Business
SkyWater Technology Reports Third Quarter 2021 Results
Year-over-Year Revenue Growth of 6% BLOOMINGTON, Minn.--(BUSINESS WIRE)-- SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner
About this update from Skywater Technology, Inc.
[{"type":"text","content":"\nYear-over-Year Revenue Growth of 6%\n\n BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nSkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner today announced financial results for the third quarter of 2021, ended October 3, 2021.\n\n\nRevenue grew 6% year-over-year to $35.0 million\n\n\nNet loss to shareholders of $13.9 million, or (40)% of revenue\n\n\nAdjusted EBITDA of $(2.7) million, or (7.7)% of revenue\n\n\n“We made important progress on our Radiation Hardened and Power Management platform qualifications while adding eight new Advanced Technology Services customers in the quarter, for a total of 25 in the past twelve months,” said SkyWater president and CEO Thomas Sonderman. “Supply chain challenges and hiring constraints plus continued delays in the funding of existing United States Government programs had a magnified near-term effect on the company. This resulted in delayed revenue for certain Advanced Technology Services and Wafer Services programs in the amount of approximately $15 million for the third and fourth quarter of 2021. Despite these headwinds, the company continued to aggressively ramp our Advanced Technology Services and Wafer Services businesses and sustainably grew our overall sales pipeline. All of these factors give us a strong conviction in our long-term growth model of 25% annual top line growth.”\n\nQ3 2021 Summary:\n\n\n\nGAAP\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nIn USD millions, except per share data\n\n\n\nQ3 21\n\n\n\n \n\n\n\nQ3 20\n\n\n\n \n\n\n\nY/Y\n\n\n\n \n\n\n\nQ2 21\n\n\n\n \n\n\n\nQ/Q\n\n\n\n\n\nAdvanced Technology Services revenue\n\n\n\n$22.4\n\n\n\n \n\n\n\n$24.2\n\n\n\n \n\n\n\n(8)%\n\n\n\n \n\n\n\n$26.9\n\n\n\n \n\n\n\n(17)%\n\n\n\n\n\nWafer Services revenue\n\n\n\n$12.7\n\n\n\n \n\n\n\n$8.8\n\n\n\n \n\n\n\n44%\n\n\n\n \n\n\n\n$14.3\n\n\n\n \n\n\n\n(12)%\n\n\n\n\n\nRevenue\n\n\n\n$35.0\n\n\n\n \n\n\n\n$33.0\n\n\n\n \n\n\n\n6%\n\n\n\n \n\n\n\n$41.2\n\n\n\n \n\n\n\n(15)%\n\n\n\n\n\nGross profit (loss)\n\n\n\n$(1.8)\n\n\n\n \n\n\n\n$7.3\n\n\n\n \n\n\n\n(125)%\n\n\n\n \n\n\n\n$1.8\n\n\n\n \n\n\n\n(201)%\n\n\n\n\n\nGross margin\n\n\n\n(5.2)%\n\n\n\n \n\n\n\n22.1%\n\n\n\n \n\n\n\n(2,730) bps\n\n\n\n \n\n\n\n4.4%\n\n\n\n \n\n\n\n(960) bps\n\n\n\n\n\nNet loss to shareholders\n\n\n\n$(13.9)\n\n\n\n \n\n\n\n$(1.7)\n\n\n...