Business
SkyWater Technology Reports Third Quarter 2022 Results
Record Quarterly Revenues Up 10% Sequentially and Nearly 50% Year-over-Year BLOOMINGTON, Minn.--(BUSINESS WIRE)-- SkyWater Technology (NASDAQ: SKYT), the
About this update from Skywater Technology, Inc.
[{"type":"text","content":"\nRecord Quarterly Revenues Up 10% Sequentially and Nearly 50% Year-over-Year\n\n BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nSkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, today announced financial results for the third quarter of 2022, ended October 2, 2022.\n\n\nTotal revenue of $52.3 million, up 49% year over year.\n\n\nNet loss to shareholders of $6.9 million, or (13)% of revenue.\n\n\nAdjusted EBITDA of $3.8 million, or 7.3% of revenue.\n\n\n“We are pleased to report record third-quarter revenues of over $52 million, demonstrating the momentum we are gaining as we grow our pipeline of ATS programs and partnerships,” said Thomas Sonderman, SkyWater president and chief executive officer. “Our significant growth in Q3 also reflects strong operational execution, as the team demonstrated increased factory efficiencies and significant improvements in gross margin. With flow-through to gross profit well over 50% of incremental revenues, we also achieved adjusted EBITDA of nearly $4 million for the quarter.\n\n“As we look ahead, we anticipate continued growth in revenues for the fourth quarter, driven by momentum in several ATS programs, including the expansion of activities to ready our RH90 platform for productization. While the overall semiconductor industry is experiencing softening business conditions, as we enter 2023, we at SkyWater believe our business is relatively decoupled from the drivers of overall macro weakness. This is due to our unique business model, in which R&D programs and strategic long-term investments drive the majority of our revenues, as well as our focus on end markets and applications that continue to experience strong levels of investment. Furthermore, we believe we are particularly well-positioned to benefit from the increased level of investments in the domestic semiconductor ecosystem that are expected to strengthen through the remainder of the decade. With our improved execution and consistency of results demonstrated year-to-date, we look forward to continuing to demonstrate strong operational performance in our future results, and continued progress toward our long-term financial targets.”\n\nRecent Business Updates:\n\n\nReceived the highly-anticipated Phase 2 Rad-Hard award, valued at nearly $100 million, to advance our RH90 platform to productization and qualificati...