SkyWater Technology Reports Fourth Quarter and Full Fiscal Year 2024 Results
SkyWater Technology (NASDAQ: SKYT) reported mixed Q4 2024 results with revenue declining 5% YoY to $75.5 million, while gross margin improved to 25.6% from 15.2% in Q4 2023. The company posted a Q4 GAAP net loss of $0.7 million ($(0.01) per share).
For full fiscal year 2024, SKYT achieved record revenue of $342.3 million, up 19% YoY, though gross margin slightly decreased to 20.3% from 20.7%. Advanced Technology Services (ATS) revenue grew 13% to $238.6 million, while Wafer Services declined 56%. The company recognized $76.8 million in Tools revenue, representing 22% of total revenue.
Looking ahead to Q1 2025, SKYT projects revenue between $59-63 million with expected GAAP net loss per share of $(0.14) to $(0.20). The company secured a preliminary $16 million CHIPS program award and $19 million in Minnesota state incentives to enhance production capabilities.
SkyWater Technology (NASDAQ: SKYT) ha riportato risultati misti per il quarto trimestre del 2024, con un fatturato in calo del 5% rispetto all'anno precedente, pari a 75,5 milioni di dollari, mentre il margine lordo è migliorato al 25,6% rispetto al 15,2% del quarto trimestre del 2023. L'azienda ha registrato una perdita netta GAAP di 0,7 milioni di dollari (0,01 dollari per azione) per il quarto trimestre.
Per l'intero anno fiscale 2024, SKYT ha raggiunto un fatturato record di 342,3 milioni di dollari, in aumento del 19% rispetto all'anno precedente, sebbene il margine lordo sia leggermente diminuito al 20,3% rispetto al 20,7%. I ricavi dei Servizi di Tecnologia Avanzata (ATS) sono cresciuti del 13% a 238,6 milioni di dollari, mentre i Servizi di Wafer sono diminuiti del 56%. L'azienda ha riconosciuto 76,8 milioni di dollari in ricavi da Strumenti, che rappresentano il 22% del fatturato totale.
Guardando al primo trimestre del 2025, SKYT prevede un fatturato compreso tra 59 e 63 milioni di dollari, con una perdita netta GAAP per azione prevista tra (0,14) e (0,20) dollari. L'azienda ha ottenuto un premio preliminare di 16 milioni di dollari dal programma CHIPS e 19 milioni di dollari in incentivi statali del Minnesota per migliorare le capacità produttive.
SkyWater Technology (NASDAQ: SKYT) reportó resultados mixtos para el cuarto trimestre de 2024, con ingresos que disminuyeron un 5% interanual a 75,5 millones de dólares, mientras que el margen bruto mejoró al 25,6% desde el 15,2% en el cuarto trimestre de 2023. La compañía registró una pérdida neta GAAP de 0,7 millones de dólares (0,01 dólares por acción) para el cuarto trimestre.
Para el año fiscal completo de 2024, SKYT logró ingresos récord de 342,3 millones de dólares, un aumento del 19% interanual, aunque el margen bruto disminuyó ligeramente al 20,3% desde el 20,7%. Los ingresos de Servicios de Tecnología Avanzada (ATS) crecieron un 13% a 238,6 millones de dólares, mientras que los Servicios de Wafer disminuyeron un 56%. La compañía reconoció 76,8 millones de dólares en ingresos por Herramientas, representando el 22% del ingreso total.
De cara al primer trimestre de 2025, SKYT proyecta ingresos entre 59 y 63 millones de dólares, con una pérdida neta GAAP por acción esperada de (0,14) a (0,20) dólares. La compañía aseguró un premio preliminar de 16 millones de dólares del programa CHIPS y 19 millones de dólares en incentivos estatales de Minnesota para mejorar las capacidades de producción.
SkyWater Technology (NASDAQ: SKYT)는 2024년 4분기 혼합 실적을 보고했으며, 매출은 전년 대비 5% 감소한 7550만 달러를 기록했습니다. 반면, 총 마진은 2023년 4분기 15.2%에서 25.6%로 개선되었습니다. 이 회사는 4분기 GAAP 기준으로 70만 달러의 순손실(주당 $(0.01))을 기록했습니다.
2024 회계연도 전체에서 SKYT는 기록적인 매출 3억 4230만 달러를 달성했으며, 이는 전년 대비 19% 증가한 수치입니다. 그러나 총 마진은 20.7%에서 20.3%로 약간 감소했습니다. 첨단 기술 서비스(ATS) 매출은 13% 증가하여 2억 3860만 달러에 달했으며, 웨이퍼 서비스는 56% 감소했습니다. 이 회사는 총 매출의 22%에 해당하는 7680만 달러의 도구 매출을 인식했습니다.
2025년 1분기를 바라보며, SKYT는 5900만 달러에서 6300만 달러 사이의 매출을 예상하고 있으며, 주당 GAAP 순손실은 $(0.14)에서 $(0.20)로 예상하고 있습니다. 이 회사는 CHIPS 프로그램에서 1600만 달러의 예비 보조금과 미네소타 주의 1900만 달러의 인센티브를 확보하여 생산 능력을 향상시킬 계획입니다.
SkyWater Technology (NASDAQ: SKYT) a annoncé des résultats mitigés pour le quatrième trimestre 2024, avec un chiffre d'affaires en baisse de 5 % par rapport à l'année précédente, s'élevant à 75,5 millions de dollars, tandis que la marge brute s'est améliorée à 25,6 % contre 15,2 % au quatrième trimestre 2023. L'entreprise a affiché une perte nette GAAP de 0,7 million de dollars (0,01 dollar par action) pour le quatrième trimestre.
Pour l'ensemble de l'exercice fiscal 2024, SKYT a réalisé un chiffre d'affaires record de 342,3 millions de dollars, en hausse de 19 % par rapport à l'année précédente, bien que la marge brute ait légèrement diminué à 20,3 % contre 20,7 %. Les revenus des Services de Technologie Avancée (ATS) ont augmenté de 13 % pour atteindre 238,6 millions de dollars, tandis que les Services de Wafer ont chuté de 56 %. L'entreprise a reconnu 76,8 millions de dollars de revenus provenant des Outils, représentant 22 % du chiffre d'affaires total.
En regardant vers le premier trimestre 2025, SKYT projette un chiffre d'affaires compris entre 59 et 63 millions de dollars, avec une perte nette GAAP par action attendue entre $(0,14) et $(0,20). L'entreprise a obtenu une attribution préliminaire de 16 millions de dollars du programme CHIPS et 19 millions de dollars d'incitations de l'État du Minnesota pour améliorer ses capacités de production.
SkyWater Technology (NASDAQ: SKYT) hat gemischte Ergebnisse für das vierte Quartal 2024 berichtet, mit einem Umsatzrückgang von 5% im Jahresvergleich auf 75,5 Millionen Dollar, während die Bruttomarge von 15,2% im vierten Quartal 2023 auf 25,6% verbessert wurde. Das Unternehmen verzeichnete einen GAAP-Nettoverlust von 0,7 Millionen Dollar (0,01 Dollar pro Aktie) im vierten Quartal.
Für das gesamte Geschäftsjahr 2024 erzielte SKYT Rekordumsätze von 342,3 Millionen Dollar, was einem Anstieg von 19% im Jahresvergleich entspricht, obwohl die Bruttomarge leicht von 20,7% auf 20,3% gesunken ist. Die Umsätze der Advanced Technology Services (ATS) stiegen um 13% auf 238,6 Millionen Dollar, während die Wafer-Dienstleistungen um 56% zurückgingen. Das Unternehmen erkannte 76,8 Millionen Dollar an Werkzeugumsätzen, was 22% des Gesamtumsatzes entspricht.
Für das erste Quartal 2025 prognostiziert SKYT einen Umsatz zwischen 59 und 63 Millionen Dollar mit einem erwarteten GAAP-Nettoverlust pro Aktie von $(0,14) bis $(0,20). Das Unternehmen sicherte sich eine vorläufige CHIPS-Programmauszeichnung in Höhe von 16 Millionen Dollar und 19 Millionen Dollar an Anreizen des Bundesstaates Minnesota zur Verbesserung der Produktionskapazitäten.
- Record FY2024 revenue of $342.3M (+19% YoY)
- Q4 gross margin improved to 25.6% from 15.2% YoY
- Secured $35M in combined CHIPS and state funding
- ATS revenue grew 13% to $238.6M
- $77M in Tools revenue indicating strong customer CapEx investment
- Q4 revenue declined 5% YoY to $75.5M
- Wafer Services revenue dropped 56% YoY
- FY2024 gross margin decreased to 20.3% from 20.7%
- Q1 2025 guidance projects net loss
- Adjusted EBITDA margin declined to 10% from 13% YoY
Insights
SkyWater Technology's Q4 and full-year 2024 results reveal a company in strategic transition, successfully pivoting from a traditional foundry to a technology development partner with improving profitability metrics. The record annual revenue of $342.3 million (19% YoY growth) and shift to positive non-GAAP EPS of $0.06 mark significant milestones in the company's post-IPO transformation.
The company's revenue mix demonstrates this strategic evolution: ATS development revenue grew 13% to $238.6 million while Wafer Services declined 56% to $26.9 million. This transition toward higher-value development services has enabled SkyWater to achieve profitability despite the significant gross margin dilution from the $76.8 million in Tools revenue (which reduced non-GAAP gross margins by 480 basis points).
The Q1 2025 revenue guidance of $59-63 million represents a substantial sequential decline of approximately
SkyWater's strategic positioning as "America's Foundry" aligns with domestic semiconductor manufacturing initiatives, though their preliminary $16 million CHIPS award is relatively modest compared to larger industry players. The $77 million in customer capital co-investment demonstrates strong customer commitment while reducing SkyWater's capital burden.
The company's transition of ATS development programs into production (including partnerships with Lumotive, NanoDX, and Quantum-Si) will be important for sustainable profitability. Meanwhile, the Florida facility expansion for advanced packaging represents a significant growth vector for 2025 and beyond, supported by a
SkyWater's 2024 results demonstrate the company's successful execution of its specialized technology foundry model, which differentiates it from traditional semiconductor manufacturers by emphasizing co-development partnerships over pure manufacturing. The 19% revenue growth to $342.3 million and transition to positive non-GAAP EPS validate this approach, though the Q1 2025 guidance signals near-term headwinds that warrant attention.
The company operates in a unique position within the U.S. semiconductor ecosystem. Unlike TSMC or GlobalFoundries pursuing leading-edge nodes, SkyWater targets specialized applications where process customization and co-development create more value than pure scaling. This strategy has resulted in strong customer commitment, evidenced by the $77 million in customer capital co-investment – representing nearly
The 56% decline in Wafer Services revenue highlights both the challenge and opportunity facing SkyWater. While traditional foundry services are shrinking, the company's 13% growth in ATS development demonstrates market validation of their co-development model. The key challenge now is efficiently converting these development programs into production revenue streams – the partnerships with Lumotive, NanoDX, and Quantum-Si represent critical test cases for this transition.
SkyWater's Florida expansion into advanced packaging addresses a critical gap in the U.S. semiconductor supply chain. With OSAT (Outsourced Semiconductor Assembly and Test) services predominantly located in Asia, establishing domestic advanced packaging capabilities positions SkyWater to capture value from the reshoring trend, potentially commanding premium pricing for security-sensitive applications.
The ThermaView platform demonstrates SkyWater's strategy of targeting specialized applications where they can establish technology leadership rather than competing on process node advancement. By focusing on the thermal imaging market's specific requirements, they can develop intellectual property and process expertise that larger foundries might overlook while pursuing bleeding-edge scaling.
Record Fiscal Year Revenue, Gross Profit and EPS
Financial Highlights for Q4 2024:
-
Revenue decreased (5)% year-over-year to
$75.5 million -
Gross margin increased to
25.6% on a GAAP basis, compared to15.2% in Q4 2023, and increased to26.6% on a non-GAAP basis, compared to17.4% in Q4 2023. -
Net loss to shareholders of
$0.7 million $(0.01) $1.9 million $0.04 $10.3 million $(0.22) $1.1 million $(0.02) -
Adjusted EBITDA of
$10.2 million 13.5% of revenue, compared to$10.6 million 13.4% of revenue in Q4 2023.
Financial Highlights for Fiscal Year 2024:
-
Revenue increased
19% year-over-year to a record$342.3 million -
Gross margin decreased to
20.3% on a GAAP basis, compared to20.7% in fiscal year 2023, and decreased to21.0% on a non-GAAP basis, compared to22.0% in fiscal year 2023. -
Net loss to shareholders of
$6.8 million $(0.14) $2.7 million $0.06 $30.8 million $(0.68) $7.7 million $(0.17) -
Adjusted EBITDA of
$34.3 million 10.0% of revenue, compared to$37.2 million 13.0% of revenue in fiscal year 2023.
“Our financial results for fiscal year 2024 demonstrate the strength of our highly differentiated, technology foundry business model, within a dynamic and growing domestic semiconductor ecosystem,” commented Thomas Sonderman, CEO. “In the nearly four years since our IPO, we have successfully transformed a mature fabrication facility into a monetized Advanced Technology Services (ATS) business, which has grown to a scale that supported record revenues and profitability for SkyWater in 2024. The past year has also brought a number of key milestones establishing SkyWater as ‘America’s Foundry,’ including the launch of our ThermaView℠ platform, initial terms of our CHIPS funding award, multiple ATS customers beginning initial phases of production at SkyWater Minnesota, and significant progress preparing our
Significant Highlights of the Past Year:
- Record financial results for fiscal 2024. SkyWater achieved record revenues and gross profit, strong adjusted EBITDA, and positive non-GAAP earnings per share for fiscal 2024, driven primarily by strong growth in ATS development revenues compared to fiscal 2023.
-
Launch of ThermaView℠ Solutions. SkyWater recently launched its first platform dedicated to read-out IC (ROIC) and microbolometer solutions for thermal imaging applications. With the increasing demand for advanced infrared sensing, ThermaView positions SkyWater as a key supplier in a rapidly-growing
$9 billion -
Announced preliminary CHIPS funding award. SkyWater signed a preliminary memorandum of terms with the CHIPS for America program late in 2024. The proposed
$16 million $19 million Minnesota facility. -
Unprecedented level of customer CapEx co-investment. Nearly
$77 million Minnesota operations in support of future growth ahead for multiple strategic programs, including the installation of a first-of-its-kind Multibeam e-beam lithography system. - Strong progress transitioning multiple ATS development programs into production. SkyWater’s strategy to collaborate closely with multiple customers as they transition ATS development programs into production yielded positive progress over the year. We launched production with optical sensing pioneer Lumotive, executed a multi-year supply agreement with NanoDX, and advanced Quantum-Si’s state-of-the-art proteome sequencing technology into production during 2024.
-
Exciting progress in
Florida operations supported by transformational$120 million Florida commenced in 2024, marking an important milestone as we accelerate the tooling and facilitization of ourFlorida operations in preparation for an expected 2025 ramp in Advanced Packaging revenues. We were pleased to announce the appointment of GM Bassel Haddad during 2024 to lead our Advanced Packaging operations, which we expect will be a compelling new revenue growth vector for SkyWater, beginning in 2025.
Q4 2024 Summary:
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GAAP |
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In millions, except per share data |
Q4 2024 |
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Q4 2023 |
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Y/Y * |
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Q3 2024 |
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Q/Q * |
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ATS development revenue (1) |
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Wafer Services revenue |
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(64)% |
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(35)% |
Combined ATS development and Wafer Services revenue |
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(8)% |
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Tools revenue (2) |
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(62)% |
Total revenue * |
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(5)% |
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(20)% |
Gross profit |
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(5)% |
Gross margin * |
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1,040 bps |
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400 bps |
Net income (loss) to shareholders |
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(145)% |
Basic income (loss) per share |
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(145)% |
Diluted income (loss) per share |
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(145)% |
Net income (loss) margin to shareholders |
(0.9)% |
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(13.0)% |
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1,210 bps |
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(250) bps |
Non-GAAP |
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In millions, except per share data |
Q4 2024 |
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Q4 2023 |
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Y/Y * |
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Q3 2024 |
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Q/Q * |
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Non-GAAP gross profit |
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(4)% |
Non-GAAP gross margin * |
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920 bps |
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430 bps |
Non-GAAP net income (loss) to shareholders |
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(47)% |
Non-GAAP basic income (loss) per share |
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(47)% |
Non-GAAP diluted income (loss) per share |
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(47)% |
Adjusted EBITDA |
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(3)% |
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(7)% |
Adjusted EBITDA margin |
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10 bps |
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180 bps |
__________________
* Amounts calculated based on figures reported in thousands |
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(1) |
ATS development revenue represents GAAP revenue primarily derived from process development services, tool installation and qualification services, facility and tool access, leases where SkyWater serves as lessor, and security services. |
(2) |
Tools revenue represents GAAP revenue primarily derived from the procurement and subsequent sale of equipment to our customers. While this equipment is owned by our customers, the equipment is retained in one of our fabs and is used to complete ATS customer programs. |
Q4 2024 Results:
-
Revenue: Revenue of
$75.5 million $59.4 million 4% compared to the fourth quarter of 2023. Wafer Services revenue of$4.4 million $11.7 million 18% compared to the fourth quarter of 2023. -
Gross Profit: GAAP gross profit was
$19.3 million 25.6% of total revenue, compared to gross profit of$12.0 million 15.2% of total revenue, in the fourth quarter of 2023. Non-GAAP gross profit was$20.1 million 26.6% of total revenue, compared to non-GAAP gross profit of$13.8 million 17.4% of total revenue, in the fourth quarter of 2023. Tools revenue negatively impacted non-GAAP gross margin by 170 bps, compared to 130 bps in the fourth quarter of 2023. -
Operating Expenses: GAAP operating expenses were
$16.6 million $18.0 million $14.8 million $10.5 million -
Net Income (Loss): GAAP net loss to shareholders was
$0.7 million $(0.01) $10.3 million $(0.22) $1.9 million $0.04 $1.1 million $(0.02) -
Adjusted EBITDA: Adjusted EBITDA was
$10.2 million 13.5% of total revenue, compared to$10.6 million 13.4% of total revenue, in the fourth quarter of 2023.
Fiscal Year 2024 Summary:
GAAP |
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In millions, except per share data |
FY2024 |
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FY2023 |
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Y/Y * |
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ATS development revenue (1) |
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Wafer Services revenue |
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(56)% |
Combined ATS development and Wafer Services revenue |
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(2)% |
Tool revenue (2) |
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Total revenue * |
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Gross profit |
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Gross margin * |
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(40) bps |
Net loss to shareholders |
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Basic and diluted loss per share |
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Net loss margin to shareholders |
(2.0)% |
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(10.7)% |
|
870 bps |
Non-GAAP |
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In millions, except per share data |
FY2024 |
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FY2023 |
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Y/Y * |
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Non-GAAP gross profit |
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Non-GAAP gross margin * |
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(100) bps |
Non-GAAP net income (loss) to shareholders |
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Non-GAAP basic income (loss) per share |
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Non-GAAP diluted income (loss) per share |
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Adjusted EBITDA |
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(8)% |
Adjusted EBITDA margin |
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(300) bps |
_______________
* Amounts calculated based on figures reported in thousands. |
|
(1) |
ATS development revenue represents GAAP revenue primarily derived from process development services, tool installation and qualification services, facility and tool access, leases where SkyWater serves as lessor, and security services. |
(2) |
Tools revenue represents GAAP revenue primarily derived from the procurement and subsequent sale of equipment to our customers. While this equipment is owned by our customers, the equipment is retained in one of our fabs and is used to complete ATS customer programs. |
Fiscal Year 2024 Results:
-
Revenue: Revenue of
$342.3 million 19% year-over-year. ATS development revenue of$238.6 million 13% year-over-year. Wafer Services revenue of$26.9 million $76.8 million 22% of total revenue) increased significantly compared to$14.7 million 5% of total revenue) in 2023. -
Gross Profit: GAAP gross profit was
$69.6 million 20.3% of total revenue, compared to gross profit of$59.3 million 20.7% of total revenue, in 2023. Non-GAAP gross profit was$72.0 million 21.0% of total revenue, compared to non-GAAP gross profit of$63.0 million 22.0% of total revenue, in 2023. Tools Revenue negatively impacted non-GAAP gross margin by 480bp in 2024 compared to 50bp in 2023. -
Operating Expenses: GAAP operating expenses were
$63.1 million $74.1 million $56.0 million $54.7 million -
Net Income (Loss): GAAP net loss to shareholders was
$6.8 million $(0.14) $30.8 million $(0.68) $2.7 million $0.06 $7.7 million $(0.17) -
Adjusted EBITDA: Adjusted EBITDA was
$34.3 million 10.0% of total revenue, compared to$37.2 million 13.0% of total revenue, in 2023.
A reconciliation between GAAP and non-GAAP financial measures is contained in the tables below in the section titled “Non-GAAP Financial Measures.”
Q1 2025 Financial Outlook:
For the first quarter of 2025, we expect total revenue to be in the range of
This outlook for non‑GAAP diluted net loss per share excludes anticipated equity-based compensation expense of approximately
Investor Webcast
SkyWater will host a conference call today, Wednesday, February 26, 2025, at 7:30 a.m. CT (8:30 a.m. ET) to discuss its fourth quarter and fiscal year 2024 financial results. A live webcast of the call will be available online at IR.SkyWaterTechnology.com.
About SkyWater Technology
SkyWater (NASDAQ: SKYT) is a
Cautionary Statement Regarding Preliminary Results
The Company’s results for the fourth quarter and fiscal year ended December 29, 2024 are preliminary, unaudited and subject to the finalization of the Company’s fourth quarter review and full-year audit and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. The Company cautions that actual results may differ materially from those described in this press release.
SkyWater Technology Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on the Company’s current expectations or forecasts of future events, rather than past events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including information or predictions concerning the Company’s future business, results of operations, financial performance, plans and objectives, competitive position, market trends, and potential growth and market opportunities. In some cases, you can identify forward-looking statements by words such as “intends,” “estimates,” “predicts,” “potential,” “continues,” “anticipates,” “plans,” “expects,” “believes,” “should,” “could,” “may,” “will,” “targets,” “projects,” “seeks” or the negative of these terms or other comparable terminology.
Forward-looking statements are subject to risks, uncertainties and assumptions, which may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors that could cause the Company’s actual results to be different than expected or anticipated include, but are not limited to: our goals and strategies; our future business development, financial condition and results of operations; our ability to continue operating our fabrication facilities at full capacity; our ability to appropriately respond to changing technologies on a timely and cost-effective basis; our customer relationships and our ability to retain and expand our customer relationships; our ability to accurately predict our future revenues for the purpose of appropriately budgeting and adjusting our expenses; our expectations regarding dependence on our largest customers; our ability to diversify our customer base and develop relationships in new markets; the performance and reliability of our third-party suppliers and manufacturers; our ability to procure tools, materials, and chemicals; our ability to control costs, including our operating and capital expenses; the size and growth potential of the markets for our solutions, and our ability to serve and expand our presence in those markets; the level of demand in our customers’ end markets; our ability to attract, train and retain key qualified personnel; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of or increase in tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; changes in local, regional, national and international economic or political conditions, including those resulting from increases in inflation and interest rates, a recession, or intensified international hostilities; the level and timing of
SKYWATER TECHNOLOGY, INC. Consolidated Balance Sheets (Unaudited) |
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December 29, 2024 |
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December 31, 2023 |
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(in thousands, except per share data) |
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Assets |
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Current assets |
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Cash and cash equivalents |
$ |
18,844 |
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$ |
18,382 |
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Accounts receivable (net of allowance for credit losses of |
|
54,332 |
|
|
|
65,961 |
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Contract assets (net of allowance for credit losses of |
|
20,890 |
|
|
|
29,666 |
|
Inventory |
|
14,535 |
|
|
|
15,341 |
|
Prepaid expenses and other current assets |
|
23,476 |
|
|
|
17,025 |
|
Total current assets |
|
132,077 |
|
|
|
146,375 |
|
Property and equipment, net |
|
172,705 |
|
|
|
159,367 |
|
Intangible assets, net |
|
7,779 |
|
|
|
5,672 |
|
Other assets |
|
8,488 |
|
|
|
5,342 |
|
Total assets |
$ |
321,049 |
|
|
$ |
316,756 |
|
|
|
|
|
||||
Liabilities and shareholders’ equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Current portion of long-term debt |
$ |
5,073 |
|
|
$ |
3,976 |
|
Accounts payable |
|
29,590 |
|
|
|
19,614 |
|
Accrued expenses |
|
36,829 |
|
|
|
48,291 |
|
Short-term financing, net of unamortized debt issuance costs |
|
27,669 |
|
|
|
22,765 |
|
Contract liabilities |
|
55,166 |
|
|
|
49,551 |
|
Total current liabilities |
|
154,327 |
|
|
|
144,197 |
|
Long-term liabilities |
|
|
|
||||
Long-term debt, less current portion and net of unamortized debt issuance costs |
|
34,704 |
|
|
|
36,098 |
|
Long-term contract liabilities |
|
51,901 |
|
|
|
65,754 |
|
Deferred income tax liability, net |
|
701 |
|
|
|
679 |
|
Other long-term liabilities |
|
8,652 |
|
|
|
9,327 |
|
Total long-term liabilities |
|
95,958 |
|
|
|
111,858 |
|
Total liabilities |
|
250,285 |
|
|
|
256,055 |
|
Shareholders’ equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
478 |
|
|
|
470 |
|
Additional paid-in capital |
|
189,132 |
|
|
|
178,473 |
|
Accumulated deficit |
|
(131,996 |
) |
|
|
(125,203 |
) |
Total shareholders’ equity, SkyWater Technology, Inc. |
|
57,614 |
|
|
|
53,740 |
|
Noncontrolling interests |
|
13,150 |
|
|
|
6,961 |
|
Total shareholders’ equity |
|
70,764 |
|
|
|
60,701 |
|
Total liabilities and shareholders’ equity |
$ |
321,049 |
|
|
$ |
316,756 |
|
SKYWATER TECHNOLOGY, INC. Consolidated Statements of Operations (Unaudited) |
||||||||||||||||||
|
Three-Month Period Ended |
|
Fiscal Year Ended |
|||||||||||||||
|
December 29,
|
|
September 29,
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(in thousands, except per share data) |
|||||||||||||||||
Revenue |
$ |
75,487 |
|
|
$ |
93,817 |
|
$ |
79,154 |
|
|
$ |
342,269 |
|
|
$ |
286,682 |
|
Cost of revenue |
|
56,190 |
|
|
|
73,582 |
|
|
67,143 |
|
|
|
272,643 |
|
|
|
227,390 |
|
Gross profit |
|
19,297 |
|
|
|
20,235 |
|
|
12,011 |
|
|
|
69,626 |
|
|
|
59,292 |
|
Research and development expense |
|
4,214 |
|
|
|
3,431 |
|
|
2,872 |
|
|
|
15,040 |
|
|
|
10,169 |
|
Selling, general, and administrative expense |
|
12,430 |
|
|
|
12,095 |
|
|
15,092 |
|
|
|
48,026 |
|
|
|
63,911 |
|
Operating income (loss) |
|
2,653 |
|
|
|
4,709 |
|
|
(5,953 |
) |
|
|
6,560 |
|
|
|
(14,788 |
) |
Interest expense |
|
1,978 |
|
|
|
1,988 |
|
|
2,898 |
|
|
|
8,837 |
|
|
|
10,826 |
|
Income (loss) before income taxes |
|
675 |
|
|
|
2,721 |
|
|
(8,851 |
) |
|
|
(2,277 |
) |
|
|
(25,614 |
) |
Income tax expense (benefit) |
|
234 |
|
|
|
93 |
|
|
(450 |
) |
|
|
240 |
|
|
|
(521 |
) |
Net income (loss) |
|
441 |
|
|
|
2,628 |
|
|
(8,401 |
) |
|
|
(2,517 |
) |
|
|
(25,093 |
) |
Less: net income attributable to noncontrolling interests |
|
1,120 |
|
|
|
1,116 |
|
|
1,924 |
|
|
|
4,276 |
|
|
|
5,663 |
|
Net income (loss) attributable to SkyWater Technology, Inc. |
$ |
(679 |
) |
|
$ |
1,512 |
|
$ |
(10,325 |
) |
|
$ |
(6,793 |
) |
|
$ |
(30,756 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) per share attributable to common shareholders, basic |
$ |
(0.01 |
) |
|
$ |
0.03 |
|
$ |
(0.22 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.68 |
) |
Weighted average shares outstanding, basic |
|
47,659 |
|
|
|
47,523 |
|
|
47,020 |
|
|
|
47,396 |
|
|
|
45,507 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) per share attributable to common shareholders, diluted |
$ |
(0.01 |
) |
|
$ |
0.03 |
|
$ |
(0.22 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.68 |
) |
Weighted average shares outstanding, diluted |
|
47,659 |
|
|
|
47,640 |
|
|
47,020 |
|
|
|
47,396 |
|
|
|
45,507 |
|
SKYWATER TECHNOLOGY, INC. Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
Fiscal Year Ended |
||||||
|
December 29, 2024 |
|
December 31, 2023 |
||||
|
|
|
|
||||
|
(in thousands) |
||||||
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(2,517 |
) |
|
$ |
(25,093 |
) |
Adjustments to reconcile net loss to net cash flows provided by operating activities |
|
|
|
||||
Depreciation and amortization |
|
18,693 |
|
|
|
28,930 |
|
Accretion of investment tax credits |
|
(449 |
) |
|
|
— |
|
Gain on sale of property and equipment |
|
(55 |
) |
|
|
— |
|
Write-off of capital projects in process |
|
— |
|
|
|
1,262 |
|
Amortization of debt issuance costs included in interest expense |
|
1,676 |
|
|
|
1,755 |
|
Equity-based compensation expense |
|
8,168 |
|
|
|
6,860 |
|
Warranty expense |
|
5,455 |
|
|
|
4,200 |
|
Deferred income taxes |
|
22 |
|
|
|
(560 |
) |
Provision for credit losses |
|
203 |
|
|
|
38 |
|
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable and contract assets, net |
|
20,202 |
|
|
|
(33,371 |
) |
Inventories |
|
805 |
|
|
|
(1,944 |
) |
Prepaid expenses and other assets |
|
(9,595 |
) |
|
|
(8,221 |
) |
Accounts payable and accrued expenses |
|
(19,127 |
) |
|
|
17,073 |
|
Contract liabilities, current and long-term |
|
(8,237 |
) |
|
|
19,152 |
|
Net cash provided by operating activities |
|
15,244 |
|
|
|
10,081 |
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Purchase of software and technology licenses |
|
(3,319 |
) |
|
|
(1,871 |
) |
Proceeds from sale of property and equipment |
|
55 |
|
|
|
— |
|
Purchases of property and equipment |
|
(15,215 |
) |
|
|
(8,618 |
) |
Net cash used in investing activities |
|
(18,479 |
) |
|
|
(10,489 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Proceeds from draws on the revolving line of credit |
|
346,500 |
|
|
|
259,350 |
|
Repayment of draws on the revolving line of credit |
|
(339,114 |
) |
|
|
(297,649 |
) |
Proceeds from tool financings |
|
1,298 |
|
|
|
9,012 |
|
Repayment of tool financing advanced payments |
|
(920 |
) |
|
|
— |
|
Principal payments on long-term debt |
|
(4,834 |
) |
|
|
(2,356 |
) |
Cash paid for principal on finance leases |
|
(646 |
) |
|
|
(935 |
) |
Proceeds from the issuance of common stock pursuant to equity compensation plans |
|
2,499 |
|
|
|
2,305 |
|
Proceeds from the issuance of common stock under the ATM |
|
— |
|
|
|
20,398 |
|
Cash paid on licensed technology obligations |
|
(3,000 |
) |
|
|
(2,350 |
) |
Contributions from noncontrolling interest |
|
7,534 |
|
|
|
1,098 |
|
Distributions to noncontrolling interest |
|
(5,620 |
) |
|
|
(108 |
) |
Net cash provided by (used in) financing activities |
|
3,697 |
|
|
|
(11,235 |
) |
Net increase (decrease) in cash and cash equivalents |
|
462 |
|
|
|
(11,643 |
) |
Cash and cash equivalents - beginning of fiscal year |
|
18,382 |
|
|
|
30,025 |
|
Cash and cash equivalents - end of fiscal year |
$ |
18,844 |
|
|
$ |
18,382 |
|
Supplemental Financial Information by Quarter
|
Q4 2024 |
|
Q3 2024 |
|
Q2 2024 |
|
Q1 2024 |
|
Q4 2023 |
|
Q3 2023 |
|
Q2 2023 |
|
Q1 2023 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(in thousands) |
|
|
|||||||||||||||||||||
ATS development revenue (1) |
$ |
59,401 |
|
$ |
56,390 |
|
|
$ |
61,669 |
|
$ |
61,185 |
|
$ |
57,170 |
|
$ |
53,891 |
|
$ |
52,073 |
|
$ |
47,770 |
Wafer Services revenue |
|
4,371 |
|
|
6,718 |
|
|
|
5,780 |
|
|
9,992 |
|
|
12,048 |
|
|
14,490 |
|
|
16,802 |
|
|
17,788 |
Combined ATS development and Wafer Services revenue |
|
63,772 |
|
|
63,108 |
|
|
|
67,449 |
|
|
71,177 |
|
|
69,218 |
|
|
68,381 |
|
|
68,875 |
|
|
65,558 |
Tools revenue (2) |
|
11,715 |
|
|
30,709 |
|
|
|
25,880 |
|
|
8,459 |
|
|
9,936 |
|
|
3,243 |
|
|
936 |
|
|
536 |
Total revenue |
$ |
75,487 |
|
$ |
93,817 |
|
|
$ |
93,329 |
|
$ |
79,636 |
|
$ |
79,154 |
|
$ |
71,624 |
|
$ |
69,811 |
|
$ |
66,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tools revenue (2) |
$ |
11,715 |
|
$ |
30,709 |
|
|
$ |
25,880 |
|
$ |
8,459 |
|
$ |
9,936 |
|
$ |
3,243 |
|
$ |
936 |
|
$ |
536 |
Cost of tools revenue (2) |
|
9,674 |
|
|
30,477 |
|
|
|
24,869 |
|
|
8,260 |
|
|
9,125 |
|
|
2,861 |
|
|
290 |
|
|
484 |
Tools gross profit |
$ |
2,041 |
|
$ |
232 |
|
|
$ |
1,011 |
|
$ |
199 |
|
$ |
811 |
|
$ |
382 |
|
$ |
646 |
|
$ |
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenue impact of modified customer contracts (3) |
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
3,601 |
|
$ |
— |
Cost of revenue impact of modified customer contracts (3) |
|
— |
|
|
(5,616 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Favorable gross profit impact of modified customer contracts |
$ |
— |
|
$ |
5,616 |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
3,601 |
|
$ |
— |
__________________
(1) |
ATS development revenue represents GAAP revenue primarily derived from process development services, tool installation and qualification services, facility and tool access, leases where SkyWater serves as lessor, and security services. |
(2) |
Tools revenue and cost of tools revenue represents GAAP revenue and cost primarily derived from the procurement and subsequent sale of equipment to our customers. While this equipment is owned by our customers, the equipment is retained in one of our fabs and is used to complete ATS customer programs. |
(3) |
SkyWater accounts for the impacts of customer contract modifications in accordance with GAAP. Customer contract modifications that add or eliminate performance obligations and thereby change the scope of our customer programs often impact the revenue and/or cost of revenue associated with performance on customer programs. Significant impacts resulting from the effects of executed contract modifications include:
|
Non-GAAP Financial Measures
We provide non-GAAP financial information that our management regularly evaluates to provide additional insight to investors and to supplement our results reported using
We also provide earnings before interest, income taxes, depreciation and amortization (EBITDA), adjusted EBITDA and adjusted EBITDA margin as supplemental non-GAAP measures. We define adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, equity-based compensation expense and certain other items that we do not view as indicative of our ongoing performance, including net income attributable to noncontrolling interests; management transition expense; business transformation costs; CHIPS Act specialist fees; restructuring costs; and transaction costs. Our management uses EBITDA, adjusted EBITDA and adjusted EBITDA margin to make informed operating decisions, complete strategic planning, prepare annual budgets, and evaluate Company and management performance. We believe these non-GAAP financial measures are useful performance measures to our investors because they allow for an effective evaluation of our operating performance when compared to other companies, including our peers, without regard to financing methods or capital structures. We exclude the items listed above from net income (loss) in arriving at adjusted EBITDA and adjusted EBITDA margin because the amounts of these items can vary substantially within our industry depending on the accounting methods and policies used, book values of assets, capital structures, and the methods by which assets were acquired. These non-GAAP financial measures should not be considered as an alternative to, or more meaningful than, the reported results prepared in accordance with GAAP. Certain items excluded from these non-GAAP financial measures are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic cost bases of depreciable assets, none of which are reflected in these non-GAAP financial measures. Our presentation of these non-GAAP financial measures should not be construed as an indication that our results will be unaffected by the items excluded from adjusted EBITDA and adjusted EBITDA margin. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items. Accordingly, the exclusion of these items, and other similar items, from these non-GAAP financial measures should not be interpreted as implying that these items are non-recurring, infrequent or unusual, unless otherwise expressly indicated.
The following tables present a reconciliation of the most directly comparable financial measures, calculated and presented in accordance with GAAP, to our non-GAAP financial measures.
|
Three-Month Period Ended |
|
Fiscal Year Ended |
||||||||||||||||
|
December 29,
|
|
September 29,
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in thousands) |
||||||||||||||||||
GAAP revenue |
$ |
75,487 |
|
|
$ |
93,817 |
|
|
$ |
79,154 |
|
|
$ |
342,269 |
|
|
$ |
286,682 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP cost of revenue |
$ |
56,190 |
|
|
$ |
73,582 |
|
|
$ |
67,143 |
|
|
$ |
272,643 |
|
|
$ |
227,390 |
|
Equity-based compensation expense (1) |
|
(589 |
) |
|
|
(565 |
) |
|
|
(313 |
) |
|
|
(2,113 |
) |
|
|
(1,555 |
) |
Management transition expense (2) |
|
— |
|
|
|
(97 |
) |
|
|
— |
|
|
|
(97 |
) |
|
|
(705 |
) |
Business transformation costs (3) |
|
— |
|
|
|
— |
|
|
|
(806 |
) |
|
|
— |
|
|
|
(806 |
) |
Restructuring costs (5) |
|
(179 |
) |
|
|
— |
|
|
|
(679 |
) |
|
|
(179 |
) |
|
|
(679 |
) |
Non-GAAP cost of revenue |
$ |
55,422 |
|
|
$ |
72,920 |
|
|
$ |
65,345 |
|
|
$ |
270,254 |
|
|
$ |
223,645 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP gross profit |
$ |
19,297 |
|
|
$ |
20,235 |
|
|
$ |
12,011 |
|
|
$ |
69,626 |
|
|
$ |
59,292 |
|
GAAP gross margin |
|
25.6 |
% |
|
|
21.6 |
% |
|
|
15.2 |
% |
|
|
20.3 |
% |
|
|
20.7 |
% |
Equity-based compensation expense (1) |
|
589 |
|
|
|
565 |
|
|
|
313 |
|
|
|
2,113 |
|
|
|
1,555 |
|
Management transition expense (2) |
|
— |
|
|
|
97 |
|
|
|
— |
|
|
|
97 |
|
|
|
705 |
|
Business transformation costs (3) |
|
— |
|
|
|
— |
|
|
|
806 |
|
|
|
— |
|
|
|
806 |
|
Restructuring costs (5) |
|
179 |
|
|
|
— |
|
|
|
679 |
|
|
|
179 |
|
|
|
679 |
|
Non-GAAP gross profit |
$ |
20,065 |
|
|
$ |
20,897 |
|
|
$ |
13,809 |
|
|
$ |
72,015 |
|
|
$ |
63,037 |
|
Non-GAAP gross margin |
|
26.6 |
% |
|
|
22.3 |
% |
|
|
17.4 |
% |
|
|
21.0 |
% |
|
|
22.0 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP research and development expense |
$ |
4,214 |
|
|
$ |
3,431 |
|
|
$ |
2,872 |
|
|
$ |
15,040 |
|
|
$ |
10,169 |
|
Equity-based compensation expense (1) |
|
(76 |
) |
|
|
(69 |
) |
|
|
134 |
|
|
|
(342 |
) |
|
|
(464 |
) |
Restructuring costs (5) |
|
— |
|
|
|
— |
|
|
|
(655 |
) |
|
|
— |
|
|
|
(655 |
) |
Non-GAAP research and development expense |
$ |
4,138 |
|
|
$ |
3,362 |
|
|
$ |
2,351 |
|
|
$ |
14,698 |
|
|
$ |
9,050 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP selling, general, and administrative expense |
$ |
12,430 |
|
|
$ |
12,095 |
|
|
$ |
15,092 |
|
|
$ |
48,026 |
|
|
$ |
63,911 |
|
Equity-based compensation expense (1) |
|
(1,397 |
) |
|
|
(1,384 |
) |
|
|
(1,008 |
) |
|
|
(5,713 |
) |
|
|
(4,841 |
) |
Management transition expense (2) |
|
(141 |
) |
|
|
— |
|
|
|
— |
|
|
|
(806 |
) |
|
|
(130 |
) |
Business transformation costs (3) |
|
— |
|
|
|
— |
|
|
|
(5,341 |
) |
|
|
— |
|
|
|
(11,363 |
) |
CHIPS Act specialist fees (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,320 |
) |
Restructuring costs (5) |
|
(9 |
) |
|
|
— |
|
|
|
(587 |
) |
|
|
(9 |
) |
|
|
(587 |
) |
Transaction costs (6) |
|
(220 |
) |
|
|
— |
|
|
|
— |
|
|
|
(220 |
) |
|
|
— |
|
Non-GAAP selling, general, and administrative expense |
$ |
10,663 |
|
|
$ |
10,711 |
|
|
$ |
8,156 |
|
|
$ |
41,278 |
|
|
$ |
45,670 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP net income (loss) to shareholders |
$ |
(679 |
) |
|
$ |
1,512 |
|
|
$ |
(10,325 |
) |
|
$ |
(6,793 |
) |
|
$ |
(30,756 |
) |
Equity-based compensation expense (1) |
|
2,062 |
|
|
|
2,018 |
|
|
|
1,187 |
|
|
|
8,168 |
|
|
|
6,860 |
|
Management transition expense (2) |
|
141 |
|
|
|
97 |
|
|
|
— |
|
|
|
903 |
|
|
|
835 |
|
Business transformation costs (3) |
|
— |
|
|
|
— |
|
|
|
6,147 |
|
|
|
— |
|
|
|
12,169 |
|
CHIPS Act specialist fees (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,320 |
|
Restructuring costs (5) |
|
188 |
|
|
|
— |
|
|
|
1,921 |
|
|
|
188 |
|
|
$ |
1,921 |
|
Transaction costs (6) |
|
220 |
|
|
|
— |
|
|
|
— |
|
|
|
220 |
|
|
|
— |
|
Non-GAAP net income (loss) to shareholders |
$ |
1,932 |
|
|
$ |
3,627 |
|
|
$ |
(1,070 |
) |
|
$ |
2,686 |
|
|
$ |
(7,651 |
) |
|
Three-Month Period Ended |
|
Fiscal Year Ended |
||||||||||||||||
|
December 29,
|
|
September 29,
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in thousands) |
||||||||||||||||||
Equity-based compensation expense allocation in the consolidated statements of operations (1): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
589 |
|
$ |
565 |
|
$ |
313 |
|
|
$ |
2,113 |
|
$ |
1,555 |
||||
Research and development expense |
|
76 |
|
|
69 |
|
|
(134 |
) |
|
|
342 |
|
|
464 |
||||
Selling, general, and administrative expense |
|
1,397 |
|
|
1,384 |
|
|
1,008 |
|
|
|
5,713 |
|
|
4,841 |
||||
|
$ |
2,062 |
|
$ |
2,018 |
|
$ |
1,187 |
|
|
$ |
8,168 |
|
$ |
6,860 |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Management transition expense allocation in the consolidated statements of operations (2): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
— |
|
$ |
97 |
|
$ |
— |
|
|
$ |
97 |
|
$ |
705 |
||||
Selling, general, and administrative expense |
|
141 |
|
|
— |
|
|
— |
|
|
|
806 |
|
|
130 |
||||
|
$ |
141 |
|
$ |
97 |
|
$ |
— |
|
|
$ |
903 |
|
$ |
835 |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Business transformation costs allocation in the consolidated statements of operations (3): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
— |
|
$ |
— |
|
$ |
806 |
|
|
$ |
— |
|
$ |
806 |
||||
Selling, general, and administrative expense |
|
— |
|
|
— |
|
|
5,341 |
|
|
|
— |
|
|
11,363 |
||||
|
$ |
— |
|
$ |
— |
|
$ |
6,147 |
|
|
$ |
— |
|
$ |
12,169 |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Chips Act specialist fees allocation in the consolidated statement of operations (4): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
||||
Selling, general, and administrative expense |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
1,320 |
||||
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
$ |
1,320 |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring costs allocation in the consolidated statements of operations (5): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
179 |
|
$ |
— |
|
$ |
679 |
|
|
$ |
179 |
|
$ |
679 |
||||
Research and development expense |
|
— |
|
|
— |
|
|
655 |
|
|
|
— |
|
|
655 |
||||
Selling, general, and administrative expense |
|
9 |
|
|
— |
|
|
587 |
|
|
|
9 |
|
|
587 |
||||
|
$ |
188 |
|
$ |
— |
|
$ |
1,921 |
|
|
$ |
188 |
|
$ |
1,921 |
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction costs allocation in the consolidated statement of operations (6): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
||||
Research and development expense |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
||||
Selling, general, and administrative |
|
220 |
|
|
— |
|
|
— |
|
|
|
220 |
|
|
— |
||||
|
$ |
220 |
|
$ |
— |
|
$ |
— |
|
|
$ |
220 |
|
$ |
— |
||||
|
Three-Month Period Ended December 29, 2024 |
|
Fiscal Year Ended December 29, 2024 |
||||||||||||
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
||||||||
|
|
|
|
|
|
|
|
||||||||
Computation of net income (loss) per common share, basic and diluted: |
(in thousands, except per share data) |
||||||||||||||
Numerator: |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to SkyWater Technology, Inc. |
$ |
(679 |
) |
|
$ |
1,932 |
|
|
$ |
(6,793 |
) |
|
$ |
2,686 |
|
Denominator: |
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding, basic |
|
47,659 |
|
|
|
47,659 |
|
|
|
47,396 |
|
|
|
47,396 |
|
Net income (loss) per common share, basic |
$ |
(0.01 |
) |
|
$ |
0.04 |
|
|
$ |
(0.14 |
) |
|
$ |
0.06 |
|
Weighted-average common shares outstanding, diluted |
|
47,659 |
|
|
|
47,939 |
|
|
|
47,396 |
|
|
|
47,560 |
|
Net income (loss) per common share, diluted |
$ |
(0.01 |
) |
|
$ |
0.04 |
|
|
$ |
(0.14 |
) |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three-Month Period Ended September 29, 2024 |
|
|
||||||||||||
|
GAAP |
|
Non-GAAP |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Computation of net income per common share, basic and diluted: |
(in thousands, except per share data) |
|
|
|
|
||||||||||
Numerator: |
|
|
|
|
|
|
|
||||||||
Net income attributable to SkyWater Technology, Inc. |
$ |
1,512 |
|
|
$ |
3,627 |
|
|
|
|
|
||||
Denominator: |
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding, basic |
|
47,523 |
|
|
|
47,523 |
|
|
|
|
|
||||
Net income per common share, basic |
$ |
0.03 |
|
|
$ |
0.08 |
|
|
|
|
|
||||
Weighted-average common shares outstanding, diluted |
|
47,640 |
|
|
|
47,640 |
|
|
|
|
|
||||
Net income per common share, diluted |
$ |
0.03 |
|
|
$ |
0.08 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three-Month Period Ended December 31, 2023 |
|
Fiscal Year Ended December 31, 2023 |
||||||||||||
|
GAAP |
|
Non-GAAP |
|
GAAP |
|
Non-GAAP |
||||||||
|
|
|
|
|
|
|
|
||||||||
Computation of net loss per common share, basic and diluted: |
(in thousands, except per share data) |
||||||||||||||
Numerator: |
|
|
|
|
|
|
|
||||||||
Net loss attributable to SkyWater Technology, Inc. |
$ |
(10,325 |
) |
|
$ |
(1,070 |
) |
|
$ |
(30,756 |
) |
|
$ |
(7,651 |
) |
Denominator: |
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding, basic and diluted |
|
47,020 |
|
|
|
47,020 |
|
|
|
45,507 |
|
|
|
45,507 |
|
Net loss per common share, basic and diluted |
$ |
(0.22 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.17 |
) |
|
Three-Month Period Ended |
|
Fiscal Year Ended |
||||||||||||||||
|
December 29,
|
|
September 29,
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in thousands) |
||||||||||||||||||
Net income (loss) to shareholders (GAAP) |
$ |
(679 |
) |
|
$ |
1,512 |
|
|
$ |
(10,325 |
) |
|
$ |
(6,793 |
) |
|
$ |
(30,756 |
) |
Net income (loss) margin to shareholders |
|
(0.9 |
)% |
|
|
1.6 |
% |
|
|
(13.0 |
)% |
|
|
(2.0 |
)% |
|
|
(10.7 |
)% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
1,978 |
|
|
|
1,988 |
|
|
|
2,898 |
|
|
|
8,837 |
|
|
|
10,826 |
|
Income tax (benefit) expense |
|
234 |
|
|
|
93 |
|
|
|
(450 |
) |
|
|
240 |
|
|
|
(521 |
) |
Depreciation and amortization expense |
|
4,949 |
|
|
|
4,166 |
|
|
|
7,279 |
|
|
|
18,243 |
|
|
|
28,930 |
|
EBITDA |
|
6,482 |
|
|
|
7,759 |
|
|
|
(598 |
) |
|
|
20,527 |
|
|
|
8,479 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity-based compensation expense (1) |
|
2,062 |
|
|
|
2,018 |
|
|
|
1,187 |
|
|
|
8,168 |
|
|
|
6,860 |
|
Management transition expense (2) |
|
141 |
|
|
|
97 |
|
|
|
— |
|
|
|
903 |
|
|
|
835 |
|
Business transformation costs (3) |
|
— |
|
|
|
— |
|
|
|
6,147 |
|
|
|
— |
|
|
|
12,169 |
|
CHIPS Act specialist fees (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,320 |
|
Restructuring costs (5) |
|
188 |
|
|
|
— |
|
|
|
1,921 |
|
|
|
188 |
|
|
|
1,921 |
|
Transaction costs (6) |
|
220 |
|
|
|
— |
|
|
|
— |
|
|
|
220 |
|
|
|
— |
|
Net income attributable to noncontrolling interests (7) |
|
1,120 |
|
|
|
1,116 |
|
|
|
1,924 |
|
|
|
4,276 |
|
|
|
5,663 |
|
Adjusted EBITDA |
$ |
10,213 |
|
|
$ |
10,990 |
|
|
$ |
10,581 |
|
|
$ |
34,282 |
|
|
$ |
37,247 |
|
Adjusted EBITDA margin |
|
13.5 |
% |
|
|
11.7 |
% |
|
|
13.4 |
% |
|
|
10.0 |
% |
|
|
13.0 |
% |
__________________
(1) |
Represents non-cash equity-based compensation expense. |
(2) |
Represents the cost of severance, separation, and other termination benefits related to the reorganization of the manufacturing, sales, marketing, and operations leadership team. |
(3) |
Represents expenses related to long-term transformation activities focused on improvement in automation and operational efficiency and includes project-based management consulting fees. |
(4) |
Represents the costs of project-based specialist fees related to our CHIPS Act application process. |
(5) |
Represents severance, separation, and other termination benefits related to the reorganization of the manufacturing and operations teams. |
(6) |
Represents the cost of consulting and professional services incurred to evaluate significant transactions that may, or may not, be executed by SkyWater. |
(7) |
Represents net income attributable to noncontrolling interests arising from our variable interest entity (VIE), which was formed for the purpose of purchasing the land and building of our primary operating facility in |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226976538/en/
SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian | Media@SkyWaterTechnology.com
Source: SkyWater Technology (SKYT-IR)
FAQ
What was SkyWater Technology's (SKYT) revenue performance in fiscal year 2024?
How much did SKYT's Advanced Technology Services (ATS) revenue grow in 2024?
What is the Q1 2025 revenue guidance for SKYT?
How much CHIPS funding and state incentives did SKYT secure?
What was SKYT's gross margin performance in Q4 2024?
