Skywater Technology, Inc. · NASDAQ:SKYT
Skywater Technology — Q3 2022 Earnings Presentation
15 slides from Skywater Technology's earnings presentation, Nov 7, 2022
Slide 1: SkyWater Technology Third Quarter 2022 Financial Results
SkyWater Technology (Nasdaq: SKYT) Third Quarter 2022 Financial Results November 7, 2022
Slide 2: Forward-Looking Statements
SkyWater Technology Forward-Looking Statements This presentation and the accompanying oral presentation, including answers to questions, contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on the Compan
Slide 3: SkyWater's Unique Model Accelerates Disruption
SkyWater’s Unique Model Accelerates Disruption WHO WE ARE Technology as a Service (TaaS) SM SM Innovation as a Service Manufacturing as a Service Advanced Technology Services (ATS) Wafer Services enable co-creation of differentiated solutions supply customers with ICs and which are the unique expres
Slide 4: Q3 2022 Business Progress
Q3 2022 Business Progress • Received the highly-anticipated Phase 2 Rad-Hard award, valued at nearly $100 million, to advance our RH90 platform to productization and qualification • Receipt of a landmark $36 million grant award in Florida to expand our capacity for advanced packaging and heterogeneo
Slide 5: Q3 2022 Financial Progress
Q3 2022 Financial Progress ◦ Record Revenue of $52.3M ◦ ATS Revenue of $35.2M, compared to $22.4M in Q3’21 ▪ Tool sales were $0.2M, compared to $0.3M in Q3’21 ▪ Excluding tool sales, ATS Revenue of $35.0M increased 58% YoY ▪ ATS Revenue tracking well towards our revenue growth targets for 2022 ◦ Waf
Slide 6: Q3 2022 Financial Summary
Q3 2022 Financial Summary Revenue • Total revenue +49% YoY ◦ ATS growth of 57% reflects momentum in multiple In USD millions Q3 22 Q3 21 Y/Y programs ◦ Wafer Services growth of 36% reflects improved pricing ATS Revenue $35.2 $22.4 57% with large historical customer • Provides greater confidence in F
Slide 7: Revenues Gaining Momentum in Both ATS & WS
Revenues Gaining Momentum in Both ATS & WS in USD $ millions +6% (3)% * Q1 2022 wafer services amount excludes impact of new contract with significant customer Proprietary 7
Slide 8: Net Income / Adjusted EBITDA
Net Income / Adjusted EBITDA in USD $ millions Proprietary 8
Slide 9: 2022 Business Outlook
2022 Business Outlook Improved pricing and revenue recognition terms with largest historical customer are evident in both YTD revenue growth and improved GM Along with significant progress and new awards for RH90 since last quarter, Q3 results and increased momentum provides greater confidence in 20
Slide 10: SkyWater
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Slide 11: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation We provide supplemental non-GAAP financial information that our management utilizes to evaluate our ongoing financial performance and provide additional insight to investors as supplemental information to our U.S. GAAP results. We provide non-GAAP gross profit, non-GA
Slide 12: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 2022 Q2 2022 Q3 2022 (In thousands) Revenue $ 36,904 $ 30,759 $ 33,003 $ 39,772 $140,438 $ 48,101 $ 41,189 $ 35,025 $ 38,533 $ 162,848 $ 48,121 $ 47,407 $52,326 Estimated impact of additional operating week — — — (2,491) (2,491) —
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 2022 Q2 2022 Q3 2022 (In thousands) GAAP net loss to shareholders $ (1,372) $ (5,293) $ (1,654) $ (12,298) $ (20,617) $ (2,811) $ (6,979) $ (13,870) $ (27,036) $ (50,696) $ (16,606) $ (13,005) $ (6,939) Inventory write-down — — — —
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 2022 Q2 2022 Q3 2022 (In thousands) Net loss to shareholders $ (1,372) $ (5,293) $ (1,654) (12,298) $ (20,617) $ (2,811) $ (6,979) $ (13,870) $ (27,036) $ (50,696) $ (16,606) $ (13,005) $ (6,939) Interest expense 1,462 1,322 1,303
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 2022 Q2 2022 Q3 2022 (In thousands) GAAP EPS Net loss attributable to SkyWater Technology, Inc. $ (1,372) $ (5,293) $ (1,654) $ (12,298) $ (20,617) $ (2,811) $ (6,979) $ (13,870) $ (27,036) $ (50,696) $ (16,606) $ (13,005) $ (6,939