SkyWater Technology, Inc

Listed Company

SKYTCIK 0001819974NasdaqAcceleratedEmerging GrowthSemiconductors & Related DevicesDelawareFY ends Dec 29

Period

FY 2025

Revenue

$442.14M

Net Income

$118.91M

Total Assets

$733.91M

Equity

$187.82M

Shares Out

48.00M

Op. Cash Flow

$-28.97M

Business

SkyWater Technology, Inc is a U.S.-based pure-play technology foundry that provides integrated semiconductor development and manufacturing services. It offers Advanced Technology Services (TaaS/ATS) for process co-development and engineering and Wafer Services for 200 mm silicon-based analog and mixed-signal IC production, plus advanced packaging, rad-hard, superconducting, silicon photonics, and MEMS capabilities. Its business is organized around ATS and Wafer Services with an advanced packaging operation (Center for NeoVation) in Florida. SkyWater serves diversified end markets including advanced compute, aerospace and defense, automotive, bio-health, and industrial customers through domestic foundry and packaging production and close co-development partnerships.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	442	342	287	213	163
Cost of revenue	355	273	227	187	170
Gross profit	87	70	59	26	−7
Research and development expense	15	15	10	9	9
Selling, general, and administrative expense	75	48	64	46	44
Operating (loss) income	−3	7	−15	−30	−57
Bargain purchase gain	112	0	—	—	—
Interest expense	−14	−9	11	5	—
Total other income (expense)	98	−9	11	6	3
Income (loss) before income taxes	95	−2	−26	−36	−54
Income tax (benefit) expense	−28	240,000	−521,000	809,000	−7
Net income (loss)	123	−3	−25	−37	−47
Less: Net income attributable to noncontrolling interests	5	4	6	3	3
Net income (loss) attributable to SkyWater Technology, Inc.	119	−7	−31	−40	−51
Net income (loss) per share attributable to common shareholders, basic (in USD per share)	2.47	−0.14	−0.68	−0.97	−1.76
Weighted average shares used in computing net income (loss) per common share, basic (in shares)	48	47	46	41	29
Net income (loss) per share attributable to common shareholders, diluted (in USD per share)	2.44	−0.14	−0.68	−0.97	−1.76
Weighted average shares used in computing net income (loss) per common share, diluted (in shares)	49	47	46	41	29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	23	19	18	30	13
Accounts receivable (net of allowance for credit losses of $80 and $398, respectively)	100	52	66	28	39
Contract assets (net of allowance for credit losses of $26 and $42, respectively)	18	21	30	35	—
Inventory	25	15	15	13	18
Prepaid expenses and other current assets	27	23	17	10	4
Total current assets	193	130	146	117	74
Property and equipment, net	512	165	159	180	180
Intangible assets, net	9	8	6	6	4
Other assets	20	8	5	4	5
Total assets	734	312	317	306	264
Current portion of long-term debt	6	5	4	2	1
Accounts payable	35	30	20	21	8
Accrued expenses	57	37	48	25	17
Short-term financing, net of unamortized debt issuance costs	184	28	23	56	0
Contract liabilities	42	55	50	28	—
Total current liabilities	324	154	144	132	48
Long-term debt, less current portion and net of unamortized debt issuance costs	33	35	36	35	58
Long-term contract liabilities	149	52	66	68	—
Deferred income tax liability, net	6	632,000	679,000	1	995,000
Other long-term liabilities	25	9	9	14	4
Total long-term liabilities	214	96	112	120	156
Total liabilities	538	250	256	252	204
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, $0.01 par value per share (80,000 shares authorized; zero shares issued and outstanding as of December 28, 2025 and December 29, 2024)	0	0	0	0	0
Common stock, $0.01 par value per share (200,000 shares authorized; 48,608 and 47,704 shares issued and outstanding as of December 28, 2025 and December 29, 2024, respectively)	489,000	478,000	470,000	437,000	398,000
Additional paid-in capital	202	189	178	147	115
Accumulated deficit	−15	−134	−125	−94	−54
Total shareholders equity, SkyWater Technology, Inc.	188	56	54	54	61
Noncontrolling interests	8	6	7	308,000	−1
Total shareholders' equity	196	62	59	54	60
Total liabilities and shareholders equity	734	312	317	306	264

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from off-market component of supply agreement recorded in purchase accounting	−18	0	—	—	—
Depreciation and amortization expense	36	19	29	28	27
Accretion of investment tax credits	−967,000	−449,000	0	0	—
Equity-based compensation expense	9	8	7	9	13
Amortization of debt issuance costs included in interest expense	2	2	2	909,000	621,000
Deferred income taxes	−28	−47,000	−560,000	244,000	−7
Provision for credit losses	447,000	203,000	38,000	2	0
Gain on sale of property and equipment	−388,000	−55,000	0	−3,000	−2
Accounts receivable and contract assets	−20	20	−33	−12	—
Inventory	1	805,000	−2	−9	−4
Prepaid expenses and other current assets	−11	−10	−8	−5	5
Accounts payable and accrued expenses	7	−10	21	21	—
Contract liabilities, current and long-term	−17	−8	19	−13	−17
Net cash (used in) provided by operating activities	−29	18	10	−14	−56
Purchase of software and technology licenses	−3	−3	−2	−400,000	−1
Proceeds from sale of property and equipment	628,000	55,000	0	0	2
Purchases of property and equipment	−24	−8	−9	−17	−31
Acquisition	−86	0	—	—	—
Net cash used in investing activities	−113	−11	−10	−17	−30
Proceeds from draws on the revolving line of credit	589	347	259	63	0
Repayment of draws on the revolving line of credit	−431	−342	−298	0	0
Proceeds from sale leaseback	5	0	—	—	—
Proceeds from tool financings	0	1	9	0	—
Repayment of tool financing advanced payments	0	−920,000	0	0	—
Principal payments on long-term debt	−6	−5	−2	−1	−990,000
Cash paid for debt issuance costs	−10	0	0	−4	−250,000
Financing cash flows used for finance leases	−1	−646,000	−935,000	−2	−1
Proceeds from the issuance of common stock pursuant to equity compensation plans	4	2	2	2	0
Cash paid on licensed technology obligations	0	−3	−2	−1	0
Contributions from noncontrolling interest	625,000	260,000	1	0	—
Distributions to noncontrolling interest	−3	−6	−108,000	−1	—
Net cash provided by (used in) financing activities	146	−7	−11	49	91
Net change in cash and cash equivalents	4	462,000	−12	17	5
Interest	10	7	9	4	3
Income taxes	27,000	112,000	6,000	3,000	3
Capital expenditures incurred, not yet paid	10	16	175,000	2	2
Intangible assets acquired, not yet paid	72,000	262,000	2	2	0
Investment tax credit not received	4	5	0	0	—

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