SkyWater Technology Reports First Quarter 2021 Results

About this update from Skywater Technology, Inc.

[{"type":"text","content":"\nRecord Net Sales of $48 Million\n\n BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nSkyWater Technology (NASDAQ: SKYT) today announced financial results for the first quarter of 2021, ended April 4, 2021.\n\n\nNet sales grew 30% year-over-year to $48.1 million\n\n\nNet loss to shareholders of $2.8 million, or (6%) of net sales\n\n\nAdjusted EBITDA of $5.6 million, or 12% of net sales\n\n\n“SkyWater delivered record net sales in our first quarter driven by continued growth in our Advanced Technology Services (ATS) business,” said SkyWater Technology president and chief executive officer Thomas Sonderman. “Our Minnesota fab is ramping automotive and IoT-related production activities as we see significant increases in demand while continuing to transition customers from ATS into volume Wafer Services. During the quarter we also engaged with several new partners in both our ATS business and as part of our 130 nanometer (nm) mixed-signal offering.”\n\nMr. Sonderman continued, “The start-up of SkyWater’s Advanced Packaging fab in Florida is progressing as planned with the existing Department of Defense program commencement underway. Completing our initial public offering in April, while delivering a strong quarter, is a testament to the dedication and tenacity of SkyWater’s employees as we co-create the next generation of disruptive technologies with our customers.”\n\n\n\n \n\n\nIn USD millions\n\n\n\nQ1 21\n\n\n\nQ1 20\n\n\n\nY/Y\n\n\n\nQ4 20\n\n\n\nQ/Q\n\n\n\n\n\nAdvanced Technology Services sales\n\n\n\n$38.1\n\n\n\n$23.6\n\n\n\n61%\n\n\n\n$26.3\n\n\n\n45%\n\n\n\n\n\nWafer Services sales\n\n\n\n$10.0\n\n\n\n$13.3\n\n\n\n(25%)\n\n\n\n$13.5\n\n\n\n(26%)\n\n\n\n\n\nNet sales\n\n\n\n$48.1\n\n\n\n$36.9\n\n\n\n30%\n\n\n\n$39.8\n\n\n\n21%\n\n\n\n\n\nGross Profit\n\n\n\n$9.2\n\n\n\n$6.4\n\n\n\n43%\n\n\n\n$4.8\n\n\n\n91%\n\n\n\n\n\nGross Margin\n\n\n\n19.1%\n\n\n\n17.4%\n\n\n\n170 bps\n\n\n\n12.0%\n\n\n\n710 bps\n\n\n\n\n\nNet loss to shareholders\n\n\n\n($2.8)\n\n\n\n($1.4)\n\n\n\n(104%)\n\n\n\n($12.3)\n\n\n\n77%\n\n\n\n\n\nNet loss to shareholders margin\n\n\n\n(5.8%)\n\n\n\n(3.7%)\n\n\n\n(210) bps\n\n\n\n(30.9%)\n\n\n\n2,510 bps\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$5.6\n\n\n\n$5.3\n\n\n\n5%\n\n\n\n$0.4\n\n\n\n1,370%\n\n\n\n\n\nAdjusted EBITDA margin\n\n\n\n11.7%\n\n\n\n14.5%\n\n\n\n(280) bps\n\n\n\n1.0%\n\n\n\n1,070 bps\n\n\n\n\nQ1 2021 Results:...

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