SkyWater Technology Reports Third Quarter 2024 Results
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.
- 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.
- 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
However, the Q4 guidance suggests a sequential revenue decline to
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
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
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 to19.8% in Q3 2023, and increased to22.3% on a non-GAAP basis, compared to20.4% in Q3 2023. -
Net income to shareholders of
, or$1.5 million per diluted share on a GAAP basis, and net income to shareholders of$0.03 , or$3.6 million per diluted share on a non-GAAP basis, compared to net loss to shareholders of$0.08 , or$7.6 million per diluted share on a GAAP basis, and net loss to shareholders of$(0.16) , or$2.2 million per diluted share on a non-GAAP basis in Q3 2023.$(0.05) -
Adjusted EBITDA of
, or$11.0 million 11.7% of revenue, compared to , or$8.3 million 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
in customer-funded CapEx investments. This unprecedented level of investment by our customers is expected to significantly bolster our capabilities and capacity in both$30 million Minnesota andFlorida , 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
cost accrual recorded in Q1.$8 million - 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 award announced earlier in the year.$120 million
Q3 2024 Summary:
GAAP |
|
|
|
|
|
|
|
|
|
In millions, except per share data |
Q3 2024 |
|
Q3 2023 |
|
Y/Y * |
|
Q2 2024 |
|
Q/Q * |
|
|
|
|
|
|
|
|
|
|
ATS development revenue (1) |
|
|
|
|
|
|
|
|
(9)% |
Wafer Services revenue |
|
|
|
|
(54)% |
|
|
|
|
Combined ATS development and Wafer Services revenue |
|
|
|
|
(8)% |
|
|
|
(6)% |
Tools revenue (2) |
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|
|
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|
|
|
|
Total revenue * |
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|
|
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|
Gross profit * |
|
|
|
|
|
|
|
|
|
Gross margin * |
|
|
|
|
180 bps |
|
|
|
330 bps |
Net income (loss) to shareholders |
|
|
|
|
NM |
|
|
|
NM |
Basic income (loss) per share |
|
|
|
|
NM |
|
|
|
NM |
Diluted income (loss) per share |
|
|
|
|
NM |
|
|
|
NM |
Net income (loss) margin to shareholders |
|
|
(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 |
|
|
|
|
|
|
|
|
|
Non-GAAP gross margin * |
|
|
|
|
190 bps |
|
|
|
340 bps |
Non-GAAP net income (loss) to shareholders |
|
|
|
|
NM |
|
|
|
(363)% |
Non-GAAP basic income (loss) per share |
|
|
|
|
NM |
|
|
|
|
Non-GAAP diluted income (loss) per share |
|
|
|
|
NM |
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
|
|
|
10 bps |
|
|
|
300 bps |
__________________ |
|
|
NM - Not meaningful |
|
* Amounts calculated based on figures reported in thousands. |
Q3 2024 Results:
-
Revenue: Revenue of
increased$93.8 million 31% year-over-year. ATS development revenue of increased$56.4 million 5% year-over-year. Wafer Services revenue of decreased$6.7 million 54% compared to the third quarter of 2023. Tools revenue was in the third quarter of 2024 compared to$30.7 million in the third quarter of 2023.$3.2 million -
Gross Profit: GAAP gross profit was
, or$20.2 million 21.6% of total revenue, compared to gross profit of , or$14.1 million 19.8% of total revenue, in the third quarter of 2023. Non-GAAP gross profit was , or$20.9 million 22.3% of total revenue, compared to non-GAAP gross profit of , or$14.6 million 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 reversal of the remaining loss accrual, which was initially established at$5.6 million in the first quarter of 2024 for this program.$8.0 million -
Operating Expenses: GAAP operating expenses were
, compared to$15.5 million in the third quarter of 2023. Non-GAAP operating expenses were$18.3 million , compared to$14.1 million in the third quarter of 2023.$13.4 million -
Net Income (Loss): GAAP net income to shareholders was
, or$1.5 million per diluted share, compared to a net loss to shareholders of$0.03 , or$7.6 million per diluted share, in the third quarter of 2023. Non-GAAP net income to shareholders was$(0.16) , or$3.6 million per diluted share, compared to a non-GAAP net loss to shareholders of$0.08 , or$2.2 million diluted per share, in the third quarter of 2023.$(0.05) -
Adjusted EBITDA: Adjusted EBITDA was
, or$11.0 million 11.7% of total revenue, compared to , or$8.3 million 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
This outlook for non-GAAP diluted EPS excludes anticipated equity-based compensation expense of approximately
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
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
SKYWATER TECHNOLOGY, INC. Condensed Consolidated Balance Sheets (Unaudited)
|
|||||||
|
September 29,
|
|
December 31,
|
||||
|
|
|
|
||||
|
(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 |
|
60,562 |
|
|
|
65,961 |
|
Contract assets (net of allowance for credit losses of |
|
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, |
|
— |
|
|
|
— |
|
Common stock, |
|
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,
|
|
June 30,
|
|
October 1,
|
|
September 29,
|
|
October 1,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(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,
|
|
October 1,
|
||||
|
|
|
|
||||
|
(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 |
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 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,
|
|
June 30,
|
|
October 1,
|
|
September 29,
|
|
October 1,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(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,
|
|
June 30,
|
|
October 1,
|
|
September 29,
|
|
October 1,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(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,
|
|
June 30,
|
|
October 1,
|
|
September 29,
|
|
October 1,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107883156/en/
SkyWater Investor Contact: Claire McAdams | claire@headgatepartners.com
SkyWater Media Contact: Lauri Julian | Media@SkyWaterTechnology.com
Source: SkyWater Technology (SKYT-IR)
FAQ
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