% year-over-year, from $342.3M to $442.1M in fiscal year 2025.

Yes, Skywater Technology Inc (SKYT) reported a net income of $118.9M in fiscal year 2025, with a net profit margin of 26.9%.

Skywater Technology Inc (SKYT) reported diluted earnings per share of $2.44 for fiscal year 2025. This represents a 1842.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Skywater Technology Inc (SKYT) had EBITDA of $33.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Skywater Technology Inc (SKYT) had $23.2M in cash and equivalents against $32.9M in long-term debt.

Skywater Technology Inc (SKYT) had a gross margin of 19.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Skywater Technology Inc (SKYT) had an operating margin of -0.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Skywater Technology Inc (SKYT) had a net profit margin of 26.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Skywater Technology Inc (SKYT) has a return on equity of 63.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Skywater Technology Inc (SKYT) generated -$53.3M in free cash flow during fiscal year 2025. This represents a -606.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Skywater Technology Inc (SKYT) generated -$29.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Skywater Technology Inc (SKYT) had $733.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Skywater Technology Inc (SKYT) invested $24.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Skywater Technology Inc (SKYT) invested $14.6M in research and development during fiscal year 2025.

Skywater Technology Inc (SKYT) had 49M shares outstanding as of fiscal year 2025.

Skywater Technology Inc (SKYT) had a current ratio of 0.60 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Skywater Technology Inc (SKYT) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Skywater Technology Inc (SKYT) had a return on assets of 16.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Skywater Technology Inc (SKYT) had $23.2M in cash against an annual operating cash burn of $29.0M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Skywater Technology Inc (SKYT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Skywater Technology Inc (SKYT) has an earnings quality ratio of -0.24x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Skywater Technology Inc (SKYT) has an interest coverage ratio of -0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Skywater Technology Inc (SKYT) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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