Skywater Technology, Inc. · NASDAQ:SKYT
Skywater Technology — Q1 2022 Earnings Presentation
15 slides from Skywater Technology's earnings presentation, May 3, 2022
Slide 1: SkyWater Technology (Nasdaq: SKYT)
SkyWater Technology (Nasdaq: SKYT) May 3, 2022
Slide 2: SkyWater Technology 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 ServiceSM (TaaS)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 expressi
Slide 4: Q1 2022 Business Progress
Q1 2022 Business Progress • Sequential revenue growth achieved in multiple bio-health, DOD, and high-performance power management customer programs • Increased pricing and improved visibility of revenues from our largest historical customer, with new contract reflecting improved terms for pricing an
Slide 5: Q1 2022 Financial Progress
Q1 2022 Financial Progress ◦ Total Revenues of $48.1M ◦ ATS Revenue of $26.6M, compared to $38.1M in Q1’21 ▪ Tool sales were $1.0M, compared to $15.4M in Q1’21 ▪ Excluding tool sales, ATS revenue of $25.6M increased 13% YoY ◦ Wafer Services Revenue of $21.5M ▪ Including revenue recognition of $8.2M
Slide 6: Q1 2022 Financial Summary
Q1 2022 Financial Summary Revenue • Total revenue flat YoY; comparable results increased In USD millions Q1 22 Q1 21 Y/Y 19%, after excluding: ◦ Episodic tool revenues, which were $1.0M in Q1’22 ATS Revenue $26.6 $38.1 (30)% compared to record high $15.4M in Q1’21 ◦ $8.2M pull-in of WS revenue in Q1
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 enables greater confidence in achieving full-year revenue growth near long-term model of 25% • Investments in RadHard and Heterogenous Integration Platforms in preparation for upcoming revenue ram
Slide 10: S 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 (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 Estimated impact of additional operating week — — — (2,491) (2,491) — — — — — — Tool revenue (3,1
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 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) Inventory write-down — — — — — — — — 13,442 13,442 — Paycheck Pro
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 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) Interest expense 1,462 1,322 1,303 1,412 5,499 1,058 912 733 839 3,542 1
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 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) Undistributed preferred return to C