Business
SkyWater Technology Reports Second Quarter 2024 Results
Eighth Straight Quarter of Record Revenue and 34% Growth Year-Over-Year BLOOMINGTON, Minn.--(BUSINESS WIRE)-- SkyWater Technology, Inc. (NASDAQ: SKYT), the
About this update from Skywater Technology, Inc.
[{"type":"text","content":"\nEighth Straight Quarter of Record Revenue and 34% Growth Year-Over-Year\n\n\n BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nSkyWater Technology, Inc. (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the second quarter 2024 ended June 30, 2024.\n\n\nFinancial Highlights for Q2 2024:\n\n\n\nRevenue increased 34% year-over-year to a record $93.3 million.\n\n\n\nGross margin decreased to 18.3% on a GAAP basis, compared to 23.9% in Q2 2023, and decreased to 18.9% on a non-GAAP basis, compared to 25.3% in Q2 2023.\n\n\n\nNet loss to shareholders of $1.9 million, or $0.04 per share on a GAAP basis, and net income to shareholders of $0.8 million, or $0.02 per share on a non-GAAP basis, compared to net loss to shareholders of $8.6 million, or $0.19 per share on a GAAP basis, and net loss to shareholders of $2.0 million, or $0.04 per share on a non-GAAP basis in Q2 2023.\n\n\n\nAdjusted EBITDA of $8.1 million, or 8.7% of revenue, compared to $10.3 million, or 14.7% of revenue in Q2 2023.\n\n\n\n“We are pleased to report continued strong results for our unique and differentiated Advanced Technology Services business, which – coupled with record levels of customer-funded CapEx – drove another record revenue quarter and positive non-GAAP EPS,” commented Thomas Sonderman, SkyWater Chief Executive Officer. “With continued progress in efficiency gains, our second quarter results are indicative of the new revenue baseline required to support future profitability and positive cash flow from operations as we move into next year and beyond. With our revenue outlook for the underlying business remaining relatively consistent as we have progressed through 2024, our customers’ commitments to fund the technical capabilities and capacity that will support future growth have continued to expand further. We believe these unprecedented levels of customer co-investment make SkyWater a uniquely CapEx-light semiconductor manufacturing partner, with an expanding gross margin profile and significant earnings growth potential in the years to come.”\n\n\nRecent Business Highlights:\n\n\n\nAdvanced Technology Service (ATS) development revenue exceeded expectations to reach a new record in Q2, reflecting strong operational execution and improved cycle times in response to accelerated demand on multiple aerospace and defen...