Skywater Technology, Inc. · NASDAQ:SKYT
Skywater Technology — Q2 2022 Earnings Presentation
15 slides from Skywater Technology's earnings presentation, Aug 15, 2022
Slide 1: SkyWater Technology (Nasdaq: SKYT)
SkyWater Technology (Nasdaq: SKYT) August 15, 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: Q2 2022 Business Progress
Q2 2022 Business Progress • Announced partnership with the State of Indiana and Purdue University to build advanced $1.8 billion semiconductor fab on Purdue’s campus in the Discovery Park District • Significant progress in RH90 program, driving an expected second-half 2022 revenue ramp: ◦ Successful
Slide 5: Q2 2022 Financial Progress
Q2 2022 Financial Progress Total Revenues of $47.4M ◦ ATS Revenue of $29.8M, compared to $26.9M in Q2’21 ▪ Tool sales were $0.3M, compared to $2.3M in Q2’21 ▪ Excluding tool sales, ATS Revenue of $29.5M increased 20% YoY ◦ Wafer Services Revenue of $17.6M ▪ After the pull-in of $8M of WIP from our l
Slide 6: Q2 2022 Financial Summary
Q2 2022 Financial Summary Revenue • Total revenue +15% YoY In USD millions Q2 22 Q2 21 Y/Y ◦ ATS growth of 11% ◦ Wafer Services growth of 23% ATS Revenue $29.8 $26.9 11% • Excluding episodic tool revenues, revenue growth on a comparable basis to Q2’21 was: Wafer Services Revenue $17.6 $14.3 23% ◦ AT
Slide 7: Revenues
Revenues 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, 1H’22 momentum provides increased confidence in achieving full-year
Slide 10: SkyWater
S SKywater
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 (In thousands) GAAP 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 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 (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) — — — — — — — — — — Inventory write-down 13,44
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 (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) Interest expense 1,462 1,322 1,303 1,412 5,499 1,05
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 (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) Undistributed pr