SkyWater Technology Reports Fourth Quarter and Full Fiscal Year 2023 Results
- Record revenue growth of 35% for fiscal year 2023.
- Q4 2023 revenue increased by 22% year-over-year to $79.2 million.
- Gross margin decreased to 15.2% on a GAAP basis.
- Net loss to shareholders increased to $10.3 million on a GAAP basis.
- Adjusted EBITDA was $10.6 million, or 13.4% of revenue, in Q4 2023.
- Strong customer demand for Advanced Technology Services (ATS) business drove revenue growth.
- Secured customer commitments for capital investment supporting future growth.
- Received a Department of Defense award of up to $190 million for Florida operation.
- Submitted full CHIPS application for modernization and equipment upgrades.
- Continued momentum in bio-medical diagnostic applications with Nautilus Biotech transition.
- Strategic business transformation initiatives enhancing productivity and output.
- SkyWater optimistic about achieving revenue growth in 2024.
- Conference call scheduled for February 26, 2024, to discuss financial results.
- Decreased gross margins in Q4 2023 compared to the previous year.
- Increased net losses to shareholders in Q4 2023 on both GAAP and non-GAAP basis.
- Operating expenses rose in Q4 2023, including project-based management consulting fees.
- Wafer Services revenue decreased by 30% in Q4 2023.
- Non-GAAP gross profit decreased by 19% in Q4 2023 compared to the previous year.
Insights
SkyWater Technology's announcement of a sixth consecutive quarter of record revenue, culminating in a 35% growth for the fiscal year 2023, is indicative of robust demand in the semiconductor sector, particularly for Advanced Technology Services (ATS). The significant year-over-year increase in revenue underscores the company's strong positioning in the market and suggests a positive outlook for its future performance, potentially influencing investor sentiment. However, the decrease in gross margin from 25.4% to 15.2% on a GAAP basis raises concerns about cost management and pricing power, which could impact profitability and future investment in production capacity and capabilities.
Further analysis of the gross margin contraction would require understanding the factors contributing to increased costs or potential changes in the sales mix. The announcement of a Department of Defense award and the submission of a CHIPS application may signal strategic moves to enhance domestic production capabilities, which could be favorable in the context of current supply chain challenges and the push for onshoring critical technologies. Nonetheless, the reported net losses, both GAAP and non-GAAP, indicate that despite top-line growth, the company is still facing challenges in achieving bottom-line profitability.
The reported net loss to shareholders of $10.3 million on a GAAP basis and $1.1 million on a non-GAAP basis in Q4 2023, despite a 22% increase in revenue, highlights the importance of examining the underlying operational efficiencies and cost structures within SkyWater Technology. The discrepancy between GAAP and non-GAAP figures suggests significant adjustments, which may include one-time expenses or non-cash items that investors should scrutinize for a clearer picture of recurring profitability. The 240% increase in GAAP net loss compared to the previous year could be a red flag for investors concerned with the company's ability to translate revenue growth into net income.
Adjusted EBITDA, which increased slightly to $10.6 million, remains an important metric for investors as it provides a view of the company's operating performance by excluding non-operational items. However, with the Adjusted EBITDA margin decreasing from 15.9% to 13.4%, there's an implication of margin pressure that needs to be monitored closely. The long-term growth targets being exceeded and the secured customer commitments may provide some optimism, but it is essential to balance this with the understanding that continued investments are required to sustain growth, which could affect short-term profitability.
The semiconductor industry is highly capital-intensive and SkyWater Technology's focus on expanding its ATS business and securing customer commitments for capital investment is a strategic move to capitalize on the growing demand for specialized semiconductor services. The mention of a Department of Defense award and CHIPS application aligns with the broader industry trend towards securing domestic supply chains and enhancing advanced manufacturing capabilities in the United States. Such initiatives, while promising in the long term, may involve significant upfront costs that could explain the company's current gross margin pressures and net losses.
Understanding the dynamics of ATS development revenue, which increased by 53% year-over-year and tool revenue, which saw an 848% increase, is crucial. These figures suggest a shift towards higher-value services and potential reliance on specific high-margin segments to drive growth. The decrease in Wafer Services revenue by 17% could be indicative of a strategic pivot or a reflection of market demand shifts. Investors should consider these trends within the context of the semiconductor cycle, where periods of high demand are often followed by adjustments in capacity and investment.
Sixth Straight Quarter of Record Revenue Culminates in
Financial Highlights for Q4 2023:
-
Revenue increased
22% year-over-year to a record$79.2 million -
Gross margin decreased to
15.2% on a GAAP basis, compared to25.4% in Q4 2022, and decreased to17.4% on a non-GAAP basis, compared to26.1% in Q4 2022. -
Net loss to shareholders of
$10.3 million $(0.22) $1.1 million $(0.02) $3.0 million $(0.07) $1.5 million $(0.03) -
Adjusted EBITDA of
$10.6 million 13.4% of revenue, compared to$10.3 million 15.9% of revenue in Q4 2022.
Financial Highlights for Fiscal Year 2023:
-
Revenue increased
35% year-over-year to a record$286.7 million -
Gross margin increased to
20.7% on a GAAP basis, compared to12.2% in fiscal year 2022, and increased to22.0% on a non-GAAP basis, compared to13.7% in fiscal year 2022. -
Net loss to shareholders of
$30.8 million $(0.68) $7.7 million $(0.17) $39.6 million $(0.97) $30.3 million $(0.74) -
Adjusted EBITDA of
$37.2 million 13.0% of revenue, compared to$7.7 million 3.6% of revenue in fiscal year 2022.
“We are pleased to deliver a solid finish to fiscal 2023, with revenue growth exceeding our earlier expectations as a result of strong customer demand for our differentiated Advanced Technology Services (ATS) business,” commented Thomas Sonderman, SkyWater president and chief executive officer. “We are now entering a multi-year stage of increased levels of customer investments in our production capacity and capabilities, and we anticipate these investments will enable SkyWater to achieve another year of revenue growth in 2024. The continued robust demand for our ATS business demonstrates that our customers’ innovation investments remain strong.”
Recent Business Highlights:
-
Significantly exceeded long-term growth targets in fiscal 2023, led by strong growth in ATS development revenue, which exceeded
50% year-over-year. - Secured customer commitments for capital investment over the next several years, supporting continued year-over-year revenue growth ahead.
-
Announced a Department of Defense award of up to
$190 million Florida operation, reflecting the significant effort underway to expand advanced packaging capabilities domestically. -
Submitted our full CHIPS application during Q4, targeting modernization and equipment upgrades to enhance production at our
Bloomington, Minnesota manufacturing facility. - Continued momentum in bio-medical diagnostic applications culminated in the recent milestone announcement that Nautilus Biotech will be transitioning from ATS to Wafer Services for supply of its silicon-based microfluidic bio chips for proteome analysis.
- Our strategic business transformation initiatives of 2023 are enabling us to deploy a leaner and more efficient organization toward delivering consistent, continuous enhancements in productivity and output in our ATS business.
Q4 2023 Summary:
GAAP |
|
|
|
|
|
|
|
|
|
In millions, except per share data |
Q4 2023 |
|
Q4 2022 |
|
Y/Y |
|
Q3 2023 |
|
Q/Q |
ATS development revenue (1) |
|
|
|
|
|
|
|
|
|
Tool revenue (2) |
|
|
|
|
nm |
|
|
|
|
Total ATS revenue |
|
|
|
|
|
|
|
|
|
Wafer Services revenue |
|
|
|
|
(30)% |
|
|
|
(17)% |
Total revenue |
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
(27)% |
|
|
|
(15)% |
Gross margin |
|
|
|
|
(1,020) bps |
|
|
|
(460) bps |
Net loss to shareholders |
|
|
|
|
|
|
|
|
(36)% |
Basic loss per share |
|
|
|
|
|
|
|
|
(38)% |
Net loss margin to shareholders |
(13.0)% |
|
(4.7)% |
|
(830) bps |
|
(10.6)% |
|
(240) bps |
nm - Not meaningful |
Non-GAAP |
|
|
|
|
|
|
|
|
|
In millions, except per share data |
Q4 2023 |
|
Q4 2022 |
|
Y/Y |
|
Q3 2023 |
|
Q/Q |
Non-GAAP gross profit |
|
|
|
|
(19)% |
|
|
|
(5)% |
Non-GAAP gross margin |
|
|
|
|
(870) bps |
|
|
|
(300) bps |
Non-GAAP net loss to shareholders |
|
|
|
|
|
|
|
|
|
Non-GAAP basic loss per share |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
|
|
|
(250) bps |
|
|
|
180 bps |
Fiscal Year 2023 Summary:
GAAP |
|
|
|
|
|
In millions, except per share data |
FY 2023 |
|
FY 2022 |
|
Y/Y |
ATS development revenue (1) |
|
|
|
|
|
Tool revenue (2) |
|
|
|
|
|
Total ATS revenue |
|
|
|
|
|
Wafer Services revenue |
|
|
|
|
(17)% |
Total revenue |
|
|
|
|
|
Gross profit |
|
|
|
|
|
Gross margin |
|
|
|
|
850 bps |
Net loss to shareholders |
|
|
|
|
(22)% |
Basic loss per share |
|
|
|
|
(30)% |
Net loss margin to shareholders |
(10.7)% |
|
(18.6)% |
|
790 bps |
Non-GAAP |
|
|
|
|
|
In millions, except per share data |
FY 2023 |
|
FY 2022 |
|
Y/Y |
|
|
|
|
|
|
Non-GAAP gross profit |
|
|
|
|
|
Non-GAAP gross margin |
|
|
|
|
830 bps |
Non-GAAP net loss to shareholders |
|
|
|
|
|
Non-GAAP basic loss per share |
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
|
|
940 bps |
| (1) | ATS development revenue represents GAAP revenue primarily derived from process development services, tool installation and qualification services, facility and tool access, and security services. |
| (2) | Tool revenue primarily represents GAAP revenue that arises from the purchase of equipment for our customers. This equipment is used to complete ATS customer programs. |
Q4 2023 Results:
-
Revenue: Revenue of
$79.2 million 22% year-over-year. Total ATS revenue of$67.1 million 40% year-over-year. Total ATS revenue included$9.9 million $0.0 million $12.0 million 30% compared to the fourth quarter of 2022. -
Gross Profit: GAAP gross profit was
$12.0 million 15.2% of total revenue, compared to gross profit of$16.6 million 25.4% of total revenue, in the fourth quarter of 2022. Non-GAAP gross profit was$13.8 million 17.4% of total revenue, compared to non-GAAP gross profit of$17.0 million 26.1% of total revenue, in the fourth quarter of 2022. -
Operating Expenses: GAAP operating expenses were
$18.0 million $15.2 million $5.3 million -
Net Loss: GAAP net loss to shareholders of
$10.3 million $(0.22) $3.0 million $(0.07) $1.1 million $(0.02) $1.5 million $(0.03) -
Adjusted EBITDA: Adjusted EBITDA was
$10.6 million 13.4% of total revenue, compared to$10.3 million 15.9% of total revenue, in the fourth quarter of 2022.
A reconciliation between historical GAAP and non-GAAP information is contained in the tables below in the section titled, “Non-GAAP Financial Measures.”
Investor Webcast
SkyWater will host a conference call on Monday, February 26, 2024, at 3:30 p.m. CT to discuss its fourth quarter and fiscal year 2023 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 31, 2023 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 presentation, 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 in a competitive labor market; adverse litigation judgments, settlements or other litigation-related costs; changes in trade policies, including the imposition of tariffs; our ability to raise additional capital or financing; our ability to accurately forecast demand; the level and timing of
SKYWATER TECHNOLOGY, INC. Consolidated Balance Sheets (Unaudited) |
|||||||
|
December 31, 2023 |
|
January 1, 2023 |
||||
|
(in thousands, except share data) |
||||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
18,382 |
|
|
$ |
30,025 |
|
Accounts receivable (net of allowance for credit losses of |
|
65,961 |
|
|
|
28,045 |
|
Contract assets (net of allowance for credit losses of |
|
29,666 |
|
|
|
34,625 |
|
Inventory |
|
15,341 |
|
|
|
13,397 |
|
Prepaid expenses and other current assets |
|
16,853 |
|
|
|
10,290 |
|
Income tax receivable |
|
172 |
|
|
|
169 |
|
Total current assets |
|
146,375 |
|
|
|
116,551 |
|
Property and equipment, net |
|
159,367 |
|
|
|
179,915 |
|
Intangible assets, net |
|
5,672 |
|
|
|
5,608 |
|
Other assets |
|
5,342 |
|
|
|
3,690 |
|
Total assets |
$ |
316,756 |
|
|
$ |
305,764 |
|
Liabilities and shareholders’ equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Current portion of long-term debt |
$ |
3,976 |
|
|
$ |
1,855 |
|
Accounts payable |
|
19,614 |
|
|
|
21,102 |
|
Accrued expenses |
|
48,291 |
|
|
|
25,212 |
|
Short-term financing, net of unamortized debt issuance costs |
|
22,765 |
|
|
|
55,817 |
|
Contract liabilities |
|
49,551 |
|
|
|
28,186 |
|
Total current liabilities |
|
144,197 |
|
|
|
132,172 |
|
Long-term liabilities |
|
|
|
||||
Long-term debt, less current portion and net of unamortized debt issuance costs |
|
36,098 |
|
|
|
35,181 |
|
Long-term incentive plan |
|
— |
|
|
|
1,643 |
|
Long-term contract liabilities |
|
65,754 |
|
|
|
67,967 |
|
Deferred income tax liability, net |
|
679 |
|
|
|
1,239 |
|
Other long-term liabilities |
|
9,327 |
|
|
|
13,585 |
|
Total long-term liabilities |
|
111,858 |
|
|
|
119,615 |
|
Total liabilities |
|
256,055 |
|
|
|
251,787 |
|
Shareholders’ equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
470 |
|
|
|
437 |
|
Additional paid-in capital |
|
178,473 |
|
|
|
147,304 |
|
Accumulated deficit |
|
(125,203 |
) |
|
|
(94,072 |
) |
Total shareholders’ equity, SkyWater Technology, Inc. |
|
53,740 |
|
|
|
53,669 |
|
Noncontrolling interests |
|
6,961 |
|
|
|
308 |
|
Total shareholders’ equity |
|
60,701 |
|
|
|
53,977 |
|
Total liabilities and shareholders’ equity |
$ |
316,756 |
|
|
$ |
305,764 |
|
SKYWATER TECHNOLOGY, INC. Consolidated Statements of Operations (Unaudited) |
|||||||||||||||||||
|
Three-Month Period Ended |
|
Fiscal Year Ended |
||||||||||||||||
|
December 31, 2023 |
|
October 1, 2023 |
|
January 1, 2023 |
|
December 31, 2023 |
|
January 1, 2023 |
||||||||||
|
(in thousands, except share data) |
||||||||||||||||||
Revenue |
$ |
79,154 |
|
|
$ |
71,624 |
|
|
$ |
65,087 |
|
|
$ |
286,682 |
|
|
$ |
212,941 |
|
Cost of revenue |
|
67,143 |
|
|
|
57,477 |
|
|
|
48,536 |
|
|
|
227,390 |
|
|
|
186,974 |
|
Gross profit |
|
12,011 |
|
|
|
14,147 |
|
|
|
16,551 |
|
|
|
59,292 |
|
|
|
25,967 |
|
Research and development expense |
|
2,872 |
|
|
|
2,233 |
|
|
|
2,208 |
|
|
|
10,169 |
|
|
|
9,431 |
|
Selling, general, and administrative expense |
|
15,092 |
|
|
|
16,105 |
|
|
|
13,040 |
|
|
|
63,911 |
|
|
|
46,303 |
|
Operating (loss) income |
|
(5,953 |
) |
|
|
(4,191 |
) |
|
|
1,303 |
|
|
|
(14,788 |
) |
|
|
(29,767 |
) |
Other expense |
|
|
|
|
|
|
|
|
|
||||||||||
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
(1,101 |
) |
|
|
— |
|
|
|
(1,101 |
) |
Interest expense |
|
(2,898 |
) |
|
|
(2,507 |
) |
|
|
(1,794 |
) |
|
|
(10,826 |
) |
|
|
(5,194 |
) |
Total other expense |
|
(2,898 |
) |
|
|
(2,507 |
) |
|
|
(2,895 |
) |
|
|
(10,826 |
) |
|
|
(6,295 |
) |
Loss before income taxes |
|
(8,851 |
) |
|
|
(6,698 |
) |
|
|
(1,592 |
) |
|
|
(25,614 |
) |
|
|
(36,062 |
) |
Income tax (benefit) expense |
|
(450 |
) |
|
|
(96 |
) |
|
|
852 |
|
|
|
(521 |
) |
|
|
809 |
|
Net loss |
|
(8,401 |
) |
|
|
(6,602 |
) |
|
|
(2,444 |
) |
|
|
(25,093 |
) |
|
|
(36,871 |
) |
Less: net income attributable to noncontrolling interests |
|
1,924 |
|
|
|
966 |
|
|
|
597 |
|
|
|
5,663 |
|
|
|
2,722 |
|
Net loss attributable to SkyWater Technology, Inc. |
$ |
(10,325 |
) |
|
$ |
(7,568 |
) |
|
$ |
(3,041 |
) |
|
$ |
(30,756 |
) |
|
$ |
(39,593 |
) |
Net loss per share attributable to common shareholders, basic and diluted |
$ |
(0.22 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.97 |
) |
Weighted average shares used in computing net loss per common share, basic and diluted |
|
47,020,395 |
|
|
|
46,445,309 |
|
|
|
42,612,763 |
|
|
|
45,506,598 |
|
|
|
40,835,186 |
|
SKYWATER TECHNOLOGY, INC. Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
Fiscal Year Ended |
||||||
|
December 31, 2023 |
|
January 1, 2023 |
||||
|
(in thousands) |
||||||
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(25,093 |
) |
|
$ |
(36,871 |
) |
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities |
|
|
|
||||
Depreciation and amortization |
|
28,930 |
|
|
|
28,192 |
|
Gain on sale of property and equipment |
|
— |
|
|
|
(3 |
) |
Write-off of capital projects in process |
|
1,262 |
|
|
|
— |
|
Amortization of debt issuance costs included in interest expense |
|
1,755 |
|
|
|
909 |
|
Long-term incentive and equity-based compensation |
|
6,860 |
|
|
|
8,610 |
|
Cash paid for contingent consideration in excess of initial valuation |
|
— |
|
|
|
(816 |
) |
Deferred income taxes |
|
(560 |
) |
|
|
244 |
|
Cash paid for operating leases |
|
(49 |
) |
|
|
(49 |
) |
Cash paid for interest on finance leases |
|
(848 |
) |
|
|
(757 |
) |
Provision for credit losses |
|
38 |
|
|
|
1,638 |
|
Loss on debt extinguishment |
|
— |
|
|
|
1,101 |
|
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable and contract assets |
|
(33,371 |
) |
|
|
(11,596 |
) |
Inventories |
|
(1,944 |
) |
|
|
(9,225 |
) |
Prepaid expenses and other assets |
|
(8,218 |
) |
|
|
(5,288 |
) |
Accounts payable and accrued expenses |
|
22,296 |
|
|
|
21,787 |
|
Contract liabilities, current and long-term |
|
19,152 |
|
|
|
(12,749 |
) |
Income tax receivable and payable |
|
(3 |
) |
|
|
576 |
|
Net cash provided by (used in) operating activities |
|
10,207 |
|
|
|
(14,297 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchase of software and licenses |
|
(1,871 |
) |
|
|
(400 |
) |
Purchases of property and equipment |
|
(8,618 |
) |
|
|
(17,053 |
) |
Net cash used in investing activities |
|
(10,489 |
) |
|
|
(17,453 |
) |
Cash flows from financing activities |
|
|
|
||||
Draws on revolving line of credit |
|
259,350 |
|
|
|
63,006 |
|
Paydowns of revolving line of credit |
|
(297,649 |
) |
|
|
— |
|
Net repayment on Revolver |
|
— |
|
|
|
(26,220 |
) |
Proceeds from tool financings |
|
9,012 |
|
|
|
— |
|
Principal payments on long-term debt |
|
(2,482 |
) |
|
|
(1,224 |
) |
Cash paid for debt issuance costs |
|
— |
|
|
|
(4,168 |
) |
Proceeds from the issuance of common stock in secondary offering |
|
— |
|
|
|
16,168 |
|
Cash paid for offering costs |
|
— |
|
|
|
(456 |
) |
Cash paid for principal on finance leases |
|
(935 |
) |
|
|
(1,603 |
) |
Proceeds from the issuance of common stock pursuant to equity compensation plans |
|
2,305 |
|
|
|
1,800 |
|
Proceeds from the issuance of common stock under the ATM |
|
20,398 |
|
|
|
3,919 |
|
Cash paid on licensed technology obligations |
|
(2,350 |
) |
|
|
(1,150 |
) |
Net contributions (distributions) from (to) noncontrolling interest |
|
990 |
|
|
|
(1,214 |
) |
Net cash (used in) provided by financing activities |
|
(11,361 |
) |
|
|
48,858 |
|
Net change in cash and cash equivalents |
|
(11,643 |
) |
|
|
17,108 |
|
Cash and cash equivalents - beginning of period |
|
30,025 |
|
|
|
12,917 |
|
Cash and cash equivalents - end of period |
$ |
18,382 |
|
|
$ |
30,025 |
|
Supplemental Financial Information by Quarter
|
Q4 2023 |
|
Q3 2023 |
|
Q2 2023 |
|
Q1 2023 |
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
||||||||||
|
(in thousands) |
||||||||||||||||||||||||
ATS development revenue (1) |
$ |
57,170 |
|
$ |
53,891 |
|
$ |
52,073 |
|
$ |
47,770 |
|
$ |
47,846 |
|
|
$ |
34,953 |
|
$ |
29,510 |
|
$ |
25,591 |
|
Tool revenue (2) |
|
9,936 |
|
|
3,243 |
|
|
936 |
|
|
536 |
|
|
30 |
|
|
|
219 |
|
|
313 |
|
|
984 |
|
Total ATS revenue |
$ |
67,106 |
|
$ |
57,134 |
|
$ |
53,009 |
|
$ |
48,306 |
|
$ |
47,876 |
|
|
$ |
35,172 |
|
$ |
29,823 |
|
$ |
26,575 |
|
Wafer Services revenue |
|
12,048 |
|
|
14,490 |
|
|
16,802 |
|
|
17,788 |
|
|
17,211 |
|
|
|
17,154 |
|
|
17,584 |
|
|
21,546 |
|
Total revenue |
$ |
79,154 |
|
$ |
71,624 |
|
$ |
69,811 |
|
$ |
66,094 |
|
$ |
65,087 |
|
|
$ |
52,326 |
|
$ |
47,407 |
|
$ |
48,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tool revenue (2) |
$ |
9,936 |
|
$ |
3,243 |
|
$ |
936 |
|
$ |
536 |
|
$ |
30 |
|
|
$ |
219 |
|
$ |
313 |
|
$ |
984 |
|
Tool cost of revenue (2) |
|
9,125 |
|
|
2,861 |
|
|
290 |
|
|
484 |
|
|
46 |
|
|
|
152 |
|
|
200 |
|
|
984 |
|
Tool gross profit (loss) |
$ |
811 |
|
$ |
382 |
|
$ |
646 |
|
$ |
52 |
|
$ |
(16 |
) |
|
$ |
67 |
|
$ |
113 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue impact of modified customer contracts |
$ |
— |
|
$ |
— |
|
$ |
3,601 |
|
$ |
— |
|
$ |
4,685 |
|
|
$ |
— |
|
$ |
— |
|
$ |
8,230 |
|
Cost of revenue impact of modified customer contracts |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
10,887 |
|
Gross profit (loss) impact of modified customer contracts |
$ |
— |
|
$ |
— |
|
$ |
3,601 |
|
$ |
— |
|
$ |
4,685 |
|
|
$ |
— |
|
$ |
— |
|
$ |
(2,657 |
) |
__________________
| (1) | ATS development revenue represents GAAP revenue primarily derived from process development services, tool installation and qualification services, facility and tool access, and security services. |
| (2) | Tool revenue and cost of tool revenue primarily represent GAAP amounts that arise from the purchase of equipment for our customers. This equipment is used to complete ATS customer programs. |
Non-GAAP Financial Measures
We provide supplemental, non-GAAP financial information that our management regularly evaluates to provide additional insight to investors as supplemental information to our results reported using
We also provide adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin as supplemental non-GAAP measures. We define adjusted EBITDA as net (loss) income before net interest expense, income tax (benefit) expense, depreciation and amortization, equity-based compensation and certain other items that we do not view as indicative of our ongoing performance, including net income attributable to noncontrolling interests, business transformation costs, CHIPS Act specialist fees, management transition expense, SkyWater Florida start-up costs, and restructuring costs. Our management uses 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 adjusted EBITDA is a useful performance measure to our investors because it allows 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 or loss in arriving at adjusted EBITDA 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. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net (loss) income determined in accordance with GAAP. Certain items excluded from adjusted EBITDA 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 adjusted EBITDA. Our presentation of adjusted EBITDA should not be construed as an indication that our results will be unaffected by the items excluded from adjusted EBITDA. 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 in our non-GAAP financial measures should not be interpreted as implying that these items are non-recurring, infrequent or unusual, unless otherwise expressly indicated.
We continuously evaluate the non-GAAP financial measures we use, the manner in which non-GAAP financial measures are calculated, and the adjustments we make to GAAP results to derive our non-GAAP financial measures. In the third quarter of 2023, we made the following changes to our non-GAAP financial measures and revised prior period non-GAAP financial measures to conform the calculation of non-GAAP financial measures across all periods and provide comparability:
- Tool sales have historically been infrequent and viewed by management as secondary to ATS development programs. Accordingly, prior to the third quarter of 2023, we excluded the margin on tool sales when calculating non-GAAP gross profit, non-GAAP gross margin, non-GAAP earnings to shareholders and non-GAAP earnings to shareholders per basic share. Recently, our ATS customers have increasingly contracted with us to purchase tools on their behalf and we expect this trend to continue going forward. Accordingly, we no longer believe tool sales are infrequent and therefore do not exclude the impact of tool revenue and tool cost of revenue in the calculation of our non-GAAP financial measures.
- Since the second quarter of 2023, we have incurred expenses related to long-term transformation activities focused on improvement in automation and operational efficiency. Prior to the fourth quarter of 2023, these expenses consisted of project-based consulting fees; however, in the fourth quarter of 2023, the write-off of abandoned software assets associated with our business transformation activities is also included. Similarly, we have also incurred project-based specialist fees associated with our CHIPS Act application. Neither of these types of fees are required to run our business and, therefore, are incremental to our ongoing operations and are not a normal operating expense. Beginning in the third quarter of 2023, we began excluding these fees in the calculation of non-GAAP earnings, non-GAAP earnings to shareholders per share, and adjusted EBITDA.
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.
SKYWATER TECHNOLOGY, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) |
|||||||||||||||||||
|
Three-Month Period Ended |
|
Fiscal Year Ended |
||||||||||||||||
|
December 31, 2023 |
|
October 1, 2023 |
|
January 1, 2023 (Revised) |
|
December 31, 2023 |
|
January 1, 2023
|
||||||||||
|
(in thousands) |
||||||||||||||||||
GAAP revenue |
$ |
79,154 |
|
|
$ |
71,624 |
|
|
$ |
65,087 |
|
|
$ |
286,682 |
|
|
$ |
212,941 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP cost of revenue |
$ |
67,143 |
|
|
$ |
57,477 |
|
|
$ |
48,536 |
|
|
$ |
227,390 |
|
|
$ |
186,974 |
|
Equity-based compensation (1) |
|
(313 |
) |
|
|
(438 |
) |
|
|
(452 |
) |
|
|
(1,555 |
) |
|
|
(2,578 |
) |
SkyWater Florida start-up costs (2) |
|
— |
|
|
|
— |
|
|
|
(14 |
) |
|
|
— |
|
|
|
(582 |
) |
Restructuring costs (3) |
|
(679 |
) |
|
|
— |
|
|
|
— |
|
|
|
(679 |
) |
|
|
— |
|
Business transformation costs (4) |
|
(806 |
) |
|
|
— |
|
|
|
— |
|
|
|
(806 |
) |
|
|
— |
|
Management transition expense (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(705 |
) |
|
|
— |
|
Non-GAAP cost of revenue |
$ |
65,345 |
|
|
$ |
57,039 |
|
|
$ |
48,070 |
|
|
$ |
223,645 |
|
|
$ |
183,814 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP gross profit |
$ |
12,011 |
|
|
$ |
14,147 |
|
|
$ |
16,551 |
|
|
$ |
59,292 |
|
|
$ |
25,967 |
|
GAAP gross margin |
|
15.2 |
% |
|
|
19.8 |
% |
|
|
25.4 |
% |
|
|
20.7 |
% |
|
|
12.2 |
% |
Equity-based compensation (1) |
$ |
313 |
|
|
$ |
438 |
|
|
$ |
452 |
|
|
$ |
1,555 |
|
|
$ |
2,578 |
|
SkyWater Florida start-up costs (2) |
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
582 |
|
Restructuring costs (3) |
|
679 |
|
|
|
— |
|
|
|
— |
|
|
|
679 |
|
|
|
— |
|
Business transformation costs (4) |
|
806 |
|
|
|
— |
|
|
|
— |
|
|
|
806 |
|
|
|
— |
|
Management transition expense (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
705 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
13,809 |
|
|
$ |
14,585 |
|
|
$ |
17,017 |
|
|
$ |
63,037 |
|
|
$ |
29,127 |
|
Non-GAAP gross margin |
|
17.4 |
% |
|
|
20.4 |
% |
|
|
26.1 |
% |
|
|
22.0 |
% |
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP research and development expense |
$ |
2,872 |
|
|
$ |
2,233 |
|
|
$ |
2,208 |
|
|
$ |
10,169 |
|
|
$ |
9,431 |
|
Equity-based compensation (1) |
|
134 |
|
|
|
(218 |
) |
|
|
(126 |
) |
|
|
(464 |
) |
|
|
(596 |
) |
Restructuring costs (3) |
|
(655 |
) |
|
|
— |
|
|
|
— |
|
|
|
(655 |
) |
|
|
— |
|
Non-GAAP research and development expense |
$ |
2,351 |
|
|
$ |
2,015 |
|
|
$ |
2,082 |
|
|
$ |
9,050 |
|
|
$ |
8,835 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP selling, general, and administrative expense |
$ |
15,092 |
|
|
$ |
16,105 |
|
|
$ |
13,040 |
|
|
$ |
63,911 |
|
|
$ |
46,303 |
|
Equity-based compensation (1) |
|
(1,008 |
) |
|
|
(1,197 |
) |
|
|
(995 |
) |
|
|
(4,841 |
) |
|
|
(5,432 |
) |
SkyWater Florida start-up costs (2) |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
(104 |
) |
Restructuring costs (3) |
|
(587 |
) |
|
|
— |
|
|
|
— |
|
|
|
(587 |
) |
|
|
— |
|
Business transformation costs (4) |
|
(5,341 |
) |
|
|
(3,522 |
) |
|
|
— |
|
|
|
(11,363 |
) |
|
|
— |
|
Management transition expense (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(130 |
) |
|
|
— |
|
CHIPS Act specialist fees (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,320 |
) |
|
|
— |
|
Non-GAAP selling, general, and administrative expense |
$ |
8,156 |
|
|
$ |
11,386 |
|
|
$ |
12,047 |
|
|
$ |
45,670 |
|
|
$ |
40,767 |
|
|
Three-Month Period Ended |
|
Fiscal Year Ended |
||||||||||||||||
|
December 31, 2023 |
|
October 1, 2023 |
|
January 1, 2023 (Revised) |
|
December 31, 2023 |
|
January 1, 2023
|
||||||||||
|
(in thousands) |
||||||||||||||||||
GAAP net loss to shareholders |
$ |
(10,325 |
) |
|
$ |
(7,568 |
) |
|
$ |
(3,041 |
) |
|
$ |
(30,756 |
) |
|
$ |
(39,593 |
) |
Equity-based compensation (1) |
|
1,187 |
|
|
|
1,853 |
|
|
|
1,573 |
|
|
|
6,860 |
|
|
|
8,606 |
|
SkyWater Florida start-up costs (2) |
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
686 |
|
Restructuring costs (3) |
|
1,921 |
|
|
|
— |
|
|
|
— |
|
|
|
1,921 |
|
|
|
— |
|
Business transformation costs (4) |
|
6,147 |
|
|
|
3,522 |
|
|
|
— |
|
|
|
12,169 |
|
|
|
— |
|
Management transition expense (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
835 |
|
|
|
— |
|
CHIPS Act specialist fees (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,320 |
|
|
|
— |
|
Non-GAAP net loss to shareholders |
$ |
(1,070 |
) |
|
$ |
(2,193 |
) |
|
$ |
(1,456 |
) |
|
$ |
(7,651 |
) |
|
$ |
(30,301 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity-based compensation allocation in the consolidated statements of operations (1): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
313 |
|
|
$ |
438 |
|
|
$ |
452 |
|
|
$ |
1,555 |
|
|
$ |
2,578 |
|
Research and development expense |
|
(134 |
) |
|
|
218 |
|
|
|
126 |
|
|
|
464 |
|
|
|
596 |
|
Selling, general, and administrative expense |
|
1,008 |
|
|
|
1,197 |
|
|
|
995 |
|
|
|
4,841 |
|
|
|
5,432 |
|
|
$ |
1,187 |
|
|
$ |
1,853 |
|
|
$ |
1,573 |
|
|
$ |
6,860 |
|
|
$ |
8,606 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SkyWater Florida start-up costs allocation in the consolidated statements of operations (2): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
— |
|
|
$ |
— |
|
|
$ |
14 |
|
|
$ |
— |
|
|
$ |
582 |
|
Selling, general and administrative expenses |
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
104 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12 |
|
|
$ |
— |
|
|
$ |
686 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Restructuring costs allocation in the consolidated statements of operations (3): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
679 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
679 |
|
|
$ |
— |
|
Research and development expense |
|
655 |
|
|
|
— |
|
|
|
— |
|
|
|
655 |
|
|
|
— |
|
Selling, general, and administrative expense |
|
587 |
|
|
|
— |
|
|
|
— |
|
|
|
587 |
|
|
|
— |
|
|
$ |
1,921 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,921 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Business transformation costs allocation in the consolidated statements of operations (4): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
806 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
806 |
|
|
$ |
— |
|
Selling, general, and administrative expense |
|
5,341 |
|
|
|
3,522 |
|
|
|
— |
|
|
|
11,363 |
|
|
|
— |
|
|
$ |
6,147 |
|
|
$ |
3,522 |
|
|
$ |
— |
|
|
$ |
12,169 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Management transition expense allocation in the consolidated statements of operations (5): |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenue |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
705 |
|
|
$ |
— |
|
Selling, general, and administrative expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
130 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
835 |
|
|
$ |
— |
|
|
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 October 1, 2023 |
|
|
||||||||||||
|
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. |
$ |
(7,568 |
) |
|
$ |
(2,193 |
) |
|
|
|
|
||||
Denominator: |
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding, basic and diluted |
|
46,445 |
|
|
|
46,445 |
|
|
|
|
|
||||
Net loss per common share, basic and diluted |
$ |
(0.16 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
Three-Month Period Ended January 1, 2023 |
|
Fiscal Year Ended January 1, 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. |
$ |
(3,041 |
) |
|
$ |
(1,456 |
) |
|
$ |
(39,593 |
) |
|
$ |
(30,301 |
) |
Denominator: |
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding, basic and diluted |
|
42,613 |
|
|
|
42,613 |
|
|
|
40,835 |
|
|
|
40,835 |
|
Net loss per common share, basic and diluted |
$ |
(0.07 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.97 |
) |
|
$ |
(0.74 |
) |
|
Three-Month Period Ended |
|
Fiscal Year Ended |
||||||||||||||||
|
December 31, 2023 |
|
October 1, 2023 |
|
January 1, 2023 |
|
December 31, 2023 |
|
January 1, 2023 |
||||||||||
|
(in thousands) |
||||||||||||||||||
Net loss to shareholders (GAAP) |
$ |
(10,325 |
) |
|
$ |
(7,568 |
) |
|
$ |
(3,041 |
) |
|
$ |
(30,756 |
) |
|
$ |
(39,593 |
) |
Net loss margin to shareholders |
(13.0 |
)% |
|
|
(10.6 |
)% |
|
|
(4.7 |
)% |
|
|
(10.7 |
)% |
|
|
(18.6 |
)% |
|
Interest expense (8) |
$ |
2,898 |
|
|
$ |
2,507 |
|
|
$ |
2,895 |
|
|
$ |
10,826 |
|
|
$ |
6,295 |
|
Income tax (benefit) expense |
|
(450 |
) |
|
|
(96 |
) |
|
|
852 |
|
|
|
(521 |
) |
|
|
809 |
|
Depreciation and amortization |
|
7,279 |
|
|
|
7,092 |
|
|
|
7,451 |
|
|
|
28,930 |
|
|
|
28,192 |
|
EBITDA |
|
(598 |
) |
|
|
1,935 |
|
|
|
8,157 |
|
|
|
8,479 |
|
|
|
(4,297 |
) |
Equity-based compensation (1) |
|
1,187 |
|
|
|
1,853 |
|
|
|
1,573 |
|
|
|
6,860 |
|
|
|
8,606 |
|
SkyWater Florida start-up costs (2) |
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
686 |
|
Restructuring costs (3) |
|
1,921 |
|
|
|
— |
|
|
|
— |
|
|
|
1,921 |
|
|
|
— |
|
Business transformation costs (4) |
|
6,147 |
|
|
|
3,522 |
|
|
|
— |
|
|
|
12,169 |
|
|
|
— |
|
Management transition expense (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
835 |
|
|
|
— |
|
CHIPS Act specialist fees (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,320 |
|
|
|
— |
|
Net income attributable to noncontrolling interests (7) |
|
1,924 |
|
|
|
966 |
|
|
|
597 |
|
|
|
5,663 |
|
|
|
2,722 |
|
Adjusted EBITDA |
$ |
10,581 |
|
|
$ |
8,276 |
|
|
$ |
10,339 |
|
|
$ |
37,247 |
|
|
$ |
7,717 |
|
Adjusted EBITDA margin |
|
13.4 |
% |
|
|
11.6 |
% |
|
|
15.9 |
% |
|
|
13.0 |
% |
|
|
3.6 |
% |
__________________
(1) |
Represents non-cash equity-based compensation expense. |
(2) |
Represents start-up costs associated with our 200 mm heterogeneous integration facility in |
(3) |
Represents severance and other costs related to the reorganization of our resources. |
(4) |
Represents expenses related to long-term transformation activities focused on improvement in automation and operational efficiency and includes project-based management consulting fees and the write-off of abandoned software assets. |
(5) |
Represents severance and other costs related to the reorganization of the manufacturing and operations leadership team. |
(6) |
Represents project-based specialist fees related to our CHIPS Act application process. |
(7) |
Represents net income attributable to our VIE, which was formed for the purpose of purchasing the land and building of our primary operating facility in |
(8) |
Includes losses related to the extinguishment of our revolving credit agreement in 2022. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240226488023/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 revenue growth for fiscal year 2023?
What was the revenue increase in Q4 2023 compared to the previous year?
What were SkyWater's gross margins in Q4 2023?
What was the net loss to shareholders in Q4 2023?
What was SkyWater's Adjusted EBITDA in Q4 2023?
What strategic business initiatives did SkyWater undertake in 2023?
When is SkyWater's conference call to discuss financial results?
