Skywater Technology, Inc. · NASDAQ:SKYT
Skywater Technology — 28th Annual Needham Growth Conference 2026
36 slides from Skywater Technology's conference presentation, Jan 14, 2026
Slide 1: Investor Presentation
Investor Presentation 28th Annual Needham Growth Conference January 14, 2026
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: TaaS Business Model and Market Drivers
TaaS Business Model and Market Drivers
Slide 13: We streamline the concept to production journey.
We streamline the concept to production journey. TECHNOLOGY AS A SERVICE (TaaS) ADVANCED TECHNOLOGY WAFER SERVICES SERVICES Enable co-creation of differentiated Supply customers with ICs and solutions which are the unique microdevices for commercial or expression of the combined mission ready produc
Slide 14: SkyWater Opportunity
SkyWater Opportunity Transformative scale, domestic semiconductor tailwinds, and next-generation technologies fuel growth TRANSFORMATIVE LARGEST EXCLUSIVELY STRONG GROWTH & NEXT-WAVE CAPITAL-EFFICIENT SCALE & FINANCIAL U.S. PURE-PLAY CASH GENERATION PLATFORMS IN U.S. FOUNDRY GROWTH MODEL PROFILE BAS
Slide 15: TaaS: Concept to Production Services
TaaS: Concept to Production Services Advanced Technology CONCEPT & FEASIBILITY Services (ATS) TECHNOLOGY DEMONSTRATION Wafer Services PROCESS DEVELOPMENT Technology DEVICE DESIGN as a Service: Efficient R&D Accelerated DEVICE QUALIFICATION Time-to-Market Volume Manufacturing VOLUME MANUFACTURI
Slide 16: Macro Trends Driving SkyWater's ATS Business
Macro Trends Driving SkyWater’s ATS Business AEROSPACE & DEFENSE MARKET COMMERCIAL MARKETS • Rising semiconductor content • More than Moore innovation • Onshore supply • Quantum Computing, Next-gen Biomed, Industrial 16
Slide 17: Targeting High-Potential Commercial Markets
Targeting High-Potential Commercial Markets NEXT-GENERATION MEDICAL ADVANCED COMPUTE INDUSTRIAL CATEGORY DRIVERS CATEGORY DRIVERS CATEGORY DRIVERS • Increasing societal healthcare • Accelerating AI adoption • Sensorization of everything expenditure rates • Rise of chiplet technology • Edge computing
Slide 18: Chip Technologies
Chip Technologies Mixed-Signal CMOS Rad-Hard MEMS Superconducting Photonics CONNECTED DEVICES, SENSORS ADVANCED COMPUTING & SENSOR INTEGRATION & ARTIFICIAL INTELLIGENCE Flexible Solutions Leading Strategic Microfluidics Foundry service Capabilities for for Commercial Rad-Hard Solutions Microbolomete
Slide 19: Demonstrating Strong Demand for ThermaView Platform
Demonstrating Strong Demand for ThermaView Platform Capturing Growth in the $9B Thermal Imaging Market Opportunity projected by 2027* • ThermaView sales gaining momentum YTD in 2025, driven primarily by two leading U.S. defense prime customers • First category-specific brand highlights SkyWater’s le
Slide 20: Life of a SkyWater Wafer
Life of a SkyWater Wafer Cycles of learning through Advanced Technology Services (ATS) development enable customers to demonstrate and scale new ideas ATS CoL 3a Value is created through Cycles of Learning Learning and IP (CoL); end state product CoL 1 CoL 2 CoL 3b Prototype Generation, Process Wafe
Slide 21: Vision for U.S. Semiconductor Sovereignty
Vision for U.S. Semiconductor Sovereignty Increase capacity at Revive domestic Incorporate diverse Build resilient and both advanced and packaging and test manufacturing secure US-based foundational nodes capabilities for formats (200mm, semiconductor heterogeneous 300mm, panel-based) supply chains
Slide 22: A New Milestone in SkyWater's Leadership for U.S.-Based Semiconductors
A New Milestone in SkyWater’s Leadership 2025 Acquisition of for U.S.–Based Semiconductors IFX Fab 25 +$300M Revenue Addition of 65nm, 2024 Cu interconnect at $120M program scale, high-voltage funded by DOD for process 2021 300mm fan out SKYT begins packaging line 2021 trading on Expansion with NASD
Slide 23: Significant Growth Opportunities
Significant Growth Opportunities Expand Capacity and Pursue M&A Create Opportunities Co-Develop Unique IP Next-Generation Expand Markets: Technologies Advanced Grow Advanced Packaging Technology & Other High Services Growth Diversify Customer Base 23
Slide 24: Financials
FINANCIALS
Slide 25: 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 26: 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 27: 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 28: 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 28
Slide 29: 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 30: 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 31: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation
Slide 32: 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 33: 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 34: 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 35: 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 36: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation
SkyWater Technology — 28th Annual Needham Growth Conference 2026 on 6ix