Business
SkyWater Technology Reports Fourth Quarter and Full Year 2022 Results
Record Revenues for both Q4 and Fiscal Year BLOOMINGTON, Minn.--(BUSINESS WIRE)-- SkyWater Technology (NASDAQ: SKYT), the trusted technology realization
About this update from Skywater Technology, Inc.
[{"type":"text","content":"\nRecord Revenues for both Q4 and Fiscal Year\n\n BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nSkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the fourth quarter and full year 2022, ended January 1, 2023.\n\nHighlights for Q4 2022:\n\n\nRevenue increased 69% year-over-year to a record $65.1 million.\n\n\nGross margin increased to 25.4% on a GAAP basis, compared to (43.1)% in Q4 2021, and increased to 26.2% on a non-GAAP basis, compared to (6.1)% in Q4 2021.\n\n\nNet loss to shareholders of $3.0 million, or $(0.07) per share on a GAAP basis, and net loss to shareholders of $1.5 million, or $(0.03) per share on a non-GAAP basis.\n\n\nAdjusted EBITDA of $10.3 million, or 15.9% of revenue.\n\n\nHighlights for Fiscal 2022:\n\n\nRevenue increased 31% year-over-year to a record $212.9 million.\n\n\nGross margin increased to 12.2% on a GAAP basis, compared to (4.6)% in 2021, and increased to 13.7% on a non-GAAP basis, compared to 2.0% in 2021.\n\n\nNet loss to shareholders of $39.6 million, or $(0.97) per share on a GAAP basis, and net loss to shareholders of $30.3 million, or $(0.74) per share on a non-GAAP basis.\n\n\nAdjusted EBITDA of $7.7 million, or 3.6% of revenue.\n\n\n“We are pleased to enter 2023 with growing momentum,” said Thomas Sonderman, SkyWater president and chief executive officer. “2022 was a year in which we achieved a number of our key strategic objectives, including strong revenue growth exceeding our long-term target of 25%, the significant expansion and improved visibility of our pipeline of ATS programs and partnerships and improved operational execution. As these materialized in 2022, we were able to demonstrate the significant operating leverage of our model, generating strong gross margin flow-through and positive adjusted EBITDA.”\n\nSonderman continued, “As we look ahead, we have a new expected baseline for quarterly revenues of approximately $60 million from which to grow. This is a significant achievement compared to this time last year, a testament to the team’s improved execution driving increased factory efficiency and productivity, along with better pricing in our Wafer Services business. This new baseline, as we enter a challenging macroeconomic environment in 2023, provides the foundation for yet another strong growth year in which we b...