Skywater Technology, Inc. · NASDAQ:SKYT
Skywater Technology — Q3 2025 Earnings Presentation
24 slides from Skywater Technology's earnings presentation, Nov 5, 2025
Slide 1: Q3 Earnings
SKY Woter Q3 Earnings eR eeom emis legs, | ON NOVEMBER 5, 2025
Slide 2: SkyWater Technology Forward-Looking Statements
SkyWater Technology Forward-Looking Statements This presentation contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on the Company’s current expectations or forecasts of future events, rather than past
Slide 3: Record Q3'25 Revenues of $150.7 Million
Record Q3’25 Revenues of $150.7 Million in USD $ millions Total Revenues for Q3 2025 exceeded the high end of guidance range provided Aug. 6 by >$9M - ATS revenue pull-in of ~$4M due to timing of A&D program execution - SkyWater Texas Wafer Services stronger than forecast - Higher off-market compone
Slide 4: Recent Business Highlights
Recent Business Highlights • Strong momentum in quantum computing. Four new ATS (Advanced Technology Services) engagements with quantum computing companies have been signed since the second quarter, including with named customers SQC and QuamCore. With strong sequential ATS revenue growth reported f
Slide 5: Four New Quantum Customer Engagements Since Q2
Four New Quantum Customer Engagements Since Q2 Enabling Innovation Across Multiple Modalities Growing Ecosystem of Well-Funded Quantum Computing Companies SkyWater Partnerships Announced to Date • Expect Strong 30%+ Growth in Quantum Customer Revenues in 2025: Supported by three existing ATS program
Slide 6: Enabling the Quantum Revolution
Enabling the Quantum Revolution SkyWater’s Advanced Manufacturing • U.S.-Based Quantum Innovation: Secure, domestic, quantum chip development and production. • Broad Architecture Support: Technology capabilities and support for a wide range of materials and architectures. • Scalable Development & Pr
Slide 7: SkyWater Now the Largest Exclusively U.S.-Based Pure-Play Foundry Service Provider
SkyWater Now the Largest Exclusively U.S.-Based Pure-Play Foundry Service Provider Foundational Nodes Capacity Pre-Transaction ≥ 65nm Other Global Capacity Post-Transaction 22% Foundries 23% Global Other Foundries TSMC 19% 20% Tower 17% Semiconductor TSMC 33% 15% Tower Semiconductor 29% SkyWater 4%
Slide 8: Fab 25: Positioned to Address Critical Market Needs
Fab 25: Positioned to Address Critical Market Needs Technology Capabilities • This slide now needs to be swapped out with Ross' new version (Friday) Strategic Advantages Market Needs 88 ©2025 All Rights Reserved. Proprietary.
Slide 9: Advanced Packaging Business Beginning to Ramp
Advanced Packaging Business Beginning to Ramp • $120M in DOD program funding for 300mm wafer fan-out initiative Funding allocated to tool purchases, process development and integration Expected first ATS revenues in 2H-FY25 as tools are qualified Fan-Out Wafer- Hybrid Wafer Level Packaging Si In
Slide 10: Strong Position Developing New Platforms for Strategic DOD Programs
Strong Position Developing New Platforms for Strategic DOD Programs Thermal Imaging High Reliability CMOS Trusted/Secure Technology CATEGORY DRIVERS CATEGORY DRIVERS CATEGORY DRIVERS • Expanded use cases for infrared • Nuclear refresh • Assured domestic supply cameras • Commercialization of space •
Slide 11: Business Outlook
Business Outlook • Guidance for Q4 2025 reflects expected Total Revenues in the range of $155M to $165M • Legacy SkyWater revenue range of $71M to $77M • Reflects QoQ decline in ATS development revenue as a result of Q3 A&D pull-in • Reflects expectation for modest QoQ growth in Wafer Services reven
Slide 12: Financial Review
Q3 Earnings Financial Review Q3 2025 EARNINGS CALL
Slide 13: Revenue Summary
Revenue Summary $'s in USD millions Q3 2025 Q2 2025 Q/Q* Q3 2024 Y/Y * Legacy SkyWater ATS development revenue $54.2 $52.6 3% $56.4 (4)% Wafer services revenue $6.2 $5.4 15% $6.7 (7)% Combined ATS development and wafer services revenue * $60.4 $58.0 4% $63.1 (4)% Tools revenue $3.7 $1.0 252% $30.7 (
Slide 14: Gross Margin Summary
Gross Margin Summary $'s in USD millions Q3 2025 Q2 2025 Q/Q * Q3 2024 Y/Y * GAAP gross profit $36.2 $10.9 232% $20.2 79% GAAP gross margin * 24.0% 18.5% 550 bps 21.6% 240 bps Adjustments: Equity-based compensation $0.9 $0.6 43% $0.6 58% Management transition expense $— $— —% $0.1 (100)% Non-GAAP gr
Slide 15: Adjusted EBITDA Summary
Adjusted EBITDA Summary $'s in USD millions Q3 2025 Q2 2025 Q/Q * Q3 2024 Y/Y * Net Income (Loss) $144.0 $(10.0) nm $1.5 nm Net income (loss) as a percentage of total revenue * 95.5% (16.9)% nm 1.6% nm Interest expense $5.3 $1.6 225% $2.0 168% Income tax (benefit) expense $(31.8) $0.7 nm $0.1 nm Dep
Slide 16: Adjusted EBITDA and Non-GAAP Net Income (Loss)
Adjusted EBITDA and Non-GAAP Net Income (Loss) Significant Upside in Earnings and Adjusted EBITDA vs. Expectations for Q3 2025 16
Slide 17: Q3 2025 Actuals vs Guidance
Q3 2025 Actuals vs Guidance Q3 2025 Guidance Ranges Q3 2025 ACTUALS Actuals vs. Expectations as of Aug. 6, 2025 ATS development revenue $48M - $52M $54.2M ~$4M A&D pull-in from Q4 Wafer Services revenue – MN $5M - $6M $6.2M Tools revenue $2M - $3M $3.7M ~$6M Above Midpoint Total Legacy SkyWater reve
Slide 18: Q4 2025 Guidance vs Prelim. Outlook from August
Q4 2025 Guidance vs Prelim. Outlook from August Prelim. Q4 2025 Outlook Today’s Q4 2025 Q4 Guidance vs. Prelim. Outlook as of August 6, 2025 Guidance Range ATS development revenue $48M - $52M Total 2H ATS remains largely unchanged Wafer Services revenue – MN $6M - $7M Tools revenue “Mid-$50s ATS and
Slide 19: GAAP to Non-GAAP Reconciliation
Q3 Earnings GAAP to Non-GAAP Reconciliation Q3 2025 EARNINGS CALL
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 GAAP revenue $ 66,094 $ 69,811 $ 71,624 $ 79,154 $286,682 $ 79,636 $ 93,329 $ 93,817 $ 75,487 $342,269 $ 61,296 $ 59,063 $150,741 Total GAAP cost of revenue $ 49,626 $ 53,144 $ 57,477 $ 67,143 $227,390 $ 66,656 $ 76,215 $ 73,
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 GAAP selling, general, and administrative expense $ 14,895 $ 17,820 $ 16,105 $ 15,092 $ 63,911 $ 11,169 $ 12,332 $ 12,095 $ 12,430 $ 48,026 $ 15,030 $ 14,009 $ 23,997 Equity-based compensation expense (1,178) (1,459) (1,197)
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Equity-based compensation expense allocation in the consolidated statements of operations: Cost of revenue $ 513 $ 291 $ 438 $ 313 $ 1,555 $ 455 $ 504 $ 565 $ 589 $ 2,113 $ 567 $ 626 $ 895 Research and development expense 162
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Net income (loss) to shareholders $ (4,273) $ (8,590) $ (7,568) $ (10,325) $ (30,756) $ (5,729) $ (1,897) $ 1,512 $ (679) $ (6,793) $ (7,345) $ (9,978) $ 144,013 Interest expense 2,471 2,950 2,507 2,898 10,826 2,390 2,482 1,9
Slide 24: Q3 Earnings
SKY Woter Q3 Earnings eR eeom emis legs, | ON