Business
SkyWater Technology to Strategically Invest $56 Million in Capacity Expansion and Gallium Nitride Technology
Company Announces Selected Preliminary 2021 Second Quarter Financial Results; Net Sales Growth of 33%-35% Year-Over-Year BLOOMINGTON, Minn.--(BUSINESS
About this update from Skywater Technology, Inc.
[{"type":"text","content":"\nCompany Announces Selected Preliminary 2021 Second Quarter Financial Results; Net Sales Growth of 33%-35% Year-Over-Year\n\n BLOOMINGTON, Minn.--(BUSINESS WIRE)--\nSkyWater Technology (NASDAQ: SKYT) announced that its Board of Directors has approved $56 million in strategic capital investments to expand the capacity and capabilities of its Minnesota facility and to accelerate the company’s entry into the 200 mm GaN market.\n\n“These strategic investments evidence our commitment to our customers to co-create emerging technologies and help ensure we are in position to deliver long-term value to our shareholders,” said Thomas Sonderman, president and CEO of SkyWater. “We believe our investment in GaN technologies – which expand possibilities for next generation microelectronics – enhances SkyWater’s position for leadership in the aerospace and defense, industrial and automotive markets. As recently noted in the White House 100 Day Supply Chain Review, there is a significant need for a U.S.-based foundry to offer technology services for GaN. We firmly believe SkyWater is that foundry.”\n\nIn connection with its upcoming earnings webcast on August 4, 2021, the company also today announced selected preliminary financial results for the second quarter ended July 4, 2021.\n\nFor the second quarter ended July 4, 2021, the company expects to report net sales of $41.0 to $41.5 million, a net loss attributable to shareholders of $8.0 to $7.0 million, and Adjusted EBITDA of $(1.5) to $(0.5) million. Preliminary net sales, excluding tool sales, grew between 18% to 20% compared to first quarter 2021. Total preliminary net sales increased between 33% to 35% compared to second quarter 2020.\n\n“SkyWater accomplished much in the second quarter, including our initial public offering. This achievement is a great testament to our team members, customers and partners. In the midst of this, we were able to deliver significant sales growth,” said Steve Manko, SkyWater CFO.\n\nDuring the second quarter, SkyWater’s other accomplishments include:\n\n\nSuccessfully transitioned multiple customers from Advanced Technology Services to Wafer Services as part of its industry leading Technology as a Service℠ business model, reinforcing the company’s ability to achieve long-term financial goals.\n\n\nLaunched the first multi-project wafer shuttle for its 90 nm...