SkyWater Technology Reports First Quarter 2021 Results

Rhea-AI Summary

SkyWater Technology (NASDAQ: SKYT) reported a 30% increase in net sales for Q1 2021, reaching $48.1 million. However, the company posted a net loss of $2.8 million, equating to (6%) of net sales. The Adjusted EBITDA was $5.6 million, or 12% of net sales. The growth was driven by the Advanced Technology Services (ATS) sector, with sales hitting $38.1 million, a 61% year-over-year rise. SkyWater's progress in the Advanced Packaging fab and partnerships further support future growth.

Positive

• 30% year-over-year net sales growth to $48.1 million
• Advanced Technology Services sales increased 61% to $38.1 million
• Adjusted EBITDA of $5.6 million, representing 12% of net sales
• Successful establishment of partnerships in ATS and 130 nm mixed-signal offerings

Negative

• Net loss of $2.8 million, or 6% of net sales
• Wafer Services sales declined 25% to $10.0 million year-over-year

SkyWater Technology (NASDAQ: SKYT) today announced financial results for the first quarter of 2021, ended April 4, 2021.

• Net sales grew 30% year-over-year to $48.1 million
• Net loss to shareholders of $2.8 million, or (6%) of net sales
• Adjusted EBITDA of $5.6 million, or 12% of net sales

“SkyWater delivered record net sales in our first quarter driven by continued growth in our Advanced Technology Services (ATS) business,” said SkyWater Technology president and chief executive officer Thomas Sonderman. “Our Minnesota fab is ramping automotive and IoT-related production activities as we see significant increases in demand while continuing to transition customers from ATS into volume Wafer Services. During the quarter we also engaged with several new partners in both our ATS business and as part of our 130 nanometer (nm) mixed-signal offering.”

Mr. Sonderman continued, “The start-up of SkyWater’s Advanced Packaging fab in Florida is progressing as planned with the existing Department of Defense program commencement underway. Completing our initial public offering in April, while delivering a strong quarter, is a testament to the dedication and tenacity of SkyWater’s employees as we co-create the next generation of disruptive technologies with our customers.”

In USD millions	Q1 21	Q1 20	Y/Y	Q4 20	Q/Q
Advanced Technology Services sales	$38.1	$23.6	61%	$26.3	45%
Wafer Services sales	$10.0	$13.3	(25%)	$13.5	(26%)
Net sales

FAQ

What were SkyWater Technology's Q1 2021 financial results?

SkyWater Technology reported net sales of $48.1 million in Q1 2021, a 30% increase year-over-year.

How much was the net loss for SkyWater Technology in Q1 2021?

SkyWater Technology recorded a net loss of $2.8 million in Q1 2021.

What is the Adjusted EBITDA for SkyWater Technology in Q1 2021?

The Adjusted EBITDA for SkyWater Technology in Q1 2021 was $5.6 million, or 12% of net sales.

How did Advanced Technology Services perform for SkyWater Technology in Q1 2021?

Advanced Technology Services sales increased by 61% to $38.1 million in Q1 2021.

What challenges did SkyWater Technology face in Q1 2021?

SkyWater Technology faced a 25% decline in Wafer Services sales, totaling $10.0 million.