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SkyWater Technology Reports Third Quarter 2024 Results

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SkyWater Technology (NASDAQ: SKYT) reported its Q3 2024 financial results. The company achieved record revenues of $93.8 million, a 31% YoY increase. GAAP gross margin rose to 21.6% from 19.8% in Q3 2023, while non-GAAP gross margin increased to 22.3% from 20.4%. Net income to shareholders was $1.5 million ($0.03 per diluted share) on a GAAP basis and $3.6 million ($0.08 per diluted share) on a non-GAAP basis, compared to net losses in Q3 2023. Adjusted EBITDA reached $11.0 million, up from $8.3 million in Q3 2023. CEO Thomas Sonderman highlighted strong operational efficiencies and a significant A&D program. The company also expects sequential growth in Q4 for its ATS business, a robust revenue growth year in 2024, and continued improvements in 2025. Business highlights include a multi-year supply agreement with NanoDx and significant customer-funded CapEx investments. The Q4 2024 outlook forecasts revenues between $72 million and $76 million, with GAAP EPS ranging from $(0.12) to $(0.06).

SkyWater Technology (NASDAQ: SKYT) ha riportato i risultati finanziari per il terzo trimestre del 2024. L'azienda ha raggiunto ricavi record di $93,8 milioni, con un incremento del 31% rispetto all'anno precedente. Il margine lordo secondo GAAP è aumentato al 21,6% rispetto al 19,8% nel terzo trimestre del 2023, mentre il margine lordo non GAAP è salito al 22,3% rispetto al 20,4%. L'utile netto per gli azionisti è stato di $1,5 milioni ($0,03 per azione diluita) su base GAAP e $3,6 milioni ($0,08 per azione diluita) su base non GAAP, rispetto alle perdite nette del terzo trimestre del 2023. L'EBITDA rettificato ha raggiunto $11,0 milioni, rispetto agli $8,3 milioni nel terzo trimestre del 2023. Il CEO Thomas Sonderman ha evidenziato forti efficienze operative e un programma A&D significativo. L'azienda prevede anche una crescita sequenziale nel quarto trimestre per il suo business ATS, una robusta crescita dei ricavi nel 2024 e continui miglioramenti nel 2025. Tra i punti salienti ci sono un accordo di fornitura pluriennale con NanoDx e significativi investimenti in CapEx finanziati dai clienti. Le previsioni per il quarto trimestre del 2024 stimano ricavi tra $72 milioni e $76 milioni, con un utile per azione GAAP che varia da $(0,12) a $(0,06).

SkyWater Technology (NASDAQ: SKYT) informó sobre sus resultados financieros del tercer trimestre de 2024. La compañía logró ingresos récord de $93.8 millones, un aumento del 31% interanual. El margen bruto según GAAP aumentó al 21.6% desde el 19.8% en el tercer trimestre de 2023, mientras que el margen bruto no GAAP aumentó al 22.3% desde el 20.4%. El ingreso neto para los accionistas fue de $1.5 millones ($0.03 por acción diluida) en base GAAP y $3.6 millones ($0.08 por acción diluida) en base no GAAP, en comparación con pérdidas netas en el tercer trimestre de 2023. El EBITDA ajustado alcanzó $11.0 millones, frente a $8.3 millones en el tercer trimestre de 2023. El CEO Thomas Sonderman destacó las fuertes eficiencias operativas y un programa de A&D significativo. La compañía también espera crecimiento secuencial en el cuarto trimestre para su negocio ATS, un robusto crecimiento de ingresos en 2024 y continuas mejoras en 2025. Los puntos destacados incluyen un acuerdo de suministro de varios años con NanoDx y significativas inversiones en CapEx financiadas por los clientes. Las previsiones para el cuarto trimestre de 2024 pronostican ingresos entre $72 millones y $76 millones, con un EPS GAAP que varía entre $(0.12) y $(0.06).

SkyWater Technology (NASDAQ: SKYT)는 2024년 3분기 재무 결과를 보고했습니다. 회사는 $93.8백만의 기록적인 수익을 달성했으며, 이는 전년 대비 31% 증가한 수치입니다. GAAP 기준으로 총이익률은 2023년 3분기 19.8%에서 21.6%로 상승했으며, 비GAAP 기준 총이익률은 20.4%에서 22.3%로 증가했습니다. 주주에 대한 순이익은 GAAP 기준으로 $1.5백만($0.03의 희석주당금)이며 비GAAP 기준으로 $3.6백만($0.08의 희석주당금)으로, 2023년 3분기의 순손실과 비교됩니다. 조정된 EBITDA는 $11.0백만에 도달하였으며, 이는 2023년 3분기의 $8.3백만에서 올라간 수치입니다. CEO Thomas Sonderman은 강력한 운영 효율성과 중요한 A&D 프로그램을 강조했습니다. 회사는 ATS 사업부의 4분기 연속 성장, 2024년의 강력한 수익 성장 및 2025년 지속적인 개선도 기대하고 있습니다. 비즈니스 하이라이트로는 NanoDx와의 다년도 공급 계약과 고객이 자금을 지원하는 대규모 CapEx 투자가 포함됩니다. 2024년 4분기 전망은 수익을 $72백만에서 $76백만 사이로 예상하며, GAAP EPS는 $(0.12)에서 $(0.06) 사이로 예측됩니다.

SkyWater Technology (NASDAQ: SKYT) a publié ses résultats financiers pour le troisième trimestre 2024. La société a enregistré des revenus records de 93,8 millions de dollars, soit une augmentation de 31 % par rapport à l'année précédente. La marge brute selon les normes GAAP a augmenté à 21,6 %, contre 19,8 % au troisième trimestre 2023, tandis que la marge brute non GAAP est passée de 20,4 % à 22,3 %. Le bénéfice net attribué aux actionnaires s'est établi à 1,5 million de dollars (0,03 $ par action diluée) selon les normes GAAP et à 3,6 millions de dollars (0,08 $ par action diluée) selon les normes non GAAP, par rapport aux pertes nettes du troisième trimestre 2023. L'EBITDA ajusté a atteint 11,0 millions de dollars, en hausse par rapport aux 8,3 millions de dollars du troisième trimestre 2023. Le PDG Thomas Sonderman a souligné les fortes efficacités opérationnelles et un programme A&D significatif. La société s'attend également à une croissance séquentielle au quatrième trimestre pour son activité ATS, une forte croissance des revenus en 2024 et des améliorations continues en 2025. Les points forts de l'activité incluent un contrat d'approvisionnement pluriannuel avec NanoDx et des investissements CapEx significatifs financés par des clients. Les prévisions pour le quatrième trimestre 2024 prévoient des revenus compris entre 72 millions et 76 millions de dollars, avec un BPA GAAP allant de $(0,12) à $(0,06).

SkyWater Technology (NASDAQ: SKYT) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben. Das Unternehmen erzielte mit $93,8 Millionen Rekordumsätze, was einem Anstieg von 31% im Vergleich zum Vorjahr entspricht. Die GAAP-Bruttomarge stieg von 19,8% im 3. Quartal 2023 auf 21,6%, während die nicht-GAAP-Bruttomarge von 20,4% auf 22,3% anstieg. Der Nettogewinn für die Aktionäre betrug $1,5 Millionen ($0,03 pro verwässerter Aktie) auf GAAP-Basis und $3,6 Millionen ($0,08 pro verwässerter Aktie) auf nicht-GAAP-Basis, verglichen mit Nett losses im 3. Quartal 2023. Das bereinigte EBITDA erreichte $11,0 Millionen, ein Anstieg von $8,3 Millionen im 3. Quartal 2023. CEO Thomas Sonderman hob die starken operationellen Effizienz und ein bedeutendes A&D-Programm hervor. Das Unternehmen erwartet außerdem sequenzielle Wachstums im 4. Quartal für sein ATS-Geschäft, ein starkes Umsatzwachstum im Jahr 2024 und kontinuierliche Verbesserungen im Jahr 2025. Zu den Geschäftshighlights gehören ein mehrjähriger Liefervertrag mit NanoDx und erhebliche kundenfinanzierte CapEx-Investitionen. Der Ausblick für das 4. Quartal 2024 prognostiziert Umsätze zwischen $72 Millionen und $76 Millionen, mit GAAP EPS, das zwischen $(0,12) und $(0,06) liegt.

Positive
  • 31% YoY revenue increase to $93.8 million.
  • GAAP gross margin increased to 21.6%.
  • Non-GAAP net income of $3.6 million, or $0.08 per diluted share.
  • Adjusted EBITDA of $11.0 million, up from $8.3 million in Q3 2023.
  • Significant customer-funded CapEx investments exceeding $30 million.
Negative
  • Wafer Services revenue decreased by 54% YoY to $6.7 million.
  • Q4 2024 revenue guidance of $72 million to $76 million, down from Q3 2024.
  • Q4 2024 GAAP EPS forecasted to be between $(0.12) to $(0.06).

Insights

SkyWater Technology delivered a robust Q3 with several notable achievements. Revenue hit a record $93.8M, up 31% YoY, while gross margin expanded to 21.6%. The company swung to profitability with $1.5M in net income ($0.03 per share), compared to a loss last year. Particularly impressive was the $30.7M in tools revenue, showing strong customer investment in capacity expansion.

However, the Q4 guidance suggests a sequential revenue decline to $72-76M with an expected return to losses. The 54% YoY decline in Wafer Services revenue is concerning, though partially offset by ATS growth. The $5.6M reversal of a previous loss accrual significantly boosted Q3 margins, making it a non-recurring benefit that inflates the quarter's performance.

The semiconductor industry context makes this earnings report particularly significant. SkyWater's selection for multiple Microelectronics Commons projects under the CHIPS Act positions it well in the national security semiconductor space. The $120M government award and sustained customer-funded CapEx investments indicate strong future growth potential.

The expansion into advanced packaging with new leadership in Florida represents a strategic pivot toward high-growth market segments. The NanoDx supply agreement demonstrates commercial market penetration beyond government contracts. However, the mixed guidance and dependence on government/defense contracts warrant careful monitoring of diversification efforts.

Record Revenues with Increased Gross Margin and Earnings

BLOOMINGTON, Minn.--(BUSINESS WIRE)-- SkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the third quarter 2024 ended September 29, 2024.

Financial Highlights for Q3 2024:

  • Revenue increased 31% year-over-year to a record $93.8 million.
  • Gross margin increased to 21.6% on a GAAP basis, compared to 19.8% in Q3 2023, and increased to 22.3% on a non-GAAP basis, compared to 20.4% in Q3 2023.
  • Net income to shareholders of $1.5 million, or $0.03 per diluted share on a GAAP basis, and net income to shareholders of $3.6 million, or $0.08 per diluted share on a non-GAAP basis, compared to net loss to shareholders of $7.6 million, or $(0.16) per diluted share on a GAAP basis, and net loss to shareholders of $2.2 million, or $(0.05) per diluted share on a non-GAAP basis in Q3 2023.
  • Adjusted EBITDA of $11.0 million, or 11.7% of revenue, compared to $8.3 million, or 11.6% of revenue in Q3 2023.

“I’m pleased to announce a strong third quarter for SkyWater, with new records achieved in both revenues and earnings,” commented Thomas Sonderman, CEO. “With further improvements in operational efficiencies and strong execution on a significant A&D program, we achieved upside in gross margins and adjusted EBITDA during the quarter. Looking ahead, we expect a return to sequential growth in Q4 in our Advanced Technology Services (ATS) business, which we expect will result in an overall robust revenue growth year for SkyWater in 2024. We are encouraged by a strong pipeline of A&D customer demand, increasing momentum in multiple emerging commercial programs, and a continued cadence of customer-funded CapEx investments. As we look ahead to 2025, with our current visibility we are forecasting year-over-year growth for our ATS business, an improving quarterly run rate for Wafer Services, and continued positive momentum in margins and operational leverage.”

Recent Business Highlights:

  • Achieved 9th straight record revenue quarter driven by over $30 million in customer-funded CapEx investments. This unprecedented level of investment by our customers is expected to significantly bolster our capabilities and capacity in both Minnesota and Florida, enabling strong future revenue growth potential in the years to come.
  • Strong gross margin and earnings performance for Q3 exceeded expectations, driven by our continued focus on operational efficiencies and improved execution on a significant A&D program, which enabled us to deliver key milestones with lower-than-expected costs and recover the majority of the $8 million cost accrual recorded in Q1.
  • Continuing our leadership in critical semiconductor technologies, SkyWater has been selected as a key performer on multiple Microelectronics (ME) Commons projects. These projects are focused on scalable low-power microtechnology technologies for AI hardware and other applications. The ME Commons is an important element of the CHIPS Act, supporting emerging technologies for national security.
  • Continued momentum in our commercial ATS business culminated in a new multi-year supply agreement with NanoDx, Inc., a pioneer of in vitro diagnostic and biosensing applications.
  • Exciting progress in Florida included the appointment of Bassel Haddad, SVP and GM of our advanced packaging business, where he is charged with building and scaling this important new growth vector for SkyWater. During the quarter, we continued to place orders for new tooling, funded by the $120 million award announced earlier in the year.

Q3 2024 Summary:

GAAP

 

 

 

 

 

 

 

 

 

In millions, except per share data

Q3 2024

 

Q3 2023

 

Y/Y *

 

Q2 2024

 

Q/Q *

 

 

 

 

 

 

 

 

 

 

ATS development revenue (1)

$56.4

 

$53.9

 

5%

 

$61.7

 

(9)%

Wafer Services revenue

$6.7

 

$14.5

 

(54)%

 

$5.8

 

16%

Combined ATS development and Wafer Services revenue

$63.1

 

$68.4

 

(8)%

 

$67.4

 

(6)%

Tools revenue (2)

$30.7

 

$3.2

 

847%

 

$25.9

 

19%

Total revenue *

$93.8

 

$71.6

 

31%

 

$93.3

 

1%

Gross profit *

$20.2

 

$14.1

 

43%

 

$17.1

 

18%

Gross margin *

21.6%

 

19.8%

 

180 bps

 

18.3%

 

330 bps

Net income (loss) to shareholders

$1.5

 

$(7.6)

 

NM

 

$(1.9)

 

NM

Basic income (loss) per share

$0.03

 

$(0.16)

 

NM

 

$(0.04)

 

NM

Diluted income (loss) per share

$0.03

 

$(0.16)

 

NM

 

$(0.04)

 

NM

Net income (loss) margin to shareholders

1.6%

 

(10.6)%

 

1,220 bps

 

(2.0)%

 

360 bps

__________________

 

NM - Not meaningful

 

* 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, 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.

Non-GAAP

 

 

 

 

 

 

 

 

 

In millions, except per share data

Q3 2024

 

Q3 2023

 

Y/Y *

 

Q2 2024

 

Q/Q *

 

 

 

 

 

 

 

 

 

 

Non-GAAP gross profit

$20.9

 

$14.6

 

43%

 

$17.6

 

19%

Non-GAAP gross margin *

22.3%

 

20.4%

 

190 bps

 

18.9%

 

340 bps

Non-GAAP net income (loss) to shareholders

$3.6

 

$(2.2)

 

NM

 

$0.8

 

(363)%

Non-GAAP basic income (loss) per share

$0.08

 

$(0.05)

 

NM

 

$0.02

 

300%

Non-GAAP diluted income (loss) per share

$0.08

 

$(0.05)

 

NM

 

$0.02

 

300%

Adjusted EBITDA

$11.0

 

$8.3

 

33%

 

$8.1

 

35%

Adjusted EBITDA margin

11.7%

 

11.6%

 

10 bps

 

8.7%

 

300 bps

__________________

 

NM - Not meaningful

 

* Amounts calculated based on figures reported in thousands.

Q3 2024 Results:

  • Revenue: Revenue of $93.8 million increased 31% year-over-year. ATS development revenue of $56.4 million increased 5% year-over-year. Wafer Services revenue of $6.7 million decreased 54% compared to the third quarter of 2023. Tools revenue was $30.7 million in the third quarter of 2024 compared to $3.2 million in the third quarter of 2023.
  • Gross Profit: GAAP gross profit was $20.2 million, or 21.6% of total revenue, compared to gross profit of $14.1 million, or 19.8% of total revenue, in the third quarter of 2023. Non-GAAP gross profit was $20.9 million, or 22.3% of total revenue, compared to non-GAAP gross profit of $14.6 million, or 20.4% of total revenue, in the third quarter of 2023. In the third quarter of 2024 we successfully modified a significant customer contract that resulted in a decrease in our estimate of future costs to complete their program. Gross margin for the third quarter of 2024 benefited from the $5.6 million reversal of the remaining loss accrual, which was initially established at $8.0 million in the first quarter of 2024 for this program.
  • Operating Expenses: GAAP operating expenses were $15.5 million, compared to $18.3 million in the third quarter of 2023. Non-GAAP operating expenses were $14.1 million, compared to $13.4 million in the third quarter of 2023.
  • Net Income (Loss): GAAP net income to shareholders was $1.5 million, or $0.03 per diluted share, compared to a net loss to shareholders of $7.6 million, or $(0.16) per diluted share, in the third quarter of 2023. Non-GAAP net income to shareholders was $3.6 million, or $0.08 per diluted share, compared to a non-GAAP net loss to shareholders of $2.2 million, or $(0.05) diluted per share, in the third quarter of 2023.
  • Adjusted EBITDA: Adjusted EBITDA was $11.0 million, or 11.7% of total revenue, compared to $8.3 million, or 11.6% of total revenue, in the third quarter of 2023.

A reconciliation between GAAP and non-GAAP financial measures is contained in the tables included in the section titled “Non-GAAP Financial Measures.”

Q4 2024 Financial Outlook

For the fourth quarter of 2024, we expect total revenue to be in the range of $72 million to $76 million, of which approximately $11 million is expected to be tools revenue. We expect GAAP diluted EPS to be in the range of $(0.12) to $(0.06) and non-GAAP diluted EPS to be in the range of $(0.10) to $(0.04).

This outlook for non-GAAP diluted EPS excludes anticipated equity-based compensation expense of approximately $2.0 million. Non-GAAP diluted EPS should be considered in addition to, but not as a substitute for, our financial information presented in accordance with GAAP.

Investor Webcast

SkyWater will host a conference call on Thursday, November 7, 2024, at 3:30 p.m. CT to discuss its third quarter 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 U.S.-based semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Supplier. SkyWater’s Technology as a Service model streamlines the path to production for customers with development services, volume production and heterogeneous integration solutions in its U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology within diverse categories including mixed-signal CMOS, read-out ICs, rad-hard ICs, MEMS, superconducting ICs, photonics and advanced packaging. SkyWater serves the growing markets of aerospace & defense, automotive, biomedical, industrial and quantum computing. For more information, visit: www.skywatertechnology.com.

Cautionary Statement Regarding Preliminary Results

The Company’s results for the third quarter ended September 29, 2024 are preliminary, unaudited and subject to the finalization of the Company’s third 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 U.S. government program funding; our ability to maintain compliance with certain U.S. government contracting requirements; regulatory developments in the United States and foreign countries; our ability to protect our intellectual property rights; our ability to meet our long-term growth targets; and other factors discussed in the “Risk Factors” section of the annual report on Form 10-K the Company filed with the SEC on March 15, 2024 and in other documents that the Company files with the SEC, which are available at http://www.sec.gov. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

 

SKYWATER TECHNOLOGY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

September 29,
2024

 

December 31,
2023

 

 

 

 

 

(in thousands, except per share data)

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

20,684

 

 

$

18,382

 

Accounts receivable (net of allowance for credit losses of $378 and $180, respectively)

 

60,562

 

 

 

65,961

 

Contract assets (net of allowance for credit losses of $42 and $99, respectively)

 

29,179

 

 

 

29,666

 

Inventory

 

14,429

 

 

 

15,341

 

Prepaid expenses and other current assets

 

15,127

 

 

 

16,853

 

Income tax receivable

 

 

 

 

172

 

Total current assets

 

139,981

 

 

 

146,375

 

Property and equipment, net

 

162,972

 

 

 

159,367

 

Intangible assets, net

 

7,220

 

 

 

5,672

 

Other assets

 

4,906

 

 

 

5,342

 

Total assets

$

315,079

 

 

$

316,756

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

Current liabilities

 

 

 

Current portion of long-term debt

$

5,099

 

 

$

3,976

 

Accounts payable

 

30,217

 

 

 

19,614

 

Accrued expenses

 

31,430

 

 

 

48,291

 

Income taxes payable

 

392

 

 

 

 

Short-term financing, net of unamortized debt issuance costs

 

19,552

 

 

 

22,765

 

Contract liabilities

 

73,353

 

 

 

49,551

 

Total current liabilities

 

160,043

 

 

 

144,197

 

Long-term liabilities

 

 

 

Long-term debt, less current portion and net of unamortized debt issuance costs

 

36,179

 

 

 

36,098

 

Long-term contract liabilities

 

41,145

 

 

 

65,754

 

Deferred income tax liability, net

 

378

 

 

 

679

 

Other long-term liabilities

 

8,780

 

 

 

9,327

 

Total long-term liabilities

 

86,482

 

 

 

111,858

 

Total liabilities

 

246,525

 

 

 

256,055

 

Shareholders’ equity

 

 

 

Preferred stock, $0.01 par value per share (80,000 shares authorized, zero shares issued and outstanding as of September 29, 2024 and December 31, 2023)

 

 

 

 

 

Common stock, $0.01 par value per share (200,000 shares authorized; 47,643 and 47,028 shares issued and outstanding as of September 29, 2024 and December 31, 2023, respectively)

 

477

 

 

 

470

 

Additional paid-in capital

 

187,004

 

 

 

178,473

 

Accumulated deficit

 

(131,317

)

 

 

(125,203

)

Total shareholders’ equity, SkyWater Technology, Inc.

 

56,164

 

 

 

53,740

 

Noncontrolling interests

 

12,390

 

 

 

6,961

 

Total shareholders’ equity

 

68,554

 

 

 

60,701

 

Total liabilities and shareholders’ equity

$

315,079

 

 

$

316,756

 

 

SKYWATER TECHNOLOGY, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

Three-Month Period Ended

 

Nine-Month Period Ended

 

September 29,
2024

 

June 30,
2024

 

October 1,
2023

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

Revenue

$

93,817

 

$

93,329

 

 

$

71,624

 

 

$

266,782

 

 

$

207,529

 

Cost of revenue

 

73,582

 

 

 

76,215

 

 

 

57,477

 

 

 

216,453

 

 

 

160,247

 

Gross profit

 

20,235

 

 

 

17,114

 

 

 

14,147

 

 

 

50,329

 

 

 

47,282

 

Research and development expense

 

3,431

 

 

 

3,382

 

 

 

2,233

 

 

 

10,825

 

 

 

7,296

 

Selling, general, and administrative expense

 

12,095

 

 

 

12,332

 

 

 

16,105

 

 

 

35,598

 

 

 

48,821

 

Operating income (loss)

 

4,709

 

 

 

1,400

 

 

 

(4,191

)

 

 

3,906

 

 

 

(8,835

)

Interest expense

 

1,988

 

 

 

2,482

 

 

 

2,507

 

 

 

6,859

 

 

 

7,928

 

Income (loss) before income taxes

 

2,721

 

 

 

(1,082

)

 

 

(6,698

)

 

 

(2,953

)

 

 

(16,763

)

Income tax expense (benefit)

 

93

 

 

 

(127

)

 

 

(96

)

 

 

7

 

 

 

(71

)

Net income (loss)

 

2,628

 

 

 

(955

)

 

 

(6,602

)

 

 

(2,960

)

 

 

(16,692

)

Less: net income attributable to noncontrolling interests

 

1,116

 

 

 

942

 

 

 

966

 

 

 

3,154

 

 

 

3,739

 

Net income (loss) attributable to SkyWater Technology, Inc.

$

1,512

 

 

$

(1,897

)

 

$

(7,568

)

 

$

(6,114

)

 

$

(20,431

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to common shareholders, basic

$

0.03

 

 

$

(0.04

)

 

$

(0.16

)

 

$

(0.13

)

 

$

(0.45

)

Weighted average shares outstanding, basic

 

47,523

 

 

 

47,395

 

 

 

46,445

 

 

 

47,339

 

 

 

45,002

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to common shareholders, diluted

$

0.03

 

 

$

(0.04

)

 

$

(0.16

)

 

$

(0.13

)

 

$

(0.45

)

Weighted average shares outstanding, diluted

 

47,640

 

 

 

47,395

 

 

 

46,445

 

 

 

47,339

 

 

 

45,002

 

 

SKYWATER TECHNOLOGY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

Nine-Month Period Ended

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

(in thousands)

Cash flows from operating activities

 

 

 

Net loss

$

(2,960

)

 

$

(16,692

)

Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities

 

 

 

Depreciation and amortization

 

13,295

 

 

 

21,651

 

Gain on sale of property and equipment

 

(55

)

 

 

 

Amortization of debt issuance costs included in interest expense

 

1,322

 

 

 

1,349

 

Equity-based compensation expense

 

6,105

 

 

 

5,673

 

Deferred income taxes

 

(301

)

 

 

(118

)

Provision for credit losses

 

262

 

 

 

4,133

 

Changes in operating assets and liabilities

 

 

 

Accounts receivable and contract assets, net

 

5,624

 

 

 

(23,063

)

Inventories

 

911

 

 

 

(3,251

)

Prepaid expenses and other assets

 

2,164

 

 

 

270

 

Accounts payable and accrued expenses

 

(6,386

)

 

 

4,182

 

Contract liabilities, current and long-term

 

(806

)

 

 

(15,843

)

Income tax receivable and payable

 

564

 

 

 

47

 

Net cash provided by (used in) operating activities

 

19,739

 

 

 

(21,662

)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of software and technology licenses

 

(1,953

)

 

 

(612

)

Proceeds from sale of property and equipment

 

55

 

 

 

 

Purchases of property and equipment

 

(13,894

)

 

 

(3,864

)

Net cash used in investing activities

 

(15,792

)

 

 

(4,476

)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from draws on the revolving line of credit

 

251,000

 

 

 

182,763

 

Repayment of draws on the revolving line of credit

 

(251,463

)

 

 

(194,396

)

Proceeds from tool financings

 

1,298

 

 

 

6,492

 

Repayment of tool financing advanced payments

 

(920

)

 

 

 

Principal payments on long-term debt

 

(3,248

)

 

 

(1,839

)

Cash paid for principal on finance leases

 

(520

)

 

 

(818

)

Proceeds from the issuance of common stock pursuant to equity compensation plans

 

2,433

 

 

 

2,305

 

Proceeds from the issuance of common stock under the ATM

 

 

 

 

20,397

 

Cash paid on licensed technology obligations

 

(2,500

)

 

 

(2,350

)

Contributions from noncontrolling interest

 

6,957

 

 

 

 

Distributions to noncontrolling interest

 

(4,682

)

 

 

905

 

Net cash provided by (used in) financing activities

 

(1,645

)

 

 

13,459

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

2,302

 

 

 

(12,679

)

Cash and cash equivalents, beginning of period

 

18,382

 

 

 

30,025

 

Cash and cash equivalents, end of period

$

20,684

 

 

$

17,346

 

 

Supplemental Financial Information by Quarter

 

 

Q3 2024

 

Q2 2024

 

Q1 2024

 

Q4 2023

 

Q3 2023

 

Q2 2023

 

Q1 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

ATS development revenue (1)

$

56,390

 

 

$

61,669

 

$

61,185

 

$

57,170

 

$

53,891

 

$

52,073

 

$

47,770

Wafer Services revenue

 

6,718

 

 

 

5,780

 

 

 

9,992

 

 

 

12,048

 

 

 

14,490

 

 

 

16,802

 

 

 

17,788

 

Combined ATS development and Wafer Services revenue

 

63,108

 

 

 

67,449

 

 

 

71,177

 

 

 

69,218

 

 

 

68,381

 

 

 

68,875

 

 

 

65,558

 

Tools revenue (2)

 

30,709

 

 

 

25,880

 

 

 

8,459

 

 

 

9,936

 

 

 

3,243

 

 

 

936

 

 

 

536

 

Total revenue

$

93,817

 

 

$

93,329

 

 

$

79,636

 

 

$

79,154

 

 

$

71,624

 

 

$

69,811

 

 

$

66,094

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tools revenue (2)

$

30,709

 

 

$

25,880

 

 

$

8,459

 

 

$

9,936

 

 

$

3,243

 

 

$

936

 

 

$

536

 

Cost of tools revenue (2)

 

30,477

 

 

 

24,869

 

 

 

8,260

 

 

 

9,125

 

 

 

2,861

 

 

 

290

 

 

 

484

 

Tools gross profit

$

232

 

 

$

1,011

 

 

$

199

 

 

$

811

 

 

$

382

 

 

$

646

 

 

$

52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue impact of modified customer contracts

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

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, 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)

In the first quarter of 2024, we recorded a $8,004 charge to recognize future estimated losses for one significant customer program based on anticipated cost increases to complete the customer’s program. In the third quarter of 2024 we successfully modified the customer contract, which resulted in a decrease in our estimate of future costs to complete their program. The remaining $5,616 loss accrual recorded at the time the contract was modified was released, which reduced cost of revenue for the three- and nine-months ended September 29, 2024.

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 U.S. generally accepted accounting principles (GAAP). We provide non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling, general and administrative expense, non-GAAP net income (loss) to shareholders, non-GAAP net income (loss) to shareholders per basic share and non-GAAP net income (loss) per diluted share. Our management uses these non-GAAP financial measures 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 provide a baseline for analyzing trends in our business and exclude certain items that may not be indicative of our core operating results. The non-GAAP financial measures disclosed in this earnings release should not be viewed as an alternative to, or more meaningful than, the reported results prepared in accordance with GAAP. In addition, because these non-GAAP financial measures are not determined in accordance with GAAP, other companies, including our peers, may calculate their non-GAAP financial measures differently than we do. As a result, the non-GAAP financial measures presented in this earnings release may not be directly comparable to similarly titled measures presented by other companies.

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 (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; management transition expense; the cost of severance, separation and other termination benefits; and the cost of CHIPS Act specialist fees. 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 in 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.

 

SKYWATER TECHNOLOGY, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

 

 

Three-Month Period Ended

 

Nine-Month Period Ended

 

September 29,
2024

 

June 30,
2024

 

October 1,
2023

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

GAAP revenue

$

93,817

 

 

$

93,329

 

 

$

71,624

 

 

$

266,782

 

 

$

207,529

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue

$

73,582

 

 

$

76,215

 

 

$

57,477

 

 

$

216,453

 

 

$

160,247

 

Equity-based compensation expense (1)

 

(565

)

 

 

(504

)

 

 

(438

)

 

 

(1,524

)

 

 

(1,242

)

Management transition expense (2)

 

(97

)

 

 

 

 

 

 

 

 

(97

)

 

 

(705

)

Non-GAAP cost of revenue

$

72,920

 

 

$

75,711

 

 

$

57,039

 

 

$

214,832

 

 

$

158,300

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

20,235

 

 

$

17,114

 

 

$

14,147

 

 

$

50,329

 

 

$

47,282

 

GAAP gross margin

 

21.6

%

 

 

18.3

%

 

 

19.8

%

 

 

18.9

%

 

 

22.8

%

Equity-based compensation expense (1)

$

565

 

 

$

504

 

 

$

438

 

 

$

1,524

 

 

$

1,242

 

Management transition expense (2)

 

97

 

 

 

 

 

 

 

 

 

97

 

 

 

705

 

Non-GAAP gross profit

$

20,897

 

 

$

17,618

 

 

$

14,585

 

 

$

51,950

 

 

$

49,229

 

Non-GAAP gross margin

 

22.3

%

 

 

18.9

%

 

 

20.4

%

 

 

19.5

%

 

 

23.7

%

 

 

 

 

 

 

 

 

 

 

GAAP research and development expense

$

3,431

 

 

$

3,382

 

 

$

2,233

 

 

$

10,825

 

 

$

7,296

 

Equity-based compensation expense (1)

 

(69

)

 

 

(90

)

 

 

(218

)

 

 

(266

)

 

 

(597

)

Non-GAAP research and development expense

$

3,362

 

 

$

3,292

 

 

$

2,015

 

 

$

10,559

 

 

$

6,699

 

 

 

 

 

 

 

 

 

 

 

GAAP selling, general, and administrative expense

$

12,095

 

 

$

12,332

 

 

$

16,105

 

 

$

35,598

 

 

$

48,821

 

Equity-based compensation expense (1)

 

(1,384

)

 

 

(1,422

)

 

 

(1,197

)

 

 

(4,315

)

 

 

(3,834

)

Management transition expense (2)

 

 

 

 

(664

)

 

 

 

 

 

(664

)

 

 

(130

)

Business transformation costs (3)

 

 

 

 

 

 

 

(3,522

)

 

 

 

 

 

(6,022

)

CHIPS Act specialist fees (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,320

)

Non-GAAP selling, general, and administrative expense

$

10,711

 

 

$

10,246

 

 

$

11,386

 

 

$

30,619

 

 

$

37,515

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) to shareholders

$

1,512

 

 

$

(1,897

)

 

$

(7,568

)

 

$

(6,114

)

 

$

(20,431

)

Equity-based compensation expense (1)

 

2,018

 

 

 

2,016

 

 

 

1,853

 

 

 

6,105

 

 

 

5,673

 

Management transition expense (2)

 

97

 

 

 

664

 

 

 

 

 

 

761

 

 

 

835

 

Business transformation costs (3)

 

 

 

 

 

 

 

3,522

 

 

 

 

 

 

6,022

 

CHIPS Act specialist fees (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

1,320

 

Non-GAAP net income (loss) to shareholders

$

3,627

 

 

$

783

 

 

$

(2,193

)

 

$

752

 

 

$

(6,581

)

 

 

Three-Month Period Ended

 

Nine-Month Period Ended

 

September 29,
2024

 

June 30,
2024

 

October 1,
2023

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Equity-based compensation expense allocation in the consolidated statements of operations (1):

 

 

 

 

 

 

 

 

 

Cost of revenue

$

565

 

$

504

 

$

438

 

$

1,524

 

$

1,242

Research and development expense

 

69

 

 

 

90

 

 

 

218

 

 

 

266

 

 

 

597

 

Selling, general, and administrative expense

 

1,384

 

 

 

1,422

 

 

 

1,197

 

 

 

4,315

 

 

 

3,834

 

 

$

2,018

 

 

$

2,016

 

 

$

1,853

 

 

$

6,105

 

 

$

5,673

 

 

 

 

 

 

 

 

 

 

 

Management transition expense allocation in the consolidated statements of operations (2):

 

 

 

 

 

 

 

 

 

Cost of revenue

$

97

 

 

$

 

 

$

 

 

$

97

 

 

$

705

 

Selling, general, and administrative expense

 

 

 

 

664

 

 

 

 

 

 

664

 

 

 

130

 

 

$

97

 

 

$

664

 

 

$

 

 

$

761

 

 

$

835

 

 

 

Three-Month Period Ended

September 29, 2024

 

Nine-Month Period Ended

September 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.

$

1,512

 

 

$

3,627

 

 

$

(6,114

)

 

$

752

 

Denominator:

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

47,523

 

 

 

47,523

 

 

 

47,339

 

 

 

47,339

 

Net income (loss) per common share, basic

$

0.03

 

 

$

0.08

 

 

$

(0.13

)

 

$

0.02

 

Weighted-average common shares outstanding, diluted

 

47,640

 

 

 

47,640

 

 

 

47,339

 

 

 

47,481

 

Net income (loss) per common share, diluted

$

0.03

 

 

$

0.08

 

 

$

(0.13

)

 

$

0.02

 

 

 

 

 

 

 

 

 

 

Three-Month Period Ended

June 30, 2024

 

 

 

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.

$

(1,897

)

 

$

783

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

47,395

 

 

 

47,395

 

 

 

 

 

Net income (loss) per common share, basic

$

(0.04

)

 

$

0.02

 

 

 

 

 

Weighted-average common shares outstanding, diluted

 

47,395

 

 

 

47,521

 

 

 

 

 

Net income (loss) per common share, diluted

$

(0.04

)

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three-Month Period Ended

October 1, 2023

 

Nine-Month Period Ended

October 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.

$

(7,568

)

 

$

(2,193

)

 

$

(20,431

)

 

$

(6,581

)

Denominator:

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic and diluted

 

46,445

 

 

 

46,445

 

 

 

45,002

 

 

 

45,002

 

Net loss per common share, basic and diluted

$

(0.16

)

 

$

(0.05

)

 

$

(0.45

)

 

$

(0.15

)

 

 

Three-Month Period Ended

 

Nine-Month Period Ended

 

September 29,
2024

 

June 30,
2024

 

October 1,
2023

 

September 29,
2024

 

October 1,
2023

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Net income (loss) to shareholders (GAAP)

$

1,512

 

 

$

(1,897

)

 

$

(7,568

)

 

$

(6,114

)

 

$

(20,431

)

Net income (loss) as a percentage of total revenue

 

1.6

%

 

 

(2.0

)%

 

 

(10.6

)%

 

 

(2.3

)%

 

 

(9.8

)%

Interest expense

$

1,988

 

 

$

2,482

 

 

$

2,507

 

 

$

6,859

 

 

$

7,928

 

Income tax (benefit) expense

 

93

 

 

 

(127

)

 

 

(96

)

 

 

7

 

 

 

(71

)

Depreciation and amortization expense

 

4,166

 

 

 

4,064

 

 

 

7,092

 

 

 

13,295

 

 

 

21,651

 

EBITDA

 

7,759

 

 

 

4,522

 

 

 

1,935

 

 

 

14,047

 

 

 

9,077

 

Equity-based compensation expense (1)

 

2,018

 

 

 

2,016

 

 

 

1,853

 

 

 

6,105

 

 

 

5,673

 

Management transition expense (2)

 

97

 

 

 

664

 

 

 

 

 

 

761

 

 

 

835

 

Business transformation costs (3)

 

 

 

 

 

 

 

3,522

 

 

 

 

 

 

6,022

 

CHIPS Act specialist fees (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

1,320

 

Net income attributable to noncontrolling interests (5)

 

1,116

 

 

 

942

 

 

 

966

 

 

 

3,154

 

 

 

3,739

 

Adjusted EBITDA

$

10,990

 

 

$

8,144

 

 

$

8,276

 

 

$

24,067

 

 

$

26,666

 

Adjusted EBITDA as a percentage of total revenue

 

11.7

%

 

 

8.7

%

 

 

11.6

%

 

 

9.0

%

 

 

12.8

%

__________________

(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 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 Bloomington, Minnesota. Since interest expense is added back to net income (loss) to shareholders in our adjusted EBITDA financial measure, we also add back the net income attributable to noncontrolling interests as its net income is derived from interest the VIE charges SkyWater.

 

SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com

SkyWater Media Contact: Lauri Julian | Media@SkyWaterTechnology.com

Source: SkyWater Technology (SKYT-IR)

FAQ

What were SkyWater Technology's Q3 2024 revenues?

SkyWater Technology reported Q3 2024 revenues of $93.8 million, a 31% increase year-over-year.

What is the GAAP gross margin for SkyWater Technology in Q3 2024?

The GAAP gross margin for SkyWater Technology in Q3 2024 was 21.6%.

How much did SkyWater Technology earn per share in Q3 2024 on a non-GAAP basis?

SkyWater Technology earned $0.08 per diluted share on a non-GAAP basis in Q3 2024.

What is SkyWater Technology's Q4 2024 revenue outlook?

SkyWater Technology's Q4 2024 revenue outlook is between $72 million and $76 million.

What was the adjusted EBITDA for SkyWater Technology in Q3 2024?

The adjusted EBITDA for SkyWater Technology in Q3 2024 was $11.0 million.

SkyWater Technology, Inc.

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