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SkyWater Technology Reports Fourth Quarter and Full Fiscal Year 2024 Results
Record Fiscal Year Revenue, Gross Profit and EPS BLOOMINGTON, Minn.--(BUSINESS WIRE)-- SkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology
About this update from Skywater Technology, Inc.
[{"type":"text","content":"\nRecord Fiscal Year Revenue, Gross Profit and EPS\n\n\n BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nSkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the fourth quarter and full fiscal year 2024 ended December 29, 2024.\n\n\nFinancial Highlights for Q4 2024:\n\n\n\nRevenue decreased (5)% year-over-year to $75.5 million.\n\n\n\nGross margin increased to 25.6% on a GAAP basis, compared to 15.2% in Q4 2023, and increased to 26.6% on a non-GAAP basis, compared to 17.4% in Q4 2023.\n\n\n\nNet loss to shareholders of $0.7 million, or $(0.01) per diluted share on a GAAP basis, and net income to shareholders of $1.9 million, or $0.04 per diluted share on a non-GAAP basis, compared to net loss to shareholders of $10.3 million, or $(0.22) per diluted share on a GAAP basis, and net loss to shareholders of $1.1 million, or $(0.02) per diluted share on a non-GAAP basis in Q4 2023.\n\n\n\nAdjusted EBITDA of $10.2 million, or 13.5% of revenue, compared to $10.6 million, or 13.4% of revenue in Q4 2023.\n\n\n\nFinancial Highlights for Fiscal Year 2024:\n\n\n\nRevenue increased 19% year-over-year to a record $342.3 million.\n\n\n\nGross margin decreased to 20.3% on a GAAP basis, compared to 20.7% in fiscal year 2023, and decreased to 21.0% on a non-GAAP basis, compared to 22.0% in fiscal year 2023.\n\n\n\nNet loss to shareholders of $6.8 million, or $(0.14) per diluted share on a GAAP basis, and net income to shareholders of $2.7 million, or $0.06 per diluted share on a non-GAAP basis, compared to net loss to shareholders of $30.8 million, or $(0.68) per diluted share on a GAAP basis, and net loss to shareholders $7.7 million, or $(0.17) per diluted share on a non-GAAP basis in fiscal year 2023.\n\n\n\nAdjusted EBITDA of $34.3 million, or 10.0% of revenue, compared to $37.2 million, or 13.0% of revenue in fiscal year 2023.\n\n\n\n“Our financial results for fiscal year 2024 demonstrate the strength of our highly differentiated, technology foundry business model, within a dynamic and growing domestic semiconductor ecosystem,” commented Thomas Sonderman, CEO. “In the nearly four years since our IPO, we have successfully transformed a mature fabrication facility into a monetized Advanced Technology Services (ATS) business, which has grown to a scale that supported record revenues a...