Senseonics Holdings, Inc. · NASDAQ:SENS
Senseonics — Q2 2025 Earnings Presentation
28 slides from Senseonics's earnings presentation, Aug 6, 2025
Slide 1: Q2 Earnings
SKY Woter Q2 Earnings eR eeom emis legs, | ON AUGUST 6, 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: Revenue Trend
Revenue Trend Expect QoQ ATS Growth to Resume in Q4; Wafer Services Gaining Momentum; Tools Revenue Q4-Weighted in 2025 in USD $ millions * Q2 2023 ATS development revenue excludes impact of modified customer contracts 3
Slide 4: Recent Business Highlights
Recent Business Highlights • On June 30, we completed our acquisition of Infineon’s flagship Fab 25 in Austin, TX, which was entirely funded by a new senior secured revolving credit facility providing borrowing capacity of up to $350 million. The transaction terms were modified since the February 20
Slide 5: 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 55 ©2025 All Rights Reserved. Proprietary.
Slide 6: SkyWater Share Increases 4x for 200mm U.S. Foundry Capacity for Foundational Nodes
SkyWater Share Increases 4x for 200mm U.S. Foundry Capacity for Foundational Nodes 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 7: 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 material and architectures. • Scalable Development & Pro
Slide 8: 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 9: 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 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 • We are taking a conservative view to guiding DOD program revenue within our ATS business until funding increases are approved • Currently forecasting Q3 ATS revenues of approximately $50 million, +/- $2 million • Expect at least $5 million of incremental ATS revenue from Florida i
Slide 12: Financial Review
Q2 Earnings Financial Review Q2 2025 EARNINGS CALL
Slide 13: Revenue Summary
Revenue Summary $'s in USD millions Q2 2025 Q1 2025 Q/Q* Q2 2024 Y/Y * ATS development revenue $52.6 $52.5 —% $61.7 (15)% Wafer Services revenue $5.4 $7.5 (28)% $5.8 (6)% Combined ATS development and Wafer Services revenue * $58.0 $60.1 (3)% $67.4 (14)% Tools revenue $1.1 $1.2 (15)% $25.9 (96)% Tota
Slide 14: Gross Margin Summary
Gross Margin Summary $'s in USD millions Q2 2025 Q1 2025 Q/Q * Q2 2024 Y/Y * GAAP gross profit $10.9 $14.3 (24)% $17.1 (36)% GAAP gross margin * 18.5% 23.3% (480) bps 18.3% 20 bps Adjustments: Equity-based compensation $(0.6) $(0.6) 10% $(0.5) 24% Non-GAAP gross profit * $11.5 $14.8 (22)% $17.6 (35)
Slide 15: Adjusted EBITDA Summary
Adjusted EBITDA Summary $'s in USD millions Q2 2025 Q1 2025 Q/Q * Q2 2024 Y/Y * Net Income (Loss) $(10.0) $(7.3) (36)% $(1.9) (426)% Net income (loss) as a percentage of total revenue * (16.9)% (12.0)% (490) bps (2.0)% (1,490) bps Interest expense $1.6 $1.8 (10)% $2.5 (34)% Income tax (benefit) expe
Slide 16: Adjusted EBITDA and Non-GAAP Net Income (Loss)
Adjusted EBITDA and Non-GAAP Net Income (Loss) Continued Positive Adjusted EBITDA 16
Slide 17: Fab 25 Acquisition: Preliminary Balance Sheet Adjustments
Fab 25 Acquisition: Preliminary Balance Sheet Adjustments ($ in M) Selected Balance Sheet Preliminary Transaction Selected Balance Sheet Metrics at June 29, 2025 Adjustments Metrics at June 30, 2025 Cash and cash equivalents $49.4 $7.0 $56.4 Property and equipment, net (1) $161.6 $364.0 $525.6 Total
Slide 18: Expected Fab 25 Contribution to Financial Results
Expected Fab 25 Contribution to Financial Results Fab 25: Expected Fab 25: Annualized Contribution to Q3 2025 Expected Contribution to Financial Results Financial Results Wafer Services revenue (TX) $75M – $80M $300M – $320M Currently forecasting similar range for both Gross profit $3.5M – $4.5M $14
Slide 19: Q3 2025 Guidance Ranges
Q3 2025 Guidance Ranges Preliminary Q4 Run-Rate and Annualized Baseline for Expected Results Illustrative Combined Q3 2025 Preliminary Baseline for Annualized Guidance Ranges Q4 2025 Outlook P&L Results ATS development revenue $ 50M +/- $2M + $5M from Q3 Wafer Services revenue $ 83M +/- $3M + $1-$2M
Slide 20: Benefits of Customer-Funded CapEx Model
Benefits of Customer-Funded CapEx Model Tool funding incorporated in contract awards through 2024 $76M Tools revenue recognized 2020-2025E ~$150M Additional customer-funded CapEx through year-end 2026 >$90M Expected total funding from 2020 to 2026 * ~$320M 20
Slide 21: GAAP to Non-GAAP Reconciliation
Q2 Earnings GAAP to Non-GAAP Reconciliation Q2 2025 EARNINGS CALL
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation We provide non-GAAP financial information that our management regularly evaluates to provide additional insight to investors and to supplement our results reported using U.S. generally accepted accounting principles (GAAP). We provide non-GAAP cost of revenue, non-GAA
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 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 Minnesota GAAP cost of revenue $ 49,626 $ 53,144 $ 57,477 $ 67,143 $227,390 $ 66,656 $ 76,215 $ 73,582 $ 56
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 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 Equity-based compensation expense (1,178) (1,459) (1,197) (1,008) (4,8
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 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 Research and development expense 162 217 218
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 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) Interest expense 2,471 2,950 2,507 2,898 10,826 2,390 2,482 1,988 1,978 8,83
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 GAAP EPS Numerator: Net income (loss) attributable to SkyWater Technology, Inc. $ (4,273) $ (8,590) $ (7,568) $ (10,325) $ (30,756) $ (5,729) $ (1,897) $ 1,512 $ (679) $ (6,793) $ (7,345) $ (9,978) Denominator: Weighted-average
Slide 28: Q2 Earnings
SKY Woter Q2 Earnings eR eeom emis legs, | ON